Bitcoin Sees Growing Support from Corporations and U.S. States

After a notable upside rally across the cryptocurrency industry, the market is now facing a price correction, including Bitcoin (BTC). Amid this price correction, whales and institutions appear to be accumulating and adopting BTC, as reported by local media across the globe.

Bitcoin Adoption Soars 

Today, November 15, 2024, Pennsylvania and the publicly listed United States company, Solidion Technology, made a notable announcement that is currently making waves in the cryptocurrency landscape.

Is it Worth Buying BTC Now?

Solidion Technology announced that it will allocate 60% of its cash flow to buy Bitcoin for its corporate treasury. In a report, Solidion noted, “Solidion will commit 60% of any excess cash from operations to Bitcoin purchase.” 

However, this announcement follows the recent declaration by the artificial intelligence firm Genius Group regarding its adoption of Bitcoin as a treasury asset. These continuous adoptions by firms across the globe show their mindset and belief in Bitcoin and cryptocurrency.

In addition to companies, Pennsylvania, the fifth-most populous state in the United States with over 13 million residents, announced that it is set to allocate 10% of its $7 billion reserve to buy Bitcoin. However, they also noted that the state will begin purchasing BTC once the Bitcoin Strategic Reserve Act is passed.

Considering the current sentiment and the new pro-crypto president in the United States, there is a strong possibility that the state will approve the Bitcoin Strategic Reserve Act. If this happens, we may witness nearly $700 million worth of Bitcoin purchases.

Bitcoin Price and Open Interest in Past 24 Hours 

Despite these notable announcements, Bitcoin prices remain unaffected. At press time, Bitcoin is trading near $88,460 and has recorded a price decline of 1.10% in the past 24 hours. During the same period, its trading volume has dropped by 25%, indicating lower participation from traders and investors amid the ongoing price correction.

On the other hand, Bitcoin’s open interest has dropped by 2.9% in the past 24 hours and 1.85% in the past four hours. This decline in open interest indicates that traders are either liquidating their positions or their positions have been liquidated due to the price decline over the past 24 hours.