Reddit

Bitcoin ETF

Bitcoin

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As the crypto industry evolves, social media giants are showing interest in the market. In recent developments, Reddit revealed that it had added small amounts of Bitcoin and Ether to its treasury since small amounts of Bitcoin and Ether to its treasury since 2022. It utilised excess cash in the process. Reddit reveals crypto holdings 
The initial public offering filing made by Reddit with the US Securities and Exchange Commission (SEC) reveals that Bitcoin and Ether are the only cryptos they are holding as of December 31, 2023. However, The amounts held are considered “immaterial” for the periods presented.
The filings revealed that Reddit views crypto and <a href="https://news.todayq.com/will-xrp-react-to-ripples-new-report-on-blockchain-in-payments/" rel="noopener noreferrer nofollow">blockchain</a> as having “significant potential.” It also mentioned that they are experimenting with blockchain technology. This is done by purchasing Ether and Polygon’s MATIC as a form of payment for certain virtual goods.&nbsp;
The Ether and MATIC received were also deemed “not material” for 2022 and 2023. It should be noted that Reddit indicates potential future use of these cryptos as a payment method. Reddit’s decision to add Bitcoin and Ether to its treasury and experiment with blockchain technology suggests its potential use ahead.
This major move comes in when the crypto market is in the initial phase of a bull run. The growing trend of companies and institutions entering the crypto space is increasing day by day. Major firms are adding digital assets to their balance sheets or utilizing blockchain technology for various purposes. BTC crunch 
Crypto analyst, Willy Woo dropped a mega number in his latest post suggesting a surge in demand. He stated that the Bitcoin network is registering an average of $607 million per day. This reflects a new investor demand.
He added that this demand is being met by just $46 million per day of new supply in the form of new coins being mined. This data comes in when Bitcoin is now 60 days away from seeing new supply being halved.
Bitcoin price is gaining momentum despite encountering a few hurdles along the way. BTC has gained more than 31% in the last 30 days. This surge is recorded after a historic approval of spot Bitcoin ETF by the US SEC. This acceptance gave a sort of validation to the crypto.
Bitcoin is trading at an average price of $51,174, at the press time. It’s 24 hour trading volume is down by 18% to stand at $23 billion.
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Bitcoin, Ether are now in Reddit’s treasury, What’s next?

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