The post Bitcoin on Fire: Companies Pour In Billions as $130,000 Price Target Looms! appeared first on Coinpedia Fintech News
The world’s largest currency, Bitcoin, is in the headlines again, as giant companies are adding more Bitcoin to their balance sheets than ever. However, last month, 22 more companies joined in, bringing the total to 126. Together, they now hold over 819,000 Bitcoin.
While corporate treasuries keep loading up on BTC. Here’s what you missed overnight and what to watch today.
European Firm Goes All-In on Bitcoin
In Europe, the Paris-based Blockchain Group is going all-in. They’re planning to raise €300 million (about $340 million) just to buy more bitcoin. It’s one of the biggest bitcoin moves from a European company, showing how much crypto fever has gripped the corporate world.
Matthew Sigel from VanEck says this trend is not just a one-off. He points out that big names like MicroStrategy and Cantor Equity Partners have a combined war chest of $76 billion. That’s more than half of what’s locked up in all bitcoin ETFs today.
It’s also way more than the money flowing into these funds over the last 16 months. Clearly, companies are serious about owning bitcoin for the long haul.
BlackRock’s Bitcoin Bet Breaks Records
BlackRock’s iShares Bitcoin Trust is also making headlines. It shot past $70 billion in assets in just under a year, a record pace that left even gold funds in the dust. The trust alone saw $2.7 billion in trading volume in just one day. That’s a massive vote of confidence in bitcoin’s staying power.
Eyes on Inflation and the Fed
Investors are also watching the U.S. Consumer Price Index numbers coming out on June 11 and the big Federal Reserve meeting on June 18. If inflation picks up or the Fed hints at new policies, it could be another push for bitcoin’s price.
Bitcoin Eying For $130K
Meanwhile, veteran trader Merlijn The Trader says that Bitcoin may have officially entered the final phase of its parabolic run. After staying quiet for months and breaking out of tough spots, the price has jumped over $100,000.
Merlijn says this last push usually leads to crazy gains, then people doubting it, and finally, late buyers jumping in because they’re scared to miss out.
If this happens again, Bitcoin might soon hit $130,000 faster than people think. As of now, it is trading around $109,670, reflecting a rise of 2% seen in the last 24 hours.