• KPMG Canada has added Bitcoin and Ethereum to its balance sheet.
  • The professional services firm believes that institutional adoption of cryptocurrencies will continue to grow.
  • Bitcoin and Ethereum are steadily recovering following their massive dips in January. 

Big Four accounting giant KPMG Canada has decided to dabble in cryptocurrencies, adding the two largest digital assets by market capitalization to its corporate balance sheet. The auditing firm now believes that crypto is a “maturing asset class.”

Another institution adds crypto to its balance sheet

The Canadian arm of the accounting giant recently revealed in a statement that the firm directly invested in Bitcoin and Ethereum, joining a growing trend of institutional investors adding crypto to their treasuries, including MicroStrategy, Square and Tesla.

The auditing firm stated that their recent investment in cryptocurrencies reflected their belief that “institutional adoption of cryptoassets and blockchain technology will continue to grow and become a regular part of the asset mix.”

Although KPMG did not clarify how much they have invested in the two leading digital assets, the accounting giant added that they purchased carbon offsets to maintain a net-zero carbon transaction.

Benjie Thomas, Canadian managing partner of advisory services at KMPG stated that “crypto assets are a maturing asset class,” and investors such as hedge funds are
increasingly gaining exposure to digital assets and “traditional financial services such as banks, financial advisors and brokerages are exploring offering products and services involving crypto assets.”

KPMG established a governance committee with stakeholders from Finance, Risk Management, Advisory, Audit and Tax sectors to provide oversight and to approve the new treasury allocation. 

Bitcoin price enters recovery rally 

Bitcoin price has sliced above the upper boundary of the ascending triangle pattern on the 4-hour chart, putting a 16% ascent on the radar toward $45,154. BTC has nearly reached the optimistic target, coinciding with the 61.8% Fibonacci retracement level.

Bigger aspirations will target the January 5 high at $46,822 before tagging the 78.6% Fibonacci retracement level at $48,199.

BTC

BTC/USDT 4-hour chart

However, if selling pressure increases, Bitcoin price will fall toward the 50% retracement level at $43,016, then toward the 21 four-hour Simple Moving Average (SMA) at $42,177.

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

Bitcoin price action over the last 72 hours indicates that a massive bullish move is coming. In the last two articles, we have taken a look at why this is possible from a technical and on-chain perspective. 

More Bitcoin News

Luna Classic price: Binance burned 6 billion LUNC, triggering massive rally in the altcoin

Luna Classic price: Binance burned 6 billion LUNC, triggering massive rally in the altcoin

Luna Classic (LUNC) price witnessed a massive spike on Friday, after yielding 12% gains overnight. The move came after the world’s largest crypto exchange, Binance announced it would be burning 6.39 billion LUNC tokens. 

More Luna Classic News

Binance native token BNB and staking derivatives bleed after $5 million DeFi exploit on Ankr Protocol

Binance native token BNB and staking derivatives bleed after $5 million DeFi exploit on Ankr Protocol

Binance’s native token BNB suffered a 3% decline in response to the $5 million exploit on DeFi protocol Ankr Protocol. The BNB chain-based protocol confirmed that it has fallen victim to a multi-million dollar exploit. 

More Binance Coin News

Cardano price gets underpinned, could move 10% north before New Year

Cardano price gets underpinned, could move 10% north before New Year

Cardano (ADA) price action is trading in more quiet waters as the spillover effects and aftermath of FTX and BlockFi bankruptcies are finally easing into the background. 

More Cardano News

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

Bitcoin Weekly Forecast: Assessing likelihood of 80% rally for BTC before 2023

A massive bullish move is coming. In the last two articles, we have taken a look at why this is possible from a technical and on-chain perspective. In this weekly forecast, we will take a look at Bitcoin’s monthly performance for the last decade and determine if this bullish outlook is possible. 

Read full analysis

BTC

ETH

XRP