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

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