✅ Bitcoin reaches $106,000 amid institutional interest following the credit downgrade in the U.S.😳
The accumulation of Bitcoin drives the post-downgrade increase
Institutional investors have been accumulating a lot of Bitcoin, reflected in wallets holding between 1,000 and 10,000 BTC. This increase in demand came in response to the credit rating downgrade by Moody's in the U.S., marking a potential shift in the market.
The rise of Bitcoin above $106,000 positions it as a potential hedge against traditional financial instability.
"Bitcoin is showing a strong recovery, trading near $106,700 after a brief pullback... reaffirming its appeal as a hedge against uncertainty," he said. "BTC needs to break the resistance at $107,500 for a move towards a new all-time high." - Edul Patel, co-founder and CEO of Mudrex
