Institutional Buyers Snapping Up Bitcoin During Price Dip

Institutional Buyers Snapping Up Bitcoin During Price Dip

Bitcoin briefly dipped below $45,000 Friday as bond yields rose, giving some investors the jitters. But major institutions appear to be buying on the dip to increase their holdings, a show of faith in the future value of Bitcoin and likely building the foundation for a future rebound.The world's leading cryptocurrency dropped to $44,180 in early trading, CoinDesk reported. It recently fetched $47,981.09, down 17.4% from Sunday's all-time high of $58,332.36.This file photo shows an illustration of the Ethereum cryptocurrency on April 25, 2018 in London, U.K.

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Other major cryptocurrencies were also lower in mid-day trading, including Ethereum, XRP and Stellar. But Cardano was up 5.75% to $1.22, CoinDesk said.Investors may have developed a case of the shakes over mixed inflation signals and rising bond prices. However, major companies, including Tesla, MicroStrategy and Square, have invested heavily in Bitcoin. Many investors see Bitcoin as an inflation hedge.Crypto Exchange Plans IPOCoinbase Global plans to go public and list its shares on Nasdaq. No date for the deal has been set.The company's IPO registration statement filed with the U.S. Securities and Exchange Commission offers an insight into the risks of cryptocurrency and how the digital currency exchange believes the market will