Bitcoin (BTC) continued its upward trajectory for a third consecutive day, surging past $99,000 on Thursday as it set its sights on $100,000 after weeks of trading within a narrow range. The flagship cryptocurrency is currently up nearly 1.50% and trading at $98,600 as momentum picks up, with technical indicators suggesting positive momentum is gathering steam. Bitcoin dominance and ETF inflows have added further optimism to BTC’s recent rally. Bitcoin Treasury Gains Traction In Africa Altvest Capital has become the first listed company in Africa to adopt Bitcoin (BTC) as a strategic treasury asset. The company announced the move in a press release on Friday. The company said it purchased 1 BTC for its strategic treasury, paying 1.8 million rand ($98,200), following a path set by Michael Saylor’s Strategy. The company also added it does not intend to buy alternative cryptocurrencies. The company believes Bitcoin is the only digital asset that meets its stringent investment criteria for a long-term treasury allocation. According to the firm, the initiative to acquire BTC was focused on preserving shareholder value, mitigating currency depreciation risks, and gaining exposure to a recognized store of value. Several corporations are adding BTC as a strategic asset. Strategy holds 478,740 BTC , worth over $47 billion at current prices. Tokyo-based Metaplanet began buying BTC in April last year and has bought 2031 BTC worth $200 million. Ross Ulbricht Calls For Roger Ver To Be Freed Ross Ulbricht has called for “Bitcoin Jesus” Roger Ver to be freed after Ver advocated for him while he was imprisoned. Ver is facing a decades-long prison sentence for alleged tax evasion. Ulbricht took to social media to ask for clemency for Ver, stating, “Roger Ver was there for me when I was down and needed help. Now Roger needs our support. No one should spend the rest of their life in prison over taxes. Let him pay the tax (if any) and be done with it.” Ver was arrested in Spain last April and charged with tax evasion, filing false tax returns, and fraud. US authorities allege Ver filed a fraudulent and false exit tax after renouncing his US citizenship for a Japanese one in 2014. If extradited to the US, Ver could face a possible 109-year sentence. The IRS exit tax requires US citizens to pay all the necessary taxes before renouncing their citizenship and removing themselves from the country’s tax system. The US Department of Justice alleges Ver did not report significant capital gains from BTC sales and underreported the value of two companies while renouncing his citizenship. Prosecutors have alleged Ver concealed 131,000 BTC worth $240 million at the time of selling, leading to a $48 million tax shortfall. Franklin Templeton Announces New ETF Franklin Templeton has announced a new ETF, expanding its offerings in the crypto investment space. The company debuted its Franklin Crypto Index ETF, EZPZ on the Cboe BZX exchange on Thursday, giving investors weighted exposure to BTC and ETH. The ETF tracks its performance based on the CF Benchmark’s Institutional Digital Asset Index, which focuses on digital assets aligned with financial regulations and established capital market standards. As of February 20, the ETF holds 87% Bitcoin and 12% Ethereum. “Franklin Templeton is excited to launch $EZPZ, our latest exchange-traded product (ETP) that provides exposure to bitcoin and ether without the hassle of buying them directly. This innovative offering plans to add new digital assets as they become eligible for inclusion in the Underlying Index, pending necessary regulatory approvals.” Bitcoin (BTC) Price Analysis Bitcoin (BTC) is up nearly 1% during the current sessions as it sets its sights on the crucial $100,000 level after overcoming the resistance at $98,000. The flagship cryptocurrency has made steady gains during the week, breaking out of persisting sluggishness that began at the start of the month. BTC dipped below $100,000 on February 4 and has struggled to build momentum since, oscillating between $94,000 and $98,000. Bitcoin dominance has also remained steady at 60%, indicating the majority of capital in the crypto space is flowing to BTC . Spot Bitcoin ETFs have also attracted inflows worth $5.6 billion, helping the flagship cryptocurrency handle macroeconomic headwinds due to a brewing trade war and the Federal Reserve’s hawkish stance. BTC’s consolidation phase could resolve in either direction, but analysts favor a bullish outcome. This is supported by the MACD, which turned bullish on Thursday, with positive sentiment intensifying during the current session. BTC price action was mixed last week as it fell to an intraday low of $94,118 on Wednesday before recovering and settling at $97,881, an increase of just over 2%. However, the price fell back in the red on Thursday, dropping 1.24% to $96,663. BTC rallied to an intraday high of $98,927 on Friday, briefly crossing the 50-day SMA. It could not stay at this level and ultimately settled at $97,566, registering an increase of nearly 1%. Buyers retained control on Saturday as BTC registered a marginal increase. However, sentiment changed on Sunday, with the price dropping 1.51% to settle at $96,335. Source: TradingView Sellers retained control on Monday as BTC registered a marginal decline and settled at $95,767. The price plunged to an intraday low of $93,431 on Tuesday as bearish sentiment intensified. However, BTC recovered from this level and ultimately settled at $95,634, registering a marginal decline. Buyers returned to the market on Wednesday, and BTC registered an increase of 0.79% to settle at $96,386. Bullish sentiment intensified on Thursday as BTC rose nearly 2% to move past $98,000 and the 20-day SMA to settle at $98,251. The current session sees BTC up almost 1%, having moved past $99,000 and the 50-day SMA, as bulls set their sights at $100,000. If BTC crosses $100,000, it could retest its all-time high over the next few weeks. On the other hand, if the price is rejected from this level, it could decline to $90,000. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
