In spite of the rapid retraction from all-time highs, the bitcoin price is expected to close March with the 6th consecutive positive month. The momentum now shows that after March, the bullish precedent will continue.
Morgan Stanley announces that BTC is a class of investments.
Morgan Stanley has confirmed that wealth management customers will have access to BTC funds but only 2.5 percent of their overall net value. The announcement comes more than a month after Bloomberg News reports that Counterpoint Global is assessing whether or not to invest in bitcoin, a subsidiary of Morgan Stanley Investment Management.
Galaxy Digital, a company founded by Mike Novogratz, and a third fund operated by Asset Manager FS Investments and the Bitcoin company NYDIG are the funds provided to customers.
This is another example of the changing view that Wall Street perceives Bitcoin to be rejected gradually. Now, Morgan Stanley is formally characterized by BTC as an investing class which can provide diversification of the portfolio, since it has the regulatory structure, liquidity and an increasing interest of investment.
“In addition, the transformation of both supply and demand side of speculative investment opportunities to the level of an investmentable capital class which can be a position for diversified investment portfolios is important. We believe that the threshold is reached with crypto-currency. It has coalesced a firm regulatory structure, the liquidity, product availability and growing investment interests, notably among institutional investors.”
Morgan Stanley announced that it would not recommend cryptocurrencies and that its richest customers should be trained in exposure and limited to publicly traded products through their Bitcoin investments.
The pattern in bitcoin prices profits from deep liquidity in the long term.
For the second day in a row, the BTC rebounds the $54,000 head-and-shoulders lower from the extended neckline. The region of assistance also coincides with the upward trend from 28 February.
The consolidation process is expected to continue in the short term, but a regular closing of $58 367 above the February 21 confirms the consolidation, which will continue to increase Bitcoins price to new heights.
Short-term rally resistance would result in a decrease in February’s extension levels of about 1.382 and 1.618, respectively, of $64.230 and $67,850. The bullshit the BTC is up to 2,618 former
