Bitcoin Gains 3.28% as More Listed Companies add it to their Balance Sheets

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Last updated: May 10, 2024

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Bitcoin Gains 3.28% as More Listed Companies add it to their Balance Sheets

Bitcoin has bounced back today, driven by growing institutional interest and significant developments within the crypto ecosystem. In the past 24 hours, Bitcoin has gained by 3.28%, reaching a trading price of $63,024 as of 10:27 UTC. This bullish momentum comes amidst increasing institutional adoption and positive sentiment surrounding Bitcoin’s prospects.

MetaPlanet Adds To Its Bitcoin Stash

One notable development contributing to Bitcoin’s upward trajectory is the announcement by MetaPlanet, a prominent Japanese company often hailed as Asia’s MicroStrategy. Today, MetaPlanet announced that it bought an additional 19.87 Bitcoin. This points to the emerging trend of companies diversifying their balance sheets by adding Bitcoin as a strategic asset. This move by MetaPlanet reflects a broader global trend, with more companies recognizing Bitcoin as a store of value worth having in their asset portfolios.

*Metaplanet purchases additional 19.87 $BTC* pic.twitter.com/RripKe9mEU

— Metaplanet Inc. (@Metaplanet_JP) May 10, 2024

Miners Have Incentive To Keep Network Secure

Moreover, the recent Bitcoin block halving event after April 20th, 2024, has further solidified the network’s security while incentivizing miners to continue supporting the blockchain.

Despite reducing mining rewards to 3.125 Bitcoin per block, miners remain motivated by the prospect of earning income from transaction fees, as envisioned by Bitcoin’s mysterious creator, Satoshi Nakamoto. Notably, platforms such as Runes and Ordinals have played a pivotal role in boosting transaction fee revenue, with 37.6 BTC in transaction fees recorded after the latest halving event, primarily attributable to Runes transactions.

The resilience of Bitcoin’s network security, coupled with the growing acceptance of Bitcoin by mainstream companies, has bolstered confidence in Bitcoin as a viable long-term investment. Companies like MetaPlanet and MicroStrategy lead the way in adopting Bitcoin, setting a precedent for others to follow suit. As more of these companies add Bitcoin to their balance sheets, industry leaders and staunch Bitcoin supporters are making bullish predictions regarding its future price trajectory.

Bitcoin Predicted To Rise To $1 Million

Jack Dorsey, the founder of Square, a prominent payments company heavily invested in Bitcoin, has made a bold forecast, suggesting that Bitcoin could reach $1 million per coin by 2030.

In an interview with Pirate Wires, Dorsey emphasized Bitcoin’s diminishing supply and increasing adoption by publicly listed companies like MetaPlanet as driving factors behind his optimistic outlook. Such predictions, while ambitious, point to the growing confidence in Bitcoin’s ability to deliver substantial returns over the long term.

Bitcoin Bounces Off Key Resistance But Bulls Not In The Clear Yet

After a sustained downtrend since Monday, Bitcoin found strong support at $61,165.50. It has sustained this momentum today, but trading volumes have dropped today. However, for the uptrend to be confirmed, Bitcoin must push through the $64,124.22 resistance. If this happens, Bitcoin could easily hit a high of $71,246.87 today or on the weekend.

However, if Bitcoin volumes remain low, then there is a high likelihood that Bitcoin could consolidate between the $64,124.22 resistance and $61,165.50 support for the rest of the day. Conversely, if Bitcoin bears regain market control, the critical level to watch would be the $61,165.50 support. If bears push Bitcoin through the $61,165.50 support, Bitcoin could quickly drop to $60k today or towards the weekend.

Which Way For Bitcoin?

Bitcoin is more likely to either consolidate or turn bullish today and going into the weekend. That’s because, despite the bear trend for most of the week, bears have been unable to push Bitcoin through the $61,000 mark for most of the week. It is a signal that they are weak.

The reversal in the last 24 hours also points to this bearish weakness. Also, with companies like MetaPlanet continually adding to their Bitcoin stash, it will continue to inspire confidence that Bitcoin is a worthy asset to buy and hold. It could help drive retail FOMO, especially now that a critical support level has held in a primarily bearish week.

Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

Author

Kamal Masri

Kamal is an experienced financial analyst with a demonstrated history of working in the Financial Market. Skilled in Equities, Capital Markets, Portfolio Management, Risk management, and Corporate Finance. Kamal has worked at some of the leading online finance publications providing his expert knowledge on cryptocurrency. Kamal has written widely on digital assets across the stock and crypto media space and beyond, including for Coindesk, Ethereum World News and The FinTech Times.

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