Bitcoin Begins Month With A Rebound As Metaplanet’s BTC Investment Tops $10 Million

Share This Post

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.

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.

Bitcoin (BTC) price chart on TradingView.com

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.

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.

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.

Bitcoin German-klass realised volatility

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

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

Pi Coin Price Prediction: Pi Network Faces Migration Issues, Drops 10%

The post Pi Coin Price Prediction: Pi Network Faces Migration Issues, Drops 10% appeared first on Coinpedia Fintech News The Pi Network community recently celebrated Pi Day, marking the sixth

200 Million XRP On The Move—Is Ripple Preparing For A Big Play?

Ripple’s XRP has been one of the hottest cryptos in the market thanks to its impressive price performance, especially after US President Donald Trump’s reelection Trading below $1 for most of

Coinbase Scores Big as Vermont Drops Case—Is This the End of Staking Crackdowns?

Coinbase just scored a massive legal win as Vermont rescinds its case on staking services, reinforcing that staking is not a security This marks another major setback for regulators trying to rein in

XRP Price Prediction For March 15

The post XRP Price Prediction For March 15 appeared first on Coinpedia Fintech News The cryptocurrency market is currently trying to bounce back and the next few days will be crucial to determine the

VanEck Seeks SEC Approval for First-Ever AVAX ETF

The post VanEck Seeks SEC Approval for First-Ever AVAX ETF appeared first on Coinpedia Fintech News As per a recent statement, VanEck is seeking approval from the US Securities and Exchange

Polkadot (DOT) Price Stability Fuels Hopes For Short-Term Recovery

Polkadot (DOT) has been quietly building a strong foundation, with its price stabilizing after a period of volatility This consolidation phase often serves as a launching pad for a potential upward