Bitcoin Nears $87,000 Before Reversing as Strategy and Metaplanet Keep Buying
Bitcoin climbed toward Bitcoin zooms toward $87,000, nearly setting an eight-month high, then reverses.
nearly setting an eight-month high, before reversing, according to CoinDesk. The pullback came even as the token held around U.S. dollar climbs to 18-month high as bitcoin holds firm around $86,000.
while the U.S. dollar climbed to an 18-month high, CoinDesk reported separately. Cointelegraph said bitcoin’s best weekly close in eight months formed resistance at the start of Monday’s U.S. trading session, preventing a break higher.
Corporate buyers kept accumulating through the volatility. Strategy bought 334 bitcoin for ‘More orange than ever’: Michael Saylor’s Strategy buys 334 bitcoin for $28.7 million as total holdings top 848,000 BTC.
, pushing its total holdings past 848,000 BTC, according to The Block, which put that stake at roughly Strategy's total holdings account for around 4% of the 21 million bitcoin supply cap — worth roughly $73 billion.
of the Strategy's total holdings account for around 4% of the 21 million bitcoin supply cap — worth roughly $73 billion.
bitcoin supply cap and worth about Strategy's total holdings account for around 4% of the 21 million bitcoin supply cap — worth roughly $73 billion.
.
Metaplanet added a net 1,000 bitcoin in the third quarter, bringing its holdings to 44,000 BTC, according to CoinDesk and The Block. Both outlets reported the company sold 10,000 BTC and then bought back 11,000 BTC during the quarter. Decrypt reported the moves were meant to answer rating agencies' questions about whether a bitcoin-holding company would actually sell when obligations came due, quoting CEO Simon Gerovich: “We answered by doing it.” Cointelegraph reported Metaplanet also unveiled a revised capital allocation framework that would direct as much as Metaplanet revealed a revised capital allocation framework proposing to allocate as much as 15% of total assets to strategic investments to fund its Bitcoin accumulation.
of total assets toward strategic investments to fund further bitcoin accumulation.
Sources: CoinDesk, Decrypt, The Block, Cointelegraph
This article is for information only and is not financial advice.
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