Major Reasons Behind Bitcoin's Recent Surge

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                              U.S. Bank Launches Bitcoin Custody Service As Banks Respond To Crypto Demand

    After hitting the rocks at a market price of less than $45000 some weeks ago, Bitcoin surged to its highest level in 5 months on Wednesday the 6th of June 2021, when it traded above the $50000 mark as most Altcoins show remarkable bullish sentiments.

 

 George Soros

 This bullish price movement was partly due to a news item which revealed that a renowned hedged found owned by billionaire investor George Soros trades bitcoin. Dawn Fitzpatrick, the chief executive of the fund was quoted saying "We own some coins - not a lot,"

The worlds most traded cryptocurrency' value rose on Tuesday October 5th by 6.3% trading at $54750. on Wednesday, its market value rose to $55,499.96, its highest since middle of May 2021.

Seasonal  Effects

Historical data has shown that the price of bitcoin usually rises in the month of October every year. This has become part of traders psychology, hence the  term " The October effect"

Speaking at a Bloomberg summit, Ruud Feltkamp, the CEO of Cryptohopper- a cloud based crypto trading bot attributed the surge in price of bitcoin to seasonal historical performance when he said : 

"Bitcoin performs historically well in October, which almost makes the rising ... price now a self-fulfilling prophecy. I've been saying repeatedly since the summer that I expect a new all-time high in October......I think it's partly due to the market cycle we're in, where the emotional part plays a significant role."

 It should be recalled that in 2019, the same  bullish pattern was observed when bitcoin prices experienced some sharp fluctuations, climbing roughly 40% in a single day amid the bearish market sentiment.

Data gotten from CoinDesk showed that the digital currency started the month around $8,400, then dropped below $7,800 on October 6. It  recovered on October 11 by rising to nearly $8,800,  before declining to a low of $7,307.39 after twelve days, but on October 25, bitcoin surged more than 40% to $10300.

From these data, we should expect the price of bitcoin to rise even higher before shading its gains towards the end of the month of October 2021

U.S Bankcorp Cryptocurrencies Custodial Service Lunch

US Bancorp has recently launched a new cryptocurrency custody services for institutional investors.

 According to the US Bank Wealth Management and Investment Services vice chair Gunjan Kedia, “Investor interest in cryptocurrency and demand from our fund services clients have grown strongly over the last few years"

“Our fund and institutional custody clients have accelerated their plans to offer cryptocurrency and, in response, we made it a priority to accelerate our ability to offer custody services.”

According to NYDIG which is acting as the sub-custodian for the service, "the new custody services are now available to its Global Fund Services clients."


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