Bitcoin Today 10/22/2024: BTC falls and Metaplanet takes out new debt to buy cryptocurrency

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Bitcoin Today //: BTC falls and Metaplanet takes out new
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Bitcoin Today 10/22/2024: BTC falls and Metaplanet takes out new debt to buy cryptocurrency
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After a busy week in which Bitcoin (BTC) went from US$62,000 to US$69,000, the price of the cryptocurrency fell again. According to CoinGecko, BTC fell 2% this Tuesday (22), when the cryptocurrency reached US$66,000.

On the other hand, BTC renewed its historic highs in reais and reached R$396 thousand, but is now worth around R$387 thousand. With this morning’s fall, BTC returned to being within the “box” around US$66,000.

Of the cryptocurrencies in the Top 10, only Tron (TRX) registered a significant increase, appreciating 1.4%. Ether (ETH) fell 2.8% and opened the day at US$2,629, while XRP recorded the biggest drop of the day with losses of 4.1%. BNB also fell heavily and suffered losses of 2.6%.

In derivatives markets, settlements increased by 13% in the last 24 hours and reached $190 million, of which $47.5 million came from BTC.

Metaplanet goes into debt to buy Bitcoin

As the price of BTC continues to fall, Japanese technology company Metaplanet, known as the MicroStrategy of Asia, raised 10 billion yen through a share sale. According to the company, the objective of this share sale is to raise more resources to buy Bitcoin.

The offer attracted 13,774 individual shareholders of the company, which meant the company was able to raise all the capital it expected. At the time of finalizing this text, Metaplanet has almost 800 BTC in cash – the company started its purchases in May this year.

With the participation of big players like BlackRock, Bitcoin has reached the interest of big names. In the case of companies, the share sale strategy is a way of raising funds to buy BTC without having to go into debt. For many people, this move could usher in a “bitcoinization” of traditional securities markets.

“The company also approved the transfer of unexercised rights to EVO FUND, which has committed to exercising all transferred rights by October 22, 2024. Once completed, the total funds raised through the share acquisition rights will reach to 10 billion yen,” said Metaplanet CEO Somin Gerovich.

However, even with the share sale, which took place this Tuesday (22), Metaplanet’s share price fell 5.85% on the Tokyo Stock Exchange and fell below 1,200 JPY. The shares still accumulate gains of 644% in 2024, an appreciation that has intensified in the last five months.

Bitcoin Today 10/22/2024: BTC falls and Metaplanet takes out new debt to buy cryptocurrency

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