Crypto markets bolstered a solid performance last week, buoyed by expectations of potential interest rate cuts in the upcoming months. The Nasdaq Crypto IndexTM (NCITM) went up 6.9%, led by Bitcoin (BTC) gaining 7.6%, Solana (SOL) climbing 9.9%, while Ether (ETH) posted 3.8%.
Sony to launch new Layer-2, Soneium
Sony has announced the launch of Soneium, a layer 2 blockchain based on Ethereum, developed in collaboration with Startale Labs. Soneium aims to connect with other blockchains and to gradually integrate Sony products. For crypto investors, this initiative is significant as it signals Sony's confidence in the adoption of blockchain technology, potentially improving the adoption of Web3 initiatives and creating new investment opportunities as Soneium expands its applications.
Metaplanet buys $3.4M worth of Bitcoin
Japanese investment firm Metaplanet's stock price surged over 10% after it announced a ¥500 million ($3.4 million) Bitcoin purchase, increasing its total Bitcoin holdings to ¥3.45 billion. This move is part of a plan to acquire ¥1 billion worth of Bitcoin, positioning Bitcoin as the firm's core treasury asset. Since unveiling its Bitcoin strategy in April 2024, Metaplanet's stock has risen over 500%. This development highlights growing institutional confidence in Bitcoin, potentially boosting its value and legitimacy, and may influence other investors' strategies and market trends in the crypto space.
Crypto investment products experience largest inflows in 5 weeks
Cryptocurrency investors significantly increased their purchases of Bitcoin-related exchange-traded products (ETPs) last week, driven by expectations of potential interest rate cuts. This surge contributed to an 8% rise in Bitcoin’s price, from $59,500 to $64,300, while Ether-related products faced $36 million in outflows. Amid what could be described as a consolidation phase for BTC price action, market sentiment around crypto assets is tilting bullish. Last week’s inflows are a strong indicator supporting this outlook.
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