In July, Bitcoin is on a new monthly journey. From the perspective of weekly and monthly levels, Bitcoin has ended its bullish upward momentum. But because the weekly and monthly declines have been so fast and sharp, there is now a strong demand for a rebound at the small temporal level. The daily chart shows that Bitcoin was decisively suppressed after it touched the MA30 on June 29. Bitcoin is currently adjusting below MA30.
Fitzpatrick, chief investment officer for Soros Fund Management, in recent weeks gave the internal green light to actively trade Bitcoin and perhaps other cryptocurrencies, according to two people with knowledge of the matter. Fitzpatrick is also reportedly in conversations about acquiring a private stake in leading blockchain-based enterprises, though the names of these companies weren’t provided. As Cointelegraph reported, Soros Fund Management was one of several firms behind the $200 million funding of New York Digital Investment Group, better known as NYDIG. MassMutual, Morgan Stanley and Stone Ridge Holdings Group also participated.
At the time, NYDIG co-founder and CEO Robert Gutmann said the investment round was evidence that institutional adoption of Bitcoin was on the rise. Nevertheless, Fitzpatrick has spoken favorably about Bitcoin in recent months. In March, she said cryptocurrencies like BTC are at an “inflection point” that could catalyze greater adoption in the future.