Bitcoin above $65.000, Solana looks bullish, Metaplanet buys more BTC
Bitcoin above $65.000, Ether rises
Bitcoin’s price is continuing its rebound, now trading above $64,000 after previously dipping below $60,000 for about ten days. The cryptocurrency saw a rise of 5.89% in the past 24 hours, reaching $64,894, while the wider cryptocurrency market increased by 4.97%. Ethereum (ETH) also saw gains, rising by 6.08% to $3,468, and Binance Coin (BNB) increased by 6.51% to around $581.
The recovery in Bitcoin’s price is attributed to former U.S. President and presumptive Republican candidate Donald Trump surviving an assassination attempt at a rally. This event seems to have boosted enthusiasm within the crypto community, especially among those who view Trump as a pro-crypto advocate. Earlier concerns about significant selling pressure from Mt Gox and the German government’s bitcoin sales had contributed to Bitcoin’s downturn.
Bitget CEO Gracy Chen noted that there was a surge of enthusiasm within the crypto community immediately after the assassination attempt, particularly among Trump supporters who see him as a strong crypto advocate. In addition to this, Trump selected crypto-friendly Senator J.D. Vance as his running mate for the 2024 presidential election and is scheduled to speak at the Bitcoin 2024 conference in Nashville later this month. This bullish sentiment also boosted Trump-themed memecoins and crypto-related stocks, with Coinbase closing up more than 11% and MicroStrategy gaining 15.3%.
Meanwhile, Ethereum’s price increased amid news that spot Ethereum exchange-traded funds (ETFs) are likely to begin trading on Tuesday, July 23. Sources from two U.S. issuers confirmed this to The Block, with Bloomberg Senior ETF Analyst Eric Balchunas first posting the news. This follows the Securities and Exchange Commission’s soft approval of the issuers’ applications in late May.
Analysts from Presto Research suggested that while it might be difficult for Ethereum to surpass Bitcoin initially, it has the potential to catch up in terms of institutional branding with the launch of spot ETFs. They predicted that the ETH/BTC ratio could recover to levels seen in mid-May, when the SEC first approved the forms for spot ether ETFs. Over the long term, the analysts added that restoring the ETH/BTC ratio to levels from the 2021 bull cycle would imply significant upside potential.
In summary, Bitcoin and Ethereum are experiencing significant gains, driven by recent events and upcoming ETF launches. The crypto market is reacting positively to these developments, with expectations of further growth and recovery in the near term.
Source: The Block
Solana’s Triangular Consolidation Hints at Potential Bullish Breakout for Crypto Traders
Crypto traders closely monitoring Solana’s SOL token are paying attention to its months-long triangular price consolidation, which could signal a potential breakout and subsequent price rally. Analysts at Fairlead Strategies suggest that this triangular pattern may be a crucial indicator for the digital asset’s next move.
Solana, which ranks as the world’s fifth-largest cryptocurrency by market value, experienced significant gains in the first quarter, nearly doubling in price to over $200. This surge was partly driven by the debut of spot bitcoin ETFs in the U.S., which boosted the broader crypto market. However, since then, Solana’s uptrend has slowed down, with price pullbacks stabilizing around $120 and progressively shallower recoveries.
This price action has formed a descending triangle pattern. This pattern consists of a downward-sloping trendline representing lower highs and a flat trendline indicating a strong support level. Typically, this pattern suggests seller dominance, and a breakout from it could indicate a renewed momentum on the upside.
Analysts at Fairlead Strategies have highlighted the importance of a breakout from this triangle pattern. “A breakout would mark a bullish continuation of the long-term uptrend, putting secondary resistance near $202. Triangle support is near $132,” they said in a note to clients on Monday. They added that they are maintaining a neutral bias until a breakout occurs.
At the time of writing, Solana was trading at $155, according to CoinDesk data.
In summary, the months-long triangular price consolidation in Solana’s SOL token is a critical area of focus for crypto traders. A potential breakout from this pattern could signal a bullish continuation, with significant resistance levels to watch near $202 and support around $132. Analysts suggest maintaining a neutral stance until a definitive breakout occurs, which could reignite a price rally in Solana.
Source: CoinDesk
Metaplanet buys another $1.2 million of bitcoin as price rebounds
Metaplanet’s share price spiked 22% in the first 30 minutes on the Tokyo Stock Exchange following the news on July 16.
Bitcoin-stacking investment firm Metaplanet has purchased another 21.88 Bitcoin — worth over $1.2 million (200 million Japanese yen) — amid the recent Bitcoin rally, driving prices close to $65,000.
According to its latest July 16 purchase statement, the Japan-based firm’s Bitcoin holdings now total 225.6 Bitcoin, valued at $14.6 million.
The recent purchase, combined with Bitcoin’s 4.4% price rise over the last 24 hours, has fueled a surge in Metaplanet’s share prices — up 25.8% to $0.74 (117 yen) in the opening two and a half hours on the Tokyo Stock Exchange on July 16, Google Finance data shows.
Metaplanet took advantage of Bitcoin’s price dip earlier this month, snapping up another 42.46 Bitcoin on July 7 for $2.5 million (400 million yen).
The firm’s stock price has now soared nearly six-fold since it unveiled its Bitcoin investment strategy on April 9, 2024.
However, Metaplanet is only up 2.8% on its Bitcoin holdings, given its average Bitcoin purchase price of $62,890.
Metaplanet is currently the world’s 21st-largest corporate holder of Bitcoin, according to CoinGecko.
Metaplanet has been dubbed “Asia’s MicroStrategy” because it follows a similar playbook to Michael Saylor’s MicroStrategy in 2020.
Similar to MicroStrategy — the largest corporate Bitcoin shareholder — Metaplanet iterated on May 13 that it’ll adopt an “entire range of capital market instruments” to bolster its Bitcoin reserves.
Metaplanet adopted the strategy to hedge against Japan’s worsening debt burden and the fast-depreciating Japanese yen.
The Japanese yen has fallen nearly 54% against the United States dollar since January 2021, while Bitcoin is up over 145% against the yen over the last 12 months.
Source: Cointelegraph
