Metaplanet Bitcoin Buying Spree Continues

On Tuesday, Asia’s MicroStrategy Metaplanet announced the purchase of 107 Bitcoins to its kitty just as the crypto market kickstarts Q4 on an optimistic note

Japanese firm Metaplanet announced the purchase of 107 Bitcoins on Monday as the crypto market kicked off Q4 on an optimistic note with investors eyeing a Bitcoin Uptober rally.

Over the past few months, the Japanese-listed firm has been consistently buying Bitcoins, adopting MicroStrategy’s playbook to add BTC to the balance sheet.

Metaplanet Bitcoin Buying Spree Continues

In its latest disclosure, Metaplanet said that it had infused an additional 1 billion Yen to make fresh BTC purchases while the BTC price traded 1.32% down at $63,657 levels with a market cap of $1.257 trillion.

With today’s purchase, the Japanese firm took its total BTC holdings to more than 500 with a total investment value of 4.75 billion Japanese Yen. This is also the first Bitcoin buying from the company following the Fed rate cut announcement in September.

*Metaplanet purchases additional 107.91 $BTC* pic.twitter.com/pPrRBGrJsC

— Metaplanet Inc. (@Metaplanet_JP) October 1, 2024

Soon following the announcement, the Metaplanet stock price surged 3.63% currently trading around 1,027 levels. The stock price is trading at 540% year-to-date gains, however, it’s still trading at a 66% discount from its 2024 high of 3,000 in May when the company announced its Bitcoin purchase for the very first time.

Bitcoin closed September with nearly 8% gains making it one of the best September’s over the past decade. However, the bulls failed to hold above the crucial resistance level of $65,000 with Bitcoin and altcoins falling sharply on Monday.

“Selling flow was driven mainly by profit taking via active spot selling on exchanges as well as new shorts entering the market with open interest in BTC increasing in the perpetual futures market,” said Bohan Jiang, head of OTC options trading at Abra.

Investors Looking Forward to Bitcoin Uptober Rally

There’s a lot of excitement in the crypto market as we begin the most bullish fourth quarter for Bitcoin and the overall crypto market. More importantly, this backed by positive macro indicators and rising money supply can make things a lot more interesting.

With Fed officials considering another 50 bps interest rate cut, we could see BTC rallying to $70,000. Market analysis reveals that October has historically been a positive month for the markets, with 80% of all Octobers showing gains.

Additionally, in election years, October, November, and December have all posted gains 100% of the time. Thus, with strong indicators of the upside, we could see Metaplanet, MicroStrategy, and others looking to build up their stash before the bull run begins.

80% of Octobers were green

100% of election years had a green October, November and December

100% of the years with a green September had a green October, November and December

Q4 starts TODAY pic.twitter.com/TQeN6CyJ4R

— Quinten | 048.eth (@QuintenFrancois) September 30, 2024

As the global M2 money supply keeps increasing, Bitcoin investors are expecting a minimum rally to $90,000 levels before the year-end.

The above is the detailed content of Metaplanet Bitcoin Buying Spree Continues. For more information, please follow other related articles on the PHP Chinese website!