Bitcoin surged to $27,000 after an announcement from Japan unveiling the Bitcoin Adoption Fund, designed to expose institutional investors to Bitcoin.
On September 19, the digital assets subsidiary of Japanese financial services giant Nomura, known as Laser Digital, unveiled the Bitcoin Adoption Fund.
The fund will utilize Komainu, a custody solution jointly operated by Nomura, Ledger, and CoinShares, to ensure the security of client assets.
The price of BTC soared above the $27,000 mark, indicating strong market enthusiasm for institutional utilization of cryptocurrency.
Bitcoin was trading at around $27,098 earlier today, experiencing a minor loss of less than 1%.
Despite occasional challenges surpassing its short and long Moving Averages (yellow and blue lines), Bitcoin remained above its neutral line, signaling a bullish trend.
Bitcoin’s active response to the developments in Japan highlights the excitement among traders regarding institutional participation in the cryptocurrency space.