The start of February has brought yet another batch of evidence supporting the notion that the ongoing surge of crypto prices has deep institutional roots. Ignited by market whisperer Elon Musk and his Tesla’s announcement of a $1.5-billion Bitcoin position, the bullish cycle was reinforced by further news coming from the likes of Mastercard, Amazon and BNY Mellon. The level of interest around the industry is certainly rising, as Bitcoin’s (BTC) price is rapidly becoming a widely discussed topic on most finance-oriented TV stations. With large corporate players at the helm of the rally, is the public firmly in the …

While 2020 was a significant year for Bitcoin (BTC), the just-begun year of 2021 is already full of great surprises. On Feb. 8, Bitcoin’s price jumped by almost $3,000 in minutes, then it surged 20% in 24 hours — all due to the news of Elon Musk’s Tesla allocating $1.5 billion of its balance sheet to BTC. The same week, the oldest bank in the United States, Bank of New York Mellon, announced plans to hold, transfer and issue Bitcoin. Mastercard is also planning to support cryptocurrencies in 2021 for its almost 1 billion users. And SEC Commissioner Hester Peirce, …

Wedbush Securities, a prominent wealth manager based in Los Angeles, believes Bitcoin (BTC) is becoming a permanent fixture in the global financial marketplace. Managing director Dan Ives informed clients on Wednesday that corporate adoption of Bitcoin represents a much bigger story than merely predicting the digital currency’s future price. “We believe the story and theme here is much larger than just investing in Bitcoin and predicting its future price, but rather around the potential ramifications that crypto, blockchain, and bitcoin could have across the technology and corporate world for the next decade,” he said in a note that was obtained …

Microsoft, the second-largest company in the United States, does not apparently have any short-term plans to put Bitcoin (BTC) on its balance sheet, according to the firm’s president Brad Smith. In a Feb. 16 interview with CNN’s Julia Chatterley, Smith still hinted that Microsoft could still change its mind about a Bitcoin investment. When asked whether Microsoft is discussing any cryptocurrency diversification plans following Tesla’s $1.5 billion investment in Bitcoin, the Microsoft president said that he is not aware of such discussions: “I haven’t heard any new conversation about Bitcoin. But let me just say, if we change our investment …

A small scale study of financial executives has found that 5% of companies intend to invest in Bitcoin (BTC) as a corporate asset this year, with a further 11% stating they could do so by 2024. The survey conducted by Gartner comes on the back of news that Tesla invested 8%, or $1.5 billion of its cash reserve, into Bitcoin. MicroStrategy Inc. who has also invested large sums into the token announced a $600 million convertible bond offering Tuesday with the intent of using the proceeds to acquire additional Bitcoins. The 77 respondents, including 50 CFOs among other executives, showed …

As institutions move into the cryptocurrency space, the need for clear rules regarding digital assets is critical, an official at the Securities and Exchange Commission said. SEC commissioner Hester Peirce believes that clear cryptocurrency rules are needed now more than ever due to firms like Tesla and Mastercard actively embracing the alternative asset class. Peirce discussed the implications of institutional crypto adoption with Reuters on Saturday, following a series of massive crypto-related events in the last few weeks. After Elon Musk’s Tesla hinted at payments in Bitcoin (BTC), more companies including the United States’ oldest bank BNY Mellon and payment …

Institutional investors are rapidly gobbling up Bitcoin, and at the time of writing, nearly 3% of the Bitcoin (BTC) in circulation are locked up in long-term holdings by these investors. Data shows that 24 entities have amassed more than 460,500 BTC, which is equivalent to $22 billion at Bitcoin's current price. According to Michael Novogratz, this figure excludes the 3 million BTC forever lost, who estimates that a supply shortage could occur shortly if institutions keep up their current buying spree. The current list of holders includes MtGox K K, which has close to 141,690 BTC ($6.6 billion). Next is …

The price of Bitcoin (BTC) achieved a new all-time high on Feb. 11 as it surpassed $48,500 across major exchanges. Since then, the dominant cryptocurrency has been consolidating, showing no real momentum to break out of the record-high in the near future. But analysts are not fazed by the consolidation after breaking past a new peak. Generally, market commentators say that when an asset moves slowly or consolidates after an explosive move upward, it is a sign of a healthy market. For Bitcoin, stabilizing following a strong impulse rally to a record-high is critical at this current juncture due to …

Electric car manufacturer Tesla has seen more than $55 billion wiped from its market cap since announcing the purchase of $1.5 billion in Bitcoin four days ago — but Twitter and MasterCard have headed in the other direction. Since Tesla’s announcement on Monday, the electric car giant’s stock price has dropped 7% from $869.52 ($834.6 billion market cap). It is currently trading at $811.66 ($779 billion market cap). While there may be other factors behind the share price drop, some investors, such as Baker Avenue Wealth Management chief strategist King Lip, are concerned that holding 8% of the company's cash …

Even though Tesla has made its way into the crypto market recently, it generated an immense amount of publicity surrounding the announcement. On Feb. 8, the car manufacturer caught the crypto world off-guard by committing a cool $1.5 billion into Bitcoin (BTC), as well as announcing that the company will soon be looking to accept payments in crypto. As a result of the news, BTC shot up to as high as $48,000 only to subsequently cool down and settle around the $44,500 region. In the wake of this development, it has also come to light that the above-stated surge was, …

Not all analysts are convinced that Tesla’s recent acquisition of $1.5 billion worth of Bitcoin (BTC) will prove to be as beneficial for the tech giant as it was for the BTC coin price. Head of equity strategy at Saxo Bank, Peter Garnry, wrote in a research note that Elon Musk had exposed Tesla and its investors to “immense risk”, as reported by Reuters on Feb. 11. “Elon Musk has exposed Tesla to immense mark-to-market risk,” wrote Garnry, adding that the main concern for investors was valuing Bitcoin’s worth over the long term, given the intense market volatility it’s been …

Legal advisors have warned that Tesla chief executive Elon Musk could come under scrutiny from the U.S. Security and Exchange Commission over his social media activity and public statements around Bitcoin. On Monday, Feb. 8 Tesla announced in an SEC filing that it had purchased $1.5 billion worth of Bitcoin and will soon start accepting BTC payments. Shortly afterwards, prices of the asset skyrocketed to a new all-time high of a little over $48,000. Partner at Linklaters and former branch chief of the SEC's division of enforcement, Doug Davison, told the UK’s Telegraph newspaper: "It would not be surprising—given the …