Bitcoin News & Price Volatility Response - Stephen Kelso, ITI Capital

  • Bitcoins , Cryptocurrencies
  • 09.06.2021 02:25 pm

Stephen Kelso, Head of Markets, ITI Capital

“Speculative reports suggest that bitcoin could soon drop to $20,000, referencing the looming bearing cross of the 50 and 200 daily moving averages"

“However, there are still some positive signs for the price of digital assets to build again, for example the encouraging price action overnight, stabilising funding spreads for futures and a decline in the implied volatilities of options. More significantly, there has been continued accrual of Bitcoin by bigger institutional wallets and Michael Saylor’s MicroStrategy has increased the size of its current junk bond offering to $500m to buy more BTC at these levels.  These will have more impact on macro hedge funds who will look to take advantage of the pullback opportunity.

“The motive force behind the bull run that started last year remains unchanged - the unprecedented monetary and fiscal stimulus that has spurred asset price inflation to protect from the debasement of fiat currency.  ITI has seen more buyers of BTCE and ZETH, exchange traded products on Bitcoin and Ethereum as well as structured products on these and  ITI's new DeFi fund."

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