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Metaplanet Buys More Bitcoin As MicroStrategy Acquired 51,780 BTC

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4 hours ago

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Japanese public-listed firm Metaplanet announced its latest purchase of 124 Bitcoins for an investment value of 1.75 billion Japanese Yen on Tuesday. With this, the company’s Bitcoin holdings have now surged past 1,100 BTC with its stock price gaining a massive 15% today. Moreover, the firm has been rightly adopting MicroStrategy’s Bitcoin adoption blueprint for its recent BTC purchases.

Metaplanet Purchases More Bitcoin, Stock Shoots 15%

Metaplanet CEO Simon Gerovich has announced the acquisition of an additional 124.117 BTC for 1.75 billion yen. The latest BTC purchase happened at an average Bitcoin price of 14,099,600 yen per BTC. As of November 19, 2024, Metaplanet’s total Bitcoin holdings stand at 1,142.287 BTC, acquired for approximately 11.372 billion yen. Also, the average acquisition cost comes at 9,955,874 yen per BTC.

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This strategic acquisition by Metaplanet has shot up the company’s quarterly-to-date (QTD) Bitcoin yield of 186.9% Interestingly, this development comes a day after MicroStrategy purchased 51,780 BTC for a staggering investment of over $4 billion.

Soon after the announcement, the Metaplanet stock price surged more than 14% shooting past 2,300 JPY levels in a massive bullish breakout past the critical resistance of 2,000 JPY. This sets the stage for the stock to rally an additional 30% to its 2024 high of 3,000 JPY.

Courtesy: Yahoo Finance

On Monday, the Japanese firm announced its bond sale to buy more BTC. Similarly, MicroStrategy has been doing MSTR stock buyback to fund its BTC purchases, after a massive 400% rally in 2024 so far. The Japanese firm has also adopted Michael Saylor’s Bitcoin playbook thereby benefitting the company’s balance sheet as well as its shareholders.

MicroStrategy Creates Snowball Effect

Dylan Leclair, the Bitcoin acquisition strategist for Metaplanet, has highlighted a paradigm shift in corporate strategies. He stated that Bitcoin is the new “stock buyback” for Wall Street. “Wall Street has been put on notice,” LeClair stated.

He further stressed that the adoption of Bitcoin by major institutions happens through the long-anticipated game theory dynamics in the financial world.

Besides, Michael Saylor’s open sharing of the Bitcoin playbook created a snowball effect. Along with MicroStrategy, Marathon Digital and Semler Scientific announced their Bitcoin purchases and acquisition plans ahead. Not to forget, trillion-dollar tech giant Microsoft will hold a shareholders’ vote in December, regarding the decision to put Bitcoin on its balance sheet.

As of press time, the BTC price is trading 1.33% up at $91,763 with a market cap of $1.816 billion. A daily close above $91,900 will likely set the stage for a rally to $100K.

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Bhushan Akolkar

Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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24/7 Cryptocurrency News

Here’s Why Crypto Market and Stocks Falling Suddenly?

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39 mins ago

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November 19, 2024

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Bitcoin, Ethereum, Solana, XRP and the wider crypto market fell suddenly on Tuesday as Russian President Vladimir Putin signed a decree allowing wider use of nuclear weapons. Stock markets around the globe also saw sharp fall amid the reports. The move comes in response to US President Joe Biden’s authorization to Ukraine to strike Russia with US missiles.

Putin Approves Nuclear Decree, Dumps Stocks and Crypto Market

On November 19, Russian President Vladimir Putin signed a decree allowing Moscow to use nuclear weapons against a non-nuclear state if it is supported by nuclear powers. “Any attack by a nation in a military bloc will be considered an attack by the entire bloc,” as per the reports.

Russia Vladimir Putin Nuclear Decree Russia Vladimir Putin Nuclear Decree
Source: TASS

Stock markets around the world fell suddenly, reversing recent gains and creating a panic selling. Joe Biden’s approving Ukraine using missiles inside Russia has washed away President-elect Donald Trump’s push to bring peace between the nations.

The crypto market saw a selloff in the last few hours as longs were liquidated, as per Coinglass data. Bitcoin (BTC) and Ethereum (ETH) saw a nearly 0.50% drop, while altcoins XRP, Dogecoin (DOGE), Cardano (ADA) and others saw a more than 1% drop in an hour.

PNUT, RAY, XTZ, AKT and other recent gainers were the leading losers in the last few hours. PNUT price dropped 5% to $1.68.

Will Further Panic Trigger BTC Price Selloff to $82K?

US stock futures tied to S&P 500, Dow Jones Industrial Average and Nasdaq Composite also fell as trades took cues from European stock markets.

CoinGape reported that Bitcoin on-chain metrics and market sentiment suggested a 10% correction to drop to $80,000. The next key Bitcoin support zones are at $85,800-$83,250 and $75,520-$72,880.

Moreover, profit bookings are expected as the Crypto market fear and greed index indicates extreme greed, which could result in profit booking.

CryptoQuant CEO Ki Young Ju revealed that 99.3% of UTXOs are in profit now. “Everyone’s happy. This euphoric phase typically lasts 3–12 months (except Nov ’21 bull trap).”

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BTC price fell 0.86% in the past 24 hours, with the price currently trading at $$91,274. The 24-hour low and high are $89,393 and $92,596, respectively.

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Varinder Singh

Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Cardano Founder Charles Hoskinson Discusses Midnight and XRP With Ripple CTO

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7 hours ago

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November 19, 2024

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Charles Hoskinson, the founder of Cardano, recently engaged in a technical conversation with Ripple CTO David Schwartz, sparking curiosity in the blockchain community. The discussion centered around Midnight, a privacy-focused blockchain project, and XRP, Ripple’s digital asset. Both leaders shared insights and perspectives in what was described as an engaging and collaborative interaction.

Cardano Founder Engages Ripple CTO on Midnight and XRP

According to a recent post on X (formerly Twitter), Cardano founder Hoskinson and Ripple CTO David Schwartz discussed Midnight’s advanced privacy technology and XRP’s growing role in blockchain innovation. Midnight is designed to enhance secure data handling while adhering to regulatory compliance. Hoskinson expressed his enthusiasm for Midnight’s potential to drive privacy-centric decentralized applications (dApps) and further blockchain development.

Similarly, Ripple CTO David Schwartz described Midnight as “extremely interesting” and noted its innovative approach to privacy and scalability. The discussion also touched on XRP’s use cases, including its growing adoption in cross-border payments. Schwartz emphasized the importance of building scalable and efficient blockchain solutions to solve real-world problems.

Reacting to the engagement, Cardano founder noted, 

“It was great talking to David Schwartz about Midnight and XRP. Wonderful technical conversation.”

Additionally, recently Charles Hoskinson confirmed his plans to collaborate with the U.S. government under Donald Trump’s administration to shape crypto legislation. Hoskinson aims to promote bipartisan support for blockchain-friendly regulations, emphasizing the need for clear guidelines.

This collaboration with Cardano founder will create a unified blockchain industry capable of addressing regulatory challenges while advancing technological innovation.

These developments come amid recent discussions between Hoskinson and Ripple CEO Brad Garlinghouse, further fueling speculation about a possible Cardano and Ripple collaboration. Hoskinson’s remarks and his praise for Ripple CEO suggest a mutual commitment to tackling shared challenges in the blockchain space

Technical Insights Into Midnight and XRP

Midnight, a privacy-focused sidechain of the Cardano blockchain, leverages zero-knowledge cryptography to enable secure and private transactions. The Midnight testnet, which went live last month, allows developers to explore dApps emphasizing data protection and privacy. The Compact programming language, integrated with TypeScript, enables developers to build decentralized applications seamlessly.

On the XRP front, Ripple is gaining momentum with its upcoming ETF application filed by Bitwise Asset Management. Pro-XRP lawyer Jeremy Hogan projected mid-2025 as a likely timeline for the ETF decision recently. XRP has also experienced its first major price breakout in two years, hitting a three-year high, signaling renewed investor confidence.

In addition, XRP has seen a surge in trading activity, marking its first price breakout in two years. XRP price reached a three-year high, driven by optimism surrounding Ripple’s legal victories and the potential approval of the XRP ETF. Market analysts attribute this rally to growing institutional interest and a favorable shift in regulatory sentiment. 

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Ronny Mugendi

Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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Pump Fun Sells 105K SOL As Solana Price Inches Close To ATH

Published

11 hours ago

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November 18, 2024

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Pioneering memecoin launchpad Pump Fun is in the spotlight after it made another cashout move, placing pressure on Solana’s price. According to an update from the analytics platform Lookonchain, the Pump Fun fee account has sold off another 105,000 SOL within the past 24 hours.

Pump Fun and the Selloff Agenda

Lookonchain detailed that the offloaded 105,000 SOL is valued at $25.14 million. The platform transferred this lumpsum to the Kraken exchange in one transaction. Per the chart shared by Lookonchain, the Pump Fun Fee account has initiated a series of related deposits to Kraken over the past month.

While it is hard to explain, this offload appears as a profit taking move as the price of Solana is close to hitting its All-Time High (ATH). The Solana price set the pace to retest ATH the SOL dominance soar to a new high.

There is an observable trend in Pump Fun’s selloff action which comes with a surge in the price of Solana. Earlier this month when the coin jumped above the $200 resistance level, the launchpad sold 43,000 SOL.

At the moment, Pump Fun has generated a total fee revenue of 1,307,966 SOL valued at approximately $315 million. Since it started selling its accumulated SOL, the platform has offloaded 898,243 SOL valued at $157 million per Lookonchain data.

The platform’s selloff trend has stirred conversation in the crypto ecosystem. Though some community members believe the protocol deserves the “cashout,” a good number say the selloff might impact Solana price negatively.

Solana Price And ATH Expectations 

SOL remains one of the biggest beneficiaries in this ongoing bull market cycle. Recently, SOL outpaced Binance Coin (BNB), paving way for a rally toward $300 high. However, many believe the impact of the Pump Fun selloff might derail its impressive growth in the past few weeks.

As a blockchain with retail utility focus, SOL attraction remains high. Beyond this retail adoption backing, previous SOL price analysis hinted at the likelihood of the coin soaring by 900% to $1000.

With Bitcoin price still trading above $90,000 level, SOL might also leverage its correlation to sustain its ongoing bull rally.

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Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.





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