Bitcoin and top cryptocurrency prices continue to show an upward trend consecutively for the second day. After jumping by about 5% on Wednesday, the leading token Bitcoin is up by at least 14% at press time. The market started picking up swiftly after El Salvador became the first country to give legal acknowledgement to Bitcoins.
Also, an important event that has led to the upward trend in the market is South Korea’s parliament discussing a crypto-specific bill.
Institutional Investors Drive The Market
While retail individual investors and traders are key to the mainstream adoption of cryptocurrencies, institutional investors continue to drive the market. However, unfriendly government decisions have created certain barriers for institutional investors. Mike Novogratz, founder of crypto investment firm Galaxy Digital in his latest interview said that more regulations are needed to have a more inflow of investments from institutional investors.
The Zeb Pay Trade Desk commented on the recent developments in the market that “The week has been in the red for most assets in the crypto space. The market has seen a fall in prices, volumes, and market capitalization.”.