International Finance

Bitcoin price surges despite US market conditions

bitcoin, cryptocurrency, US market, crypto ads, digital currency, traditional asset, Blockchain Capital, US tax obligations, Dow Jones Industrial Average, bitcoin value, ethereum
In more than a month, bitcoin’s value significantly rose seven percent during a 400-point drop in the Dow Jones Industrial Average, says reports

The digital currency is emerging from its difficult quarter, when its value nearly dropped 48% in the last three months. According to data from Coindesk, bitcoin was trading US$9,436 and has climbed 20% in the past week.

Spencer Bogart, partner at Blockchain Capital said: “Bitcoin remains uncorrelated to traditional asset classes, is more than 50% off its highs and has significant upside.

“It feels like a no-brainer from a portfolio management perspective to allocate some capital to crypto.”

According to CNBC, this year’s fall in digital currency was mainly due to investors selling to meet US tax obligations, regulatory inspection, and major tech giants imposing a ban on cryptocurrency advertisements.

Joe DiPasquale, CEO of BitBull Capital said based on Thomson Reuters survey published Tuesday one in five firms are looking at digital currency trading in the next year. This signals a market shift in crypto investors and bitcoin value.

“As reports continue to show more and more institutions gearing up to participate in crypto markets, valuations are likely to continue to increase in a steady manner.

“There has been a significant shift in sentiment towards the positive, with Bitcoin spot price seeing the most notable jump over the last week,” DiPasquale said.

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