Metaplanet of Tokyo, which is listed on the Tokyo Stock Exchange, recently added to its BTC holdings. This move shows that corporate trust in Bitcoin has grown. acquisition Its total investments have now exceeded the $10-million mark.
Bitcoin has been on a positive streak since the beginning of July. It is recovering recent lost gains. Bitcoin currently trades above $63,000. That’s an increase by nearly 3% from the previous day.
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Metaplanet Expands into Bitcoin
Metaplanet, which announced its acquisition of an additional 20,195 Bitcoins valued at around $1.2 Million, just after the Tokyo Stock Exchange closed, made news earlier today.
This purchase is part of an overall strategy announced previously on 24 June, which includes a significant amount of capital allocated towards Bitcoin through upcoming bond issuances.
Metaplanet has now increased its total Bitcoin holdings from approximately 161.2677 BTC to $10.1 million. This shows a strong bullish outlook for the future. leading cryptocurrency.
Averaging at $63,427, the purchase price of Bitcoins demonstrates the brave plan to invest regardless of market fluctuations. The implications of these significant investments made by public companies are many.
This reinforces Bitcoin’s legitimacy as an asset and encourages others to pursue similar endeavors. Microstrategy, for example, has been buying BTC long before Metaplanet announced its plan. Its total BTC holds are now at over 226k BTC As of today
These acquisitions are also able to influence market sentimentDue to reduced supply, the price of a product could increase or stabilise.
Can BTC continue to climb with its current Rebound signals?
The Bitcoin market is also showing positive signs in tandem with Metaplanet’s investment. Recent cryptocurrency news has shown that the market is on an upward trend. 2.6% increasePrices have risen above $63,000.
Credible Crypto is a leading analyst who has commented on this resurgence. points out If the $63-64k area is regained, it could signal a new bullish period for Bitcoin.
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This analyst also stresses the importance of a price break, suggesting it could be a sign that the bottom is now in place and set the stage for an eventual rally.
The RED zone between 63 and 64k is where we need to zoom in if we want confirmation that this may be the case and that a scenario similar to below may be 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
The broader trends in the market provide additional context. CryptoQuant CEO Ki Young Ju notes Whales are taking advantage of low market volatility to buy BTC. This will reinforce the bullish outlook in the coming cycle.
![Bitcoin German-klass realised volatility](https://fxruhanahmed.com/2/wp-content/uploads/2024/07/Bitcoin-Begins-Month-With-A-Rebound-As-Metaplanets-BTC-Investment.jpeg)
Analysts like Daan Crypto Trades also have similar observations substantial buy bids Accumulating under the spot price indicates strong support levels which could prevent any further downturns.
Charts from TradingView and DALLE were used to create the featured image.
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Source: www.newsbtc.com