Bitcoin’s renewed push above the descending channel trendline suggests bulls are preparing to push BTC and altcoins to new highs.
On Monday Visa announced that it had launched a pilot program with Crypto.com to enable its partners to settle fiat transactions by sending USD Coin (USDC) stablecoin to Visa’s Ethereum address at Anchorage digital bank. This step by Visa shows that legacy finance companies are increasing their adoption of cryptocurrencies.
According to a PwC report reviewed by Bloomberg, crypto mergers and acquisitions soared to $1.1 billion in 2020 compared to $481 million in 2019. The increase in these deals is likely to surpass the 2020 numbers on every single metric with the arrival of large investors and institutional players according to PwC global crypto leader Henri Arslanian.
Several investors who had previously been critical of cryptocurrencies are gradually taking the plunge. The latest to join is the Norwegian billionaire investor Øystein Stray Spetalen, who went from a Bitcoin (BTC) basher to a crypto adopter within one month. Spetalen recently announced that he has joined the board of Norway’s top domestic crypto exchange MiraiEx and also purchased an undisclosed amount of Bitcoin.
The arrival of new investors has increased the demand whereas the HODLers sitting tight with their holdings has reduced the supply. Could this result in the resumption of the uptrend? Let’s analyze the charts of the top-10 cryptocurrencies to find out.