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Bitcoin Hits Highest Level in Two Weeks as Big-Money Bets Flow

(Bloomberg) — Bitcoin rallied to a two-week high as a risk-on sentiment returned following selloffs in more speculative corners of financial market.The token rose as much as 5.7% before trimming some gains to trade at $54,400 as of 10:29 a.m. in New York. Ether — the world’s second largest cryptocurrency — jumped as much as 3.8%. The gains mirror broader risk-on optimism, with the Nasdaq 100 Index recovering from a decline Monday that pushed the tech index to a so-called correction level.“Bitcoin is unlikely to be a great ‘flight to safety’ play going further,” Matt Maley, chief market strategist at Miller Tabak + Co. said in a note Tuesday. “Instead, we feel that it is more of a ‘risk-on/risk-off’ play. Therefore, if we see a deeper decline in the stock market, then we think that Bitcoin will likely see a decent decline.”Maley did note, however, that the world’s largest cryptocurrency held up “quite well” throughout the recent Nasdaq correction, adding that this could “have been due to the fact that the S&P 500 had also held-up quite well…and thus if the SPX starts to roll-over in the same way the Nasdaq has recently, Bitcoin will finally decline in a material way as well,” Maley said.Even as high-flying bets like Tesla Inc. and the ARK Innovation ETF have cratered recently, Bitcoin prices have been buoyed by news of more institutional adoption, fueling crypto proponent’s argument that big financial players are rushing to gain exposure to the token, while another viewpoint stands that the digital asset is a stimulus-fueled bubble destined to burst like its 2017-2018 boom and bust cycle.On Monday, NYDIG, a provider of Bitcoin-related financial services, announced that it raised $200 million from investors including Stone Ridge Holdings Group, Morgan Stanley, New York Life, MassMutual and Soros Fund Management. NYDIG said Bitcoin adoption among institutions is accelerating, citing data that insurers have more than $1 billion in Bitcoin-related exposure on its platform.“Bitcoin and Ethereum bullishness are back as more big-money bets keep flowing into cryptocurrencies,” Edward Moya, senior market analyst at Oanda, wrote in an email. “Institutional interest still seems strong.”The narrative that longer-term investors such as family offices, insurers and corporate treasurers are adding exposure to tokens is controversial but gaining traction. Goldman Sachs Group Inc. recently said it’s seeing substantial demand from institutions as it works to restart its cryptocurrency trading desk.Technical analysis is also supportive of higher prices, according to a report by Evercore ISI strategist Rich Ross, who said Bitcoin could reach $75,000.In recent days, oil billionaire Kjell Inge Rokke came out in favor of Bitcoin and Rokke’s Aker ASA is setting up a new business to tap into its potential.“Bit­coin may still go to zero. But it can also become the core of a new monetary ­architecture,” Rokke, Norway’s second-richest person with an estimated $5.4 billion net worth, wrote in a shareholder letter. He says it’s not inconceivable that one Bit­coin could one day “be worth mil­lions of dollars.”Billionaire Rokke Bets Bitcoin Will Be on Right Side of HistoryFor more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.