Investors are re-embracing risk assets across global markets as Bitcoin gains for a fifth consecutive day, the longest winning streak since September. According to coinmarketcap.com, the largest cryptocurrency gained 6% to $44.5K.
Investors are going bullish on reports that reveal KPMG’s Canadian branch has provided its corporate Treasury with its first cryptocurrency asset allocation.
Through Gemini Trust Company’s execution and custody services, the privately held firm said Monday that it had acquired bitcoin (BTC) and ether (ETH) on its balance sheet.
A governance committee was set up at the Toronto-based company to oversee and approve Treasury allocations, including tax and accounting reviews and risk assessments.
The price of bitcoin increased strongly after breaking through the $42K resistance level.
Currently, the flagship crypto is trading well above the 100 hourly simple moving average. If the pair continues to rise above $44,500 in the near future, it could continue to rise.
After the $40K level was closed above, bitcoin gained bullish momentum. To move even further into a positive zone, the pioneer cryptocurrency exceeded the $42K resistance level.
The recent upward movement accelerated above $43K. Last but not least, the price soared over $44K and settled above the 100 hourly simple moving average. Currently, the price is consolidating gains near $44,528.
Investing in some of these riskier asset classes has become much more comfortable after the recent pullback.
While the market generally isn’t out of the woods yet, there’s lingering uncertainty on numerous fronts, including how quickly the Federal Reserve can act to quell rising inflation.