Bitcoin Corrects 10%, Dow At Record, Goldman Sachs, JP Morgan Admit Rising Crypto Demand

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Last Updated on 23 March 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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Bitcoin is currently down 10% since hitting a new all time high over the weekend ($61k) as the Dow Jones stock market reached a new record for itself. Markets in Asia followed suit as investors continued to pile money on the so-called reopening trade (i.e. taking money out of tech and into stocks that will do well when the economy reopens).

At the time of writing, VeChain continues to outperform most crytptocoins in the CoinMarketCap top 20 and is still up 25% in the past week.

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Bitcoin correction

Peter Brandt, the legendary commodities trader who also discusses crypto and Bitcoin (he even made a price prediction for Dogecoin recently) admitted at the beginning of the year that the current crypto bull run is seeing less corrections than the 2017-2018 one.

Furthermore, the corrections that the digital currencies exchanges are witnessing, are less severe than those experienced in the past as well.

For the above reasons, the cryptosphere was rife with a central message from influencers, asking whether people would BTFD (Buy the f***ing dip) this time.

Back in January, Bitcoin corrected from $40k to $33k and in February did a similar move, correcting from $56k to $45k.

Hence the question is now: where will Satoshi Nakamoto’s invention find support this time round?

On the cryptosphere, the question was being asked whether a whale sent:

In 18k of BTC into Gemini to dump the markets? Or was it a data error?

Goldmand and JP Morgan

As the Dow Jones set a new all time high and Asian markets followed up this morning, investors were also spreading their bets. As such, wealth managers and global business banks Goldman Sachs and JP Morgan have both admitted that their customers are increasingly looking to invest in crypto.

Given the regulatory hurdles and risks that still linger, both Goldman and JP Morgan are trying to offer alternative investments instead.

Chief Operating Officer John Waldron recently admitted that:

Client demand is rising. We are regulated on what we can do. We continue to evaluate it… and engage on it.

The business banks are of course frustrated as they admit customers are going into crypto by themselves as their regular wealth managers are unable to offer a solution.

The pandemic has been a significant accelerant. There is no question in our mind there will be more digital commerce … and (use of) digital money.

Mr Waldron added.

JP Morgan meanwhile is seeking to offer a so-called Bitcoin Exposure Basket, a fund consisting of some 11 stocks all with high exposure to the price of Bitcoin.

They are, among others, MicroStrategy, Square, Bitcoin mining company Riot (which we discussed yesterday in our WallStreetBets article) and Nvidia (which offers graphic cards capable of Ethereum mining).

goffkein / Depositphotos.com