First Mover Newsletter: Crypto Market Insights

This article originally appeared in First Mover, CoinDesk’s daily newsletter, providing valuable insights into crypto market trends. Subscribe to receive daily updates.

Latest Prices and Top Stories

Digital asset markets rebounded over the weekend, showing a significant uptick. The CoinDesk 20 Index (CD20) surged by over 4% since Friday midnight UTC. Although Bitcoin briefly dipped below $60,000, it quickly recovered to $63,500. However, it later retreated to just under $63,000 during the U.S. trading session. Analysts from 10x Research mentioned that historically, July has been a positive month for BTC. Yet, they foresee a potential slowdown in the upcoming months, as the third quarter typically exhibits weakness in digital asset performance.

Metaplanet increased its BTC holdings by $1.2 million as part of its ongoing investment strategy. The Japanese firm now holds 161 BTC, valued at over $10 million. This move follows Metaplanet’s recent announcement of its intention to acquire $6 million worth of Bitcoin. The company is adopting a strategy similar to MicroStrategy, a U.S.-based firm that issued bonds to finance its Bitcoin acquisitions. This trend has gained traction, leading Abra, a digital asset prime services provider, to introduce a treasury service tailored for companies looking to hold crypto as a reserve asset on their balance sheets.

Sony is set to relaunch the Japanese crypto exchange, Whalefin. The tech giant plans to unveil a new app for the exchange shortly. Sony acquired Whalefin from Amber Group, a troubled crypto lender, last year. Sony has previously ventured into Web3 through various investments and partnerships, with the upcoming launch marking its official entry into the crypto space.

Chart of the Day

• – Omkar Godbole

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