Neel Tushar Kashkari, President of the Minneapolis Fed, dismissed Bitcoin as a worthless asset despite its notable past performance.
The rate of Bitcoin purchases by institutional investors led by US spot BTC ETF issuers has significantly outpaced the sellers.
For Metaplanet, the purchases might not just be about increasing its Bitcoin reserves.
Bitcoin rallied over 3% to $66,000 as investors cheered Democratic candidate Kamala Harris’s proposal for clearer crypto regulations.
Bitcoin miners may see a profitability shrink this month following a related drawdown recorded in September.
The cryptocurrency market started the week strong, with Bitcoin surging by 3.73% and altcoins also experiencing gains as investor optimism builds ahead of key US macroeconomic events.
While MicroStrategy remains the indisputable largest corporate holder of Bitcoin, Japan-based Metaplanet is holding the Fort in Asia, and now Samara may be coming in pacily behind.
Following today’s rebound, Bitcoin price is now aiming to retest its all-time high next, around $72K, before entering its parabolic phase.
Traders betting against Bitcoin price were particularly hard hit, as the rapid ascent left little room for margin calls and forced liquidations.
MicroStrategy is the largest corporate Bitcoin holder, owning 1.2% of Bitcoin’s 21 million supply, with a vision to evolve into a Bitcoin-focused merchant bank.
On Friday, $1.1 billion in Bitcoin options are set to expire, potentially affecting the BTC price, which briefly dipped below $60,000 earlier in the day.
The October bullish narrative for Bitcoin is gradually losing steam as investors show fear of further capitulation amid low demand from institutional investors.
Metaplanet has purchased over 300 Bitcoin this month alone, reinforcing its commitment to adopting the crypto asset as a corporate reserve asset.
Despite the long-term prosperity of Bitcoin and the entire crypto industry, on-chain data shows more whale investors have been offloading their holdings.
Polymarket betting platform has seen over $1.5 billion wagered on the US presidential election. Its odds lean toward Trump, likely due to his pro-crypto stance.