Bitcoin was climbing to $111.8K on Thursday morning, recording a new all-time high. This slip was followed by a tidy giveaway, with early buyers cautiously locking in profits. Working against Bitcoin right now is the exit from risk assets in financial markets due to the sell-off in US government bonds. In such an environment, institutional clients could be net sellers, although at first glance, cryptocurrencies may appear to be a safe haven.

Crypto News

Bitcoin’s $3 billion rise in realised bitcoin capitalisation overnight to new records reflects the continuation of the accumulation phase ahead of another momentum over the coming week, CryptoQuant noted.

States are investing in the first cryptocurrency through shares of Strategy, the largest public holder of BTC, according to Standard Chartered. Government entities increased their investment in Strategy stock in the first quarter.

The Texas House of Representatives approved a bill to create a strategic bitcoin reserve. The document has been sent to the governor for his signature. Texas is likely to become the third US state after New Hampshire and Arizona with such an initiative.