---

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

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

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

Go to Source
Author: Samuel Edyme

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