Metaplanet Surpasses El Salvador with 6,796 BTC Holdings
Metaplanet has surpassed El Salvador in Bitcoin holdings, acquiring 1,241 BTC for $129 million at an average price of $101,843. Key details include:
- Metaplanet now holds 6,796 BTC valued at approximately $707 million.
- CEO Simon Gerovich announced the company owns more BTC than El Salvador, the first country to adopt Bitcoin as legal tender.
- Since April 2024, Metaplanet has pursued an aggressive BTC accumulation strategy, achieving a 170% yield on BTC and reporting a 38% yield for Q2.
- The firm made a $53 million purchase on May 7, adding to previous acquisitions.
Trade Deal Uncertainty
The White House reported substantial progress in trade negotiations with China. Treasury Secretary Scott Bessent will provide further details today, affecting risk-on assets like Bitcoin. Historically, BTC has acted as a hedge during trade uncertainties, recently rebounding from a dip to $75,000 and closing April near $95,000.
- Analysts are monitoring whether Bitcoin's strength will persist following a finalized trade deal.
- A conclusive agreement could stabilize global markets and drive interest toward cryptocurrencies.
BTC Price Analysis
Bitcoin is currently trading around $103,990, showing no net gain over the past 24 hours. The MACD indicates positive momentum, but a slowdown is visible. Key points include:
- RSI is dipping within overbought levels, suggesting potential exhaustion.
- Immediate resistance is at $105,200; a sustained move above may lead to $110,000.
- A drop below $102,700 could trigger liquidations of $1.45 billion in long positions.
BTC price chart with RSI and MACD | Source: TradingView