Bitcoin needs a 'new type of institutional investor' to bring price back up
Noelle Acheson, the Head of Market Insights at Genesis Trading, breaks down what needs to happen for Bitcoin to break losse to the upside once more.
ADAM SHAPIRO: Noelle Acheson is Genesis Trading Head of Market Insights. It's good to have you back here, Noelle. And very simply--
ADAM SHAPIRO: It's good to see you too. For those of us who watch Bitcoin, don't pretend to understand it, but know it's an asset that we have to pay attention to, why did it fall today? Was it China? Was it something else?
NOELLE ACHESON: That's a really good question, Adam, because we know the institutional interest is there. We see this every day. Genesis is one of the largest institutional lending services and prime brokers in the industry. So we are, we know the institutions are interested in allocating to this. But also, the unchained data is telling us that long-term holders are in fact, accumulating. So why are we seeing the sea of red? I think it's because of the uncertainty in the market. Uncertainty on the regulatory front, but also uncertainty on the macro front.
On the regulatory front, we've seen some announcements recently from the United States. We saw FinSA actually appointing someone to full-time focus on crypto. We saw Senator Warren calling on the SEC to actually give us some clarity on their stance on crypto. We'd all like to see that. It's not quite so simple. We also have Binance coming under quite a lot of regulatory pressure from various jurisdictions. And while this wouldn't materially impact the institutions that Genesis talks to, Binance is very influential in market liquidity. So that is creating some unease.
