Grayscale Inject $188 Million into Bitcoin as BTC Eyes New All-time High
The distance to be covered by Bitcoin to hit a new all-time high is now closer than ever as the cryptocurrency breaks $18,700 with over $2,000 value addition in less than 14 days. With much expectation for the largest cryptocurrency by market cap, a number of individuals and corporate bodies including institutional investors have begun upping their BTC portfolio value, in order not to be at the regretting side when the crypto reaches its peak.
New York-based digital currency investment and crypto managing company Grayscale have also shown their bullishness on Bitcoin by injecting a huge amount into the digital asset.
As revealed by the Managing Director of the investment company, Michael Sonnenshein, Grayscale bought a whopping sum of $188 million worth of Bitcoin, this is in preparation for the much expected upcoming bull run.
Michael made the declaration on Twitter, stating that the company’s team bought only Bitcoin with the huge sum. He mentioned that the buying was done in just one day.
While a number of people are yet to find solace or trust in the digital asset class, the latest purchase from the investment company is a signal that something huge is probably underway for Bitcoin, more importantly, that a halving event was just concluded.
the @Grayscale team scooped up over $188 million into Grayscale #Bitcoin Trust alone, *yesterday*.
REMINDER: all 10 products in the Grayscale family are available for purchase at NAV by eligible accredited investors ➡️ https://t.co/YfK2YUKgCj
— Michael Sonnenshein (@Sonnenshein) November 20, 2020
As the purchase may signal the company trusts Bitcoin more than any other asset in the industry, the digital investment company which helps people to manage their asset, also offer products based on Ethereum, XRP, Litecoin and Bitcoin Cash, among others rather than Bitcoin-based products alone.
The aggregation of all these assets under the management of Grayscale $10.8 billion, a statement by the company can confirm.
Bitcoin Eye $20,000 Resistance Level
Bitcoin’s drive to its existing all-time high has never been this clear as the cryptocurrency continues to shred off all obstacles on its path towards the ceiling. In recent times, BTC has broken a number of resistances that signals a strong bullish force.
Bitcoin seems to be flirting the $20K zone as its path to this region becomes wider. At the time of writing, BTC is less than $1,500 away from its 2017 high.
Crypto icons and investors like Tom Lee, co-founder of Fundstrat Global Advisors, are strongly bullish on the performance of the cryptocurrency.
Also, analysts have claimed that the cryptocurrency’s resistance index shows positive signs that good days are ahead for Bitcoin and the entire crypto industry.