Bitcoin Price Pumps as Osmosis Treasury Converts to BTC

  1. The price of Bitcoin (BTC) continues to pump this week.
  2. Osmosis Foundation has converted over 10% of its treasury into Bitcoin (BTC).
  3. The steady recovery has pushed the crypto market into the greedy sentiment.

The Osmosis Foundation announced earlier this month that it will convert its treasury ‘cash’ to Bitcoin (BTC) $ 26,448.09 -2.44%. Presently, the Foundation has converted just over 10% of its ‘cash’ to the crypto community’s favorite digital asset. Perhaps this is what pushed the price of Bitcoin (BTC) to go over $28,000 this weekend.

According to this tweet, Wu Blockchain says that the co-founder of Osmosis Foundation has indeed begun to convert its ‘cash’ to BTC. It further confirms that the Foundation has turned over 10% of the ‘cash’ in its treasury into Bitcoin (BTC).

At the moment, Osmosis is highlighted to be the largest decentralized exchange (DEX) in the Cosmos ecosystem. In its initial stages, it was only able to host OSMO, its native token, and USDC. At the moment, it is not clear how much the specific ratio of conversion to Bitcoin is made from the treasury amount.

Based on the responses to the tweet, many are excited to see this turn of events. Over the past week, the price of Bitcoin (BTC) seems to be making a steady recovery. Therefore, it is surprising to see that other moves are helping boost the cryptocurrency even further. 

In particular, the price of Bitcoin (BTC) is at $28,011, according to CoinGecko. As the price of Bitcoin (BTC) continues to pump, the crypto market sentiment continues to head into the green greedy sector. To highlight, according to the Bitcoin Fear & Greed Index, the market sentiment is at 66, pointing to the Greed label. 

It is likely that the crypto market may see a sudden spur in crypto investments, starting with Bitcoin (BTC). However, altcoins may also make a recovery during these abundant times. After all, with the Ethereum Shanghai Update looming before us, it is more than likely that altcoins will follow Bitcoin and its green bullish signals.

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A focused and vigilant storyteller for all things blockchain and cryptocurrency. Besides consuming every piece of literature about the metaverse, she can often be found at industry convections looking for the latest scoop.