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Date:
08th Mar 2021
Author:
Dalmas Ngetich, for CryptoAltum News Team

More Public Companies Buying Bitcoin, BTCUSD Stabilize above $50k

Meitu, a Hong Kong-listed company, hasbought380 BTC worth $17.9 million and 15k ETH of around $22.1 million from the open market on Mar 5. The result is stable prices of the world's leading digital assets above critical support zones, supported by solid fundamentals and on-chain developments, especially in Ethereum. Meitu's announcement is at the back of MicroStrategy's adding to their treasury of more BTC, effectively becoming the largest public company globally with exposure of over $2.3 billion of the digital coin and a 100 percent paper gain over their holding period.


Details:

The Bitcoin price is stable above $50k. Traders areoptimisticof even more expansions in the weeks ahead. Fears could stem from inflation's value-eroding effect. However, for aggressive retail traders, the influx of retail companies is a shot in the arm, another reason to HODL without budging. According to their mandatory SEC filing reports, MicroStrategy and Twitter bought more Bitcoin in late February's shakeout. Therefore, the announcement from Meitu is bullish for the project and crypto as an emerging asset class with immense potential. Meitu would make crypto purchases of up to $100 million from its cash reserves. Their board believes that blockchain is still at a nascent stage, with cryptocurrencies specifically standing at a vantage point, likely to expand in the coming days.


Impact on the ETH and BTC Price:

Bullish. The world's leading crypto assets are stable, benefiting from institutional investments. Additional tailwinds from on-chain activities, especially refinement, provide extra tailwinds for the two potent coins.


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