The crypto market struggled to exit in June, but that doesn’t mean the crypto institutional interest has diminished. The Chicago Mercantile Exchange Group (CME) announced on Twitter that consumer interest in CME Bitcoin (BTC) futures remained strong in the third quarter of 2019 compared to the third quarter of 2018. During the open period, the full interest rate increase is around 61%, indicating institutional involvement With the merchants growing.
Similarly, digital asset manager Grayscale Investments announced that its products invested a total of $ 254 million in the third quarter of 2019. This was a sharp increase over the second quarter of 2019, when the investment totaled $ 84.8 million. 84% of investments came from institutional investors, indicating that they continue to accumulate in the distance.
While this is a positive sign, the Facebook and telegraph regulatory controversies have reduced sentiment. The recent rejection of the Bitcoin exchange traded fund offer did not help either. Although markets are red, there is no reason to panic because most cryptocurrencies are still trading above support levels.
Given the current market situation, traders are closely monitoring what level they are watching. Let’s look at a chart to better see the market.