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Metaplanet Takes the MicroStrategy Approach, SOL Nears Important Support Level

Apr 9, 2024
Author
Sean Farrell
Sean Farrell AC
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

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