Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
Bitcoin Surges Past $27,000 as Nomura Launches Bitcoin Adoption Fund
In an unexpected development, Bitcoin saw a notable increase on Wednesday morning, exceeding the $27,000 threshold. The cryptocurrency sector was abuzz as Bitcoin hit a peak of over $27,400 earlier in the day, ultimately stabilizing at $27,214.15 as of 07:30 a.m. in Hong Kong. This 1.75% rise over the past 24 hours and a 5.11% increase for the week signifies a positive trend in the crypto market.
Importantly, Bitcoin’s swift rise was not a standalone occurrence, as the majority of the top 10 non-stablecoin cryptocurrencies also posted gains in the last 24 hours. Toncoin, in particular, led the charge with an impressive increase of over 7%. Investors and enthusiasts were left contemplating the reasons behind this sudden resurgence in the crypto market.
A key factor contributing to this optimistic sentiment was Japan’s prominent investment bank, Nomura, which introduced its Bitcoin Adoption Fund on Tuesday. Nomura’s digital asset subsidiary, Laser Digital, initiated this effort, aiming to offer institutional investors a smooth entry into digital assets. With Nomura managing approximately $500 billion in assets, this initiative represents a significant advancement toward the broader acceptance of cryptocurrencies.
Related Posts
The Bitcoin Adoption Fund is the inaugural offering in a series of digital adoption investment solutions that Laser Digital Asset Management intends to roll out. Sebastien Guglietta, the head of Laser Digital Asset Management, highlighted Bitcoin’s role in the ongoing digital transformation of the global economy, pointing out that it allows investors to engage with this macro trend.
While Bitcoin’s rise is noteworthy, the cryptocurrency market remains closely linked to traditional financial markets. As the equity market anticipates the U.S. Federal Reserve’s interest rate decision, analysts predict a minimal effect on the crypto sector. Blockchain research firm K33 Research even indicated that making trading choices based on macroeconomic indicators may be less effective due to Bitcoin’s diminished correlation with traditional assets.
K33 Research also brought attention to a troubling trend: a substantial drop in Bitcoin trading activity on Binance, the world’s leading cryptocurrency exchange. Binance’s seven-day average Bitcoin spot volume had decreased by 57% since September. This decline coincided with Binance facing increasing regulatory hurdles in the United States, raising concerns about the exchange’s future.
In summary, Bitcoin’s recent rise above $27,000, along with the introduction of Nomura’s Bitcoin Adoption Fund, has revitalized the cryptocurrency market. However, as the crypto environment continues to evolve, its connection with traditional financial markets remains intricate and intertwined, with regulatory challenges and shifting dynamics playing crucial roles in shaping its future.
The post Bitcoin Surges Past $27,000 as Nomura Launches Bitcoin Adoption Fund appeared first on BitcoinWorld.
