Bank of America's Final Survey in Favor of Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP)

The Bank of America survey revealed interest in Bitcoin.

The survey conducted this month by Bank of America and BofA Securities showed very positive results for Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) and all altcoin investors in general. In a survey conducted by BoA, one of the most important banks in the USA, it was revealed that people opened short positions for the US dollar and invested in Bitcoin (BTC).

Bitcoin Ranks Third

According to the survey conducted with the managers of hedge funds, it is seen that the most popular investment is to open a long position for technology shares for December 2020. Opening a long position is known as taking a step towards the rise of an asset, while opening a short position is known as taking a step towards its fall.

 

Investing in the shares of technology companies comes first, while shorting the US dollar is the second. It is not surprising that the second most popular investment move of December was against the US dollar. Trillions of dollars in stimulus package payments and uncertainty in the US actually underlie this.

BTC Difference From Others, Growth Rate

Opening long positions for Bitcoin is in third place. However, although Bitcoin is in the third place, it is seen that it is the fastest and most growing investment tool compared to November 2020. While opening a long position for Bitcoin in November 2020 was at the level of 5%, in December 2020 this rate rose to over 15% and grew approximately 3 times.

Under the Bitcoin investment, there is a long position for corporate bonds, while under it there is a similar move for gold investment. However, it is seen that the rate of opening long positions for gold decreased compared to November 2020.

How Altcoins Like XRP and ETH Affected From This

Is this only positive for Bitcoin? In fact, the survey results show that BTC is the only asset that has moved to the positive side so quickly in a month. Even though investment in technology stocks ranks first, it seems to have declined compared to November 2020. As can be expected, Bitcoin's popularity means a new rise for Ethereum, XRP and other altcoins. If Bitcoin can continue this growth in 2021, not only BTC, but also altcoins could break the record on the record.

Bitcoin (BTC) Need To Break This Level For A Record In XRP And ETH

 PriceWhat is the main resistance that bitcoin price stuck on?

Not only XRP and ETH, but almost all altcoins have recently been severely affected by the movements of the leading cryptocurrency Bitcoin (BTC) . Bitcoin's 1% drop causes altcoins to decline by approximately 5% and everyone is looking to Bitcoin for the continuation of the altcoin rally.

Critical Point For Bitcoin Price

The leading cryptocurrency has managed to rise again each time, even though it has repeatedly descended below the $ 19,000 zone. The critical resistance points in front of the bitcoin price seem to be closing the road to $ 20,000, at least for now. A well-known crypto money analyst stated what resistance should be passed in order for Bitcoin to return to the days when it will break a record again.

Breaking this resistance could also start the altcoin rally, according to the analyst's statement. Cryptocurrency analyst Cantering Clark stated that consolidation and declines will continue until the BTC price breaks above the $ 19,400 level and closes here. Looking at the chart published by the analyst, it is seen that the price could not really hold at $ 19,400 and returned from here.

$ 19,400 Could Start A Rally For Altcoins

It is seen that there was a significant decrease in the price of altcoins when Bitcoin touched to $ 19,400 and fell from here. In fact, every cryptocurrency is currently tied to Bitcoin, and neither the $ 1 target of XRP investors nor the $ 800 target of ETH investors may be realized unless BTC can break this point.

Bitcoin price recently rose above $ 19,400 and closed here. As can be expected and seen from the chart, the break of the $ 19,400 level brought a sharp rise in the continuation. The BTC / USD pair climbed to $ 19,800 and broke the all-time record in this rise.

XRP and ETH May Refresh The Record

It is known that the price of XRP also saw $ 0.77 when BTC rose. While XRP saw $ 0.77, ETH investors also sold at $ 660 on some exchanges. In other words, BTC's breaking the all-time record gave the leading altcoins an annual record chance. However, this rally did not last as long as thought and BTC / USD suddenly fell below $ 18,000.

In the current bull rally, drops of 20% like this are known to be quite commonplace. Declines of 30% and 40% were seen before. Bitcoin price , on the other hand, managed to come back to its previous level after each decline.

Important Bitcoin, Ethereum and XRP Statement From IMF

In a recent report, the International Monetary Fund (IMF) made important definitions about the leading cryptocurrency Bitcoin (BTC), the second-ranked Ethereum (ETH) and the popular cryptocurrency XRP . Although the main subject of the report is central bank digital currencies, it is seen that the IMF also touches on crypto currencies.

🚩Content Guide

📌XRP, ETH and BTC Unofficial Currencies

📌IMF's Decision Is Positive For Cryptocurrencies

📌The Status of Crypto Coins May Change Again

XRP, ETH and BTC Unofficial Currencies

In terms of money law, the IMF, which evaluates crypto currencies and central bank digital currencies known as CBDC, defined the top three cryptocurrencies as "unofficial currencies". Well what does it mean? According to the IMF's definition, official funds can only be used for assets that are backed by a state and have a central bank.

July 9 BTC, ETH, XRP, BCH, BSV, ADA, LTC, BNB, CRO, EOS Price Analysis

In other words, currencies such as the US dollar, Euro, and Japanese yen are protected by both laws and the states behind them and have official currency status. It is known that there are no institutions behind currencies such as Bitcoin, Ethereum or XRP. Although Ripple is the company that launched XRP, there are currently no company-product ties.

 

IMF's Decision Is Positive For Cryptocurrencies

On the other hand, the central bank behind fiat currencies takes all the decisions about it. Although this definition made by the IMF seems bad at first, it can be said that it is definitely positive for BTC, ETH and XRP. It is exciting that the three cryptocurrencies, which did not even appear as currency in previous years, are now evolving into unofficial currencies.

The IMF emphasized that the status of central bank digital currencies has not yet been determined and that a little more time is required for this. With China's development of its own digital currency, CBDCs, which have made a name in the world, can achieve a clear status in the next 5 years.

The Status of Crypto Coins May Change Again

It may be possible for crypto currencies such as XRP , ETH and BTC to get rid of the "unofficial currency" status within 5 years .

In fact, the sharp rise of the cryptocurrency industry this year has attracted the attention of many institutions and investors, including the IMF. The Bitcoin price increased from $ 3,700 to $ 19,900, the XRP price from $ 0.11 to $ 0.77, and the ETH price from $ 80 to $ 660, making the cryptocurrency industry the top-earning industry of 2020.