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First Mover Americas: Bitcoin Relief Rally Stalls at $63K as Crypto Rebound Faces Hurdles
The latest price moves in crypto markets in context for July 1, 2024.
Updated Jul 1, 2024, 12:36 p.m. Published Jul 1, 2024, 12:36 p.m.
This article originally appeared in First Mover, CoinDesk’s daily newsletter, putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.
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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 to $63,500 from its Friday dip below $60,000 before faltering and slipping below $63,000 toward 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 over coming months will probably continue as the third quarter is usually the weakest for digital assets.
Metaplanet bought another $1.2 million in BTC as its investment strategy progressed. The Japanese investment adviser boosted its bitcoin treasury holdings to 161 BTC worth more than $10 million at current prices. The purchase was part of the company's bitcoin accumulation plan following last week's announcement it planned to acquire $6 million of the largest crypto asset, mirroring the U.S.-listed MicroStrategy's footsteps as a public company issuing bonds to raise funds and acquire bitcoin. The growing popularity of this strategy prompted digital asset prime services provider Abra to introduce a treasury service for corporates that want to hold crypto on their balance sheets as a reserve asset.
Sony plans to restart Japanese crypto exchange Whalefin. According to a PR Times report, Sony will revive the exchange "soon," releasing a new app. The tech giant acquired Whalefin last year from embattled 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 proper foray into crypto.
Chart of the Day
- 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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Krisztian Sandor
Krisztian Sandor recently graduated from NYU's business and economic reporter program as a Fulbright fellow and worked with Reuters and Forbes previously. Originally from Budapest, Hungary, he is now based in New York. He holds BTC and ETH.
Omkar Godbole
Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team based in Mumbai, holds a masters degree in Finance and a Chartered Market Technician (CMT) member. Omkar previously worked at FXStreet, writing research on currency markets and as fundamental analyst at currency and commodities desk at Mumbai-based brokerage houses. Omkar holds small amounts of bitcoin, ether, BitTorrent, tron and dot.
