Bitcoin held by public companies increases by 40 percent: $117 Billion.

The corporate treasuries are all-in on Bitcoin (BTC). Treasury purchases are a major factor in the recent BTC spikes. Bitwise states that in the third-quarter of 2014, public companies who hold Bitcoin (BTC), increased their holdings by 40%. Total of 172 publicly traded companies have a combined total of 1,000,000 Bitcoin (BTC), valued at around $117 Billion. Collectively, these companies hold around 4.8% of total BTC. According to an X post by Bitwise CEO Hunter Horsley, “People want to own Bitcoin. Companies do too.“

Bitcoin Prices Will Rise Due to Demand from Public Companies

ETF purchases and corporate acquisitions have contributed to the significant rise in price of Bitcoin (BTC). In the past several months, BTC has seen multiple highs. BTC reached its latest peak of $126,080 on October 6 earlier in the month.

Bitcoin’s (BTC), despite its price increase over the past few months, experienced a huge price drop last weekend. This correction is likely to be due macroeconomic factors, namely the US-China trade war. After both countries held successful negotiations, the crypto market experienced a small recovery.

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Bitcoin (BTC), and the greater crypto market, are likely to recover in the next few weeks. Federal Reserve chair Jerome Powell suggested that rate reductions are imminent in his speech. According to CME’s FedWatch toolThere is a 97% chance the Federal Reserve will reduce interest rates another 25 basis point after their next meeting. Bitcoin’s (BTC) price could rise if the Federal Reserve cuts interest rates again.

The economic situation in the world is not stable. Bitcoin’s price (BTC), which is impacted by slow growth and trade wars, could suffer. The market seems to be shifting its capital towards safe-haven assets, like gold. Gold has reached a record high and is now trading above $4200 for the first time.