After coming under severe pressure last weekend, Bitcoin (BTC) is operational once again today. The Bitcoin (BTC) price was up 7% at the time of the news release and is now above $ 48K levels. At press time, BTC is trading at $ 48,144, up 7.35% with a market cap of $ 897 billion.
MicroStrategy’s addition of $ 15 million worth of Bitcoin to its portfolio could possibly be a major breakout, and his latest statement with the SEC shows the same.
This is another announcement a week after MicroStrategy announced that it had purchased $ 1.2 billion worth of BTC a few days ago. He bought this enormous amount of BTC through their convertible funds.
As Bitcoin continues to strengthen, major financial institutions continue to warm to the world’s largest cryptocurrency. Citibank said in a big statement that Bitcoin could become the global trading currency and thus replace the US Dollar.
While Citibank adds that Bitcoin could face major hurdles with mainstream adoption, it is the first major financial institution to admit that crypto outperforms traditional payments.
Lawmakers expressed unfairly repeated concerns about the use of Bitcoin in the global financial ecosystem. Recently, US Treasury Secretary Janet Yellen stated that they should monitor the use of BTC for illegal activities. However, Mira Christanto, a researcher at Messari, points out that the use of Bitcoin for illegal purposes is much less than traditional currency.
Although the BTC price has seen an increase recently, the BTC / stock correlation is still high, indicating a selling pressure on the world’s largest cryptocurrency.