Big Professional Players Bolster Bitcoin’s Bullish Outlook

#crypto #currency #bullish #bitcoin #ethereum


“The crypto space has a few big players, but is mostly crowded with retail-traders and investors.” — Paul Ebeling

YTD investor cash inflows into cryptocurrency funds and products hit $5.6-B up 600% from Y 2019, according to the latest data.

The inflows plus the latest price moves lifted assets under management for the sector to nearly $19-B in Y 2020. Assets under management ended T 2019 was only $2.57-B.

Interest in cryptocurrencies spiked this year as investors saw bitcoin as a safe-haven and an alternative to the falling USD.

Bitcoin hit yet another all-time high at $24,298.04 Sunday, but was last down nearly 3% at $22,832.78 on profit taking Monday

On Monday ethereum, the 2nd largest cryptocurrency, fell 4.4% to $610.14.

So far this year, investors shoveled $15.6-B into bitcoin products and funds, while ethereum inflows reached nearly $2.5-B. HeffX-LTN’s covers both of them daily, click here.

Trading volume for bitcoin hit a record $11-B on trusted exchanges on 17 December.

Monday, the benchmark US stock market indexes finished at: DJIA +37.40 at 30216.39, NAS Comp -13.12 to 12742.43, S&P 500 -14.49 to 3694.93

Volume: Trade on the NYSE came in at 1.1-B/shares exchanged

HeffX-LTN’s overall technical outlook for the major US stock market is Bullish with a Very Bullish bias in here.

  • NAS Comp +42.0% YTD
  • Russell 2000 +18.1% YTD
  • S&P 500 +14.4% YTD
  • DJIA +5.9% YTD

Looking Ahead: Investors will receive the Conference Board’s Consumer Confidence Index for December, Existing Home Sales for November, and the 3rd estimate for Q-3 GDP Tuesday.

Have a healthy day, Keep the Faith!

#Bitcoin#BTC#Bullish#confidence#consumer#crypto#currencies#DIA#ETH#ethereum#funds#GDP< home sales#investors#professionals#QQQ#RUT#RUTX#SPX#SPY#stock#traders#VXX