For some analysts, it was plausible to expect a correction after the new all-time high, and it did indeed occur last Monday.
If you’ve been in the crypto market for awhile, you likely slept like a baby, knowing it was business as usual. Occasionally, people like taking some of their profits, and the smart ones know they’ll be back, and at a discount.
But there’s a lot of new investors in crypto, now more than ever. The price of Bitcoin fell to $45,000 – a drop from $58,000 in a span of 3 days.
This can understandably scare some people off, and many were wondering if the new investors would be able to resist panic selling and selling everything. Like many would if stocks took a similar dip.
However, One Announcement After Another Kept Coming – Showing That The Dip Didn’t Slow Things Down At All…
Square acquired an additional 3,380 BTC for $ 170 million, while MicroStrategy made its largest investment so far in bitcoin, at acquire almost 20,000 BTC for $ 1 billion.
The once anti-crypto JPMorgan now recommends investing in bitcoin. And in another sign of rapprochement between the world of cryptocurrencies and the regulatory environment.
SynBiotic SE’s announcement of its investment in bitcoin as a hedge against inflation would reveal that interest in the first currency as a safe haven asset could extend to a wide segment of SMEs companies.
Institutional investment firm Stone Ridge, which had already invested $100 million in Bitcoin last October, filed a prospectus with the SEC to list bitcoin as an asset in its diversified investment fund.
I’ll wrap this up with one that goes the other way – a company from the crypto world wanting to get in to Wall Street – Coinbase applied to the SEC to be listed on the stock market. It appears they’ll be welcomed with open arms.
So, in short – the bull market continues, picking up right where we left off.