Bitcoin News: Norway Embraces Crypto Adoption as Bitcoin Soars Past S&P 500 Returns

In a significant development for the cryptocurrency market, Norway has joined the growing trend of crypto adoption. This shift, coupled with the impressive performance of Bitcoin, suggests a transition from niche to mainstream investment.

Norway Joins Crypto Adoption Trend

The continued growth of crypto investment, particularly among the elderly, signals a transition from niche to mainstream market. Bitcoin began its upward trend in 2023 and surpassed the returns from the S&P 500 by 2024, reaching new all-time highs. Faith in the digital assets market has been restored despite the ’crypto winter’ and controversies in 2023 after the collapse of FTX. Crypto adoption in the United States has seen a near doubling of ownership in the three years after 2021.

Tether Continues Bitcoin Buying Spree, Now Holds $7.8 Billion

Tether, the issuer of the world’s largest stablecoin USDT, has further solidified its position as a significant Bitcoin holder by purchasing 8,888 BTC in the first quarter of 2025. This brings its total holdings to 92,646 BTC, valued at approximately $7.8 billion. Tether is now the sixth-largest single-wallet holder of Bitcoin globally, highlighting the growing trend of corporations incorporating Bitcoin into their treasury strategies. The company has consistently pursued a strategy of accumulating Bitcoin, demonstrating a long-term conviction in the digital asset.

Trump Family Betting Big on Bitcoin Mining

Eric Trump and Donald Trump Jr. have backed a new company, American Bitcoin Corporation, which used to be called American Data Centres. American Bitcoin recently acquired ASIC miners from Hut 8 and will focus on the mining side of the business, while Hut 8 will handle the management and operations. Hut 8, a publicly traded company, contributed around 61,000 mining machines to the venture. American Bitcoin will also invest in a Bitcoin treasury and Hut 8 will retain an 80% stake in American Bitcoin. Hut 8 will host physical locations for the crypto mining venture, owning 11 sites across America. No cash transfers were needed between Hut 8 and American Bitcoin.

Bitcoin Price Outlook: Can Reduced Selling Pressure Drive a Surge?

The Bitcoin market is currently over 30% below its all-time high, with recent declines including a 17.5% drop in February, a 2.19% decline in previous months, and a 3.2% decrease in the last seven days. However, in the last 24 hours, it has witnessed a surge of 0.9%. An on-chain analysis suggests that short-term BTC investors are selling less, indicated by data from the Short-Term Spent Output Profit Ratio chart and UTXO Age Band (1-3 months). This could potentially signal a rebound in the Bitcoin price.

Bitcoin Proxies Strategy, Metaplanet, and Boyaa Ready for Breakout

The market is awaiting President Trump’s tariffs, which go into effect on Wednesday. If positive, Bitcoin proxy companies Strategy, Metaplanet, and Boyaa are poised for a breakout. Strategy, which recently made a huge purchase worth $1.92 billion, now holds over 528,000 BTC and has a likely unassailable lead over other Bitcoin-oriented companies. The weekly chart shows a bull flag pattern, which is extremely bullish. Tuesday’s more than 6% rise moved the price back towards the top trendline of the bull flag, although it has met with some resistance. Wednesday’s open suggests a retrace back to $301.