Bitcoin’s price has shown resilience, bouncing back to over $96,000 after dipping below $90,000. This recovery comes amidst a backdrop of increasing institutional interest. Intesa Sanpaolo, Italy’s largest bank by market capitalization, has purchased 11 BTC for $1 million, potentially accelerating crypto adoption in Italy, where 1.4 million citizens already hold cryptocurrencies. Corporate Treasury purchases of BTC have reached 5,774 BTC in the first two weeks of January, surpassing the supply of new BTC. Despite macroeconomic factors like the DXY, Treasury yields, and Fed rate expectations, the demand for BTC from corporations and institutions remains strong. The crypto market’s recovery is also supported by positive developments in AI, gaming, and meme sub-sectors. If the U.S. producer price index indicates softer inflation, Bitcoin prices could move into six figures.
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