The business giant invests in bitcoin and ethereum

The cryptocurrency market seems to be recovering from an earlier correction, which can only be compared to the declines that occurred in May 2021. Currently, sentiment seems to be improving, network computing power seems to be at its highest ever, and global company KPMG is investing in bitcoin and ethereum.

In May 2021, the price of bitcoin dropped from approx. 64 thousand. below 30 thousand USD, i.e. by approx. 54 percent. The price of ethereum it fell from USD 4350 to USD 1719, which was 60 percent. correction. Since then, both BTC and ETH have managed to set new all-time peaks in November 2021. For bitcoin, it was about 69. USD, for ethereum almost USD 4900.

Price rebound from the bottom by 30-40 percent.

The end of 2021 and the beginning of 2022 brought once again massive drops in cryptocurrency prices. Investors and speculators probably did not expect a repeat from last spring. Nevertheless, history repeated itself and both BTC and ETH in dollar terms made very similar adjustments to those in spring. In percentage terms, the price of bitcoin fell by 52%, below 33. USD, and ethereum up 55,5% to USD 2161.

Currently, from the aforementioned lows, BTC has already rebounded by approx. 31,6%, to USD 43, and ETH by over 500%, to approx. USD 40. What seems important here is recently information about the adoption of cryptocurrencies and purchases by one of the most renowned companies in the world.

Cryptocurrencies to become a common asset?

KPMG (dealing with audits and financial advisory) purchased Bitcoin and ethereum to its company balance sheet. According to the company's representatives, cryptocurrencies are a maturing asset class. Investors - incl. Hedge funds, family offices, big insurers and pension funds - are increasingly gaining exposure to cryptocurrencies, and traditional financial services such as banks, financial advisers, and brokerage houses are exploring the offering of cryptocurrency products and services.

This investment reflects the belief that the institutional adoption of cryptocurrencies and technology blockchain will continue to grow and will become a regular part of the asset mix, the KPMG press release said. It also added that the cryptocurrency industry continues to grow and mature, so it must be taken into account by financial services and institutional investors.

Stock exchange of cryptocurrency miners

MicroStrategy, which has over 125 jobs, paved the way for BTC purchases. of bitcoins, and then it became loud about the purchases of Tesla, which spent USD 1,5 billion on BTC. It is also worth noting that yesterday, an ETF made its debut on the Nasdaq stock exchange, which invests in bitcoin mining companies. This may mean an interesting competition for investors, e.g. investing in an ETF that has an exposure to gold mining companies.

It therefore seems that 2022 may be a very interesting year in terms of the possible increase in interest in the cryptocurrency market by corporations, and therefore, the first bitcoin ETF in the US may also be approved.