Altcoins Bleed Out against BTC as Selling Pressure Continues Mounting

Spread the love

The Canada-based financial technology company Mogo plans to make an initial corporate investment of over $1 million in bitcoin and increase the amount next year. The crypto-friendly fintech firm has joined the recent trend of sizeable corporations that allocate funds in BTC.

Mogo To Allocate 1.5% Of Its Assets In BTC

The Vancouver-based fintech company announced its BTC-related plans earlier today. The statement reads that the firm intends to allocate 1.5% of its total assets as of the end of 2020 in the primary cryptocurrency. This would be a $1.2 million initial investment and potential additional purchases throughout 2021.

Thus, Mogo will double-down on its cryptocurrency-related endeavors. MogoCrypto, the company’s digital asset branch, launched in 2018. The firm describes it as the “easiest way to buy and sell bitcoin in Canada” as it enables customers to trade BTC at “real-time prices instantly through the Mogo App.”

The company recently announced a bitcoin rewards program that provides its members to earn BTC through engagement with Mogo’s products. Consequently, users have the chance to increase their bitcoin accumulation without necessarily buying more of the asset.

“We are strong believers in bitcoin as an asset class and believe this investment is consistent with our goal to make bitcoin investing available to all Canadians. In addition, we believe bitcoin represents an attractive investment for our shareholders with significant long-term potential as its adoption continues to grow globally.” – commented President and CFO of Mogo, Greg Feller.

It’s worth noting that Mogo’s shares have surged by about 12% following the announcement to $3.8 as of writing these lines.

RECOMMENDED READ:  Bitcoin Eyes Huge Move In The Next 48 Hours: BTC Price Analysis

Corporations And Institutions Keep On Coming

With its planned investment in BTC, Mogo will join other sizeable companies and institutions that began accumulating considerable portions of the asset in the second part of this year.

NASDAQ-listed business intelligence giant MicroStrategy was among the first with several purchases. Ultimately, Michael Saylor’s company has purchased more than $1 billion worth of the primary cryptocurrency.

Jack Dorsey’s Square followed with a $50 million buy. Institutions that purchased BTC include Wall Street behemoth Guggenheim, hedge funds One River Asset Management and Ruffer Investment, as well as insurance company MassMutual.

 192 Interactions,  2 today

READ ALSO:
Bitcoin Price Movement Analysis for 11th April, 2021

Is Bitcoin nearing its peak? It's unlikely. Many on-chain measurements revealed that, although Bitcoin was highly bullish, it had not Read more

How arrests for attempting to obtain a hitman and a nuclear bomb demonstrate that the dark web is not always anonymous.

Paying with cryptocurrency does not guarantee your safety. Most of the criticisms levelled at cryptocurrencies is that its difficult-to-trace existence Read more

Bitcoin, BTT, Dogecoin Price Movement Analysis for 7th April, 2021

Bitcoin was expected to remain above the $55,800-support, a level that coincided with its 200-SMA. BitTorrent Token was projected to Read more

The cryptocurrency market cap has surpassed $2 trillion, making it as valuable as Apple.

For the first time, the total market value of all cryptocurrencies exceeds $2 trillion. According to Goingecko numbers, the total Read more

Why crypto analyst Ben Armstrong says, ‘He Very Confident Bitcoin Will Reach $300K This Year.’

Recently, blockchain expert and influencer Ben Armstrong mentioned Bitcoin in a video posted to his highly popular YouTube channel “BitBoy Read more

Tron Price Movement Analysis for 4th April, 2021

In the cryptocurrency industry, excessive uncertainty has had a long-term effect on the price of the digital commodity. This uncertainty Read more

Ethereum Price Movement Analysis for 4th April, 2021

Ethereum, the second-largest cryptocurrency, has entered a volatile zone, which could drive the digital asset's price even higher. In the Read more

Chainlink, DigiByte, Enjin Coin Price Movement Analysis for 4th April, 2021

Bitcoin faced some selling pressure just above the $59k mark, leading it to slip to $56,600. The majority of the Read more

Bitcoin fell by more than 4%, causing many other cryptocurrencies to plummet drastically.

The world's most expensive cryptocurrency fell 4.1 percent, bringing several other coins down with it, sending the economy into the Read more

Litecoin Price Movement Analysis for 3rd April, 2021

For the last few days, the cryptocurrency industry has been playing chase with the bulls and bears. The economy has Read more

Leave a Reply

Contact Us