Bitcoin Price Rises Above $40,000

Available data has shown that the leading crypto asset in the world, Bitcoin, has risen above the $40k mark once again thereby regaining most of the losses it suffered during its massive price drop after reaching its all-time high.

In the last 24 hours, the coin gained over 4% to trade at $40,538.66 before its price dropped to $40,272.56. This is the highest the coin has gotten its all-time high of $41.962.36 that was set on the 8th of January. Since then, the crypto asset saw a massive price correction that pushed it to as low as $$28,845.31.

However, in recent weeks, Bitcoin’s price has somewhat steadied and has been ascending which resulted in the current high. The year-to-date gain of the crypto king stands at 36.91%. 

Institutional Investor’s Interest in The Asset Remains Unwavering

One of the reasons why the value of the coin has been ascending in recent times is because of the unwavering interest and support of institutional investors in the asset.

The coin has witnessed the entrance of new institutions like Bridgewater Associates that manages over $100 billion on behalf of its investors. Another notable firm is Miller Opportunity Trust who is investing on behalf of investors in the crypto asset.

Bridgewater predicted that the value of BTC could rise to as high as $85,000 if institutions were to move their capital from gold to the leading digital asset.

MicroStrategy has also continued its push for more institutions to adopt the asset through its pro-Bitcoin conference where Michael Saylor, the firm’s CEO called on corporate bodies to have their treasure reserves in Bitcoin. The firm also recently purchased more units of the crypto asset thereby taking their holdings to above 70,000 BTCs.

Views and opinions expressed are solely those of the author and not of The DeChained or any affiliated party. Views or opinions expressed in this article (or any article on the website) are not financial advice. Articles are for informational purposes only. The author and The DeChained may hold positions in assets discussed in this or other articles.
Related Posts