Global financial service firm, Galaxy Digital, has scaled up its Bitcoin holding today after purchasing a staggering 400 BTC. This move, seen as bullish, has sent a wave of optimism across the crypto community reigniting confidence in the future trajectory of the asset. Interestingly, this comes at a time when the price of the coin has experienced a notable downtrend in the last 24 hours.
Amid this development, the publicly traded company’s (BRPHF) stock price has gone up about 2.04% in the last 24 hours according to data from Google Finance to trade at $11.11.
Galaxy Digital Bags More Bitcoins
The New York-based company has aggressively bought the Bitcoin dip cementing itself as the second-largest Bitcoin holder globally after MicroStrategy. According to a report from Arkham Intelligence, a sophisticated crypto-tracking platform, Galaxy Digital bought 400 Bitcoins, valued at $23.40 million from Binance, the largest crypto exchange by market cap. Consequently, the receiving address ’12QV…N2qo’ now holds a significant 3,150 BTC, worth approximately $184.32 million.
Additionally, the accumulation puts strong buying pressure on the asset, bolstering investors’ confidence in potential future price movements. Furthermore, comments made in the interim by a well-known cryptocurrency industry expert have highlighted further positive features of the coin.
Meanwhile, top crypto analysts have commented on the price trajectory of Bitcoin since its last halving in April. Particularly, Ali Martinez, known popularly on X as Ali Charts, pointed out that it has been 119 days post the 2024 halving. He cited historical patterns stressing that the price of BTC reached its highs around 530 days after the halving in the last two cycles (last two halving events). Thus, he noted that if this pattern repeats itself, then we are still in the early days of this current cycle.
Bitcoin Price Movement
Meanwhile, the value of the flagship cryptocurrency, Bitcoin, has toppled in the last 24 hours. As the general market sentiment continues to hover in ‘fear,’ the price of the asset has been consolidating around the $58k and $59k mark. According to data from CoinMarketCap, Bitcoin traded at $58,572 at the time of writing, indicating a 2.48% decline in the last 24 hours.
Moreover, the trading activities, as depicted in its 24-hour trading volume, surged by 37.89% to $22.1 billion while maintaining a one-day trading range between $57,918.46 and $59,980.65.
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.