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Avalanche (AVAX) price has soared 13% in the past 24 hours on continuous demand for digital assets. In the meantime, Morgan Stanley’s investing arm is considering investing in Bitcoin, according to Bloomberg.
Fundamental analysis: Morgan Stanley investment arm is mulling over investing in BTC
The bank’s investment arm, Counterpoint Global, which became famous for betting on growth stocks, is thinking about whether the number one crypto would be a good bet for its investors. If it decides to go for it, Counterpoint Global will first have to obtain regulatory approval.
Morgan Stanley’s support for Bitcoin would certainly help the cryptocurrency in its fight to become mainstream, however, and a four-fold increase in Bitcoin’s price over the last four months is making it an even more appealing asset.
However, after receiving praise from legendary investors including Alan Howard and Paul Tudor Jones, Bitcoin and other digital currencies started to see support from other renowned companies like Mastercard, PayPal, Tesla, Bank of New York Mellon and more.
A few days ago, Elon Musk’s Tesla bought $1.5 billion in Bitcoin and said it plans to start accepting crypto payments. Analysts still see volatility and regulation as one of the biggest downsides that prevent Bitcoin from winning mainstream acceptance.
Still, Bitcoin was on a frenzy in 2020 as the cryptocurrency has seen inflows of billions of dollars through vehicles such as the Grayscale Bitcoin Trust.
Technical analysis: AVAX soars higher
Avalanche (AVAX) price is up over 13% on the day after the price action found support around $35.00. AVAX gained over 400% in February, before the pullback returned about half of these gains.
However, the AVAX buyers have found support in 50% Fibonacci retracement, resulting in a push higher above the $40 mark. The intraday resistance is located at $44.
Counterpoint Global, Morgan Stanley’s well-known investment arm is considering betting on Bitcoin as the institutional adoption of Bitcoin continues. AVAX price has benefited from the ongoing crypto frenzy, with the digital asset up more than 400% at one point in February.
The post Avalanche (AVAX) price gains as crypto buying frenzy continues appeared first on Invezz.
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