Time to Buy the Dip in Bitcoin?

Bitcoin is down over 19% over the past week, falling from over $63,000 to just over $49,000 as of Saturday morning. Cryptocurrencies were hit after reports of Biden’s capital gains tax proposal and the uncertainty of how it will affect the cryptocurrency market.

Jim Cramer shared why you should not fear the taxman and why the recent dip in stocks could present a buying opportunity for equities. Could this also be an opportunity to buy the dip in cryptocurrency names?

Despite the fall this past week, more institutional names are starting to back the cryptocurrency market.

The former President of the New York Stock Exchange, Thomas Farley, said that cryptocurrency is the best-kept secret in the world and maybe even in the history of the financial markets.

Charles Schwab has said that it is looking closely at offering crypto to its clients but is waiting for more regulatory clarity. “If Charles Schwab, the company, decides to participate in the crypto market, we will be highly competitive, we will be disruptive, and we will be client-oriented,” said Schwab’s CEO Walt Bettinger.

First Midwest, a Chicago-based banking institution, has exposure to Bitcoin through the Grayscale Bitcoin Trust (GBTC). Its holdings were disclosed in an SEC filing on April 15th.

On the marijuana holiday of 4/20, D8 Holdings, a leader in THC products, announced that it would begin accepting Bitcoin, Dogecoin and other cryptos for its products. The company even said it would give out free THC gummies to those who paid in crypto.

Here is a list of some of the top cryptocurrencies to watch and their performance from this past week by the percentage change at around 10:30 a.m. ET Saturday, Apr. 24.

Bitcoin BTC | $49,400.00

WeWork announced that it would begin accepting Bitcoin as payment for its services. It also said that it would hold various cryptocurrencies on its balance sheet.

Jackson, Tennessee has also started to look into adopting Bitcoin and cryptocurrency. The city has also said they are exploring the option of mining Bitcoin and holding the crypto on its balance sheet.

Ethereum ETH | $2,209.04

At least 13 $100M firms have reported holding Grayscale Bitcoin Trust this quarter and another four have reported holding its Ethereum offering. Rothschild Investment added 265,000 shares of the Grayscale Ethereum Trust.

Dogecoin DOGE | $0.27

The popular cryptocurrency Dogecoin, which famously began as a joke, soared to new all-time this past week, briefly rising above 40 cents after trading below a penny as recently as January. This pump came right after Elon Musk sent out a meme on Twitter, leading many to believe there’s a strong correlation between Musk’s tweets and the coins price movements

One New York-based family office has developed trading algorithms for Dogecoin and is actively playing the market.

Binance Coin BNB | $494.45

Binance has come under fire from European regulators over its Tesla (TSLA) and Coinbase (COIN) token listings.

Solana SOL | $35.85

Solana is a proof-of-stake cryptocurrency similar to Ethereum in that it offers a platform to build DeFi applications. In the past week, Solana has increased by over 35%.

All cryptocurrency price performances are referenced and pulled from Coinbase.

Via; The  Street