Friday, December 3

Institution buys US$25 million in Bitcoin and Ethereum

A purchase of US$25 million was recorded in the two largest currencies in terms of market capitalization, ie, Bitcoin and Ethereum.

The cryptocurrency market has been standing out due to its evolution in the course of so few years since its inception, and in recent years it has started to attract the attention of investors and renowned institutions.

Bitcoin reached its highest value in history this week. This phenomenon is known as All Time High (ATH), and the asset exceeded the value of US$65,000 per currency unit, equivalent to approximately R$380,000.

In addition, we have Ethereum that reached its all-time high this week, right after the Bitcoin high, reaching a maximum of US$4,366, equivalent to R$25,000, approximately.

Given this scenario, we have some whales entering and acting in the market, causing an impact on the asset price constantly.

The Houston Firefighters Relief and Retirement Fund (HFRRF), a pension fund located in Houston, has invested in the market no more than US$25 million in Bitcoin and Ethereum, through a partnership with the New York Digital Investment Group (NYDIG), which facilitated the application of this high value through one of its regulated funds.

This moment is considered important, as we have yet another fund making large investments in the crypto world. Therefore, it was not the first fund to enter the universe of digital assets, since we already had two other American funds making this type of investment, and, according to reports from these funds, there is still the probability of expanding their contributions , with something around the value of US$50 million being such an expansion.

It is worth noting that the Houston Firefighters Relief and Retirement Fund is among the largest organizations in the Texas industry and it is a somewhat conservative organization. Members of the institution made positive reports on touching the cryptocurrency market and declared that they are excited to enter the universe of digital currencies.

The pension fund is aimed at firefighters, comprising 6,600 members, retirees and active, having a total of US$5.5 billion in deposited assets, of which currently US$25 million is invested in Bitcoin and Ethereum.

This shows us that several large institutions are looking with good expectations for the cryptocurrency market and the trend is that this will grow with larger and future increases in bitcoin, ethereum and other cryptocurrencies.

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