Bitcoin Price Prediction: As Figma Says Its $91M BTC Buy Isn’t A Michael Saylor Move, Sora Ventures Unveils Asia’s First $1B Bitcoin Treasury

The Bitcoin price rose over 2% in the past 24 hours to trade at $112,045 as of 3:38 a.m. EST as Figma said its $91 million BTC buy is not a Michael Strategy move and Sora Ventures said it will build Asia’s first $1 billion Bitcoin treasury firm outside of Japan.

Figma, a collaborative design software company, expanded its BTC hoard to $91 million in the second quarter of this year, according to Chief Financial Officer Praveer Melwani.

“We’re not trying to be Michael Saylor here,” CEO Dylan Field told CNBC, adding that it’s a part of the company’s $1.6 billion cash position.

This stance comes as Figma’s approach appears more conservative, in contrast to some firms that have turned to BTC holdings as a last-ditch effort to excite investors.

“This is not, like, a Bitcoin holding company. It’s a design company, but I think there’s a place for it in the balance sheet and as part of a diversified treasury strategy,” Field added.

Michael Saylor’s Bitcoin strategy centers on utilizing Strategy’s balance sheet and debt financing to acquire Bitcoin as a primary treasury reserve asset continuously.

Saylor announced on Sept. 2 that Strategy had bought an additional 4,048 BTC for $449.3 million at an average price of $110,981 per BTC.

The acquisition brought Strategy’s total BTC holdings to 636,505 BTC.

With the Figma holdings now surging, corporate Bitcoin treasury adoption has reached 1 million BTC, with more companies touting the king of crypto’s potential to bolster their balance sheets, according to data from BitcoinTreasuries.net.

This comes as spot BTC exchange-traded funds (ETFs) continue to soar, with total market capitalization climbing to over $152 billion, according to Coinglass data.

Sora Ventures Unveils Asia’s First $1B Bitcoin Treasury

With BTC treasuries adding to their hoard, Sora Ventures introduced Asia’s first $1 billion Bitcoin Treasury Fund at Taipei Blockchain Week.

The firm will start with $200 million in commitments, with the plan to purchase $1 billion within six months and the aim to promote and grow corporate BTC treasury strategies already used by companies like Metaplanet, Moon Inc., and BitPlanet.

Bitcoin Price Analysis: Elliott Wave Pattern Suggests Possible Rally

The BTC/USD chart Analysis on the daily timeframe shows that the BTC price continues to trade within a well-defined rising channel pattern, maintaining its long-term bullish structure.

Since June, the Bitcoin price action has followed a clear Elliott Wave pattern, with the market now appearing to be in the early stages of wave (5) after wave (4) successfully bounced from the lower boundary of the rising channel.

BTC remains just below its 50-day Simple Moving Average (SMA) at $115,230, which now serves as immediate resistance. However, the 200-day SMA (101,463) serves as the long-term support.

Bitcoin Price Chart Analysis Source: GeckoTerminal

BTC Price Indicators Point Toward Growing Bullish Momentum

The Relative Strength Index (RSI) currently sits at 48, just under the neutral 50 level and moving up, suggesting that BTC is gaining momentum and has plenty of room to climb.

Meanwhile, despite the Moving Average Convergence Divergence (MACD) lines being under the zero line, the blue MACD line has crossed above the orange line, a confirmation of a bullish crossover.

The Chaikin Money Flow (CMF) has ticked up to +0.07, signaling a return of buying pressure after a period of neutral flow.

If BTC can reclaim its 50-day SMA around $115,230, it could pave the way for a push toward the $121,000 resistance, a 7.93% from the current level.

According to a crypto analyst on X, Wolf of All Streets, BTC seems to have hit another lower high.

Meanwhile, data from Santiment shows BTC is forming a bullish divergence as it drops 5.9% while the S&P 500 rises 0.4% and gold gains over 5.5% since August 22. Historical patterns indicate that BTC always catches up when trailing the traditional market for sustained periods.

Another analyst, Johnny Woo, says that the price of Bitcoin could surge to a new ATH in anticipation of a Fed rate cut on September 16.

On the downside, a slip below the $110,000 support zone would put this bullish outlook at risk, with the 200-day SMA at $101,463 being the likely support level. 

Related News:

  • Justin Sun Cries Foul After Trump’s World Liberty Financial Blacklists TRON Founder’s Wallet
  • Pudgy Penguins Chooses OpenSea As Its Official NFT Marketplace
  • Penn Entertainment’s Big Bet on Henderson

Nhận xét

Đăng nhận xét

Bài đăng phổ biến từ blog này

Top 5 Cryptos That Could 10X Amid Market Resurgence – $XRP, $ADA, $SOL, $AAVE, $BRETT

Hình ảnh
Cryptocurrencies are gaining momentum as market conditions improve, with an influx of fresh liquidity and rising retail interest. Extreme greed in the market signals bullish trends, but investors should remain cautious as these conditions often lead to increased volatility. While the ideal time to invest may have been during the bear market, there are still opportunities in relatively safer altcoins. Investors are advised to approach these options with a long-term perspective and assess the inflationary dynamics of each token. While safer altcoins may not deliver the dramatic 10x returns of riskier investments, they offer a more stable growth opportunity as the crypto market gains broader traction. This article highlights five such options, ideal for cautious investors or those new to the market. XRP (XRP) XRP has shown strong performance in bullish markets, often regaining its dominance against Bitcoin during altcoin seasons. The token recently surpassed its 2021 market capitaliza...
Đọc thêm

Binance Coin Price Prediction: As Changpeng Zhao Unveils BNB Chain AI Roadmap, Analysts Say This AI Agent Crypto Might 100X

Hình ảnh
The Binance Coin price has jumped 1% in the last 24 hours to trade at $634 as of 3:30 a.m. EST on a 2% increase in trading volume to $1.98 billion. The uptick in the BNB price follows Changpeng Zhao’s announcement of an ambitious roadmap for BNB Chain by 2025. His vision includes achieving sub-second block finality, scaling to 100 million transactions per day, and introducing gasless transactions. BNB Chain in 2025: 🔸Sub-second block finality 🔸100 million tx per day 🔸Gasless tx 🔸Smart wallet 🔸AI 🔸Memes 🔸Dev tools Also: 🔸DeSci 🔸DePIN 🔸RWA 🔸Gov efficiency 🔸And more… So much to build! https://t.co/Hgbp0tvygr — CZ 🔶 BNB (@cz_binance) February 11, 2025 Additionally, the roadmap focuses on developing smart wallets, integrating AI, and enhancing memes and developer tools. Zhao also aims to advance DeSci, DePIN, RWA, and government ...
Đọc thêm

BTCC Exchange Thrives Alongside Bitcoin in 2024 with Record Growth and Achievements

VILNIUS, Lithuania, Dec 30, 2024 -- 2024 has been a historic year for Bitcoin and BTCC, the world’s most trusted crypto exchange, as both celebrated remarkable milestones. With Bitcoin completing its 4th halving in April and breaking above its long-awaited mark of $100,000 earlier in December, BTCC grows at the same magnitude, reaching 6.8 million registered users worldwide and surpassing a total trading volume of 13.8 trillion USDT. In the first half of 2024, BTCC proudly turned 13 as Bitcoin celebrated its 15th anniversary, solidifying its position as one of the longest-serving crypto exchanges with 0 security breaches since inception. BTCC’s growth mirrors Bitcoin’s success, as its global community expands and activity on the platform reaches record highs. Throughout 2024, BTCC introduced new features to cater to its growing user base, including listing over 300 futures and 100 spot pairs, providing up to 500x leverage on select coins, and supporting over 200 cr...
Đọc thêm