OANDA: Bitcoin grows thanks to the support of large investors
Bitcoin continues to rally. The first cryptocurrency is growing in value because it is supported by large investors, and the regulatory authorities tacitly approve the use of this asset. Bitcoin is up 147% in 2020, with most of the growth coming in the past few weeks. Compared to October, daily bitcoin trading volume increased by 7%.
The previous US president was not a bitcoin fan, and the SEC has been actively working to crack down on fraud at some cryptocurrency companies. At the same time, the Commodity Futures Trading Commission has supported crypto services that offer storage of digital assets. "Overall, the regulation is favorable," said Edward Moya, chief analyst at OANDA. He also recalled that one of the advisers to the new US president, Gary Gensler, is crypto-friendly.
Back in the summer, Moya talked about the fact that Bitcoin needs a powerful catalyst for active growth. Most likely, institutional interest in the first cryptocurrency can be considered such a catalyst. Many large companies have reconsidered their attitude towards digital assets.
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