Chinese Money Enters The Picture as Bitcoin Price Slams $114K

A China-based entertainment company has made a major move into crypto, buying 300 Bitcoin just as the market trades near $114,000.

Pop Culture Group (NASDAQ: CPOP), headquartered in Xiamen, disclosed the $33M purchase in a press release.

The company emphasized the beginning of its digital asset treasure and part of wider plans to connect its entertainment business with Web3.

It shared its plan to invest in additional assets in Bitcoin, Ethereum, and BOT to establish a diversified crypto fund to finance blockchain-oriented entertainment initiatives.

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Bitcoin is holding near $114,400, with intraday moves between $113,200 and $114,700. The broader market remains upbeat as traders bet on US rate cuts after inflation data met expectations.

The timing of Pop Culture Group’s entry coincides with what analysts see as a key technical setup for Bitcoin.

Merlijn, a crypto analyst, shared the chart on X, which shows Bitcoin has formed another “golden cross” when the 50-week moving average rises above the 200-week moving average. 

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