RATE Group | Bitcoin may surpass $9,000 as early as this weekend
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Bitcoin may surpass $9,000 as early as this weekend

17 Jan Bitcoin may surpass $9,000 as early as this weekend

Posted at 14:52h in Bitcoin News by

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  • Bitcoin has entered a consolidation phase on approach to $9,000.
  • The institutional adoption has been growing in 2019.

Bitcoin bulls hit a brick wall on the approach to $9,000. The first digital coin settled at $8,960 after several unsuccessful attempts to pass this barrier.  At the time of writing, BTC/USD is up 2.5% since the beginning of the day.

Notably, as the cryptocurrency market resumed the recovery, Bitcoin’s market share dropped from 66.7% on Thursday to 66.0% on Friday. Some altcoins like Ethereum Classic, Chainlink and Cosmos are experiencing double-digit growth.

Institutional adoption on the rise

Traditional investors such as hedge funds, pensions, and family offices have been increasing cryptocurrency holdings, according to the recent research conducted by a Bitcoin trust provider, Grayscale Investments.

The latest data showed that inflows in Bitcoin from accredited investors reached $608 million in 2019, which is more than the total amount…

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