Bitcoin is nearing the $64,000 mark after a recent price surge fueled by favorable U.S. economic data and significant institutional investments, with Japan’s investment firm Metaplanet adding more BTC to its holdings.
Bitcoin (BTC) has experienced a surge in value, nearing the $64,000 mark as of Monday’s early Asian trading session. The rebound marks a a 3% rise over the past 24 hours and comes after a week of relatively subdued performance, which saw Bitcoin dip to around $60,000 on Thursday.
Earlier today, Metaplanet, often referred to as the “MicroStrategy of Asia” due to its aggressive Bitcoin accumulation strategy, announced the purchase of an additional 108.78 BTC, bringing its total Bitcoin holdings to approximately 693.5 BTC worth nearly 6 billion yen (about $40.6 million).
The Tokyo-listed company has consistently increased its Bitcoin reserves since May 2024, adding a new layer of sophistication to its investment strategy last week–in a bold move, Metaplanet sold 223 fully USD-collateralized $62,000 put options set to expire on December 27, 2024. This transaction generated 23.97 BTC in option premiums, which will be recognized as revenue.
*Metaplanet purchases additional 108.78 $BTC* pic.twitter.com/Pz2AHupm1T
— Metaplanet Inc. (@Metaplanet_JP) October 7, 2024
The latest upswing in Bitcoin’s price also comes ahead of a crucial week for the U.S. economy, with key data releases from the Federal Reserve and other economic indicators set to shape investor sentiment.
This will follow the release of the U.S. monthly jobs report last Friday, which showed unexpectedly robust employment growth. According to the Labor Department report, the U.S. economy added 254,000 jobs in September, surpassing the Dow Jones forecast of 150,000.
Investors now await the release of the Federal Open Market Committee (FOMC) minutes and other critical economic indicators that are expected to provide further insights into the Federal Reserve’s monetary policy. These include the Bureau of Labor Statistics (BLS) figures for the unadjusted Consumer Price Index (CPI) and Producer Price Index (PPI) for September.
By press time, Bitcoin was changing hands at around $63,500, slightly backtracking from the Monday morning’s peak of $63,970.