Cryptonews News Bitcoin Investment Sees A Revival: Is Bitcoin Out Of The Woods?

Bitcoin Investment Sees A Revival: Is Bitcoin Out Of The Woods?

Disclaimer: The text below is an advertorial article that was not written by Cryptonews.com journalists.

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.”

Institutional Investors Make Big Moves

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 is not the only accounting firm providing blockchain-related services. Another Big Four member Ernst & Young Global is working on building its blockchain team.

Government Officials Embrace Bitcoin

U.S. Republican Senator Rafael ‘Ted’ Cruz bought the dip last month and holds about USD 50k worth of bitcoin. The Texas Senator is keen on promoting bitcoin as his home state has seen an influx of mining activities. In November 2021, he submitted a resolution that asked vendors and merchants doing business on Capitol Hill in Washington, D.C to accept cryptocurrency payments.

Despite the Fed having been expressing concerns for cryptocurrencies and calling for regulations, lawmakers are showing more interests in embracing cryptos. Cynthia Lummis, Senator from Wyoming, owns the most crypto assets among U.S. lawmakers, accounting for USD 250,000. In addition, New York City Mayor Eric Adams received his first paycheck in bitcoin in January.

In his talk, U.S. Senator Pat Toomey recommended crypto assets saying “it seems to me that crypto assets are here to stay and a thoroughly diversified portfolio should have some.” The senator has invested in Grayscale Bitcoin Trust and Grayscale Ethereum Trust.

How to Make the Most Profit in a Bullish Trend?

In view of the positive outlook, it is necessary to choose a trustable platform that can help you maximize profits. Bexplus offers 100x leverage, with which you can use 1 BTC to open a position of 100 BTC by going long (predicting BTC price will be up) or going short (predicting BTC price will be down). For example, a trader opens a long position of 100 BTC at the price of USD 45,000 with Bexplus 100x leverage. Then, the price goes up to USD 50,000. As a result, he will make a profit of (USD 50,000 – USD 45,000) * 100 BTC / USD 50,000 = 10 BTC, while the margin he needs is only 1 BTC.

Bexplus offers 100x leverage in BTC, ETH, DOGE, ADA, and XRP futures contracts. Bexplus is trusted by over 1 million traders worldwide, including the USA, Japan, Korea, and Iran. No KYC, no deposit fee, traders can receive the most attentive services, including 24/7 customer support.