Bitcoin (BTC) rose mid-morning in Europe on Monday. It peaked at around $63,200 and then fell below $62,800.. BTC could try to climb above $64,000 again, but there have been many such moments this month, all of which have been sold off. This move, along with a sharp decline in the number of transactions, signals market consolidation and the possibility that Bitcoin will remain range bound for some time. At the time of writing, Bitcoin is up 2.34% in the past 24 hours to $62,543. The CoinDesk 20 Index (CD20), which measures the broader digital market, rose 1.1%, with the likes of ETH and SOL showing more modest gains, trading just below $3,000 and $150, respectively.
Since hitting a new all-time high in March, the price trend of Bitcoin has been It is characterized by a shift to selling becoming established, and the low and high prices falling. You can make money in the market thanks to long-term and short-term holders alike. “A failure below $60,000 could trigger something like a panic sell,” FxPro trader Alex Kupczykevich told CoinDesk in a note. “The price is in the 50-day moving average and the early May reversal area,” he said, adding that the downward pressure is likely related to asset sales by miners and concerns about increased regulation of cryptocurrencies.
Japanese investment and consulting company Metaplanet adopts Bitcoin as reserve asset To hedge against the country's debt burden and yen fluctuations. Metaplanet has copied the strategy of US company MicroStrategy, acquiring 117.7 BTC ($7.35 million) since April. Japan's total debt-to-GDP ratio now exceeds 254%, according to data tracked by the IMF. It is the highest in developed countries. For comparison, the US debt-to-GDP ratio is over 123%. Since the beginning of 2021, the yen has depreciated by 50% against the US dollar. “As the yen continues to weaken, Bitcoin has increased in value relative to traditional fiat currencies and may continue to increase in value,” Metaplanet said.
