Tether’s Investment in Agriculture
Tether, the world’s largest stablecoin issuer, has acquired 9.8% of South American agricultural giant Adecoagro SA for $102 million. Adecoagro is Argentina’s largest milk and rice producer, and also involved in sugar cane and renewable energy production. Tether made this investment because it sees land as scarce, long-term, and a safe haven in geopolitical crises. The company views agriculture and land investments as critical for sustainable development.
Poor Performance from Bitcoin and Ethereum ETFs
Bitcoin and Ethereum spot ETFs have fallen to monthly lows following a weak market performance. Bitcoin ETFs saw $170 million in outflows, bringing the total value below $50 billion. Grayscale and Fidelity funds saw significant outflows. Ethereum ETFs also saw a similar $6 million outflow to $6.09 billion. Both Bitcoin and Ethereum ETFs have been experiencing consistent net outflows in recent days, with September seeing a total outflow of $91 million.
Arthur Hayes and His Bitcoin Position
Arthur Hayes opened a short position when the Bitcoin price fell from $57,000 to below $53,000 and made a small profit. However, he closed his position because he thought BTC could rise in the coming days. The price has rebounded from a monthly low to above $54,000. Hayes noted that Janet Yellen’s speech over the weekend could have a positive impact on BTC. These fluctuations were based on market movements following the US unemployment reports.
Ripple Co-Founder Supports Kamala Harris
Ripple co-founder Chris Larsen has become one of 88 business leaders who support US Vice President Kamala Harris’s candidacy for the presidency. While Ripple is one of the largest donors in the 2024 US elections, CEO Brad Garlinghouse’s support for Republicans is notable for the differences with Larsen’s preference. Ripple has contributed around $48 million to Fairshake PAC, which supports pro-crypto candidates. However, Garlinghouse has also donated to a Republican PAC that aims to defeat anti-crypto Senator Elizabeth Warren.
Ripple and SEC Legal Battle
Ripple’s legal battle with the SEC continues after its request to postpone the $125 million fine was accepted. The SEC is considering appealing the court decision and will make a decision on the matter by October 6. Ripple does not consider appealing the decision as a victory, while the SEC’s appeal probability is assessed at 60%. The company continues to lobby for crypto-friendly regulations in the process. Ripple is working multi-faceted for clearer crypto regulations in the US.
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BITCOIN (BTC)
BTC is priced at $54,870 with a 0.01% gain as of the morning hours. A drop to $52,555 was achieved, but it could not be sustained. If it is sustained above $56,500, a rise to $60,0000 can be seen again. If $52,555 is broken downward, a pullback to $49,000 may occur.
ETHEREUM (ETH)
ETH is priced at $2296 with a 0.01% loss in value as of the morning hours. A drop to $2155 occurred and could not be sustained at this level. If $2380 is broken upwards, prices above $2550 may be seen again. If the $2150 level is lost, a pullback to $2000 will occur.
RIPPLE (XRP)
XRP is priced at $0.5287 with a 0.15% loss in value as of the morning hours. $0.55 was lost again. A pullback to $0.5035 occurred. In pullbacks, a pullback to $0.48 may now occur. If pricing above $0.55 continues, increases to $0.60 may be seen.
AVALANCHE (AVAX)
AVAX is priced at $23.34 with a 0.34% increase in value as of the morning hours. There is a price above $22 again. With the reaction it received from the $20 region, it rose to $23. If the rise continues, $25 seems to be the most likely location to receive the first reaction.
SOLANA (SOL)
SOL is priced at $127.65 with a 1.61% increase in value as of the morning hours. There was another pullback from $162 to the $127 area. If it reacts from this level, a rise to $137 may occur. If the pullback continues, the $115 area seems strong.
OUNCE GOLD
The ounce of gold is priced at $2491 with a 0.28% loss in value as of the morning hours. After the ATH was renewed, prices below $2500 were seen. The first resistance zone of $2505 was broken upwards, but it was not permanent. ATH can be renewed with data. The range of $2485 and $2477 seems strong as strong support in pullbacks.
OUNCE SILVER
Silver is priced at $27.74 with a 0.72% loss in value as of the morning hours. The downward trend continues in the short term. $27.40 is a region that is likely to act as support. 28.20 will be our first resistance level.
