Bitcoin increases to $ 50,000 due to institutional demand

in early September, bitcoin fell during a broad sale of shares of cryptocurrency and blockchain-related companies under 50,000 US dollar. In September he continued and reached a low of $ 40,596 on September 21st

On Tuesday, Bitcoin rose to $ 50,808.25. It was last risen by 2.6% to $ 50,498.

Smaller coins that tend to move parallel to Bitcoin were also in plus. Ether rose by 1.5% to $ 3,434 and XRP rose by 2.2% to $ 1.0656.

market participants called the increase in institutional cryptodic services of banks and financial institutions in order to meet the increasing demand from investors, as a factor that drives the increase in Bitcoin.

On Tuesday, US Bancorp announced that it has introduced a custody service for cryptocurrencies for institutional investment administrators who have private funds in the United States and on the Kaiman Islands.

On Monday, the Bank of America Corp published its first research reporting on cryptocurrencies and other digital assets, since other mainstream finance institutes strengthen their engagement in the investment class.

"The banks surrender one by one," says Martha Reyes, head of the research at Digital Asset Prime Brokerage and Exchange. "For those of us who work in space, the fact that it is too big to ignore it is hardly any news, and the supervisory authorities certainly do not ignore it."

The investment inflows in the sector were robust except for a few sluggish months in the summer.

cryptocurrency plant products and funds recorded the seventh week in a row when institutional investors received more supportive statements by the supervisory authorities on how data from the digital asset manager Coinhares showed on Monday

The specialized crypto tracker and research provider Coindesk published a market overview on Tuesday that shows an increase of 25 % for Bitcoin and 32 % for Ether in the third quarter.

The report also quoted the increase in the non -fungable tokens (NFTS) that use blockchain to record the possession of digital objects such as pictures, videos, collectors and even land in virtual worlds.

The NFT turnover rose to $ 10.7 billion in the third quarter.

Kraken Intelligence, a research blog of the Krusto Exchange, stated in his September report on Tuesday that the headwind for Bitcoin in September "seems to have" positioned the market in such a way that it recovered higher in and during the fourth quarter. It added that the fourth quarter was the historically best quarter of Bitcoin, with an average and an average return of 119 % or 58 %.

A look at all business events of today can be found in our economic calendar.

(Reporting by Gertrude Chavez-Dreyfuss in New York and Ritvik Carvalho in London; Editor of Rachel Armstrongm wants to Dunham and David Gregorio)