{"id":397383,"date":"2024-06-05T22:30:41","date_gmt":"2024-06-05T17:00:41","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=397383"},"modified":"2024-06-05T16:54:39","modified_gmt":"2024-06-05T11:24:39","slug":"will-dmm-bitcoins-321m-buyback-impact-the-btc-market","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/will-dmm-bitcoins-321m-buyback-impact-the-btc-market\/","title":{"rendered":"DMM Bitcoin&#8217;s $321M buyback &#8211; Analyzing the impact on BTC&#8217;s price"},"content":{"rendered":"<ul>\n<li aria-level=\"1\"><em>DMM Bitcoin lost 4,502.9 BTC to hackers, planning a significant buyback to cover losses.<\/em><\/li>\n<li aria-level=\"1\"><em>AMBCrypto analyzed the possible impact of this purchase on the Bitcoin market<\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">On May 31st, DMM Bitcoin, a prominent Japanese cryptocurrency exchange, <\/span><a href=\"https:\/\/go.skimresources.com\/?id=100652X1574425&amp;isjs=1&amp;jv=15.7.1&amp;sref=https%3A%2F%2Fwww.coindesk.com%2Fbusiness%2F2024%2F05%2F31%2Fjapanese-crypto-exchange-dmm-bitcoin-suffers-305m-hack%2F&amp;url=https%3A%2F%2Fbitcoin.dmm.com%2Fnews%2F20240531_01&amp;xs=1&amp;xtz=-60&amp;xuuid=ad5457ee02c6f229b2a0036cfd61c4cb&amp;xjsf=other_click__contextmenu%20%5B2%5D\"><span style=\"font-weight: 400;\">encountered<\/span><\/a><span style=\"font-weight: 400;\"> a significant security breach resulting in the loss of approximately 48 billion yen ($305 million) worth of <a href=\"https:\/\/ambcrypto.com\/category\/bitcoin-news\/\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">Bitcoin [BTC]<\/a>\u00a0.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The breach led to 4,502.9 BTC being illicitly transferred out of the exchange&#8217;s reserves, as reported by security analysts from Blocksec. Analysts noted that stolen funds were split into batches of 500 BTC across ten different wallets.<\/span><\/p>\n<h2><strong>DMM Bitcoin&#8217;s plan to undo a hacker&#8217;s payday<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">In response to this substantial financial hit, DMM Bitcoin has <\/span><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-06-05\/hacked-japan-exchange-to-raise-about-320-million-to-buy-bitcoin-btc\"><span style=\"font-weight: 400;\">initiated<\/span><\/a><span style=\"font-weight: 400;\"> a comprehensive recovery strategy aimed at compensating affected customers without disrupting the broader Bitcoin market.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The platform disclosed plans to secure 50 billion yen ($321 million) to purchase Bitcoin lost. This move is part of a broader initiative to stabilize the exchange\u2019s operations and restore user trust.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Notably, the hack, ranked as the seventh-largest crypto theft by Chainalysis, prompted immediate regulatory action. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Japan\u2019s Financial Services Agency has required DMM Bitcoin to thoroughly investigate the incident. A report on both the breach\u2019s origins and the company&#8217;s customer compensation strategy was also requested.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Meanwhile, Finance Minister Shunichi Suzuki has committed to bolstering preventative measures against future security breaches in the cryptocurrency sector.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So far, the company has secured a 5 billion yen loan. It is in the process of a significant capital raise amounting to 48 billion yen.<\/span><\/p>\n<h2><strong>Possible impact\u00a0<\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">While it might seem noteworthy that a crypto exchange is set to purchase millions in Bitcoin, the reality is that DMM&#8217;s planned $320 million investment is unlikely to shake the market significantly.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This purchase will only account for about 4,500 BTC, a mere 0.023% of the current circulating supply of approximately 19.7 million coins, according to Coingecko <\/span><a href=\"https:\/\/www.coingecko.com\/en\/coins\/bitcoin\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">data<\/span><\/a><span style=\"font-weight: 400;\">. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">In comparison, U.S. spot Bitcoin ETFs are making <\/span><a href=\"https:\/\/sosovalue.xyz\/assets\/etf\/us-btc-spot\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">purchases<\/span><\/a><span style=\"font-weight: 400;\"> over $500 million, which genuinely influence Bitcoin\u2019s price dynamics.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As of now, Bitcoin&#8217;s price is slightly above $71,000. BTC rose by 2.9% in the past day and 4.6% over the past week. Despite these gains, the increase has led to over $30 million in liquidations in the market, per Coinglass.\u00a0<\/span><\/p>\n<figure id=\"attachment_397390\" aria-describedby=\"caption-attachment-397390\" style=\"width: 2806px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Screenshot-2024-06-05-at-09.45.21.png\"><img decoding=\"async\" class=\"wp-image-397390 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Screenshot-2024-06-05-at-09.45.21.png\" alt=\"\" width=\"2806\" height=\"814\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Screenshot-2024-06-05-at-09.45.21.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Screenshot-2024-06-05-at-09.45.21-300x87.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Screenshot-2024-06-05-at-09.45.21-1024x297.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Screenshot-2024-06-05-at-09.45.21-768x223.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Screenshot-2024-06-05-at-09.45.21-1536x446.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Screenshot-2024-06-05-at-09.45.21-2048x594.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/Screenshot-2024-06-05-at-09.45.21-1200x348.png 1200w\" sizes=\"(max-width: 2806px) 100vw, 2806px\" \/><\/a><figcaption id=\"caption-attachment-397390\" class=\"wp-caption-text\">Source: Coinglass<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">This price rise correlates with a noticeable uptick in the number of new Bitcoin addresses shown in <\/span><a href=\"https:\/\/studio.glassnode.com\/metrics?a=BTC&amp;category=&amp;m=addresses.NewNonZeroCount&amp;s=1709420400&amp;u=1717541999&amp;zoom=\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">data<\/span><\/a><span style=\"font-weight: 400;\"> from Glassnode, suggesting a renewed interest and potentially higher future valuation.<\/span><\/p>\n<figure id=\"attachment_397391\" aria-describedby=\"caption-attachment-397391\" style=\"width: 1800px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/glassnode-studio_bitcoin-number-of-new-addresses-2-1.png\"><img decoding=\"async\" class=\"wp-image-397391 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/glassnode-studio_bitcoin-number-of-new-addresses-2-1.png\" alt=\"\" width=\"1800\" height=\"1013\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/glassnode-studio_bitcoin-number-of-new-addresses-2-1.png 1800w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/glassnode-studio_bitcoin-number-of-new-addresses-2-1-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/glassnode-studio_bitcoin-number-of-new-addresses-2-1-1024x576.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/glassnode-studio_bitcoin-number-of-new-addresses-2-1-768x432.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/glassnode-studio_bitcoin-number-of-new-addresses-2-1-1536x864.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/glassnode-studio_bitcoin-number-of-new-addresses-2-1-1200x675.png 1200w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" \/><\/a><figcaption id=\"caption-attachment-397391\" class=\"wp-caption-text\">Source: Glassnode<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Moreover, current technical analysis indicates that Bitcoin is attempting to break through a significant resistance level on the daily chart. A successful breach could potentially initiate a major rally, catapulting the asset&#8217;s price to new heights.<\/span><\/p>\n<figure id=\"attachment_397392\" aria-describedby=\"caption-attachment-397392\" style=\"width: 2770px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/BTCUSDT_2024-06-05_09-47-27.png\"><img decoding=\"async\" class=\"wp-image-397392 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/BTCUSDT_2024-06-05_09-47-27.png\" alt=\"\" width=\"2770\" height=\"1496\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/BTCUSDT_2024-06-05_09-47-27.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/BTCUSDT_2024-06-05_09-47-27-300x162.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/BTCUSDT_2024-06-05_09-47-27-1024x553.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/BTCUSDT_2024-06-05_09-47-27-768x415.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/BTCUSDT_2024-06-05_09-47-27-1536x830.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/BTCUSDT_2024-06-05_09-47-27-2048x1106.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/06\/BTCUSDT_2024-06-05_09-47-27-1200x648.png 1200w\" sizes=\"(max-width: 2770px) 100vw, 2770px\" \/><\/a><figcaption id=\"caption-attachment-397392\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n<hr \/>\n<p style=\"text-align: center;\">Read\u00a0<a href=\"https:\/\/ambcrypto.com\/predictions\/bitcoin-price-prediction\" target=\"_blank\" rel=\"noopener\" data-wpel-link=\"internal\">Bitcoin\u2019s [BTC] Price Prediction<\/a>\u00a02024-2025<\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">In another analysis, AMBCrypto <\/span><a href=\"https:\/\/ambcrypto.com\/bitcoin-breaks-71k-should-you-cash-in-today-or-hodl\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">reports<\/span><\/a><span style=\"font-weight: 400;\"> that the Network Value to Transactions ratio, which is the market capitalization divided by the transacted volume, has been trending higher. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">This metric suggests that BTC might currently be overvalued based on its transaction capabilities.<\/span><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>DMM Bitcoin, after a major hack, plans to raise $321 million to repurchase lost Bitcoin and ensure customer compensation.<\/p>\n","protected":false},"author":89,"featured_media":397397,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[35,360,66,3,4,20],"tags":[6427,6428],"class_list":["post-397383","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin-news","category-btc-trading-view","category-new-news","category-news","category-social","category-trading-view","tag-ambcrypto","tag-new-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - 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