Bitcoin rises for third straight session

Cryptocurrencies gained ground on Thursday with bitcoin heading for the third straight profit, about to scale two-week highs amid a spike in positive sentiment. 

The gains come amid increasing institutional support from major corporations, while Wall Street rebounded, led by automakers. 

The Price

Bitcoin rose 2.5% at Bitstamp today to $92,790, with a session-low at $89,995.

On Wednesday, bitcoin rose 3.9%, marking the second profit in a row and moving away from a three-month trough at $78,197.

Crypto Market Value 

The market value of cryptocurrencies rose by $75 billion to a total of $3.140 trillion.

MetaPlanet

Japan’s MetaPlanet corporation continued to expand its holdings of bitcoin, adding 497 more units this week at a value of $43.9 million, with an average price of $88,448, with the company’s total holdings rising to 2888 units valued at $240.2 million.

This mirrors US Microstrategy’s crypto hoarding strategy, and shows increasing institutional confidence in bitcoin as a strategic reserve.

Wall Street

US stock indices rebounded strongly on Wednesday with major indices marking huge profits off four-month lows.

The White House decided to provide exemptions to automakers from the 25% tariffs on Mexico and Canada for a month as negotiations continue.