The price of Bitcoin continued to make gains on Tuesday after the steady appreciation of the previous day. The main cryptocurrency on the market Bitcoin exceeded $ 12,000. Reaching $ 12,234 according to our internal crypto online tool at the time of writing.
The move came after the large volume surge on Monday (October 19) to $ 11,822. Out followed by continuous shopping through Tuesday.
Which provided enough momentum for the bulls to push Bitcoin price above the ascending channel to $ 12,200. It should be noted that the last time the price of Bitcoin exceeded $ 12,000 was on September 1.
For their part, at the beginning of this week, traditional markets took a hit. As investors feared that a stalemate between Democratic and Republican lawmakers in Congress would prevent the approval of a second round of economic stimulus. Intended to ease financial pressure on small businesses and Americans in need of a second stimulus check.
However, some gains were recorded in other markets:
- Oil was up 2%. Price per barrel of WTI crude: 41.07 dollars.
- Gold was in the green 0.79% and at $ 1,918 at press time.
- In the United States, the S&P 500 gained 0.47%. As progress toward a fiscal stimulus deal in the face of rising coronavirus cases fueled investor optimism.
Average value of Bitcoin transactions increase 500% since July
The average value of Bitcoin (BTC) transactions has increased dramatically since July of this year. The average value of the transactions was approximately $ 25,000 four months ago. But on October 20 it reached an annual maximum of USD 151,000 per transfer, which represents an increase of more than 500%.
The latest spike, as data from cryptanalysis platform BitInfoCharts shows, caused the average value of a transaction to rise by nearly $ 50,000, from $ 105,000, in the last 48 hours.
This surge in transaction value comes shortly after Bitcoin’s trading dominance rose to levels not seen since 2017. The median value of $ 151,000 is 190 times more than Ethereum’s median transaction value of $ 793. which suggests a significantly higher institutional presence in the Bitcoin markets.
Mode PLC adopts BTC as a treasury reserve asset
Mode Global Holdings, the Fintech Group listed on the London Stock Exchange, has announced that it has allocated up to 10% of its cash reserves to buy Bitcoin. While adopting it as a treasure reserve asset.
The switch to Bitcoin comes as a result of historically low interest rates of 0.1% in the UK. With speculation about the potential for negative interest rates in the future.
According to a press release shared with Coin Rivet, Mode is also trying to maximize the potential of its assets. After a completely recent round of fundraising.
Mode becomes the first publicly traded company in the UK to officially announce a notable purchase of Bitcoin as part of its treasury investment strategy.
His decision to buy Bitcoin comes after announcements from companies like Square and Microstrategy, with both companies investing $ 50 million and $ 475 million respectively.
Jonathan Rowland, CEO of Mode, said: “This decision to allocate part of our cash reserves to Bitcoin is a further step in our mission to build a truly digital financial services business. Combining the best of digital assets, payments, loyalty and investment.
“We truly believe that Bitcoin is a vehicle for financial empowerment. And through Mode, investors can gain exposure to this very attractive asset class through a publicly traded company. And, it fully meets the standards. Faced with the challenges of COVID and with UK interest rates at the lowest in the 326-year history of the Bank of England. Our confidence in the long-term value of Bitcoin has only increased. ‘
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