Bitcoin Relief Rally Stalls at $63K as Crypto Rebound Faces Hurdles

Digital asset markets rebounded over the weekend, with the broad market benchmark CoinDesk 20 Index (CD20) climbing more than 4% since Friday midnight UTC.

Digital asset markets showed signs of recovery over the weekend, but the rebound faced hurdles on Monday as bitcoin’s rally attempt stalled and the broader market advance slowed.

The largest cryptocurrency by market capitalization slipped to around $63,000 Monday morning in U.S. trading hours, down from a high near $63,500 seen earlier. Bitcoin had rallied to above $64,000 on Sunday evening, continuing a rebound from a Friday morning dip below the key $60,000 level.

After rising over 4% since Friday midnight UTC, the digital asset market capitalization tracking CoinDesk 20 Index (CD20) showed signs of slowing down Monday morning. The index, which tracks the performance of the 20 largest cryptocurrencies by market cap, rose to around 1,040 from 995 at the start of the weekend.

Bitcoin’s price rebound from last week’s lows comes ahead of the second quarter, which 10x Research highlighted in a recent note, typically bodes well for the digital asset. However, the research firm noted that any market lull will likely continue into the third quarter, which is usually the weakest for crypto.

Japanese investment adviser Metaplanet purchased another $1.2 million in bitcoin Monday morning as part of its crypto investment strategy. The firm, which began advising clients on crypto investments earlier this year, boosted its bitcoin treasury holdings to 161 BTC, currently valued at over $10 million.

The latest Metaplanet purchase is part of an announced plan by the company to acquire $6 million of the largest cryptocurrency, following a strategy similar to that of U.S.-listed firm Block Inc, which has used bonds to raise funds and acquire bitcoin.

Digital asset prime services provider Abra recently announced a crypto treasury service for corporates that want to hold crypto on their balance sheets as a reserve asset, in light of the growing popularity of the strategy.

Sony is set to relaunch Japanese crypto exchange Whalefin “soon,” the exchange announced Monday in a statement, which will include the launch of a new app. The tech giant acquired Whalefin last year from embattled crypto lender, asset manager and exchange operator Amber Group.

Previously, Sony has made some forays into Web3 through investments and partnerships, but the launch will mark the PlayStation maker’s proper foray into crypto.

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