Bitcoin Treasuries Shrink Following Crash and Heightened Volatility
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At the same time when Bitcoin soared in value, reports showed a growing list of companies, organizations, and countries stacking BTC in their treasuries. Companies in this category included big names like Tesla, Block Inc., and Galaxy Digital. In September 2021, El Salvador became the first sovereign nation to make Bitcoin a legal tender and add it to its treasury. Other countries that held BTC in their treasuries include Finland and Georgia.
As of June 5, 2021, about 1,427,441 Bitcoins could be traced to public companies, private companies, exchange-traded funds (ETFs), and nations.
However, today, it’s a different picture. Recent reports show that the total amount of BTC held in treasuries had dropped by 102,045 to 1,325,396 Bitcoins. Using current exchange rates, the total amount of BTC stashed in treasuries is $29.55 billion, with the BTC sold amounting to $2.27 billion.
As of June 5, 2021, statistics from archive.org showed that 33 public companies held BTC on their balance sheet. Interestingly, as of today, this number has jumped to 38, with a collective holding capacity of 262,695 BTC.
Key Bitcoin Levels to Watch — July 19
Bitcoin continued on its bullish streak on Tuesday after a slight deviation over the weekend. The primary cryptocurrency has tapped the $23K mark for the first time since June 16, paving the way for additional strides.
However, it bears mentioning that BTC now trades within overbought territories on the daily stochastic indicator, suggesting that a sharp correction could be in the works. Regardless, the flagship cryptocurrency is poised to tap the $24K top in the coming days before the mentioned possible correction.
Meanwhile, my resistance levels are at $23,000, $24,000, and $25,000, and my key support levels are at $22,000, $21,000, and $20,000.
Total Market Capitalization: $1.01 trillion
Bitcoin Market Capitalization: $424.9 billion
Bitcoin Dominance: 41.2%
Market Rank: #1
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