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Crypto rally continues globally on institutional buying, India still sees mostly retail trading

Crypto saw a massive rally over the last two days, following a blip last week, when many investors were booking their profits. Now as bitcoins have crossed their 2017 highs, industry insiders believe the best is yet to come

December 01, 2020 / 08:32 PM IST

The tumble in the crypto currency world last week has been eclipsed by a massive rally in the space since Monday as institutional players continue to pump in their dollars into crypto currency. As of Tuesday, bitcoins were priced at more than $19,500.

Indian crypto enthusiasts and traders believe that unlike 2017, this time around the rally in the bitcoin prices will sustain and there is a high chance of prices appreciating further. The main reason being large institutional players committing their assets in the crypto space. Further retail traders are also feeling more comfortable putting in their money, with players like PayPal, Square JP Morgan and others talking positively about it.

These players tend to bring in long term capital and will help protect bitcoins from selling shocks.

“Last week’s blip was mainly because of profit booking, since bitcoins crossed its previous high of 2017, the way in which the market has come back it is evident that there are bullish buyers in the ecosystem,” said Nischal Shetty, founder of crypto trading platform WazirX.