Introduction
This article provides an overview of the latest developments in the cryptocurrency market, highlighting key events and trends that are shaping the industry.
Latest Prices
Digital asset markets experienced a rebound over the weekend, with the CoinDesk 20 Index (CD20) rising more than 4% since Friday midnight UTC. Bitcoin, the leading cryptocurrency, saw a price increase to $63,500 from a recent dip below $60,000. However, it later slipped below $63,000 during the U.S. trading session. Analysts suggest that July tends to be a positive month for Bitcoin, but caution that the third quarter is typically weaker for digital assets.
Corporate Investments
Metaplanet, a Japanese investment adviser, recently purchased an additional $1.2 million worth of Bitcoin as part of its investment strategy. This move increased the company’s bitcoin treasury holdings to 161 BTC, valued at over $10 million. The decision to acquire Bitcoin mirrors the approach taken by U.S.-listed company MicroStrategy, which issued bonds to raise funds for cryptocurrency acquisitions. The growing interest in this strategy has led digital asset service providers like Abra to introduce treasury services for corporates seeking to hold crypto assets as reserves.
Sony’s Crypto Exchange
Sony announced its plans to relaunch the Japanese cryptocurrency exchange Whalefin, which it acquired last year from Amber Group. The tech giant will soon release a new app for the exchange, marking its official entry into the crypto space. Sony’s move comes after previous involvement in Web3 technologies through investments and partnerships. The revival of Whalefin signals Sony’s deeper commitment to exploring opportunities in the crypto industry.
Chart of the Day
Prime Broker Hidden Road recently expanded its services by adding major cryptocurrency exchanges and incorporating BlackRock’s BUIDL token. Additionally, Marine Le Pen’s far-right National Rally Party emerged as the leader in the first round of the French election, signaling potential political shifts. Furthermore, the Bank for International Settlements (BIS) warned that market confidence in heavily indebted nations could deteriorate rapidly, highlighting the importance of financial stability measures.