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Bitcoin Begins Month With A Rebound As Metaplanet's BTC Investment Tops $10 Million
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

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

Samuel Edyme
Samuel Edyme
11 months ago
3 mins read
Bitcoin Begins Month With A Rebound

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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.

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11 months ago

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
BTC price is moving sideways on the 2-hour chart. Source: BTC/USDT 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.

Related Reading

$10 Billion in Bitcoin Dumped

Market Tremors: $10 Billion in Bitcoin Dumped in May Alone, What Does This Signal?

11 months ago

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.

Bitcoin German-klass realised volatility
Bitcoin German-klass realised volatility. | Ki Young Ju on X

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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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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