Bitcoin dips as overall crypto market sees red
The dip hasn’t deterred Strategy from buying more of the asset, however.
Bitcoin and the overall crypto market enjoyed a boost following Fed Chair Jerome Powell’s speech on Friday, but the rally fizzled out over the weekend. Bitcoin is starting the week around $112,000, a dip of about 4% from its high on Friday of around $117,000. The overall crypto market has decreased 2.1% in the past 24 hours and now stands at $3.97 trillion.
A dip never deters Michael Saylor, self-proclaimed “Mr. Orange,” who announced that Strategy added 3,081 bitcoin to its reservoir for $356.9 million. The largest corporate bitcoin holder now has 632,457 bitcoin acquired for $46.5 billion, which is 3% of the total bitcoin supply.
Meanwhile, a long dormant bitcoin whale, who received 100,784 bitcoin seven years ago, continued shedding its bitcoin holdings to buy ethereum, according to Lookonchain, which said in a post that the wallet “is frantically dumping $BTC for $ETH. In the past 5 days, they’ve deposited ~22,769 $BTC($2.59B) to #Hyperliquid for sale, then bought 472,920 $ETH($2.22B) spot and opened a 135,265 $ETH($577M) long.”
The Philippines may be the next country to establish a national bitcoin reserve as Congressman Miguel Villafuerte introduced a bill to create one “to serve important national interest such as providing financial stability, among others,” according to the bill’s text, which would direct the Bangko Sentral ng Pilipinas to acquire 2,000 bitcoin purchased annually over five years.
In other bitcoin treasury news:
Metaplanet acquired 103 bitcoin and is now holding 18,991. The Japanese company has also been added to the FTSE Japan Index, “another important milestone on our journey as Japan’s leading bitcoin treasury company,” CEO Simon Gerovich posted.
LM Funding America, a Nasdaq-listed bitcoin mining and treasury company, acquired 164 bitcoin for $18.67 million. The company now holds 311 bitcoin.
Japanese public company Remixpoint acquired 41.5 bitcoin, increasing its total holdings to 1,273 bitcoin.
Global Asian food platform DDC Enterprise announced its fourth bitcoin purchase this month. The company acquired 200 bitcoin and now holds 888 bitcoin.
