TOKYO / LONDON (IT BOLTWISE) – Bitcoin has recovered after a decline in October and surpassed $111,000. This development has not only stabilized the mood in the crypto market, but also boosted the stocks of crypto companies. Experts see this as a sign of continued institutional demand.
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Bitcoin surged over 2% on Monday and reclaimed the $111,000 mark. This recovery has not only stabilized crypto market sentiment but also boosted crypto company stocks. Market analysts see this as a sign that the recent decline in October was just a temporary setback and does not indicate a broader trend reversal.
Linh Tran, market analyst at XS.com, explains that Bitcoin is currently in a reaccumulation phase. Market sentiment is stabilizing while institutional demand remains robust. This assessment is supported by recent investments from companies such as Strategy, which recently acquired 168 Bitcoins at an average price of $112,051.
Bitcoin’s positive performance has also boosted shares of trading platforms such as Robinhood and Coinbase, which rose nearly 5% and 3.5%, respectively. The stablecoin issuer Circle also recorded an increase of 3.5%. This dynamic in the digital asset space shows that interest in cryptocurrencies remains undiminished despite the recent volatility.
Another factor contributing to the positive sentiment is the news that Japan’s main financial regulator is considering allowing banks to own Bitcoin and other cryptocurrencies. This would be a significant step towards wider institutional acceptance of cryptocurrencies.
Other digital assets such as Ether also gained on Monday. Ether managed to reclaim the $4,000 mark after falling to $3,700 the previous week. Robert Mitchnick, head of digital assets at BlackRock, points out that Bitcoin’s recent mini-crash and the sharp sell-off in other digital assets were caused by highly speculative, heavily leveraged trading activity on offshore futures exchanges.
Mitchnick emphasizes that in the long term, a type of investment activity based on long-term holding predominates, while short-term fluctuations have less influence. This assessment is shared by many market observers, who expect institutional demand for Bitcoin and other cryptocurrencies to continue to grow.
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