The world’s most popular crypto, bitcoin is grabbing the headline once again amid buying pressure seen lately after it dipped as low as $16,400.
What we know: At the time of writing, the flagship crypto traded at $18,520.10 with a 24-hour trading volume of $24.6 Billion. BTC price is up 3.9% in the last 24 hours. It has a circulating supply of 19 million coins and a max supply of 21 million coins.
What this means; It is important to observe that long-time Bitcoin holders are increasingly holding BTC for longer periods, leading to some scarcity; thereby, pushing prices as retail traders rush to own a stake in the most demanded crypto amid the COVID-19 era.
- HODLing activity by global investors has surged since March when the price of BTC briefly dropped below $4,000. Since then, investors have been steadily accumulating BTC.
- Nairametrics believes the increased buying pressures by notable institutional brands is partly responsible for the non-dilutable crypto recent highs
Some weeks back, Square Inc. led by Twitter’s Jack Dorsey on October 8th, disclosed that it purchased 4,709 bitcoins at an estimated worth of $50 million.
Square added that it invested in cryptos because it saw it as a tool for economic enhancement via participation in the future of payment systems, which aligns with Square’s objectives.
The investment represents approximately one percent of Square’s total assets as of the end of the second quarter of 2020.
“We believe that bitcoin has the potential to be a more ubiquitous currency in the future,” said Square’s Chief Financial Officer, Amrita Ahuja.
Some weeks back, MicroStrategy, a publicly-traded company based in America, adopted Bitcoin as a treasury reserve asset to hedge against fiat inflation. This is a big deal, as BTC is being used as intended – a hard money/savings instrument.
With so much demand, especially from institutional investors like Grayscale and Microstrategy, it might just be a matter of time for the world’s flagship crypto to jump the bullish wagon in the long term.