The bitcoin bears took a time to rest, and bitcoin took a break from losing a considerable amount of its value. Thanksgiving was not so good for the market, that lost more than 15% during this weekend. The main cryptocurrency asset now has a rebounded and is now in green numbers again.
Bitcoin Bears Took A Rest
Bitcoin has taken a good rebound since the weekend when it lost more than 15% of its value. It seems that the bitcoin bears have taken a little rest, and that has also helped the whole cryptocurrency market regain some of its lost value. Ethereum, XRP, and EOS all took a breather winning 8% average.
This behavior marks a clear departure from the continuous bad results that bitcoin and the cryptocurrency market had this last week. This selloff caused by the Bitcoin Cash Hard fork affected the market heavily. Bitcoin fell from $6K to near $3K in just a week. But this does not mean that the bear market has now finished. These kinds of movements are common while the market corrects itself. However, the lack of good news for bitcoin on this holiday is troubling.
While most of the experts out there think that bitcoin will recover, they all think this recovery will be the result of institutional money pouring into the market. Tom Lee maintained his prediction about bitcoin finishing this year at $15K. This despite the nosediving losses that the market has experienced lately. Michael Novogratz, another cryptocurrency investor, thinks that bitcoin will finish this year at $9K.
But they all count with an institutional support for this to be a reality. And the reality is that institutions won’t flock to crypto anytime soon. At least not this year. The two “beacons” that will bring this new kind of investors to the market were delayed till the next year. The first business that will supposedly bring institutional money to the table is Bakkt, the new exchange that will bring physical future contracts to the market. Bakkt launch has been delayed till January, and a lot has to do with this bear market and instability that we are seeing lately.
The other company is Fidelity, a Wall Street company that will offer enterprise cryptocurrency custody solutions to maintain these digital assets safe. But Fidelity has also announced that they will be starting operations next year. So this bear market could continue till next January.