Fidelity Investments has added 1005 Bitcoin (BTC) worth $105.7 million to its treasury. The firm also purchased 27,175 Ethereum (ETH) worth $60.5 million. Fidelity’s latest purchase comes amid a market-wide recovery. BTC has reclaimed the $105,000 mark after its recent dip to the $98,000 price point. The original crypto is up 3.7% in the daily charts and 71.5% since June 2024. Despite the turnaround, BTC’s price has fallen 0.9% over the last week, 3.9% in the 14-day charts, and 1.7% over the previous month.
Cryptocurrencies Recover Amid Potential Peace Talks
The cryptocurrency market faced a big correction after the US launched its attack on three Iranian nuclear sites. Many feared an all-out war between the two countries. Iran already faces Western sanctions. A potential war with the US may cause severe strain on the global economy. Bitcoin (BTC) and other crypto assets saw big liquidations as investors lowered exposure to risky assets.
The crypto market is showing signs of a recovery after President Trump hinted at possible peace talks between the two countries. BTC could see a continued rally if the talks are successful.
The market dip may have also been triggered by the Federal Reserve deciding to keep interest rates unchanged. A rate cut may have led to more investments in risky assets.
Will Bitcoin Keep Rallying?
There has been an increase in institutional inflows into BTC over the last few weeks. BTC-based ETFs have seen continued inflows despite global geopolitical tensions. Retail investors are likely sitting the rally out.
Also Read: Metaplanet’s $5 Billion Bitcoin Bet Surpasses Coinbase Holdings
If peace is brokered in the Middle East, retail investors may display a surge in sentiment. The move could lead to increased retail money flowing into the crypto market. Such a scenario could lead to Bitcoin (BTC) breaching its previous peak of $111,814.