Bitcoin Slides but Finds Deutsche Bank’s Support
The Bitcoin price is down, shedding over $2,300 three days after printing new 2020 highs. However, amid the free fall, Deutsche Bank has included Bitcoin in its official list of assets according to Zero Hedge. The endorsement comes at the back of another project, this time from JP Morgan that BTC prices may rally to $140k in the long term.
Crypto and Bitcoin prices have been rallying for the last two months. After finding a firm foundation over a month before the controversial US Presidential Elections, the coin more than doubled, rising to around $19,400 in a near perpendicular rally. The pump was accelerated by inflation concerns and a generally downbeat global economy which acted as rocket fuel for BTC prices, according to Antony Pompliano. Even as Bitcoin corrects, the digital asset is finding support from Deutsche Bank, joining a long list of public companies who acknowledge the coin’s superior properties over mainstream financial assets.
Impact on the BTC Price:
Bullish. BTC will benefit from this endorsement in the long term. Presently, prices are cooling off after a moonshot that saw the asset rally to $19,400 blasting past several resistance levels.
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