Bitcoin has picked up again after falling in September due to regulatory concerns in the US and China. After the statement of Bank of America that the cryptocurrency market is too big to ignore, the rate of the main cryptocurrency in the world increased to 51.5 thousand dollars. Bitcoin is currently up nearly 17% in October and 76.5% YTD.
Teddy Vallee, chief investment officer at Pervalle Global Capital, said he expects momentum to continue throughout the quarter if not hampered by a large capital correction.
Long-term shareholders currently account for over 80.5% of the total, which has historically led to significant gains over the next six months. Unless there is a major capital correction, we expect prices to rise by the end of the year. Rising demand should remain strong as institutional adoption continues to accelerate, creating favorable supply/demand dynamics. - Teddy Valle
Growth began last week after Federal Reserve Chairman Jerome Powell said at a House Financial Services Committee hearing that he had no intention of banning cryptocurrencies in the United States, as China has repeatedly done.
It is also noted that there is a growing interest in cryptocurrencies on Wall Street, despite restrictions on mining and investigations against the largest cryptocurrency exchanges from China.