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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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Why is Bitcoin Trading Lower Today?
Market uncertainty persists due to internal Fed divisions and unclear future rate paths until 2026.
Wat u moet weten:
- Bitcoin and Ether prices fell following the Federal Reserve's rate cut and mixed signals about future monetary policy.
- The Fed's decision to purchase short-term Treasury bills aims to manage liquidity, not to implement quantitative easing.
- Market uncertainty persists due to internal Fed divisions and unclear future rate paths until 2026.
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