Crypto News- Bitcoin Rebound Falters at $63K as Market Obstacles Emerge
Crypto News– Digital asset markets rebounded over the weekend, with the broad market benchmark CoinDesk 20 Index (CD20) climbing more than 4% since Friday midnight UTC. Bitcoin bounced back to $63,500 from its dip below $60,000 on Friday, before slipping below $63,000 as the U.S. trading session began. According to a Monday update from 10x Research, July is usually a positive month for BTC, but any lulls over the coming months will likely persist, as the third quarter tends to be the weakest for digital assets.
Metaplanet purchased an additional $1.2 million in BTC as part of its ongoing investment strategy. The Japanese investment adviser increased its bitcoin holdings to 161 BTC, valued at more than $10 million at current prices. This purchase was part of the company’s plan to accumulate bitcoin, following last week’s announcement that it intended to acquire $6 million worth of the largest crypto asset. This strategy mirrors that of U.S.-listed MicroStrategy, which has been issuing bonds to raise funds and buy bitcoin. The growing popularity of this approach has led digital asset prime services provider Abra to introduce a treasury service for corporates looking to hold crypto on their balance sheets as a reserve asset.
Sony is planning to restart the Japanese crypto exchange Whalefin. According to a report by PR Times, Sony will revive the exchange soon and release a new app. The tech giant acquired Whalefin last year from the troubled crypto lender and asset manager Amber Group. Previously, Sony had explored Web3 through various investments and partnerships. This launch will mark the PlayStation maker’s significant entry into the crypto space.
trending crypto chart today
- The table shows bitcoin’s monthly price performance since 2013.
- July has generally been a positive month for bitcoin, with prices gaining eight times out of 12 and declining four times.
- Source: Bitcoinmonthlyreturns.com
– Omkar Godbole
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