According to a senior White House official, the US government has a Bitcoin (BTC) accumulation plan. Comments came while speaking at the Bitcoin Policy Institute. Accumulation plans can take the form of a strategic long-term purchase plan.
Bitcoin gains momentum amid market rebound
The cryptocurrency market faced a sudden revision last week after escalating the Israeli-Iran conflict. BTC prices fell below $99,000 on June 23 for the first time since early May. The Federal Reserve, which maintains interest rates, may have also been added to a decline in investor sentiment.
Bitcoin (BTC) has since made a huge profit. The original code has regained the $107,000 mark and is approaching $108,000. This asset has grown by 1.3% on the daily chart, 2.7% on the weekly chart, and 75% since June 2024. BTC still fell 1% last month. The number one crypto project by market capitalization fell by just 3.6% from its all-time high of $111,814.
The market revival is due to de-expansion in the Middle East conflict. The possibility of peace negotiations has resulted in a significant increase in investor confidence. The White House bullish comments could further boost investors’ sentiment.
Bitcoin (BTC) has seen a continuous inflow from financial institutions. BTC-based ETFs have seen consistent purchases despite recent volatility. So far, retail investors have played a smaller role in this cycle. A surge in retail money could lead to another bullish outbreak.
If the influx continues, BTC could easily rise to a new all-time high. When BTC hits a new peak, it could trigger market-wide gatherings. This scenario could bring a much-needed fresh air to the crypto industry.
It is also possible that BTC will face a correction if market conditions collapse. Global geopolitical tensions and trade wars can prevent market-wide gatherings.
