Cryptocurrencies are poised to finish the week broadly in the green with the price of Bitcoin (BTC) up 10.17% since last Friday to $8,801.54. Cosmos was the top performing major cryptocurrency this week, rallying 40.25% since last Friday to $5.02, meanwhile, Binance Coin lagged the broader cryptocurrency market this week only , rallying 1.91% since last Friday to $23.29
One of the biggest stories in the cryptocurrency industry this week came from India, as the country is considering a total ban of digital currencies, according to the Economic Times. As per the report, a draft bill titled, “Banning of Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019,” is floating around several departments of the India government. The bill cites cryptocurrencies use in fraudulent schemes to, “defraud gullible investors,” as one of the major reasoning for the considered ban.
Despite the 90% drop in cryptocurrencies over the course of 2018, an analysis by Fidelity Digital Assets suggests 22% of institutional investors already have allocations to cryptocurrencies. Even more interesting, Fidelity Digital Assets argues 46% of institutional investors believe digital assets SHOULD have a place in their portfolios. It is hard to believe this but institutional interested in Bitcoin and other cryptocurrencies did not wane during the recent “Crypto Winter”. Talk about a “Buy The Dip” attitude!