Asia’a MicroStrategy – Metaplanet – has been on a massive Bitcoin acquisition spree in October this month, adding more than 300 Bitcoins to its kitty in the past 15 days. Thus, the company’s BTC holdings surged by 60% in October. On Tuesday, the Japanese public-listed firm purchased another 106.976 BTC for an investment value of 1 billion Japanese yen, as the BTC price makes a strong upside to $66,000 levels.
Metaplanet on A Bitcoin Acquisition Spree
Japan’s investment form Metaplanet, also popular as Asia’s MicroStrategy, has been on a Bitcoin acquisition spree this month, despite the poor start to the much anticipated ‘Uptober’ rally. Following its latest purchase on Tuesday, October 15, the firm’s total Bitcoin holdings stand at 855.478 BTC acquired for an investment value of ¥7.965 billion. This translates to an average purchase price of ¥9,310,061 per BTC.
*Metaplanet purchases additional 106.97 $BTC* pic.twitter.com/o8QOiQc5NL
— Metaplanet Inc. (@Metaplanet_JP) October 15, 2024
As a result of this development, the Metaplanet stock price shot up by 15.71% all the way to 1,105 JPY during Tuesday’s trading session. The Japanese firm has adopted Microstrategy’s Bitcoin playbook and thus could see its stock price appreciating similarly to MSTR.
Furthermore, Asian crypto investors can use Metaplanet as a proxy bet for Bitcoin investments. Ever since the company adopted the BTC strategy in May 2024, its stock price is up by more than 300% so far.
BTC Price Gears for A Parabolic Rally
The BTC price has been making bullish moves shooting past its crucial resistance of $65,000. As of press time, the Bitcoin price is trading 2.18% up at $65,500 levels. In the past few weeks, the BTC price has shown strong volatility in the range of $58,000-$65,000.
Crypto analyst Ali Martinez has highlighted a key trend in BTC price movements, noting that during the last three instances when Bitcoin broke above its 200-day moving average, it triggered parabolic bull runs. Thus, he points out that Bitcoin is once again attempting to surpass this critical level, raising speculation of another potential rally. Martinez noted that the next stop for Bitcoin could be a new all-time high of $78,000. The recent purchases by Metaplanet can provide additional fuel to this.
drop to $60,000, 🎯
rebound to $66,000, 🎯
retrace to $57,000, 🎯$78,000 next! https://t.co/HwoRrlM0D2
— Ali (@ali_charts) October 14, 2024
On Monday, the Democratic Presidential nominee Kamala Harris pledged to support a regulatory framework for digital assets, leading to major optimism within the space. This proposal, aimed at fostering wealth-building opportunities for Black communities, comes just weeks ahead of the highly anticipated 2024 U.S. elections. Her team wrote:
“She will make sure owners of and investors in digital assets benefit from a regulatory framework so that Black men and others who participate in this market are protected”.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Source: https://coingape.com/metaplanet-takes-bitcoin-holdings-past-855-as-btc-price-gears-for-parabolic-rally/
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