DOGE Tops Gains as Bitcoin Holds Steady at Over $111K While New Firm Eyes $200M Bitcoin Purchase
Bitcoin remains stable above $111,000 as traders anticipate upcoming U.S. inflation data, while Altvest Capital aims to purchase $210 million in Bitcoin, marking a significant move for corporate treasury adoption in Africa.
Key Highlights:
- Bitcoin held steady at over $111,000, while altcoins like Ether and Dogecoin also saw gains.
- Traders are focused on upcoming U.S. inflation reports, which could steer cryptocurrency prices.
- Altvest Capital, based in Johannesburg, intends to raise $210 million to acquire Bitcoin, indicating a rise in corporate acceptance in Africa.
Piggy Bank Saving
Bitcoin continued trading just above $111,000 on Monday, showing resilience even as traders monitor overarching economic signals for guidance.
Ether (ETH) is trading around $4,293, while XRP increased by 2.5% to $2.90. Solana (SOL) experienced a 2.6% rise to $208, and Dogecoin (DOGE) jumped 7% to $0.2373. The total market capitalization of major cryptocurrencies has gently increased, despite lower trading volumes relative to last month.
Searching for a Catalyst
Traders are on the lookout for U.S. inflation data releases for potential market-moving events, particularly those concerning producer and consumer prices.
“Cryptocurrencies are trading quietly as the Federal Reserve grapples with the decision to cut rates amid enduring inflation,” noted Jeff Mei, COO at BTSE.
“Higher-than-expected inflation numbers could lead to declines in both Bitcoin and Ethereum, whereas lower figures may spark a rally.”
Corporate Interest Grows
Corporate developments, such as Altvest Capital’s recent announcement of plans to procure $210 million in Bitcoin and identify itself as Africa Bitcoin Corp, mark an advancement in the integration of cryptocurrencies into corporate treasury strategies. Warren Wheatley, the CEO, elaborated that this initiative enables pension funds and unit trusts to have compliant access to Bitcoin through equity mechanisms.
Meanwhile, Japan’s bond market presents new uncertainties as Prime Minister Shigeru Ishiba’s resignation led to fluctuations in long-dated bonds.
The market now oscillates between bullish treasury adoptions in Africa and macroeconomic pressures, with upcoming U.S. inflation data potentially determining the market’s next big shift.
