In more than three weeks, the price of Ethereum (ETH) has not negotiated below the level of $ 4,000 despite the largest fluctuations in the market. Currency resistance could have caught the attention of Great headlines and traditional institutions, including Yunfeng Financial Group Limited by Jack Ma. Recent revelations suggest that the investment firm of the founder of Alibaba is betting on ETH.
Yunfeng Financial Group Buy 10,000 ETH as Reserve Assets
Notably, like outstanding By a community user, Yunfeng Financial Group Limited (YFGL) has bought 10,000 eth. According to a voluntary advertisement for possible current investors and stakeholders, the purchase is described as a “reserve asset.”
At the time of purchase, the purchase cost the company a total of $ 44 million, which includes rates and expenses.
According to the update, the purchase fund came from the company’s internal cash reserves. He assured the interested parties that developments in the cryptography market would determine their next line of action.
Yunfeng Financial Group Limited, however, said that the measure is aligned with its desire to expand its investment interest in web3. It also seeks to provide critical infrastructure support for the tokenization of real world asset (RWA).
These decisions reflect the belief of Founder of AlibabaWho thinks that the digital currency could remodel the meaning of the currency.
The movement indicates the important institutional adoption of Ethereum as a strategic reserve asset, as the strategy is doing with Bitcoin. This could positively affect ETH’s perspective in the market and catalyze the price.
Can eth exceed more than $ 5,000?
From this article, Ethereum is change Hands at $ 4,349.04, which represents a 0.78% decrease in the last 24 hours. The currency had previously triggered an intradic peak of $ 4,414,93 before facing the resistance and falling to the current level.
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Despite the correction, the negotiation volume remains high in a meaning 24.61% to $ 40.41 billion. This suggests that investors see the current price level as an opportunity to accumulate the currency before a possible rally.
With the growing institutional interest in Ethereum, the asset could witness a Alcista Rally That could push it to turn the $ 5,000 mark.