Welcome to another edition of Qume Market Mondays
Bitcoin’s price fell around $1300 last Tuesday followed by some sideways movement for a couple of days. The assets price picked up momentum on weekend and is currently being traded at $19,000+ price levels. This bullish trend is likely to be fueled by MicroStrategy, a business intelligence firm which purchased $650M worth of bitcoin last Friday through a convertible senior note sale.
Chainalysis reports that currently there are more wallets with over 1,000 bitcoin in each of them than there have ever been in all its history. This indicates that more institutional participation in the crypto ecosystem. With more dispersion in accumulation of bitcoin and this rising interest in bitcoin as an investment due to its lucrative return in almost every Quarter this year we expect the bullish trend to hold and its price to cross the $20k mark before 2021.
BTC flows to exchanges in the last day are 22.48k BTC, the lowest level in 323 days. This may mean that even though people are liking the opportune returns that bitcoin could get them but they are skeptical about actively trading the asset. People are likely to just buy and hold bitcoin for some time.
Crypto in India:
Ever since the supreme court of India overruled the RBI decision that stopped banks to help Crypto projects in India there has been a constant development of crypto space in India. CEOs of two major exchanges in India, CoinDCX and WazirX confirmed that banks were reaching out to them offering working capital, loans, and other financial services. This would surely help the crypto ecosystem in India to evolve and be introduced into the mainstream financial ecosystem.
Bitcoin Options Markets
Option trading volumes have been lower than the numbers registered in numbers. Although open interest is rising mid-month.
Market volatility is one the rise with bitcoin once again crossing the $19,000 mark.
After closing last week at weekly losses, US stocks gained on stimulus hopes and covid-19 vaccine roll out today. The vaccine rollouts are said to clear out the uncertainty associated with the earning numbers for the coming year and the year after. On a successful rollout, there is a lesser probability of a next wave or of an another lockdown.
Today Burger King shares debuted in India for the first time. It is the biggest in the country since 2017. The share price went up 131% before the markets closed with demand for stocks being 157 times than the offer. The offer price for the stock was INR 60(Less than one US dollar), it began trading at INR 115 at market close the prices was INR 138.40.
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