Bitcoin has had enough eventful week despite BTC price cooling off. Let’s take a look at the most important stories that shaped the past week with the Sunday Digest.
Bitcoin Price Pulls Back to $5K
For now, Bitcoin’s mini-bull charge seems to be on hiatus, although support has been found at $5000, leading to some stability. The latest research seems to suggest that bitcoin has indeed bottomed and that the next peak is set to be significantly higher.
Institutional Investor Interest in Bitcoin Rising
Grayscale’s GBTC investment trust was trading at a 47% premium over bitcoin’s spot price.
Some suggest that this is a sign of increasing institutional demand. Institutional interest certainly seems to have been one of the drivers of the previous week’s price rally, with trading volume growing for four consecutive months.
Interestingly, Bitcoinist also reported that institutional investors increased their Bitcoin futures longs on the CME by 88 percent on Bitcoin as of April 2nd compared to the previous week. The date…