Bitcoin Subsides Below $58,000 to Kick Off the Week

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Created by TradeOr

3rd Party Analysis 05 Apr 2021

Key Takeaways:

  • Bitcoin trading subdued below the $60,000 level in April
  • Mainstream adoption continues to grow as Morgan Stanley offers access to bitcoin products

Bitcoin Price Retreats

The price of bitcoin has retreated to lower levels on Monday after it cleared the $60,000 hurdle for a second time ever on Friday and Saturday. Heading into the weekend, bitcoin made a two-week top in the early trading hours on Friday, climbing to a high of $60,200. As the day progressed, however, bitcoin turned negative, meaning the closing price went below the opening price, and the digital asset closed around $58,600.

Bitcoin’s moves over the weekend were largely muted and to the downside. The downtrend prevailed and the largest cryptocurrency remained under selling pressure that took it to a low of $56,450 on Sunday. Slightly recovered, bitcoin is now hovering near the $57,000 mark but is still in the red for a fifth consecutive day. The five-day losing streak ended a rather optimistic climb that carried bitcoin to its latest highs as the month of March drew to a close, and with it, the first quarter of the year.

 

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April off to a Rocky Start

In April, so far, the leading digital currency is trading composed and moderately negative by 3%. April marks an important event in the cryptocurrency space. Morgan Stanley, a large Wall Street investment bank, has added Bitcoin trading to 12 of its institutional funds. The trading of bitcoin, however, will not be direct. As per the filing with the Securities and Exchange Commission (SEC), the select funds will trade bitcoin via cash-settled futures or investments with the Grayscale Bitcoin Trust.

Morgan Stanley is one of the many institutional investors that have allowed access to bitcoin-related products in order to meet the increasing client demand. The move by the investment firm also showcases that Bitcoin, as a tradeable asset, continues to make progress among investment banks. Goldman Sachs and JPMorgan have also expressed faith in bitcoin and the emerging cryptocurrency asset class as the two firms already allow their clients to trade bitcoin products.

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