Crypto Market Recap: Saylor's Strategy Resumes Bitcoin Buying

Bitcoin and Ethereum price update

Bitcoin is trading at US$97,304, reflecting a 1.1 percent increase over the past 24 hours.

The day's trading range has reached a high of US$97,896 and a low of US$96,882.

Meanwhile, Ethereum is priced at US$2,679.41, up 1.6 percent over the same period. The cryptocurrency reached an intraday high of US$2,689 and a low of US$2,645.

Altcoin price update

• Solana (SOL) is currently valued at US$200.82, marking a 0.6 percent increase over the past 24 hours. The cryptocurrency hit a daily high of US$207.25 and a low of US$201.15.

• XRP is at US$2.43, up 0.8 percent. It reached an intraday high of US$2.45 and a low of US$2.41.

• Sui (SUI) is trading at US$3.24, up 5.6 percent. It achieved a daily high of US$3.28 and a low of US$3.23.

• Cardano (ADA) is priced at US$0.7045, reflecting a 3.3 percent increase over 24 hours. Its highest price on Monday was US$0.7104 and its lowest was US$0.6969.

Crypto news to know

Japan-based Bitcoin treasury company Metaplanet (OTCQX:MTPLF,TSE:3350) released its full-year 2024 earnings on Monday, revealing roughly US$36 million in unrealized gains from the purchase of 1,761 Bitcoin.

The company said it acquired the coins for roughly US$137 million.

Metaplanet's shareholder base grew by 500 percent last year, primarily due to the issuance of new shares to fund its Bitcoin acquisition strategy. This growth was facilitated by both debt and equity financing.

Metaplanet said it will increase its Bitcoin holdings to 10,000 Bitcoin by the end of 2025, and 21,000 Bitcoin by the end of 2026. The company’s shares closed up 17.37 percent on Monday afternoon.

CoinShares data shows Ether exchange-traded product (ETPs) inflows outpaced inflows to Bitcoin ETPs during last week's market decline. Ether ETPs recorded US$793 million in inflows, 95 percent more than Bitcoin’s recorded inflows of US$407 million. Total year-to-date inflows to digital asset investment products have reached US$7.3 billion.

According to CoinShares' James Butterfill, last week’s price fall resulted in significant buying on weakness.

Strategy (NASDAQ:MSTR) resumed buying Bitcoin last week, acquiring 7,633 Bitcoin for approximately US$742.4 million in cash at an average price of roughly US$97,255 per coin, as per US Securities and Exchange Commission filings.

Strategy’s Michael Saylor hinted at another impending Bitcoin acquisition on Sunday (February 9) morning, posting a screenshot of the Saylor Tracker, a tool that monitors and tracks Strategy's Bitcoin holdings.

“Death to the blue lines. Long live the green dots," he wrote on X, formerly Twitter. Market watchers have come to recognize these posts as indicators of the company's upcoming Bitcoin purchases.

Meanwhile, fraud allegations have resulted in a rapid pullback for $CAR, a meme coin launched on Sunday by the Central African Republic. President Faustin-Archange Touadera described the coin as an "experiment" to raise the country’s global profile and showcase how a meme-based token can support national development.

However, shortly after $CAR’s launch, the coin’s X account was suspended, and allegations of fraud soon surfaced, with deepfake checker tool Deepware flagging a video statement from Touadera as suspicious. The news has caused $CAR’s price to pull back over 92 percent, from US$0.79 to US$0.05 as of Monday afternoon.