Bitcoin (BTC) continues to languish below the psychological level at $50,000 in the first few days of the New Year, indicating a lack of aggressive buying by traders. Former BTCC CEO Bobby Lee said the exodus of the Chinese traders who had until Dec. 31 to exit Chinese exchanges may have kept prices lower into the year-end.
However, President Nayib Bukele of El Salvador, the first country to adopt Bitcoin as legal tender, believes that Bitcoin could rally to $100,000 this year. President Bukele also said that two more countries will accept Bitcoin as legal tender in 2022.
Crypto market data daily view. Source: Coin360
The increased crypto adoption by institutional investors in 2021 is another long-term positive. According to CoinShares, net inflows into crypto funds in 2021