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Bitcoin Overtakes Amazon in Market Cap to Become 5th in the World
Bitcoin has overtaken Amazon to become the fifth-largest asset in the world. On July 14, its market cap reached $2.42 trillion, while Amazon's was $2.38 trillion. Now BTC is second only to gold, Microsoft, Apple, and Nvidia.
The growth is supported by a steady influx of capital into spot ETFs: on July 10 alone, investors invested $1.17 billion. Sygnum Bank believes that Bitcoin is perceived as a hedge against global risks. Capriole and 10x Research attribute the interest to the legitimacy of the asset and concerns about the US budget deficit.
However, a sharp rise could increase short-term volatility: analysts warn of possible profit-taking by large holders.
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