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

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.