After consolidating for a while, both Bitcoin (BTC) and Ethereum (ETH) prices have shot up today as the overall cryptocurrency market cap surges 5% moving past $1.80 trillion. Bitcoin (BTC) has surged 5.04% at press time moving closer to $59,000 levels. On the other hand, Ethereum (ETH) has also made a strong move surging closer to $1850 levels.
The latest price rally comes amid the Chinese tech firm Meitu announcing another major investment in BTC and ETH. After announcing a $40 million investment earlier this month, Meitu has poured another $50 million in Bitcoin (BTC) and Ethereum (ETH). Meitu announced the purchase of an additional 16,000 $ETH for $28.4 million and 386 $BTC for $21.6 million.
— Bloqport (@Bloqport) March 17, 2021
Market analysts have started comparing Meitu with America’s MicroStrategy, the business intelligence firm that has netted over 90,000 BTC so far. However, Meitu isn’t yet Asia’s MicroStrategy looking at the kind of purchases it made.
So far, Meitu has poured more investments in ETH than in BTC. Meitu founder said that it is the world’s first public company to purchase ETH on such a large scale. On the other hand, while MicroStrategy’s Bitcoin (BTC) purchases have reflected directly in its stock price, the same is not the case with the move. Despite Meitu’s $90 million worth of crypto purchases, the stock hasn’t moved much.
Also, unlike MicroStrategy, Meitu has failed to attract any potential interest from Asia’s institutional investors. Thus, it will be just too early to compare Meitu with MicroStrategy.
Other News Driving Price Rally In Bitcoin (BTC)
On Wednesday, March 17, Morgan Stanley became the first major U.S. bank to offer its high-profile clients access to Bitcoin funds. This is a huge step as it will open floodgates for other Wealth Management companies on Wall Street to join the Bitcoin (BTC) bandwagon. The bank said that it will offer its clients access to the Bitcoin funds operated by Galaxy Digital and NYDIG.
Recently, while appearing on the On The Brink podcast interview, NYDIG CEO Robby Gutmann dropped massive bombs. He said that some of the firm’s strategic partners are set for major announcements in the coming weeks. Gutmann added:
“I know starting more or less next week, you’re going to see an absolute drumbeat of pretty game-changing milestones from some of these firms.”
Apart from these developments, Bitcoin’s on-chain fundamentals have improved in recent times which can provide an additional boost to its price. On the other hand, institutional purchases in Ethereum (ETH) have caught up again. Yesterday, the Grayscale Ethereum Trust (ETHE) purchased an additional 10K ETH coins.