Bitcoin (BTC) price plunged sharply to below $94,000 over the weekend, following the trend of growing volatility in the cryptocurrency market. Despite the recent fall, institutional players remain optimistic about the leading cryptocurrency.
On December 23, 2024, Metaplanet revealed that it had bought another 619.7 Bitcoin for a total of ¥9.5 billion, or about $64 million. The purchase is part of the company’s Bitcoin Treasury Operations, which is its strategy to increase its digital asset holdings.
With this new acquisition, Metaplanet now holds a total of 1,761.98 BTC, further solidifying its position as one of the key institutional players in the market.
Metaplanet’s commitment to Bitcoin is reflected in the impressive BTC Yield figures reported by the company. With a massive 309.82% BTC Yield reported for the quarter ending December 23, 2024, the company indicates that its Bitcoin acquisition strategy has been highly accretive to shareholders. It continues a strong upward trend from the previous quarter when the company posted a 41.7% BTC Yield.
Could Bitcoin Recover $100,000 Soon?
As this week could be the last of 2024, the price of Bitcoin will now be closely monitored in the U.S. market opening on Monday. How Bitcoin behaves in the next few days will also depend on the overall mood of the market since Mondays are usually a leading indicator of what is going to happen in the next few days.
Analysts are now waiting for any indications of a possible recovery to $100,000 as that remains the next big milestone for Bitcoin.
As of now, Bitcoin’s price is at $95,687.64, and it has risen by a small percentage of 0.28% over the last 24 hours. The total market capitalization of Bitcoin has reached $1.89 trillion with a 24-hour trading volume of $48.9 billion, which signifies the market’s activity going on despite the recent price dips.
Also Read: US Spot Bitcoin ETFs Record $423M this Week
