While some political and corporate leaders have been eager to invest in and adopt cryptocurrencies, others are entirely hostile. Turkish President Tayyip Erdogan recently declared outright war on the Bitcoin network. President Erdoğan: "We Are At War" President Erdoğan expressed his opposition to Bitcoin in a meeting with Turkish students this Saturday. The event comes after one of them asked if the country's central bank would adopt cryptocurrencies. Erdogan responded with total rejection: "We have absolutely no intention of embracing cryptocurrencies. On the…
Bitcoin (BTC) price has been fairly stable this week, hovering within the $34k to $38k region. This relative period of stability has resulted in different analysis on the next price levels for the leading coin. Despite this, institutions continue to accumulate BTC, with Grayscale adding $600 million worth of BTC to its portfolio.
Bitcoin market cap down by 5%
Bitcoin has experienced a slight dip in the past 24 hours, losing 5% of its market cap during this period. BTC price has continued to make sideways movement during this period, with the coin moving between $35k and $36k.
Analysts see this relative period of sideways movement as a crucial point for the coin. It should be recalled that Bitcoin has surged to unimaginable heights in the past two months. It is therefore expected that a period of relative stability will occur at some point. Currently, the price of BTC is valued at $34,587 after a drop of about 1.5%.
The next major support level for the coin is $30,000, which would signal the start of the bearish season. A major uptrend in price could result in a renewed attempt by BTC to test the $40k resistance barrier. If this occurs, BTC would ascend and make a new movement towards the $50k mark.
Grayscale accumulates $600 million worth of Bitcoin.
There seems to be no holding back from asset management firm Grayscale’s quest to accumulate Bitcoins. The company revealed that it had purchased an additional 16,244 BTC, equivalent to $600 million.
This latest acquisition from Grayscale means that its total portfolio in Bitcoin has reason to $25 billion. What is remarkable is that the amount (16,244) purchased is more than 18 times the number of BTCs mined daily. Grayscale now controls 632,800 BTC or more than 3% of all Bitcoin in circulation.
Many analysts agree that Grayscale is playing the role of catalyst for the price of Bitcoin. Since the constant influx of funds by Grayscale has helped to keep Bitcoin’s price at its current rates. Institutional investors seem to have confidence that the leading coin could hit unimaginable heights in the future. With more firms purchasing BTC, it will be interesting to see if the cryptocurrency becomes increasingly centralized in the coming years.