Paris-based publicly traded Cryptocurrency companies, the blockchain group, has purchased 624 Bitcoin (BTC) worth about $ 68 million. According to an official X-post, the company has a total of 1471 BTC, with a return of 1097.6% the year before.
Bitcoin gets traction in the middle of a large purchase
Blockchain group’s BTC purchase of $ 68 million comes in the middle of a small market resignation. BTC climbed to a top of $ 111,814 on May 22. BTC’s price has met a correction since its top stop. The larger crypto market followed BTC’s downward track, with Global Market Cap, which dipped 0.3% over the past 24 hours to $ 3.44 trillion.
Price nail incoming?
The blockchain group may buy the current dip pending a price collection. BTC’s May price increase was probably due to increased institutional investments. Blackrock alone bought more than $ 3 billion from BTC for its spot ETF.
Bitcoin (BTC) may be ready for another haus phase in the coming weeks. According to the Binance founder Changpeng Zhao (CZ), BTC was able to hit anywhere between $ 500,000 to $ 1 million this bike. CZ is not alone in this regard. Many industry experts expect BTC to break $ 1 million at the end of this decade.
Also read: Bitcoin or S&P 500: Which yielded a higher 30-year return?
