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08 Feb 2022
1 min read

Crypto Market Rebounds

Adoption of Cryptocurrencies Continues to Grow

The Canadian branch of KPMG, the reputable accounting firm, recently decided to add cryptocurrencies into their balance sheet. The company stated its belief in the rise of cryptocurrencies as a maturing asset class. As such, the giant incorporated the largest two digital assets, Bitcoin and Ethereum. And by doing so, they are joining ranks with more institutional investment firms adding crypto to their treasuries. While KPMG did not specify the amount they invested in the leading assets, the firm mentioned they had purchased carbon offsets to keep net-zero carbon transactions. Hedge funds are more and more attracted to digital assets while traditional financial services such as banks and brokerages begin to explore services and products around cryptocurrencies.

For their incursion into crypto, the leading audit institution, KPMG, created a governance committee with stakeholders from various backgrounds in order to obtain a wide oversight and control new treasury allocations effectively.

Bitcoin Price Recovers

The price of Bitcoin moved up slightly above the upper limit of its ascending triangle pattern. BTC is close to its optimistic target in alignment with the 61.8% Fibonacci level. But the situation remains fragile, if selling pressure increases, it is expected that BTC’s price will fall toward its 50% retracement level at around $43K. The crypto asset’s volatility is watched by many traders and investors waiting to grasp yet another opportunity.

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*OspreyFX would like to state that traders should research extensively before following any information given hereby. Any assumptions made in this article are provided solely for entertainment purposes and not for traders to guide or alter their positions. Please read our Terms & Conditions and Risk Disclosure for more information.

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