Bitcoin Institutional Adoption Continues Despite Recent Price Selloff
Bitcoin (BTC) has recently shown price volatility, dipping below $90,000 before recovering to over $96,000. Key developments include:
- Intesa Sanpaolo, Italy’s largest bank, purchased 11 BTC for $1 million, indicating growing institutional interest.
- Corporate Treasury purchases of BTC reached 5,774 BTC in early January, exceeding new supply.
- Price recovery may be influenced by anticipated softer inflation data and potential U.S. regulatory changes under President-elect Donald Trump.
- Market sentiment appears neutral with a slight bias towards bullish options in BTC and ETH.
Current market statistics include:
- BTC is up 2.56% at $96,615.50.
- ETH is up 3.84% at $3,233.91.
- BTC funding rate on Binance is at 0.01% (annualized 10.95%).
Upcoming events to watch include:
- U.S. Producer Price Index release on January 14.
- Mintlayer version 1.0.0 release on January 15, enabling cross-chain swaps for BTC.
In crypto equities, MicroStrategy (MSTR) closed at $328.40, while Coinbase (COIN) closed at $251.20.
Overall, the market shows signs of recovery and institutional adoption, with potential influences from macroeconomic indicators and regulatory developments.