Digital Currency Revolution Series: Bitcoin reclaims $13k on mounting institutional interests, Winklevoss Bros net-worth doubles

Bitcoin bulls reclaim $13k mark levels as the financial institutions are infusing investments into the crypto industry, this has been the major driving force that the prevailing bull run of Bitcoin prices.

Technically, BTCUSD’s minor and the major uptrend has resumed upon the occurrence of hammer pattern at $10,928.10 level which is bullish in nature that is coupled with buying momentum (refer daily chart), while the trend indicators signal further uptrend continuation.

On a broader perspective, the resumption of major uptrend is on the verge of hitting a fresh 2019 highs after bullish engulfing patterns and test of strong support at $3116 level (refer monthly chart). While both leading and lagging indicators are in tandem with the current upswings to indicate the extension of the uptrend. 

Recently, we have reported the Chicago Mercantile Exchange records rising volumes and open interest for Bitcoin futures and also showed the addition of new trading accounts in the recent months.

The open interest for bitcoin futures on CME has surged bit by bit MoM basis. Open contract numbers have risen to a record-breaking 6,096 by the end of June. This is mainly due to the mounting demand from institutions and professional traders for the trade during the cryptocurrency avenues rallying to record highs in 2019.

While the Gemini, which is the crypto exchange founded by Winklevoss twins, the competitive edge is building up. 

The Winklevoss twins have seen their wealth more than double since January, thanks to the frenzied rally of Bitcoin, which surged as much as 22% Wednesday.

As per the Bloomberg Billionaires Index, Winklevoss’s combined net worth consisting predominantly of Bitcoin and other crypto assets surged to $1.45 billion, the highest since March of 2018. 

By Niranjan Patil
  • Market Data

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