Blockchain
Bitcoin (BTC) Relief Rally Pauses at $63K as Crypto Price Bounce Hits Hurdles
Digital asset markets rebounded over the weekendwith the broad market benchmark CoinDesk Index 20 (CD20) up more than 4% since midnight UTC Friday. Bitcoin rebounded to $63,500 from its Friday dip below $60,000 before faltering and sliding below $63,000 toward the start of the U.S. trading session. July tends to be a strong month for BTC, 10x Research wrote in a Monday update, but any lull in the coming months is likely to continue as the third quarter is typically the weakest for digital assets.
Metaplanet bought another $1.2 million in BTC as its investment strategy progresses. The Japanese investment advisor has increased its bitcoin treasury holdings to 161 BTC, worth over $10 million at current prices. The purchase was part of the firm’s bitcoin accumulation plan, following last week’s announcement that it plans to acquire $6 million of the largest cryptocurrencymirroring the footsteps of US-listed MicroStrategy as a public company issuing bonds to raise funds and acquire bitcoin. The growing popularity of this strategy has pushed the premium digital asset service provider Abra to introduce corporate treasury service who want to hold cryptocurrencies on their balance sheets as reserve assets.
Sony plans to restart Japanese cryptocurrency exchange Whalefin. According to a PR Times report, Sony will relaunch the exchange “soon,” releasing a new app. The tech giant acquired Whalefin last year from crypto lender and asset manager Amber Group. Sony has previously dabbled in Web3 through investments and partnerships, and the launch will mark the PlayStation maker’s full-blown foray into cryptocurrency.