Sunday, December 5, 2021

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Hong Kong tech firm Meitu revealed on April 8 that it had added $10 million value of Bitcoin (BTC) to its holdings which have been bought at a mean price of $57,000 per coin. After the newest buy, Meitu’s complete cryptocurrency portfolio consists of $49.5 million value of Bitcoin and $50.5 million value of Ether (ETH). This acquisition reveals that institutional traders are assured that the rally in Bitcoin remains to be in its early phases.

Tom Jessop, Constancy’s head of the crypto division, believes that Bitcoin has reached a tipping level and that conventional finance corporations will proceed to undertake cryptocurrency aggressively within the subsequent few years. Jessop believes the large financial stimulus from governments and central banks has accelerated institutional adoption and this can be a pattern that might lengthen for a minimum of one other 12 months.

Every day cryptocurrency market efficiency. Supply: Coin360

It’s not solely institutional traders who’re speeding into cryptocurrencies. Information reveals that the variety of retail traders buying and selling cryptocurrency has additionally elevated. Well-liked buying and selling app Robinhood reported on April 8 that crypto buying and selling on its platform surged to 9.5 million customers in Q1 2021, a six-fold improve over This autumn 2020.

Whereas crypto adoption is on the rise, some legacy finance corporations are nonetheless taking an anti-crypto strategy. HSBC has reportedly blacklisted MicroStrategy inventory and can not allow clients on its HSBC InvestDirect platform to purchase shares from the corporate.

Will Bitcoin and main altcoins lengthen their uptrend and entice extra patrons or will they enter a corrective section? Let’s analyze the charts of the top-10 cryptocurrencies to seek out out.