Markets
Bitcoin (BTC) relief rally stalls at $63,000 as crypto price rebound faces hurdles
Digital asset markets rebounded over the weekendwith the broad market reference CoinDesk 20 Index (CD20) up more than 4% since midnight UTC on Friday. Bitcoin rebounded to $63,500 after its Friday drop below $60,000 before weakening and slipping below $63,000 towards the start of the U.S. trading session. July tends to be a positive month for BTC, 10x Research wrote in a Monday update, but any lull in the coming months will likely continue as the third quarter is typically the weakest for digital assets.
Metaplanet bought another $1.2 million in BTC as its investment strategy progressed. The Japanese investment advisor increased its bitcoin holdings to 161 BTC, or more than $10 million at current prices. The purchase was part of the company’s bitcoin accumulation plan following last week’s announcement that it planned to acquire $6 million of the largest crypto assetmirroring the footsteps of U.S.-listed MicroStrategy as a public company issuing bonds to raise funds and acquire bitcoin. The growing popularity of this strategy has prompted the leading digital asset services provider Abra to introduce treasury service for businesses who wish to hold cryptocurrencies on their balance sheets as a reserve asset.
Sony plans to restart Japanese crypto exchange Whalefin. According to a report from PR Times, Sony will relaunch the exchange “soon”, by launching a new application. The tech giant acquired Whalefin last year from troubled crypto lender and asset manager Amber Group. Previously, Sony dabbled in Web3 through investments and partnerships, and the launch will mark the PlayStation maker’s real foray into crypto.