What to Know
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"I don't understand how anyone could consider BTC not to be a good deal at these prices..." stated Andre Dragosch, Head of Research at Bitwise, as BTC's price fell below $90,000 on Monday.
While this outlook may come off as overly optimistic amid concerns from macro investors, the reasoning holds merit. Despite pressures from the DXY, Treasury yields, and expectations regarding Fed rates, the demand from corporations and institutions for BTC continues to rise.
Intesa Sanpaolo, Italy's largest bank by market capitalization, has reportedly made strides in crypto adoption, acquiring 11 BTC for around $1 million. This trend could facilitate crypto adoption in Italy, where approximately 1.4 million citizens already hold cryptocurrencies.
January's early weeks have seen corporate Treasury purchases of BTC surpassing 5,774 BTC, eclipsing the influx of new BTC into the market.
In Dragosch's view, BTC has surged back to over $96K, signaling a potential end to the downward trend that emerged following record highs above $108K. This positive turnaround has rejuvenated segments of the crypto industry, particularly within AI, gaming, and meme-related verticals.
Institutional interest is robust, and there are hints that Donald Trump may issue an executive order on his first day in office to address crypto-accounting SEC rules. This bodes well for Bitcoin's future as market activity ramps up in anticipation of favorable economic indicators.
