Thursday 26th of April saw the highest daily volume for bitcoin futures since their introduction onto the CBOE, nearly five months ago, with approximately 19000 contracts being traded. Do note, a continuation of the aforementioned gains in volume, could indicated the start of institutional investment into the Crypto Market. Recent institutional developments such as Rockefeller’s fund Venrock and George Soros’ Family Office entering the Crypto Market has resulted in many investors speculating about their likely impact, as BTC/USD has risen from 6800 to 9600 handle.
Bitcoin price has been neutral since consolidating in the early part of April. The logical reasoning, was that investors were selling off their digital assets for US tax reasons in order to minimise capital gains tax. The Internal Revenue Service treats bitcoin as a property and not as a currency with a Tax Return due on the 17th of April.
Another aspect which has led to less volatile price movements compared to that of 2017’s market, is the change to Global marketing tactics. Google (NASDAQ:GOOGL), Facebook (NASDAQ:FB) and Twitter have banned cryptocurrency advertising which, is widely considered to be beneficial for the long term growth of this asset class. This will reduce herd mentality and euphoria in the market which, is correlated to booms and busts in asset prices.
The main focus still, for most investors, is for the government to provide better crypto related regulations and rules.
