MicroStrategy Sells $700 Million in Convertible Senior Notes
MicroStrategy plans to sell up to $700 million in convertible senior notes to fund additional Bitcoin purchases and debt repurchases, CEO Michael Saylor announced. The unsecured notes, due in 2028, will pay interest twice a year, subject to market conditions. The proceeds will be used to repurchase $500 million in 6.125% senior guaranteed notes due in 2028 and to purchase more Bitcoin. As of June 2024, MicroStrategy has $3.90 billion in total debt. The 244,800 BTC MicroStrategy has purchased to date is worth about $10 billion. MicroStrategy’s stock fell 4.9% on Monday.
Sleeping Whale Gains 446x Profit by Selling 350 ETH
An early Ethereum investor who bought 16,636 ETH in 2016 made a 446x gain by selling ETH that he had held for about eight and a half years. The investor initially bought ETH at $5.23 and sold 350 ETH at $2,340, making a profit of about $819,000. The value of the investor’s total 16,636 ETH increased from $87,135 to over $37.6 million as of September 2024. This sale comes after a series of large movements of ETH from wallets that had been dormant for a long time. Recently, many large dormant addresses have become active again, transferring huge amounts of ETH that had been dormant for years. The data shows that despite the recent price declines, the majority of long-term ETH holders are still in profit. At current prices, 54% of cryptocurrency holders are in profit, and 74% have held their holdings for more than a year.
Warren Calls on Fed to Cut Rates by 0.75% at Next Meeting
Senator Elizabeth Warren and other Democratic senators have called for the Federal Reserve to cut interest rates by 0.75% at the FOMC meeting on September 17-18, 2024, arguing that this is necessary to protect the labor market. While the market is broadly expecting a 0.5% cut, Warren believes more aggressive action is needed, noting that significant revisions to job growth numbers indicate slower-than-expected job creation. This call follows recent comments from Federal Reserve Chair Jerome Powell about the need to cut interest rates and Warren’s previous calls for early rate cuts. Currently, investors are expecting a 50% basis point cut in interest rates, but companies (such as BlackRock) are suggesting that the cuts may not be as sharp as the market is expecting.
Hoskinson Says Leios Upgrade Will Make Cardano Faster Than Solana
Cardano founder Charles Hoskinson has stated that the Cardano blockchain has the potential to surpass Solana in terms of speed with the planned Leios upgrade. Expected to be implemented in Q4 2024, the Leios upgrade aims to increase transaction throughput and maintain decentralization, unlike the current Cardano Rust node. This upgrade is seen as a significant step in increasing Cardano’s scalability, despite some community criticism that Leios has not been prioritized. Analysts predict that recent upgrades like Leios could push the ADA price to $15 by 2026-2027, pushing its market cap to $500 billion and surpassing Ethereum.
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BITCOIN (BTC)
BTC is priced at $58,435 with a 0.37% gain as of the morning hours. There is a strong resistance zone at approximately 64,500 on the top and a support zone at 52,555 on the bottom. Green areas indicate buying demands. In this context, the 60,900 – 59,300 resistance zone and the 57,500 – 57,400 support zone are particularly noteworthy. The price has fallen from the resistance in the 60,900 – 59,300 range and is trading at 58,464.97. The chart shows that the current price of BTC has fallen from the resistance level, but has found support at 57,500 – 57,400 levels, and for the upward movement to continue, the resistance at 59,000 – 60,000 must be broken.
ETHEREUM (ETH)
ETH is priced at $2294 as of the morning hours, down 0.05%. Resistance areas at 2853.03 and 2466.47 show that the price is having difficulty breaking these levels. Support areas are at 2168.07 and 2373.44, and the price has not fallen below these levels. Price movements on the chart fluctuate between support and resistance levels with high volatility.
RIPPLE (XRP)
XRP is priced at $0.5883 with a 0.27% gain as of the morning hours. On the 4-hour chart, the price failed to break the 0.5900 resistance level and was rejected from this level. The 0.5900 – 0.6100 resistance zone has shown its effect. In the current situation, there is a possibility that the price may pull back towards the 0.5150 support level. If the 0.5150 level is broken, the price may continue to fall to the 0.5150 – 0.5350 support zone.
AVALANCHE (AVAX)
AVAX is priced at $23.81 with a 1.28% gain as of the morning hours. In the 4-hour chart, the price has pulled back from the 24.69 resistance level. The resistance zone between 24.00 – 25.00 has been suppressing the price. In the current outlook, the price is expected to fall to the 22.82 support level. If this level is broken, a deeper drop towards the 21.88 USDT level and then the 20.00 – 21.00 USDT support zone can be seen.
SOLANA (SOL)
SOL is priced at $132.05 with a 0.45% gain as of the morning hours. On the 4-hour chart, the price is trying to hold just above the 131.00 support level. The price, which has retreated due to selling pressure from the 145.00 – 149.00 resistance area, is likely to retest the 131.00 support. If this support level is broken, the price may continue to fall towards the lower price area of 125.00 – 135.00.
OUNCE GOLD
The ounce of gold is priced at $2,579.35, down 0.13% as of the morning hours. On the 4-hour chart, the price is trading just below the 2,588.19 resistance level. It has reached the resistance area between 2,580.00 – 2,588.19. The price is expected to encounter resistance at this level and pull back. In the event of a pullback, the decline will continue towards the 2,530.00 and then 2,475 support levels.
OUNCE SILVER
Silver is priced at $30.80 with a 0.21% gain as of the morning hours. On the 4-hour chart, the price is trading just below the 31,057 resistance level and has reached the resistance area between 30,300 – 31,057. It is likely to encounter resistance at this level and pullback. In a possible pullback, the price is expected to fall towards the 30,300 and then 28,700 support levels. If the downtrend line is broken upwards, the rise will likely continue.
