Bitcoin Dips Below $86,000 as Metaplanet Expands Holdings
Bitcoin (BTC) experienced a slight decline on October 6, dropping by 0.42% to $85,566.87. The cryptocurrency faced resistance at the $87,000 mark, being rejected for the third time since late September, while stock markets hovered near record highs.
Metaplanet Inc., a Japan-based company, made headlines by becoming the world's second-largest corporate holder of Bitcoin after purchasing an additional 1,000 BTC. This acquisition surpasses the holdings of well-known entities like Tesla, SpaceX, and Coinbase.
The U.S. dollar's strength, driven by expectations of higher interest rates, and ongoing geopolitical tensions in the Middle East contributed to Bitcoin's downward pressure. The U.S. ISM services purchasing managers' index also fell to 54.9 in September, adding to market uncertainties.
Despite the recent outflows from Bitcoin spot ETFs, with a net outflow of $89.8 million on October 5, analysts suggest that a quieter macroeconomic week could provide cryptocurrencies with an opportunity to advance.