At around 9 PM UTC last night, Bitcoin hit an all-time high of $61,683, managing to sustain it until the early hours of the morning. Experts are crediting Bitcoin’s surge in price to the institutional investments that have proceeded to support the digital asset. The Chinese-beauty app, Meitu, joined the corporations by declaring a $40 million acquisition of Bitcoin. Moreover, the leading business intelligence firm, MicroStrategy, recently bought 205 BTC worth $10 million. Recently, the firm’s CEO Michael Saylor has taken to Twitter to reveal that the company purchased an additional 262 Bitcoins for $15 million.
Currently, the leading crypto market cap is at roughly $1.12 trillion. Moreover, Bitcoin’s valuation is over significant banking institutions such as JP Morgan Chase. Furthermore, Goldman Sachs currently revealed that client demands for Bitcoin and crypto have been increasing. After three years of suspension, Goldman Sachs is all prepared to restart its crypto journey by providing contracts for crypto assets. The bank will resume its crypto trading desk, which supports Bitcoin futures trading.
Institutional Investment plays a Vital Role in Bitcoin’s Increasing Prices
Meitu and Goldman Sachs are accompanying MicroStrategy and Square in supporting Bitcoin. The institutional investments are a prominent reason why Bitcoin has managed to uphold above $60k and has increased in value. As institutional support has been the underlying drive following Bitcoin’s price surge, the cryptocurrency is likely to continue enjoying with time. Additionally, President Joe Biden’s announcement of signing a $1.9 trillion stimulus package for US COVID-19 relief has pushed Bitcoin higher. This will be the third round of fiscal stimulus offered by the U.S. government.
Furthermore, Bitcoin’s prominent competitor Ethereum still has some corrections to do before reaching its previous ATH of $2,000, set three weeks ago. Today, the currency trades at $1,877, despite touching a high of $1,929 at 12:30 AM UTC. This week’s big news in Ethereum was the sale of digital artwork by Beeple, which raised an unprecedented $69.3 million at auction. Similarly, an ancient trove of ancient digital collectibles named MoonCats was discovered and quickly mined yesterday. It burned $600,000 in Ethereum gas fees as tech-savvy collectors took to Twitter to bestow tips on how to recover these lost kitties from their somewhat dilapidated home on MoonCatRescue.com.
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