More institutions will soon embrace bitcoin, report says
The crypto industry has witnessed a massive bear storm over the past 18 months as high inflation threats finances. Despite the red market conditions, a recent report by CryptoQuant suggests that Bitcoin’s (BTC) institutional adoption is on the rise.
For instance, top fintech companies have accumulated significant BTC amounts over the past three years. According to the report, Microstrategy’s bitcoin purchases are worth almost $4 billion, while the BTC price is still down by 55% from its all-time high (ATH).
Tesla, Block (formerly Square) and Galaxy Digital Holding have also been sticking to their bitcoin holdings despite the market’s high volatility.
Moreover, the report suggests that some top companies couldn’t adopt bitcoin due to regulatory unclarity. Still, the recent filings by the world’s leading asset management companies show a bullish momentum for digital gold.
According to CryptoQuant, the next generation of Bitcoin institutional adoption will not only favor the firms but could also significantly impact clients.
Since the US Securities and Exchange Commission (SEC) started welcoming bitcoin’s futures exchange-traded funds (ETF) in late 2021, companies such as BlackRock, Fidelity, Citadel, Charles Schwab, and even Nasdaq jumped in the digital asset industry.
Furthermore, the Analysis suggests since the first round of institutional adoption helped to start a massive bull run in 2021, there is a great chance that another bullish momentum could be on the way.
Data provided by CoinMarketCap (CMC) shows that the global crypto market capitalization has grown by 0.2% over the past 24 hours, currently at almost $1.18 trillion. SEC’s legal action against Binance and Coinbase brought the market cap down to nearly $1 trillion in ten days.
Over the past two weeks, however, crypto investors have accumulated $170 billion worth of digital assets while the bitcoin price surpassed the crucial $30,000 mark.
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