Stock Markets Analysis & Opinion

Treasury Firms Accumulate Bitcoin on $115,000 Dip

Institutional investors remain surprisingly bullish on Bitcoin, using their capital to buy whenever the cryptocurrency’s price declines.

Bitcoin treasury firms like Strategy and Metaplanet have been accumulating the cryptocurrency as its value fell more than 2% on Monday. Strategy Chairman Michael Saylor announced the purchase of 430 BTC for more than $51 million, while Metaplanet President Simon Gerovich said his firm had purchased 775 BTC for about $93 million.

Last week Bitcoin (BTC) gained significantly, helped by lower-than-expected consumer inflation. It was as close as it could get to its all-time high, but a second wholesale inflation report caused a pullback.

While scared traders participated in the sell-off, institutional investors took advantage of the opportunity and bought on the dip.

«I hear disappointment about the recent pullback. That’s natural,» Metaplanet CEO Simon Gerovich wrote on social media. «But we’re confident in the foundation we’re building. Let’s sit down together and discuss the milestones we’ve reached, because over time, fundamentals will prevail.»

On the evening of August 18 Bitcoin was worth $116,028, down 1,69% from Sunday and 3,26% over the seven days, according to Coinmarketcap. Over the past 24 hours, the cryptocurrency has fluctuated between $114,723 and $118,073.

TradingView data

Trading volume rose 62,22% to $69,23 billion, as expected after the weekend. At the same time, compared to the previous day, market capitalization fell 1,64% to $2,31 trillion. Bitcoin’s share increased 0,70% to 59,82%, as the main kriptovalyuta continues to outperform the overall cryptocurrency market.

Bitcoin Dominance. TradingView Data

Source

Похожие статьи

Добавить комментарий

Ваш адрес email не будет опубликован. Обязательные поля помечены *

Кнопка «Наверх»