Home 2020 Big Professional Players Bolster Bitcoin’s Bullish Outlook

Big Professional Players Bolster Bitcoin’s Bullish Outlook

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#crypto #currency #bullish #bitcoin #ethereum

$BTC $ETH $DIA $SPY $QQQ $VXX

“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!

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Paul A. Ebeling, a polymath, excels, in diverse fields of knowledge Including Pattern Recognition Analysis in Equities, Commodities and Foreign Exchange, and he is the author of "The Red Roadmaster's Technical Report on the US Major Market Indices, a highly regarded, weekly financial market commentary. He is a philosopher, issuing insights on a wide range of subjects to over a million cohorts. An international audience of opinion makers, business leaders, and global organizations recognize Ebeling as an expert.