Bitcoin price today: recovers above $113k as whale buying offers support

Investing.com-- Bitcoin rebounded on Monday, recovering from multi-week lows as signs of accumulation by large holders offered some support after heavy outflows last week.

The world’s largest cryptocurrency climbed 3.2% to $113,450.0 by 09:47 ET (13:47 GMT), after dropping to a three-week low below $109,000 last week.

Bitcoin dropped more than 5% in the previous week amid heavy liquidations and selling pressure.

Whale accumulations offer support after sharp sell-off

Data from blockchain trackers showed that large investors, or whales, stepped up buying in recent sessions, helping to stabilize prices. 

The moves come after high volatility last week, when a wave of liquidations wiped out about $1.5 billion in long positions across crypto exchanges in a single day.

The mood was further aggravated by $22 billion crypto options expiry, marking the end of the third quarter, which exerted downward pressure on Bitcoin and other cryptocurrencies. 

Broader sentiment on Monday remained cautious as investors tracked political developments in Washington. U.S. lawmakers have until Sept. 30 to approve funding and avert a government shutdown. 

The impasse has raised concerns that delays in key economic data releases, including Friday’s nonfarm payrolls report, could add to uncertainty in financial markets.

While a shutdown would not directly impact the Bitcoin network, the risk-off mood in global markets could weigh on cryptocurrencies. 

Kraken plans raise funds at $20 billion valuation - Bloomberg

Crypto exchange Kraken is in advanced discussions to raise new capital that would value the company at about $20 billion, Bloomberg News reported on Friday.

The proposed round would see a strategic investor contribute between $200 million and $300 million, the report added.

Investors’ appetite for crypto firms has strengthened amid increasing regulatory clarity and rising institutional participation in digital asset markets.

MicroStrategy buys 196 bitcoins, lifts total holdings above 640K

MicroStrategy, the largest corporate holder of Bitcoin, said Monday it bought 196 BTC for $22.1 million, lifting its total holdings to 640,031 tokens.

The latest purchase was made at an average price of $113,048, increasing the company’s overall average acquisition cost to $73,983 per coin. The purchase was financed through the sale of common shares under its at-the-market program and the issuance of perpetual preferred stock.

Shares in MicroStrategy rose 2.8% following the market open on Monday.  

Crypto price today: altcoins rise, but remain rangebound

Most altcoins also rebounded on Monday after weekly declines, but traded in tight ranges.

World no.2 crypto Ethereum rose 3.4% to $4,137.70, after dropping over 10% last week.

World no. 3 crypto XRP gained 3.6% to $2.88.

Solana climbed 4.2%, while Cardano rose 3.5%, and Polygon added 1.4%.

Among meme tokens, Dogecoin gained 2.5%, while $TRUMP rose 1%.

(Ayushman Ojha contributed to this report.)