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Bitcoin Pulls Off Stunning V-Shaped Recovery to $91,107 as Institutions Enter
Source: CryptoNewsNet Original Title: Bitcoin Pulls Off Stunning V-Shaped Recovery Original Link:
Market Recovery
Bitcoin, the leading cryptocurrency by market capitalization, has managed to pull off a stunning V-shaped recovery, surging to an intraday high of $91,107.
The week started poorly, with the price of the leading coin briefly slipping below the $84,000 level due to hawkish central bank comments and increased regulatory pressure from major economies.
Commodity trader Peter Brandt predicted that BTC could crash to $40,000, while analyst Chris Burniske stated that the cryptocurrency was on track to plunge lower.
However, the bulls made a stunning comeback on Tuesday, paring all of the recent losses.
Institutional Adoption Drives Rally
A slew of bullish news is likely the reason why Bitcoin managed to surge sharply higher.
A major $10 trillion financial institution has enabled access for cryptocurrency exchange-traded funds (ETFs) after previously rejecting the sector. Industry leaders noted that “crypto is rapidly entering the mainstream.”
Additionally, a major bank’s private wealth management division, which manages over $2 trillion in assets, announced it will allow advisors to allocate 1-4% to Bitcoin starting in January.
Shorts Liquidated
Roughly $221 million worth of shorts has been wiped out over the past four hours alone, with short positions accounting for 93% of all liquidations over the past 24 hours.