Bitcoin Today 08/13/2024: BTC retreats again and Metaplanet buys more cryptocurrencies

With slight drops – with the exception of TON’s 4.3% loss – the market remains in a period of uncertainty and few relevant movements. According to CoinGecko, the market value of cryptocurrencies opened with a slight increase of 0.4%, but individually, most of them opened with a drop. In the Top 10, for example, Bitcoin fell again today, registering losses of 1.1% this Tuesday (13), but remains above US$ 58,000.

Ethereum (ETH) price is down 1.2% and saw its price drop to $2,637. Solana (SOL) is down 3.2%, the same drop as Dogecoin (DOGE). Along with TON, these two had the biggest losses in the Top 10.

Of the 100 largest cryptocurrencies, less than 15 opened the day in the green, a scenario that runs counter to the good weekly results obtained across the market. The Sats token, which is part of the Ordinals network, recorded the biggest increase, appreciating 14%, but it was the only one that had a significant appreciation.

Bitcoin Price Today

In graphic terms, Bitcoin did not make any major advances today, even with the arrival of the Death Cross. According to Fernando Pereira, an analyst at Bitget, the trend should consolidate until Wednesday (14), especially after 9:30 am.

This will be the day and time when inflation data in the United States, the famous CPI, will be released. If inflation falls again, the market may establish an upward trend, since lower inflation increases the chances of interest rate cuts in the US.

In addition to the CPI, US unemployment insurance data will be released on Thursday (15), also at 9:30 am. In this case, if the unemployment insurance data comes in lower than expected, it could indicate a slowdown in the US economy. If this happens, the price of cryptocurrencies could rise due to optimism.

“On the other hand, if we see a CPI below expectations and orders above, expect a big drop,” explained Pereira.

Japanese giant buys more Bitcoins

While Bitcoin remains uncertain, Japanese exchange Metaplanet continues to stick to its weekly buying strategy. This time, the company has acquired an additional 57,103 BTC following its recent purchase. The value corresponds to 500 million yen, or about $3.3 million at the current exchange rate.

The company is on an aggressive Bitcoin buying spree, having recently issued 1 billion yen worth of debt to buy BTC. The cost of borrowing is just 0.1% per year, which makes this loan have a huge potential return.

After the recent purchase, the company still has 500 million yen to buy more BTC. The company’s cash on hand has around 303 Bitcoins, totaling 2.95 billion yen.

The company is taking full advantage of low interest rates in Japan to buy BTC after borrowing. In this sense, Metaplanet is taking full advantage of the yen carry trade by borrowing at low interest rates and investing in an asset with huge potential returns.

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