Bitcoin prices briefly traded above $68,000 the previous day after President Joe Biden decided not to seek reelection in November's election.
However, following reports of Metaplanet’s continued Bitcoin purchases and the bankrupt Mt. Gox’s repayment plan, the digital asset has fallen slightly to $67,206 at the time of writing.
Metaplanet buys Bitcoin
In a notice dated July 22, Tokyo Stock Exchange-listed Metaplanet revealed that it had purchased 20.381 BTC for 200 million yen (equivalent to $1.27 million).
The company announced that with this acquisition, its total Bitcoin holdings now stand at 245.992 BTC, completing its plan to purchase 1 billion yen worth of Bitcoin on June 24.
Over the past few months, Metaplanet has been continuously acquiring BTC as part of its ongoing strategy to adopt the top cryptocurrency as a treasury reserve asset. The company said the move was necessary to protect BTC from the recent economic situation in Japan, where the Japanese currency has struggled considerably against the US dollar.
The company's large BTC purchase has propelled it into the rankings of the top 20 publicly-listed companies holding Bitcoin, according to data from CoinGecko.
Mt Gox test trading
Blockchain analytics firm Arcam Intelligence reported that bankrupt cryptocurrency exchange Mt. Gox conducted multiple test transactions on the Bitstamp exchange early this morning, July 22.
According to the platform:
“The Mt. Gox address deposited $1 each into four separate Bitstamp deposit addresses. Bitstamp is one of five exchanges working with the Mt. Gox trustee to facilitate repayment to creditors.”
“These transfers are likely test transactions,” Arkham added.
Despite these transfers, Mt. Gox wallets still hold more than 90,000 BTC, worth roughly $6.09 billion, according to the Arcam platform.
Last week, Kraken, another cryptocurrency exchange that Mt. Gox was working with to distribute creditors' funds, confirmed that it had received the assets sent to its platform, telling users that it would endeavor to transfer the funds to their accounts “as soon as possible.”
Mentioned in this article
Liam Akiva Wright
Liam, also known as “Akiba”, is a reporter, editor, and podcast producer at CryptoSlate. He believes decentralized technology has the potential to bring about far-reaching positive change.
