Bitcoin Begins Month With A Rebound As Metaplanet’s BTC Investment Tops $10 Million
July 01 2024 - 8:30PM
NEWSBTC
In a move indicative of growing corporate confidence in Bitcoin,
Tokyo-listed Metaplanet has once again increased its BTC reserves,
with a recent acquisition pushing its total holdings past the $10
million mark. This purchase coincides with Bitcoin’s positive start
in July, as the cryptocurrency begins to recover recently lost
gains. Currently, Bitcoin is trading above $63,000, marking an
increase of nearly 3% in the past day. Related Reading: Is The
Bitcoin Price Correction Over? Here’s The Support Level To Watch
Metaplanet’s Expansion Into Bitcoin Earlier today, Metaplanet made
headlines by acquiring an additional 20.195 Bitcoin, valued at
approximately $1.2 million, as announced just after market close on
the Tokyo Stock Exchange. This acquisition is part of a larger
strategy, previously declared on June 24, which involves
significant capital allocation towards Bitcoin through upcoming
bond issuances. This latest transaction not only represents its
first purchase using the bond process, but has also now brought
Metaplanet’s total Bitcoin holdings to approximately 161.2677 BTC,
worth roughly $10.1 million, showcasing a bullish stance on the
future of this leading cryptocurrency. The purchase price,
averaging $63,427 per Bitcoin, underscores the bold plan to invest
in Bitcoin regardless of its fluctuating market conditions.
Notably, the implications of such significant investments by
publicly traded companies are quite manifold. Firstly, it
reinforces the legitimacy of Bitcoin as an investment asset,
encouraging other firms to consider similar ventures. For instance,
prior to Metaplanet’s plan to start purchasing BTC, Microstrategy
has long been doing this bringing its total BTC holdings to over
226k BTC as of today. Secondly, these acquisitions can influence
market sentiment, potentially stabilizing prices or even driving
price upwards due to reduced market supply. Does BTC’s Current
Rebound Signals Further Climb? In tandem with Metaplanet’s
investment, the Bitcoin market itself is showing signs of an
upturn. The cryptocurrency has recently seen a 2.6% increase, with
prices rebounding above the $63,000 threshold. This resurgence is
supported by comments from Credible Crypto, a prominent analyst in
the space, who points out that the critical $63-64k zone could
herald a new bullish phase for Bitcoin if reclaimed effectively.
Related Reading: Market Tremors: $10 Billion in Bitcoin Dumped in
May Alone, What Does This Signal? The analyst further remarks on
the importance of this price level, suggesting that a confirmed
break could signal a bottom is in place, setting the stage for a
potential rally. Zooming in a bit, and as explained in my latest
Youtube vid, the 63-64k zone in RED is the key region that needs to
be re-claimed for confirmation that our bottom may be in and that
we may be seeing a scenario like below developing. Just as it was
at our 38k bottom, a break of… https://t.co/9jvJ3Iq9UU
pic.twitter.com/1mH93c1SL0 — CrediBULL Crypto (@CredibleCrypto)
June 30, 2024 Moreover, the broader market trends offer additional
context. CryptoQuant CEO Ki Young Ju notes the current market’s low
volatility as an opportune moment for whales to accumulate BTC,
reinforcing a bullish outlook for the continuing cycle. Similarly,
analysts like Daan Crypto Trades have observed substantial buy bids
accumulating below the spot price, indicating strong support levels
that could prevent further significant downturns. Featured image
created with DALL-E, Chart from TradingView
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