Bitcoin quotes au $ s110,000 and the crypto market struggles to hold the rebound

Bitcoin quotes au $ s110,000 and the crypto market struggles to hold the rebound

The cryptocurrencies They operate with a majority of increases at the opening of this Friday, September 5. He Bitcoin (BTC) rises 0.9% in the last 24 hours and quotes around US $110,600 According to Binance, while Ethereum (eth) drops 0.5% and is sold at a price close to U $ 4,280.

Among the Altcoinsthe trend is mixed: the increases of Bitcoin Cash (+3.9%), Figure Heloc (+3.9%) and Cardano (+1.6%).

In this sense, Eth low 1.3% in the comparison against the last seven days. For its part, Bitcoin rises 2% compared to last Friday.

Bitcoin institutional possession increases

Hyperscale datacurrently valued in US $ 13,47 million In market capitalization, he announced on Friday that his subsidiary sentinum accumulated Bitcoin holdings equivalent to approximately 8.1% of current market capitalization of the company through its mining operations.

In this sense, it was recently known that the amount of bitcoin in the hands of public contribution companies, worldwide, already exceeds million unitsaccording to data from Bitcintreasuries. It is a trend initiated in 2020 by Strategy (company at that time called Microstrategy) and that expanded to companies from other sectors such as automotive, real estate, financial, medical, among others.

Currently, the 5 public companies with more Bitcoin in their possession are Strategy, Mara Holdings, XXI, Bitcoin Standard Treasury Company and Bullish. Anyway, Strategy is a wide margin the greatest holder of that cryptocurrency, with 636,505 BTC in total.

Waiting for the fed cuts

From BUENBIT They explained that the probability of a 25 basic points cut by the Federal Reserve (FED) in September can be a “macro catalyst” for the crypto market in general and for the Bitcoin in particular.

Lower rates press the dollar and tend to benefit both gold and Bitcoin. The forecast of at least two additional cuts until the end of 2025 reinforces the argument that scarce assets will continue to capture capital, “they explained in a recent report.

On this point, goodbit analysts emphasized that lower interest rates “They imply lower opportunity cost to maintain BTC, they encourage institutional demand and can reinforce the digital refuge thesis against increasing debt and deficits. “

Source: Ambito

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