According to Binance’s report on cryptocurrency investments, institutional demand will grow in the first quarter of 2022.
Binance Platform Confirms Increase in Crypto Institutional Investors
Institutional interest in cryptocurrencies continued to increase during the first quarter of 2022, regardless of market volatility. This is perhaps one of the most interesting findings that can be drawn from the latest market reportBinance exchange.
Important investment banks such as American Jefferies, Canaccord Genuity and Swiss Credit Suisse have decided in recent months to put together teams of experts, Dedicated to exploring new technological developments in the blockchain ecosystem.
Meanwhile, some of the leading US technology companies, including Google and Uber, TwitterAmc and PayPal, have opened up the possibility Accept cryptocurrencies as a form of payments.
A recent study by Goldman Sachs indicates that, sooner or later, almost more and more companies will be forced to accept cryptocurrencies.
The multinational investment bank revealed that more than 60% of its clients plan to increase their exposure to digital assets, which could lead to this. Bitcoin takes a larger market share than gold.
The company predicted that breaking the $100,000 threshold could put BTC in control of 50% of the so-called “store of value” market.
South Korea’s largest bank, Kookmin Bank, recently developed a plan to offer a Money traded in cryptocurrency and crypto-derived products. These tools are intended to allow “market participants to cover market events with greater accuracy and flexibility.”
Cryptocurrency demand worldwide
According to Binance experts, the growing interest in cryptocurrencies has also been underlined by the growing demand from government authorities around the world for new market regulations.
It appears that the US has taken a new approach to regulating digital assets with the blockchain industry growing “at breakneck speed”.
President Biden In February, it issued an executive order regarding cryptocurrency. The obvious goal is to create one The country’s first federal strategy on digital assets.
The Bank of England has begun to define a regulatory framework for cryptocurrencies. The Advertising Standards Board of India issued its first guidelines for crypto advertising earlier this year.
Similarly, legislators in Panama have begun to explore cryptocurrency regulations, and Georgia has drafted legislative changes that include registration, licensing, compliance testing, and anti-money laundering rules for crypto companies.
Major cryptocurrency investors have shown an approach to bitcoin accumulating in the first quarter of 2022, highlighting a possible upward push for the foreseeable future.
micro . strategy Bought 660 Bitcoin for about $25 Million in Cash, and Luna Guard Foundation He bought 42,410 bitcoins, El Salvador bought 410 bitcoins and even US Senator Ted Cruz bought bitcoins worth about $50,000.
In addition, professional services firm KPMG in Canada has donated Bitcoin and Ethereum to the company’s treasury. The mayor of Rio de Janeiro, Eduardo Paes, also revealed plans to invest 1% of the city’s treasury reserves in cryptocurrency.
New York Mayor Eric Adams And Miami Francisco X, Suarez announced that they want Pay their compensation in bitcoin.
Bitcoin and Ethereum, Market Reaction
Transaction history from spot markets shows that during the first quarter of 2022, Bitcoin appears to have built a support close to $41,000, as 6 million addresses purchased with over 3.21 million bitcoins.
It appears that Bitcoin has been oscillating at the $41,000 support and resistance level around $47,400 for several months. These two important levels could play a fundamental role in the coming quarters to understand the future direction of Bitcoin in the coming months.
The scheduled quarterly close below the support level could trigger a massive sell-off among investors, leading to a correction of around $30,000 or less.
But if BTC breaks through the resistance, investors can be encouraged to return to the market en masse, sending prices back to $60,000, and then attempting an attack to all-time highs.
For Ethereum, after dropping in February to just over 70,000 new addresses per day in March, there has been a steady growth of new addresses, with an average 85,132 new titles per day.
The continued appeal of this metric on the series indicates a greater adoption by users over time, which precludes a possible increase in prices, and is also associated with the next release of the highly anticipated release of the new update. Mergewhich makes the blockchain more Scalable, economical and sustainable.