Bitcoin increases to five-month high, Soros News due to seasonal factors

Investors also expect a seasonal rally in cryptocurrencies this quarter.

The world's largest cryptocurrency in the market value rose to $ 55,499.96, the highest value since mid-May. On Tuesday, she crossed the $ 50,000 mark for the first time in four weeks, among other things due to the growing institutional interest.

Bitcoin recently rose by 6.3% to $ 54,750

According to reports on Wednesday, the management of the Soros Fund confirmed at a Bloomberg summit that the fund is dealing with Bitcoin. "We have some coins - not many," Dawn Fitzpatrick, the managing director of the fund, was quoted.

there are also seasonal factors.

"Bitcoin does historically well in October what the rising ... prize now makes almost a self-fulfilling prophecy. I have said again and again since the summer that I would expect a new all-time high in October," said Ruud Feltkamp, ​​CEO of the cloud-based automated crypto-trading bots CryptoPer.

"And what is the reason for this new pump? I think it is partly due to the market cycle in which we are in our own, where the emotional part plays an important role."

The Bank of America Corp published its first research reporting on Monday that focuses on cryptocurrencies and other digital assets.

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 quays.

Smaller coins that usually move in harmony with Bitcoin were also in plus. Ether rose by 2.2% to $ 3,594 and XRP rose slightly by 0.2% to $ 1.0865.

Ben McMillan, Chief Investment Officer at IDX Digital Assets, a factor-based cryptoindex strategy, found that, based on an analysis of data in the chain, he recorded a steady increase in the number of new bitcoin addresses after an enormous decline. in the first half of the year and an increasing number of bitcoins that migrate from the stock exchange.

Both factors - new addresses and Bitcoin that move away from the stock exchanges are "structurally bullish signs".

Nevertheless, McMillan said, while the structural bull case for Bitcoin is strong, "there are no trivial downward risks at short notice".

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

(Reporting of Gertrude Chavez-Dreyfuss; Additional reporting by Sruthi Shankar and Susan Mathew in Bengaluru; Editor of Anil D’In Silva and Marguerita Choy)