Bitcoin price drops to $115,000
Bitcoin has experienced a slight downward trend over the weekend, showing a 4% decrease over the past week. The cryptocurrency is currently priced at $115,000, marking a 7% drop from its peak on August 14. Alongside bitcoin, various other crypto stocks have also faced a decline at the beginning of the week.
Analyst Dean Chen from Bitunix Exchange suggested that bitcoin’s performance in the near future may be influenced by Federal Reserve Chair Jerome Powell’s stance at the Jackson Hole Economic Symposium. Chen predicted that if Powell maintains a cautious approach, bitcoin may struggle to break through and could instead hover between the $115,000 to $120,000 range. The $115,000 level is seen as a crucial support area, providing a defense for bitcoin’s short-term prospects.
Despite the recent dip in bitcoin’s price, some strategists have seized the opportunity to acquire more of the cryptocurrency. Strategy recently purchased 430 bitcoin, becoming the largest corporate holder with a total of 629,376 bitcoin. Similarly, Metaplanet expanded its holdings by acquiring 775 bitcoin, bringing their total to 18,888.
In the broader market, crypto ETFs experienced significant inflows last week, totaling $3.75 billion – the fourth highest on record. However, bitcoin ETFs accounted for only a small portion of this sum, with inflows amounting to just $552 million, while ethereum attracted over $2.8 billion.
Embracing the trend of companies adding bitcoin to their balance sheets, Dutch crypto service provider Amdax announced its listing as a bitcoin treasury company on Euronext Amsterdam. Amid a growing number of European businesses adopting bitcoin treasuries, Amdax stated its ambition to accumulate 1% of bitcoin’s total supply, aligning with the company’s strategic vision.
