![[위클리 코인]’Best ever’ bitcoin writing history… ETF also challenged again](https://image.edaily.co.kr/images/Photo/files/NP/S/2021/01/PS21010200172.jpg "[위클리 코인]’Best ever’ bitcoin writing history… ETF also challenged again")
In the last week, institutional investors actively participated in buying bitcoin whenever it was adjusted, and the market was optimistic that a strong market trend would continue in the mid to long term despite the possibility of temporary adjustment.
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In the meantime, some asset managers have re-started their journey to get approval for new investment products, such as the Bitcoin Listed Index Fund (ETF). On the other hand, despite such favorable conditions, Ripple’s XRP, the top coin in market capitalization, is receiving gloomy news from large virtual asset exchanges that it has stopped trading due to prosecution by US financial authorities.
Institutional buying tax that does not break
Institutional investors, who have led the market price increase since the second half of last year, are still buying bitcoin.
At the beginning of last week, it was confirmed that a fund called’Rerfer Investment Trust’ operated by British investment company Lerfer Corp. spent about 2.7% of the fund’s assets, or £550 million (approximately KRW 818 billion), to buy bitcoin.
In addition, on the 30th, it is reported that Skybridge Capital, a global alternative investment company that plans to launch a bitcoin-only investment fund in January next year, is preemptively investing in bitcoin worth 182 million dollars (approximately 19.8 billion won). .
Skybridge, which manages a total of $9.3 billion in assets, plans to launch the’Skybridge Bitcoin Fund’ next month. As stated in its investor guide.
On the 21st, Skybridge has already submitted a report to the US Securities and Exchange Commission (SEC) to launch a Bitcoin-only fund. At least $50,000 was invested by external investors, and the fund is officially launched on January 4th. In this guide, Anthony Scaramucci, CEO of Skybridge, referred to “Bitcoin as digital gold,” and praised it as “Bitcoin can be a better gold than gold.”
“It goes up to 40,000 dollars within a year”
Fundstrat, Wall Street’s first virtual asset research firm, raised its bitcoin target price for the new year, raising expectations for an additional rally.
Fundstrat chief digital strategyist David Grider said, “Unlike in the past, institutional investors and companies are also increasing their purchases, providing a positive momentum for the rise of bitcoin prices.” The price could rise to a maximum of 40,000 dollars within 6 to 12 months if the demand for investors is added again.” The target price was revised up significantly from the previous forecast of $25,000.
However, Grider Strategy said, “It is expected that this favorable condition will continue until next year. I need to go out on the beach,” he advised.
However, he predicted that “the possibility of regulation by the US financial authorities may have a negative impact on market sentiment in the short term, but I do not think it will negatively affect Bitcoin in the long term.”
“Bitcoin adjustment comes early in the new year”
Mark Newton, founder and CEO of Newton Advisors, a Wall Street investment advisory firm, predicted that bitcoin will show an adjustment pattern early in the new year, which will be an opportunity for a low-cost buy.
In an interview with CNBC, the founder of Newton said, “If you analyze it based on the chart, it will take a break when the rise of bitcoin enters next year.” He predicted, “As it has reached a record high a while ago, it seems that it is still strong in the medium term,” he said. “In the short term, after peaking around early January of next year, the current cycle will break.”
“If you look at indicators such as Bitcoin’s main salary chart and Relative Strength Index (RSI), it reflects the growing interest in Bitcoin, but this is mostly from institutional investors.”
Accordingly, the founder of Newton said, “If the current bitcoin rise is broken in early January next year and the price falls, investors will have an opportunity to buy bitcoin at a low price.” Advised. He predicted that “there will be an opportunity to buy low prices continuously during the first quarter of next year.”
Re-challenge for Bitcoin ETF approval
With the growing interest of investors, asset managers are starting to move again to launch the Bitcoin Listed Index Fund (ETF), which has been denied by the U.S. financial authorities for years.
In fact, Banek Associates, which failed to launch a bitcoin ETF in recent years, again applied to the Securities and Exchange Commission (SEC) to launch a bitcoin ETF called’Banek Bitcoin Trust’. The company voluntarily withdrew from the ETF application in September 2019.
Van Eck said that the ETF applied for this time will be traded on the Chicago Options Exchange (CBOE) BZX exchange.
It is also true that expectations for the possibility of approval of the Bitcoin ETF have increased as the SEC head, which has been somewhat stubborn toward Bitcoin, has changed. In October of last year, SEC Chairman Jay Clayton suggested the possibility that “we are still open to review the ETF approval”, but it was generally negative. After he officially resigned last week, a member of the relatively friendly virtual assets, Elard Roizman, was appointed as acting chairman.
When President-elect Joe Biden takes office on the 20th, he can appoint one of the Democratic Party members as chairman or appoint a new Democratic Party member to serve as chairman.
Ripple neglected by the exchange
Ripple’s coin, XRP, which was put in crisis after being prosecuted by the SEC, is being ignored by virtual asset exchanges.
On the 31st, Binance US, the world’s largest virtual asset exchange, announced that it will stop supporting XRP transactions from the 13th. If XRP is defined as a security, XRP cannot be traded on most virtual asset exchanges in the United States. Except for a few, most exchanges do not have a license to trade securities.
On the 29th, Coinbase, the largest exchange in the United States, announced the suspension of XRP trading. Outside the US, OKX and Coredax also stopped trading XRP. In addition, Crypto.com, a payment service, and Swipe, a virtual asset wallet, have decided to stop supporting services for XRP.
However, Ripple’s policy is to continue operating the company regardless of this lawsuit.
In a company announcement, Ripple stipulates that “SEC lawsuit is an attack on the virtual asset industry in the US, not just Ripple,” and ”Investors outside the United States claiming that most of the XRP is held by the innocent XRP holders. I promised to continue the service for them.