Metaplanet Takes the MicroStrategy Approach, SOL Nears Important Support Level

Name: FS Insight
Price range: $$$

Apr 9, 2024

Author

Sean Farrell ^AC

BTC -3.29% ETH -4.21% SOL -5.60% TON 451.83%

Market Update It has been a challenging day for crypto prices, with $BTC giving back yesterday's gains to fall to $68.5k, $ETH declining to $3,500, and $SOL currently trading around $176. Most altcoins are also experiencing downturns. The lone standout among large cap crypto assets today is $TON, which is rallying on rumors of USDT launching on the TON Network. Equity indices also faced a drawdown earlier in the day, sliding after the US market opened. However, they have since recouped most of their losses, with the SPX down by 0.3% and the QQQ down a mere 0.10%. Interest rates are declining in anticipation of a significant CPI report tomorrow, with the consensus expecting a 3.4% headline CPI and a 3.7% Core CPI. Meanwhile, gold continues to demonstrate resilience, reaching yet another all-time high. Today's market dynamics offer a clear illustration of how interest rates impact miner performance in relation to Bitcoin. Although miners are not witnessing a dramatic surge, the major ones are outperforming Bitcoin, likely due to today's sharp decrease in interest rates.Metaplanet, originally a budget hotel operator turned Web3 infrastructure provider, experienced a 90% surge in its share price over two days, following the announcement of adding $6.56 million worth of Bitcoin to it

Unlock this article with a FREE 30-Day Trial!

An FSI Pro, or FSI Crypto subscription is required in order to access this content.

*Free trial available only on a monthly plan

Already a member?

Reports you may have missed

FSInsight Puts Ethereum At $12,000 EOY, Bullish Forecast For Bitcoin

Crypto Receives a Boost from Strong Jobs Print, WULF Sells Hash Rate to Expand AI Capabilities

Market Update

By Sean Farrell • Oct 4, 2024

CRYPTO MARKET UPDATE The crypto market is moving higher today, lifted by stronger-than-expected jobs numbers. The BLS reported 254k jobs added last month, far exceeding the market estimate of 140k, while August's figures were revised up from 142k to 159k. The unemployment rate also dropped to 4.1% from 4.2%. In response, rates rallied, the DXY spiked, and the futures market largely priced out the possibility of a 50 bps rate...

BTC -3.29% ETH -4.21% RENDER -6.13% SOL -5.60% STX 16.54% TAO -8.35% TIA 2.28% WIF -9.13% XMR -2.45% WULF

Bitcoin will hit $200,000 in the second half of 2022, predicts FSInsight

Visa Unveils Tokenization Platform, SEC Appeals XRP Decision

Market Update

By Tom Couture • Oct 3, 2024

MARKET UPDATE Crypto is broadly lower today as geopolitical conflict continues to weigh on risk assets, with BTC -3.29% falling to $60k and ETH -4.21% approaching the low $2,300s. Aptos (APT 0.90% ) is one of the few gainers in the top 100 tokens as they have strengthened their presence in Japan via an acquisition of HashPalette, a Japanese NFT service provider and developer of Palette Chain. AAVE -9.75% is also showing slight gains following...

AAVE -9.75% APT 0.90% BTC -3.29% ETH -4.21% TOTAL XRP -5.91%

Invesco ditches its plan to launch a US bitcoin futures ETF any time soon, just before the first-ever makes its debut

Bitwise Files for XRP ETF, Crypto Prices Bounce as Oil and Gold Retrace

Market Update

By Sean Farrell • Oct 2, 2024

CRYPTO MARKET UPDATE Crypto prices have rebounded slightly following yesterday's sharp selloff, with BTC -3.29% climbing back above $61,000 and SOL -5.60% moving above $145, while ETH -4.21% is lagging, trading around $2,400. Among today's outperformers is SUI -6.62% , which appears resilient despite a $115 million token unlock yesterday. Oil is partially retracing its early rally, gold is lower on the day, and yields are moving higher, suggesting at least a temporary reversal of...