Bitcoin Could Be Targeting $60K Mark As More Companies Adopt BTC Payments

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A week ago, Bitcoin bears and bulls were in a tug of war at a price level of $50,000, but now market players are aiming to retests a historic high. Bitcoin dipped as low as $53,500, but buyers re-entered the market and pushed it to $57,000, and there is a good chance that BTC could head into the $60,000 level.

BTC’s market cap has jumped above $1 trillion, which is a serious test for the digital currency. Interestingly, institutionalists and whales have neon using the dip to buy BTC in the slight downturn. According to Material Indicators, orders to buy BTC at a value of $100,000 or more on Binace have hit an all-time high, with $100k to $1 million orders showing considerable growth.

American Residential Warranty adopts bitcoin payments

Companies have been embracing BTC payments, and the latest to join the foray is American Residential Warranty (ARW). The company has said that it will accept crypto payments for services. Also, it will acquire and hold BTC as a part of the strategy to expand the investment portfolio and enhance returns on cash.

ARW’s chief revenue officer Josh Brauser said that the adoption of BTC payments demonstrates that ARW is a tech-forward company embracing emergent technologies.The company will work with Gemini, which will handle custodial service. ARW said that BTC, which has grown over 300% in the last 12 months, fits the profile of assets the company wants to invest in. With the addition of BTC and other crypto payments, ARW joins a list of firms that have included cryptos in their balance sheets.

JPMorgan launches BTC structured note

JPMorgan has launched a bitcoin structured note linked to a related stocks basket. The financial giant will offer the note to clients for exposure to digital assets. However, the notes will not offer direct exposure to BTC but will be tied to the company’s basket of 11 unequally weighted stocks indirectly or directly correlating to digital assets. The notes will mature on May 5, 2022, with a minimum cost of $1,000 and a Basket Deduction fee of 1.5% exclusive of maturity price.

A Forbes report disclosed the notes, which are a way of circumventing US regulation to allow a way to represent an ETF holding 11 unequally weighted stocks. Most importantly, investors can stimulate the note by purchasing through a brokerage with a commission. According to a recent filing, the “Insight Notes” associated with the JPMorgan basket represents American depositary shares of 11 listed companies that operate in the line of crypto and other digital assets.

Bitcoin mining increasing in South Korea

In South Korea, crypto adoption has been a hot topic, and recent figures are showing it. Crypto mining has gathered steam in the country, with mining rig hardware imports increasing. Between October last year and January 2021, Incheon Headquarters Customs officials intercepted around 41 mining rigs shipments. Despite the number not being high as in other countries it is one of the largest interceptions in South Korea.

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