Bitcoin Market Update: U.S. Increases Holdings, Germany Sells Off as BTC Stabilizes Near $119K

Welcome to the Asia Morning Rundown, your daily briefing on the latest market happenings during U.S. trading hours. In a notable shift, Michael Saylor’s MicroStrategy (MSTR), a $10 trillion asset manager, has emerged as the largest investor in Bitcoin, despite previously labeling it as an ‘immature asset class.’ This move indirectly positions MicroStrategy as a key player in traditional finance with significant Bitcoin holdings, as highlighted by Presto Research in a recent market update. (Source: CoinDesk)

Bitcoin Performance Surpasses Luxury Watches

Bitcoin has shown impressive performance this year, with a 27.87% increase year-to-date and a 13.22% surge in the past month. These gains have far outpaced the modest 4.5% recovery in the luxury watch market in Q2, as indicated by a joint report from Morgan Stanley and WatchCharts.