- Nikolay Storonsky believes that cryptocurrency market is not unusual for big players as of yet.
- Bitcoin dropped below $6,400.
While crypto crown is waiting for institutional investors to come and awaken the sluggish market, the CEO of Revolut Nikolay Storonsky claims that big players are not interested in digital assets like Bitcoin or Ethereum.
Speaking at the Web Summit 2018 in Lisbon, Mr. Storonsky explained that institutions especially banks had no appetite in cryptocurrencies as they are focused on making money on their clients.
“Unless these big institutional investors and hedge funds move heavily into the crypto world I just don’t think banks will move because they simply try to make money from their clients,” he said.
The cryptocurrency traders hoped that institutional investors would stop the 11-month long bearish trend and push prices back to historical highs; however, big companies are wary due to regulatory uncertainties and high volatility that undermines the usability of virtual money. That’s what makes both Storonsky and Larry Fink, BlackRock’s CEO, so skeptical about Bitcoin’s future.
Particularly, Fink said that BlackRock wouldn’t launch cryptocurrency-related ETF until the market became more “legitimate.”
Meanwhile, one Bitcoin goes for $6,354 at the time of writing, down 1.2% in recent 24 hours. The price broke below significant support $6,400 and touched $6,334 low during Friday trading session. The further decline may be limited by $6,250. This area stopped the sell-off at the end of October.
BTC/USD, 4-hour chart
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