Bitcoin Drops Back Below $7000 As Institutional Money Continues to Flow In

In the past week news broke that a George Soros backed investment fund was getting into cryptocurrency trading, even though earlier this year, Soros himself had called the digital currency market "Nothing but a mere bubble".

Adam Fisher, who is in charge of macro investments at New York-based Soros Fund Management, reportedly received unanimous internal approval for his move to start trading in virtual assets.

A couple of days back it was reported that Venrock, a venture capital firm backed by the Rockefeller family, would be partnering with a Brooklyn-based cryptocurrency investor group called Coin Fund for digital asset trading and investments.

"It is encouraging to see institutions with the historical track record of Soros and Rockefeller beginning to gain exposure to blockchain and cryptocurrencies. I anticipate more and more institutional capital will begin to pour in, hopefully leading to a more mature and sophisticated market."

As western institutional money continues to flow into the crypto domain, it is only a matter of time till we witness a resurgence of this market sector.

Digital asset holders need to sit tight and let these heavy transitional waves roll on.

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