bullish

Bitcoin

THIS

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Bitcoin adoption by businesses has increased by over 30% in the past year, changing the financial landscape.</li> 
 <li>Businesses are viewing Bitcoin as a store of value, and major companies are holding onto their Bitcoin despite short-term price swings.</li> 
</ul> 
<p> Bitcoin’s adoption by businesses has seen a significant surge of over 30% in the past year. This massive adoption is reshaping the financial landscape. </p> 
<h2 id="bitcoin-consolidation-and-possible-price-correction">Bitcoin Consolidation and Possible Price Correction</h2> 
<p>Bitcoin has been consolidating for three straight days, with its price fluctuating between $56K and $59K. Some analysts speculate that Bitcoin could fall below the $51K support level, which could potentially increase the likelihood of a price correction. </p> 
<p>A new trend has emerged, suggesting that the corporate world could be the next catalyst for Bitcoin’s revival. </p> 
<h2 id="businesses-increasing-bitcoin-accumulation">Businesses Increasing Bitcoin Accumulation</h2> 
<p>A recent study revealed a 30% surge in Bitcoin adoption by businesses in a single year. The report identified 52 public companies with Bitcoin holdings, a number that has increased by 40% over the past year. </p> 
<p>While much attention has been on individual investors, investment firms, and large corporations making multimillion-dollar Bitcoin purchases, small-scale businesses are steadily contributing to the Bitcoin ecosystem. </p> 
<p>Businesses currently hold over 3% of all Bitcoin in circulation, a remarkable 500% increase over the past few years. Interestingly, businesses have surpassed governments in Bitcoin accumulation. If this trend continues, businesses could rival ETFs in Bitcoin holdings, increasing Bitcoin’s financial significance. </p> 
<p>The report revealed that Bitcoin ownership among businesses is concentrated among the five largest holders. These five companies – MicroStrategy, Block.one, Tether, BitMEX, and Xapo – hold 82% of all holdings, totaling 559K Bitcoin. </p> 
<p>MicroStrategy and Tether account for 85% of reported Bitcoin purchases in early 2024, buying an average of 269 Bitcoin per day since late 2022. These substantial business holdings have been key in boosting Bitcoin’s value, consistently pushing its price up despite macroeconomic upheaval. </p> 
<p>Despite starting September on a bearish note, with short positions dominating the derivative market and keeping Bitcoin below $60K, major businesses have held onto their Bitcoin. This is a clear bullish sign. </p> 
<p>The report also emphasized the growing view of Bitcoin as a store of value, predicting business adoption could near 1 million by 2026. Therefore, it is predicted that Bitcoin may be approaching a price correction, though it ultimately depends on the actions of institutional investors and savvy traders. </p>

Understanding the Implications of THIS Group’s Growing Bitcoin Investment

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CoinEagle.com

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