The Bitcoin price may have crashed to below $95,000, but even central banks are buying the dip.
The Czech National Bank has become the first in Europe to confirm a $1 million Bitcoin purchase as part of a pilot project to test digital asset custody and settlement.
The move marks a remarkable turning point in establishing Bitcoin’s credibility, considering that central banks are the most risk-averse entities in global finance, traditionally steering clear of volatile assets and dismissing crypto entirely.
With CNB disclosing its Bitcoin investment, other central banks, institutions and agnostic mainstream investors could follow suit.
With BTC’s fundamentals regularly improving, smart money investors continue to buy the dip, despite the short-term bearishness. Altcoins like XRP, privacy coins such as Zcash and Dash and layer-2 coins like Starknet and Bitcoin Hyper are also among the best crypto to buy now.
Bitcoin Price Crashes, But Central Banks and Institutions Are Buying The Dip
The Bitcoin price continues to face strong headwinds from the broader macroeconomic outlook. The lack of transparency regarding the October US economic data has created selling pressure on financial markets, pushing stocks and cryptos lower.
The BTC price is trading at $94,500 at press time, down nearly 8% over the past 24 hours. Notably, it is now trading below the 50-week exponential moving average, a key support level that the bulls would look to reclaim.
CoinGlass data shows that over $1.4 billion has been liquidated from the crypto market over the past 24 hours.
Yet, institutions are buying the dip. The Czech National Bank announced a $1 million investment in Bitcoin. CNB officials acknowledged that digital assets are evolving and increasingly being incorporated into institutional portfolios, and that the bank intends to be prepared for these developments.
Similarly, on-chain data analysis platform Lookonchain flagged that institutions are buying the dip. Anchorage Capital purchased $405 million worth of BTC from a variety of exchanges after the Bitcoin price fell.
Similarly, JPMorgan analysts continue to be bullish on BTC. In their opinion, the Bitcoin price could bottom out at $94k, followed by a massive bullish reversal to $170,000.
Technically, Bitcoin could fall to $92,000 to close a CME Gap before its bounce back.
BTC’s technical analysis also supports this thesis. The largest crypto has formed a massive hidden bullish divergence against its RSI in its 2-week timeframe, which indicates that the bull market isn’t over.
Best Crypto To Buy Now: XRP, Privacy Coins, Bitcoin Hyper
Besides Bitcoin, XRP could be the other large-cap asset that is firmly among the best crypto to buy now.
Canary Funds’ new spot XRP ETF, $XRPC, recorded $58 million in total trading volume, the highest of any ETF launch this year. It also recorded over $245 million worth of inflows.
This indicates that XRP has strong institutional and mainstream demand and that it could hit a new all-time high later this year.
Meanwhile, privacy coins continue to stand out in the green among a sea of red. Both Zcash and Dash are positive on Friday, with the former up by nearly 8% over the past 24 hours. This suggests strong latent demand.
Layer-2 coins are also dominating the scene. Ethereum layer-2 coin Starknet (STRK) is up by nearly 10% over the past 24 hours, trading at $0.155 with an over $700 million market cap.
Meanwhile, the new BTC layer-2 coin, Bitcoin Hyper (HYPER), is stealing the headlines even before its launch. Despite the market crash, a whale swapped 155 ETH for HYPER, investing $500k into the new crypto.
Bitcoin Hyper is nearing the $28 million mark in presale investments, thanks to a wave of high six-figure investments from whales.
The strong demand, however, isn’t surprising. Layer-2 coins are viewed as leveraged bets on their respective layer-1s, which bodes well for HYPER’s long-term trajectory.
JPMorgan analysts are still projecting that the Bitcoin price will hit $170,000, which makes a BTC layer-2 coin like HYPER a sound bet for outsized returns following its launch.
Top analysts and crypto influencers are among its early buyers, with many publicly backing Bitcoin Hyper as the next 10x crypto.
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Nikolay is a cryptocurrency analyst and market writer with years of experience tracking digital asset trends and emerging blockchain technologies. A long-time crypto enthusiast, he actively trades across major exchanges and specializes in identifying early-stage projects and meme tokens. His analysis combines technical insight with a strategic, long-term investment perspective.
