Journalist
Posted:
- BTC jumped to over $27,000 and has stayed there.
- The Bitcoin Adoption Fund launched in Japan led to this price movement.
Bitcoin [BTC] recently rose to a price of $27,000 following a major announcement from Japan. In light of this recent news from Japan, what is the general sentiment in the market?
Read Bitcoin (BTC) price prediction 2023-24
Japan Gains Institutional Exposure to Bitcoin
A remarkable one on September 19 announcement was created by the digital assets subsidiary of Japanese financial services company Nomura, known as Laser Digital.
According to the company, they are launching a new fund aimed at providing institutional investors with exposure to Bitcoin.
Known as the Bitcoin Adoption Fund, this fund will provide long-term investment opportunities and represents the first offering in a series of digital asset investment products planned by Laser Digital.
In addition, the fund will use Komainu, a custody solution jointly managed by Nomura, Ledger and CoinShares, to protect client assets.
How Bitcoin responded to the development
According to a Santiment report, Bitcoin responded positively to the announcement. The Santiment trend table indicated that BTC quickly rose to the top of the charts when the news was released. Moreover, the Santiment chart illustrated that this development pushed the price of BTC above the $27,000 mark.
🏦 #Bitcoin got a boost to $27.2K after Japan’s largest investment bank, #Nomura, launched an Adoption Fund for institutional investors. This is the last one in #crypto‘s efforts to increase awareness among interested parties beyond traditional traders. https://t.co/ylDEDG9ehY pic.twitter.com/qDau3TzlEB
— Santiment (@santimentfeed) September 20, 2023
The current trend of BTC
Despite a daily time chart showing Bitcoin trading at a loss, it remained above the crucial $27,000 price range. By the end of trading on September 19, it was up more than 1.6% and trading at a value of more than $27,200.
At the time of writing, the price was around $27,098, with a small loss in value of less than 1%.
Source: TradingView
Furthermore, any attempt to surpass the short and long moving averages (yellow and blue lines), which acted as resistance levels, was hampered by the price drop. Nevertheless, Bitcoin still maintained a position above its neutral line, indicating a bullish trend.
In addition, a look at Mint glass showed that BTC continued to exhibit a positive funding rate. This indicated that a majority of traders had expectations of a further increase in the price of BTC and were actively taking long positions.
This optimistic sentiment prevailing in the current market is a notable indicator of positive market sentiment.
How much are 1,10,100 BTCs worth today?
Bitcoin could see more positive reactions
Bitcoin’s reaction to recent developments in Japan serves as a clear indication of the excitement among traders about institutional participation.
This suggests that we may see more positive reactions if and when the numerous ETF (Exchange-Traded Fund) applications filed in the United States are approved by the Securities and Exchange Commission.