Bitcoin sees growing support from corporations and US states
After a famous inverted rally in the cryptocurrency industry, the market is now experiencing a price correction including Bitcoin (BTC). In the midst of this price correction, whales and institutions appear to be hoarding and accepting BTC, as reported by local media around the world.
Bitcoin adoption has increased.
Today, November 15, 2024, Pennsylvania and publicly listed US company Solidion Technology announced that it is currently making waves in the cryptocurrency landscape.
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Solidion Technology has announced that it will allocate 60 percent of its cash flow to the company's treasury to purchase bitcoins. In the report, Solidion stated that “Solidion will invest 60% of any surplus funds from operations into Bitcoin purchases.”
However, this announcement follows the recent announcement by artificial intelligence firm Genius Group that it has accepted Bitcoin as a form of treasury. The continued adoption of these companies around the world shows their mindset and belief in Bitcoin and cryptocurrency.
In addition to companies, Pennsylvania, the 5th most populous state in the United States with over 13 million residents, has announced that it will allocate 10 percent of its $7 billion reserve to buy Bitcoin. However, he also pointed out that the state will start buying BTC after the Bitcoin Strategic Reserve Act is enacted.
Considering the current mood and the new pro-crypto president in the United States, the state is likely to approve the Bitcoin Strategic Reserve Act. If this happens, we could witness nearly $700 million worth of Bitcoin purchases.
Bitcoin price and open interest in the last 24 hours
Despite these popular announcements, Bitcoin prices remain unaffected. At press time, Bitcoin is trading near $88,460 and has recorded a 1.10% price decrease in the last 24 hours. At the same time, the trading volume decreased by 25 percent, which shows that the participation of traders and investors is low due to price adjustment.
On the other hand, Bitcoin's open interest decreased by 2.9% in the last 24 hours and 1.85% in the last four hours. This decline in open interest indicates that traders are either reducing their positions or their positions have been rejected due to price declines over the past 24 hours.
