Bank

Bitcoin

Carry

Billion

<ul>
 <li>In order to acquire additional BTC, Metaplanet takes advantage of the Japanese yen carry.</li>
 <li>Bitcoin whale purchasing increased dramatically amid this week’s market meltdown.</li>
</ul>
A further loan of 1 billion Japanese Yen was secured earlier today by the publicly-listed Japanese corporation <a href="https://thenewscrypto.com/metaplanet-eyes-more-bitcoin-acquisition-via-stock-rights-offering/" target="_blank" rel="noopener noreferrer nofollow">Metaplanet</a>, further solidifying its Bitcoin acquisition strategy. The announcement of the $68 million stock rights offering for the purchase of BTC came the day before this action.
Raising an extra 1 billion Japanese yen at a mere 0.1% APR, Japanese investment firm MicroStrategy seems to be engaging in a brazen Bitcoin purchasing binge. As previously stated, the company will be investing all of the money into purchasing Bitcoin. When it comes to their <a href="https://thenewscrypto.com/michael-saylor-reveals-around-1-billion-in-personal-bitcoin-holdings/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a> purchase, the Japanese corporation is obviously following MicroStrategy’s lead.
<h3 class="wp-block-heading" id="h-yen-carry-trade">Yen Carry Trade</h3>
In order to acquire additional assets, Metaplanet takes advantage of the Japanese yen carry, which entails buying yen at a reduced cost. In response to last week’s rate rise decision by the Bank of Japan, the Yen carry trade was unwound, sending global markets into a tailspin early on Monday, August 5.&nbsp;
This led to large liquidations in the cryptocurrency market as well. Before regaining 15% to over $57,000 in the last two days, the price of Bitcoin fell below $50,000.
But if world markets don’t stabilize soon, the governor of the Bank of Japan suggested they could think about postponing the rate rise. For the markets as a whole, this may serve as a further impetus going forward.
Bitcoin whale purchasing increased dramatically amid this week’s market meltdown, according to on-chain statistics. <a href="https://santiment.net/" target="_blank" rel="noopener noreferrer nofollow">Santiment</a>, a blockchain analytics business, reports that on August 5th and 6th, Bitcoin whale transactions spiked, with whale wallets containing 10 to 1,000 BTC. As soon as the price dropped below $50,000, whales began to quickly accumulate.
Highlighted Crypto News Today:
<a href="https://thenewscrypto.com/michael-saylor-reveals-around-1-billion-in-personal-bitcoin-holdings/" target="_blank" rel="noopener noreferrer nofollow">Michael Saylor Reveals Around $1 Billion in Personal Bitcoin Holdings</a>

Metaplanet Secures ¥1B Loan to Further Fuel Bitcoin Acquisition

Table of Contents

TheNewsCrypto

Other articles published on Aug 8, 2024

Ethereum ETFs Surge with $34M Inflow, BlackRock Hits Milestone

Arthur Hayes Predicts Bitcoin Surge to $1M with Trump or Harris

Market Optimism & Upbit Listing Fuels Pendle Price’s 50% Surge

Solana Memecoin New Pepe (NEWPEPE) Will Skyrocket 16,000% Before Exchange Listing

Nexera DeFi project had its second hack in a year

Crypto Bull Run in September? U.S. $50B Buyback & Rate Cuts Could Ignite the Market!

Join our free newsletter for daily crypto updates!