According to an official statementThe blockchain group has bought another 182 Bitcoin (BTC) worth approximately $ 19.5 million. The company now has a total of 1653 BTC valued at about $ 172 million. According to the official statement, the company’s BTC holding has made a profit of 1171.2% years. The blockchain group is Europe’s first Bitcoin Treasury Company.
Institutions end up on bitcoin in the middle of the market dip
The blockchain group is not the only financial institution to buy millions of dollars in BTC. Blackrock, the world’s largest asset manager, bought $ 5,990 BTC worth about $ 630 million.
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Bitcoin’s (BTC) price has met a steep correction in recent weeks. The original Cryptocurrency has decreased by 1.4% in the daily charts, 4.5% in the weekly lists and 1.3% in the 14-day diagrams. Despite the hind back, BTC has won 1.3% over the past month and 59.4% since June 2024.
Volatility that puts down the crypto market
BTC’s correction may be due to increased volatility resulting from geopolitical tensions and the ongoing trade war. The escalation of the Israel-Iran conflict may have haunted investors away from risky assets. President Trump’s Customs Strength still sees significant fear among investors.
Investors are currently looking at the upcoming FOMC meeting (Federal Open Market). Market participants will look for clues to how the Federal Reserve can lead their monetary policy. Many predict a Hawkian position from Fed, given the climate right now. A speed cut from the Federal Reserve can lead to increased inflow to Bitcoin (BTC) and other cryptocorate.