- KPMG Canada has added Bitcoin and Ethereum to its balance sheet.
- The professional services firm believes that institutional adoption of cryptocurrencies will continue to grow.
- Bitcoin and Ethereum are steadily recovering following their massive dips in January.
Big Four accounting giant KPMG Canada has decided to dabble in cryptocurrencies, adding the two largest digital assets by market capitalization to its corporate balance sheet. The auditing firm now believes that crypto is a “maturing asset class.”
Another institution adds crypto to its balance sheet
The Canadian arm of the accounting giant recently revealed in a statement that the firm directly invested in Bitcoin and Ethereum, joining a growing trend of institutional investors adding crypto to their treasuries, including MicroStrategy, Square and Tesla.
The auditing firm stated that their recent investment in cryptocurrencies reflected their belief that “institutional adoption of cryptoassets and blockchain technology will continue to grow and become a regular part of the asset mix.”
Although KPMG did not clarify how much they have invested in the two leading digital assets, the accounting giant added that they purchased carbon offsets to maintain a net-zero carbon transaction.
Benjie Thomas, Canadian managing partner of advisory services at KMPG stated that “crypto assets are a maturing asset class,” and investors such as hedge funds are
increasingly gaining exposure to digital assets and “traditional financial services such as banks, financial advisors and brokerages are exploring offering products and services involving crypto assets.”
KPMG established a governance committee with stakeholders from Finance, Risk Management, Advisory, Audit and Tax sectors to provide oversight and to approve the new treasury allocation.
Bitcoin price enters recovery rally
Bitcoin price has sliced above the upper boundary of the ascending triangle pattern on the 4-hour chart, putting a 16% ascent on the radar toward $45,154. BTC has nearly reached the optimistic target, coinciding with the 61.8% Fibonacci retracement level.
Bigger aspirations will target the January 5 high at $46,822 before tagging the 78.6% Fibonacci retracement level at $48,199.
BTC/USDT 4-hour chart
However, if selling pressure increases, Bitcoin price will fall toward the 50% retracement level at $43,016, then toward the 21 four-hour Simple Moving Average (SMA) at $42,177.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Ripple on-chain metrics show bullish signs amidst legal struggle with SEC, XRP eyes recovery
Ripple made a comeback above $0.48 on Tuesday and hovers above that level in Wednesday’s European session. Ripple on-chain metrics such as transaction volume and Network Realized Profit/Loss have turned bullish, supporting a recovery in the altcoin.
Bitcoin price falls amidst German government transfers, miners activity
Bitcoin (BTC) extends correction on Wednesday and hovers around $61,000 after finding resistance near the $64,000 level on Monday. Recent on-chain data indicates heightened selling activity from Bitcoin miners early in the week.
Crypto Today: Bitcoin erases gains from end of June, Ethereum declines while Ripple holds
Bitcoin wipes out gains from the last week of June and falls below $60,000 on Wednesday. Ethereum and top altcoins ranked by market capitalization erased gains as the inflation outlook worsened. Ripple holds on to recent gains and hovers above $0.48 on Wednesday.
Three reasons why altcoins could shake off losses this week
On-chain data from Santiment shows that altcoins are currently in the opportunity zone, or generating buy signals. The top three altcoins in the buy zone are Basic Attention Token (BAT), Chromia (CHR), and Highstreet (HIGH), per Santiment.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.