Avalanche Price (AVAX) has increased 13% in the past 24 hours due to continued demand for digital assets. Meanwhile, Morgan Stanley’s investment arm is considering investing in Bitcoin, according to Bloomberg.
Fundamental Analysis: Morgan Stanley Investment Arm is considering investing in BTC
The bank’s investment arm, Counterpoint Global, famous for its growth stock bets, is wondering if crypto number one would be a good choice for its investors. If Counterpoint Global chooses to do so, it must first obtain regulatory approval.
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Morgan Stanley’s support for Bitcoin would certainly help the cryptocurrency go mainstream in its struggle, and a quadrupling of the price of Bitcoin in the past four months makes it an even more attractive asset.
After being praised by legendary investors like Alan Howard and Paul Tudor Jones, Bitcoin and other digital currencies were endorsed by other reputable companies like Mastercard, PayPal, Tesla, the Bank of New York Mellon and others.
A few days ago, Elon Musk bought Tesla Bitcoin worth $ 1.5 billion and plans to accept crypto payments. Analysts still view volatility and regulation as one of the biggest drawbacks preventing Bitcoin from gaining mainstream adoption.
Even so, Bitcoin was in turmoil in 2020 as billions of dollars in cryptocurrency flow through vehicles like the Grayscale Bitcoin Trust.
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Technical analysis: AVAX rises higher
Avalanche Price (AVAX) is up over 13% the day after the price action, which found support around $ 35.00. AVAX was up over 400% in February before the pullback made about half of those gains.
AVAX daily chart (TradingView)
However, the AVAX buyers have found support on the 50% Fibonacci retracement, causing it to surpass the $ 40 mark. The intraday resistance is at $ 44.
Counterpoint Global, Morgan Stanley’s well-known investment arm, is considering betting on Bitcoin as Bitcoin institutional adoption continues. AVAX price has benefited from the ongoing crypto frenzy, with the digital asset up more than 400% at one point in February.