Bitcoin Relief Rally Hits Roadblock at $63K Amid Crypto Rebound Challenges in the Americas
Digital asset markets experienced a resurgence over the weekend, as the CoinDesk 20 Index (CD20) surged by over 4% since Friday midnight UTC. Bitcoin saw a bounce to $63,500 following a dip below $60,000 on Friday, though it later slipped below $63,000 at the beginning of the U.S. trading session. According to a Monday update by 10x Research, July typically presents a positive outlook for BTC, but potential sluggishness in the upcoming months may persist, as the third quarter typically represents a weaker period for digital assets.
Metaplanet recently made headlines by acquiring an additional $1.2 million in BTC as part of its evolving investment strategy. The Japanese investment advisor now holds 161 BTC, valued at over $10 million based on current prices. This move follows their announcement last week of plans to purchase $6 million worth of bitcoin, mirroring the approach taken by U.S.-based MicroStrategy, which issued bonds to raise capital for bitcoin acquisitions. The growing popularity of this strategy has led Abra, a digital asset prime services provider, to introduce a treasury service catering to corporates seeking to hold crypto assets as reserves.
In another significant development, Sony is set to relaunch the Japanese crypto exchange Whalefin. The tech giant, known for its ventures in Web3 through investments and partnerships, acquired Whalefin from Amber Group last year. Sony’s reentry into the crypto space through this exchange revival marks a significant step in its crypto journey.
A chart depicting bitcoin’s monthly price performance since 2013 reveals that July has historically been a favorable month for the cryptocurrency, with prices rising eight times out of 12 and falling four times. The data source for this chart is Bitcoinmonthlyreturns.com.
These recent market movements and strategic investments by key players like Metaplanet and Sony underscore the evolving landscape of digital assets and the increasing interest from both institutional and retail investors in the crypto space.
