Bitcoin Investment Sees A Revival: Is Bitcoin Out Of The Woods?
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The bitcoin price climbed more than 6% on Monday, hitting its highest level in a month. Bitcoin rose as high as USD 44,500, above its 50-day moving average for the first time in the last two months. The biggest cryptocurrency by market cap soared after Friday’s better-than-expected U.S. jobs data. Many investors saw the data as further encouragement for the Federal Reserve to raise its benchmark interest rate starting next month, sending U.S. bond yields soaring.
With bitcoin and major altcoins showing signs of revival, analysts set higher targets for the near-term performance of bitcoin and the crypto market. According to Fundstrat’s Mark Newton, bitcoin has yet to exhaust its momentum, and “initial upside targets lie at USD 45,000 and then USD 51,100.”
Earlier this year, prompted by fear of interest rate hike, institutional investors fled the crypto market and turned to low-risk assets. The lack of interest and investments from institutional investors was one reason for bitcoin’s recent decline. However, the market now sees the return of institutional investors.
KPMG Canada, one of the Big Four accounting firms, announced on February 7 that they have included the cryptocurrencies Bitcoin and Ether in the company’s balance sheet. In a talk to MarketWatch, the blockchain co-lead of KPMG Canada, Kunal Bhasin said that “we believe in the long term value of crypto assets,” and “we’ve been advising a lot of our clients in terms of how they should be thinking about it. And this is just us putting our skin in the game.” With more companies adopting cryptocurrencies, accounting firms are making changes to cater to clients. KPMG
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