First Mover Americas: Bitcoin Tests $64K Ahead of Busy U.S. Economic Data Week
2024-10-07

CoinDesk 20 Index: 1,950.34 +1.51%
Bitcoin BTCUSD: $62,977.62 +1.55%
Ether ETHUSD: $2,451.18 +1.29% 
S&P 500: 5,751.07 +0.9%
Gold: $2,656.7 +0.22%
Nikkei 225: 39,332.74 +1.8%
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Bitcoin rose to near $64,000 ahead of a busy week for economic data out of the U.S. It subsequently dropped back to $63,000, around 1.6% higher over 24 hours. The broader digital asset market rose about 1.5%, as measured by the CoinDesk 20 Index. The Federal Open Market Committee (FOMC) minutes and key economic figures are due on Wednesday. The Bureau of Labor Statistics (BLS) will release inflation data for September and the number of initial jobless claims for the week ended Oct. 5.
Memecoins rose over the weekend as social sentiment and riskier behavior among crypto traders grew. Talks and posts of the so-called “memecoin supercycle,” a prediction that the tokens will lead the next crypto bull market, trended on social app X. Solana-based popcat (POPCAT) and Ethereum-based mog (MOG) jumped over 12% in 24 hours, while BNB Chain-based simon’s cat CCAT rose 10%. Cat-themed memecoins continue to lead their dog-themed counterparts and remain the preferred choice for riskier memecoin bets. Interest in memecoins comes amid low market volatility in more serious crypto sectors, such as layer-2 blockchains, and rising negative sentiment around tokens backed by venture capital funds – which are increasingly perceived as overpriced and a bad bet for retail traders.
Metaplanet said it bought another $6.7 million worth of bitcoin to take its stash to 639.5 BTC, worth approximately $40.6 million at current prices. The Tokyo-listed company purchased around 108.8 BTC at an average price of just under 9.2 million yen ($61,900) per coin. It has now spent just shy of 6 billion yen on the largest cryptocurrency by market value, paying an average price of 9.3 million yen apiece. The company has the second-largest bitcoin holdings among Asia-listed companies, behind Hong Kong-based technology firm Meitu. Metaplanet shares rose 7.9% to 988 yen and are over 500% higher year-to-date.
- Omkar Godbole