Bitcoin's Relief Rally Stalls, Facing Hurdles Despite a Positive July Trend
Coindesk11 months ago
1070

Bitcoin's Relief Rally Stalls, Facing Hurdles Despite a Positive July Trend

Bitcoin
Crypto
Market
Investment
Sony
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Summary:

  • The CoinDesk 20 Index (CD20) rose over 4% since Friday midnight UTC, indicating a broader market rebound.

  • Bitcoin (BTC) climbed to $63,500 after a dip below $60,000 on Friday but faced resistance and fell below $63,000.

  • Despite July historically being a positive month for BTC, the third quarter is typically weaker for digital assets.

  • Metaplanet boosted its bitcoin treasury holdings to 161 BTC by purchasing $1.2 million in BTC.

  • Sony will relaunch its Japanese crypto exchange Whalefin with a new app, marking its official entry into the crypto market.

  • Abra has introduced a treasury service for corporations, catering to the growing trend of holding crypto as a reserve asset.

The crypto market experienced a rebound over the weekend, with the CoinDesk 20 Index (CD20) climbing over 4% since Friday midnight UTC. Bitcoin (BTC) surged to $63,500 from its Friday dip below $60,000 but stalled and dipped below $63,000 at the start of the U.S. trading session. Despite July historically being a positive month for BTC, 10x Research predicts a potential lull in the coming months, as the third quarter is typically weaker for digital assets. Metaplanet, a Japanese investment advisor, continued its bitcoin accumulation strategy by buying another $1.2 million in BTC, increasing its treasury holdings to 161 BTC. Sony plans to revive its Japanese crypto exchange Whalefin, launching a new app. This marks the tech giant's entry into the crypto market after previous Web3 investments and partnerships. The growing interest in holding crypto as a reserve asset has prompted Abra, a digital asset prime services provider, to introduce a treasury service for corporates.

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