Bitwise Says Bitcoin's Floor Is Rising as Institutions View Pullback as a Gift
JH Kim
Summary
- Bitwise's Juan Leon said support for Bitcoin (BTC) is strengthening and its floor is moving higher.
- Leon said Bitcoin's floor continues to rise despite macroeconomic headwinds, the artificial intelligence (AI) investment boom and delays in advancing US crypto legislation.
- Some institutional investors are treating the latest pullback as a "gift" and buying aggressively, while others remain on the sidelines until regulatory clarity improves.
Forecast Trend Report by Period
Bitwise Senior Investment Strategist Juan Leon said support for Bitcoin (BTC) is strengthening, with some institutional investors viewing the recent pullback as a buying opportunity.
The Block reported on July 9 that Leon said Bitcoin's floor continues to rise despite macroeconomic headwinds, the artificial intelligence (AI) investment boom and delays in advancing US crypto legislation.
Some institutional investors are treating the decline as a "gift" and buying aggressively, he added. Others remain on the sidelines until regulatory clarity improves.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.