Institutional investors come to the rescue amidst the market gloom.
In a slightly positive development after an extremely volatile week, institutional investors rushed to buy the dip in the crypto space, and subsequently, inflows surged into crypto investment products, making Bitcoin and other altcoins witness small uptrends. While the overall outlook towards crypto remained bearish, investment products did see a net inflow. Stablecoins also registered solid net inflows in various exchanges.
The crypto markets saw a crash similar to the stock market crash of 2008, leaving many investors stunned. Few imagined a prominent exchange would file for bankruptcy, leading to the market nosedive to the highest lows of the year. A few experts reaffirmed their opinion that the crypto space needed an encouraging regulatory framework to boost its growth and prevent frauds and scams in the future.
BTC/USD price chart in 2022
Bitcoin is currently trading at around $16,800 on November 15, with BTC/USD up by 0.54% in the last 24 hours. Bitcoin is currently trading below its 20-day EMA (19,199.50), with other altcoins witnessing mild rallies in the last 24 hours. Long-term institutional investors continue to pour money into crypto holdings, confirming that crypto as an asset class hasn’t been written off.