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Institutional Bitcoin Adoption in Asia is Making a Big Step Forward

After hitting lows of $48k over the weekend, Bitcoin (BTC) has soared to $54.3k at the time of writing, according to CoinMarketCap.

 

Bitcoin adoption in Asia is taking a new turn as more institutional investors are joining the network, as acknowledged by Joseph Young. The crypto analyst explained:

Earlier on, Young had revealed that crypto interest in Asia was brewing, which showed long-term optimism in the market.

Nexon Co. joins a growing list of global tech companies embracing Bitcoin, like American electric carmaker Tesla. The online game provider bought 1,717 BTC, which broke the record as the largest-ever purchase of cryptocurrency by a company traded in Tokyo.

In February, Tesla acquired Bitcoin worth $1.5 billion, and a month later, the company’s CEO Elon Musk revealed that customers could buy vehicles using BTC.

 

Bitcoin’s surge is expected to continue 

 

Bitcoin has been in a consolidation state ever since it hit an all-time high above $64k recently. The top cryptocurrency nosedived to lows of $48.5k over the weekend as speculations about the U.S. President Joe Biden’s administration increasing capital gains taxes took center stage in the crypto space.

Nevertheless, Yann & Jan, the co-founders of leading on-chain metrics provider Glassnode, believe that BTC’s surge is unstoppable.

 

Culled from: blockchain.news

 

 

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