The price of Bitcoin has struggled to stay above the $8,500 mark since Friday, May 11th. Even after surpassing the $8,700 on May 13th, the crypto went ahead and shed some value to trade at $8,300 at some point on May 14th. The market started to recover as Bitcoin price rose to pass the $8,500 on Monday 14th. Even the Ontology (ONT) tokens recorded gains of up to 30%. The market continues to struggle to not go below $400 billion mark.
Big banks and other financial institutions have invested in major cryptocurrencies such as Bitcoin and Ethereum, according to a cryptocurrency analyst and researcher Mathew Newton. His sentiments were echoed by Steve Chiavarone, a portfolio manager at the $364 billion investment firm, Federated Investors. In an interview with The Express, Newton said that the entrance of major banks in the cryptocurrency arena could trigger institutional demand for the digital currency to rise. This would then allow the market to rise to its previous highs.