The latest moves in crypto markets, in context By Krisztian Sandor, CoinDesk Markets Reporter Was this newsletter forwarded to you? Sign up here. |
|
|
Happy Monday! Here’s what you need to know in crypto to start the month. |
Sony plans to restart crypto exchange Whalefin in Japan.Abra starts crypto treasury service for companies.Bitcoin faces resistance at $65,000. |
|
|
CoinDesk 20 Index: 2,157 +2.6% Bitcoin (BTC): $62,679 +1.9% Ether (ETC): $3,460 +2.1% S&P 500: 5,460.48 −0.4% Gold: $2,346 +0.8% Nikkei 225: $2,346 +0.8% |
|
|
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. |
|
|
Market Insight: Bitcoin's Potential Rebound May Face Resistance at $65K, On-Chain Analysis Shows |
As bitcoin (BTC) looks to recover from June's decline, new challenges loom, with on-chain data suggesting a potential resistance at $65,000. The leading cryptocurrency by market value traded nearly 1% higher at $63,200 at the time of writing, looking to regain some poise after dropping 7% last month. The slide, which reversed May's upswing, mainly occurred due to selling by crypto miners and concerns that ETF inflows represent non-directional arbitrage bets instead of outright bullish bets. Notably, the decline has pushed prices well below the widely tracked aggregate cost basis of short-term bitcoin holders, or wallets storing coins for 155 days or less. As of writing, the aggregate cost basis for short-term holders was $65,000, according to data source LookIntoBitcoin. Onchain analytics firms consider realized price as the aggregate cost basis, reflecting the average price at which coins were last spent on-chain. |
|
|
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. |
|
|
Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments. |
|
|
|