One of the primary reasons behind the surge in the adoption of cryptocurrencies, especially Bitcoin, is that it has been backed by institutional holders such as Grayscale & MicroStrategy and others.
In an X post dated October 07, 2024, Metaplanet noted that it had bought 108.78 BTC for an aggregate purchase of 1 billion Japanese Yen. Following the recent buying now, the company holds 639.503 Bitcoins valued at $40107093.52 as of writing.
Market observers argue that the strategy behind constant purchases of Bitcoin among institutional buyers is fueled by the growing adoption of digital assets globally.
The purchase of BTC on October 7 is the second purchase of the ongoing month. On October 01, 2024, Metaplant posted a filing noting that it had bought 107.913 Bitcoins for an average purchase price of 9266724 Japanese yen per BTC.
In an X post, Simon Gerovich, the CEO of Metaplant, has expressed that the company aims to buy more than 1000 Bitcoins, requesting help to be listed among the leading corporate BTC holders worldwide.
Until October 06, 2024, 29 publicly listed companies held 360,083 BTCs.
Other Crypto Market News Updates
On October 05, 2024, it came to media coverage that the website of Lego Group, a Danish construction toy production company based in Billund, was hacked to promote a fraudulent cryptocurrency scam.
In a statement, the concerned authority of the company noted that on 5 October 2024, an unauthorized banner briefly appeared on LEGO(dot)com. It was quickly removed, and the issue has been resolved.
Additional quoting: “No user accounts have been compromised, and customers can continue shopping as usual. The cause has been identified, and we are implementing measures to prevent this from happening again.”
Crypto Market Price Update
When writing, the cryptocurrency market capitalization was $2.20 trillion, surging 2.28% in the past 24 hours. At the same time, the fear and greed index was at 42, determining neutrality in the market sentiments.
Until publishing, Bitcoin was trading at $63,140, growing 17.03% in a month and roughly 50% YTD. Despite the monthly surge, its price fell over 3.50% in a week, now trading below 20, 50, 100, and 200 days EMA.
Ether’s price grew 1.25% intraday, reaching $2,459; it is worth noting that its trading volume also rose 55% in the same time frame. As per market watchers, the spike in Ethereum price has been backed by the recent proposal by the ETH developers.
In the past 24 hours, memecoins have performed with an appreciable momentum; the gainers’ list is ruled by Mog Coin(MOG) as it grew 19.42%, reaching $0.051692 followed by Dogwifhat (WIF) trading at $2.64, adding 17.06%.
Monera’s price fell over 4.50%, reaching $144.89, making it the intraday loser, followed by Maker (MKR), Wormhole (W), Render & Litecoin.
