Bitcoin gained ground on Monday and resumed its gains near two-week highs, thus readying to surpass the $85,000 barrier on positive sentiment following new purchases by major corporations.
Japan’s MetaPlanet raised its bitcoin holdings to a new record high, boosting institutional confidence in bitcoin and underpinning the crypto market.
The Price
Bitcoin rose 2.1% today at Bitstamp to $85,496, with a session-low at $83,680.
On Sunday, bitcoin lost 1.8%, the first loss in three days on profit-taking away from a two-week high at $86,084.
Bitcoin surged 7% last week, the first weekly profit in three weeks on short-covering.
Crypto Market Value
The market value of cryptocurrencies rose $55 billion on Monday to a total of $2792 trillion.
MetaPlanet
Japan’s MetaPlanet acquired 319 additional bitcoin units in April, worth about $26.33 million.
Thus total bitcoin holdings for the company are now up to a record 4525 units, worth $377.64 million, averaging $83,456 per unit.
It’s a similar strategy to US company Microstrategy, which continued to expand its bitcoin holdings in recent months as well.
US Rates
Recent US data showed inflation slowed down more than expected in March, reducing the pressure on Fed’s policymakers.
Following the data, the odds of a Fed 0.25% rate cut in May rose from 15% to 25%, while the odds of such a cut in June rallied to 85%.
Now traders await a batch of remarks by several Fed officials today, including Deputy Chair Christopher Waller to gather more clues.
