Corporate funds seem to go to Bitcoin (BTC). Treasury purchases have played an important role in BTC’s latest price spikes. According to Bitwise, the number of public companies that holds Bitcoin (BTC) increased by almost 40% during the third quarter of this year. A total of 172 publicly traded companies have a total of 1.02 million bitcoin (BTC), worth approximately $ 117 billion. These companies collectively have about 4.8% of the total BTC offering. According to an X post by Bitwise Ceo Hunter Horsley“People want to own bitcoin. Companies do too.“
Will the demand for Bitcoin from public companies drive prices?
ETF inflows and business purchases have led to a significant increase in price for Bitcoin (BTC). The original crypto has hit several peaks all the time in recent months. BTC hit its latest top of $ 126,080 earlier this month on October 6.
Also read: The US government arrests $ 15 billion in bitcoin from Butching Scam
Bitcoin (BTC) and the larger crypto market are expected to recover in the coming weeks. In his latest speech, the Federal Reserve chairman Jerome Powell suggested that the interest rate cuts are inevitable. According to CME’s Fedwatch toolThere is a 97.8% chance that the Federal Reserve will lower interest rates by another 25 points after their next meeting. Another interest rate reduction can trigger a bull drive for bitcoin (BTC).
However, the global economic condition is still quite fragile. Trade war and slow economic growth can spell problems for bitcoins (BTC) price. In addition, the market players seem to be moving their capital to safe ports, such as gold. The yellow metal climbed to a new highest time and broke the $ 4200 brand for the first time.
