Bitcoin Steadies Above $111,000 as Altvest Capital Plans $210 Million BTC Purchase
Bitcoin is trading at just over $111,000, maintaining this range amid macro signals affecting the crypto market. Key points include:
- Ether (ETH) around $4,293
- XRP increased 2.5% to $2.90
- Solana's SOL up 2.6% to $208
- Dogecoin (DOGE) surged 7% to $0.23
- Market capitalization of major cryptocurrencies rose slightly; trading volumes remain lower than August peaks
Market Outlook
Traders are looking for catalysts from upcoming U.S. inflation data. Comments from Jeff Mei, COO at BTSE, indicate that:
- Higher inflation numbers may lead to declines in Bitcoin and Ethereum
- Lower numbers could initiate a rally
The reliance on macro data has increased as spot bitcoin ETF inflows have decreased.
Corporate Adoption
Altvest Capital plans to raise $210 million to purchase Bitcoin, rebranding as Africa Bitcoin Corp. This initiative allows regulated exposure to Bitcoin for pension funds and unit trusts unable to hold it directly.
Macro Risks in Japan
The resignation of Japan’s Prime Minister Shigeru Ishiba has added uncertainty to Japanese government bonds, impacting yields. The yen's fluctuations typically influence Bitcoin and crypto prices.
Market sentiment remains divided as traders assess whether Bitcoin will maintain the $111,000 level into September, historically a weaker month for the market. Current dynamics present a mix of positive corporate developments and negative macroeconomic pressures.