Rapidly evolving blockchain technology and growing interest in cryptocurrencies are beginning to have a significant impact on the financial strategies of public institutions.
On July 25, Mayor Stephen Fulop announced that the city was updating its Securities and Exchange Commission (SEC) filings to include Bitcoin ETFs in its pension investments, following the Wisconsin Pension Fund’s recent decision to allocate 2% of its assets to Bitcoin ETFs.
Shortly after the Jersey City mayor’s announcement that a portion of the city’s pension fund would be allocated to purchase a Bitcoin ETF, the state of Michigan also revealed its intentions, investing $6.6 million in the ARK ETF for its pension fund.
BREAKING: 🇺🇸 Michigan Retirement System has bought $6.6 million #Bitcoin through the ARK ETF.
✅ Wisconsin
✅ Michigan
✅ Jersey City— Bitcoin Archive (@BTC_Archive) July 26, 2024
The price of Bitcoin (BTC) saw a significant drop, falling over 9% and dropping below $53,000 for the first time in over a month late Friday evening.
According to Sergey Bezdelov, director of the Industrial Mining Association, approximately 54,000 Bitcoin (BTC) tokens worth about $3 billion were mined in Russia in 2023.
This week has been bearish for the crypto market and Friday was no exception. Today, Bitcoin and most altcoins experienced significant declines, following the U.S. jobs report.
Thursday’s crypto market witnessed a significant shake-up, with $100 million in liquidations recorded in just one day, primarily impacting long positions.