Market Update - September 27th 2024
After last week’s outsized Fed rate cut, Bitcoin climbed to and has been trading around $63,000, after weeks hovering around the $60,000 mark. The decision by the Fed has removed uncertainty on the monetary front, but the US elections will still drive volatility in markets until November.
Still looking at Bitcoin, MicroStrategy, a software business which holds a large bitcoin balance, has purchased an additional 450 million dollars worth of bitcoin, now holding over 252,000 bitcoin, making it, by far, the largest corporate holder of the cryptocurrency. On top of that, the company raised a further 1 billion dollars in convertible debt to purchase more bitcoin in the future.
Riot Platforms and Bitfarms have reached a temporary truce, in which Riot succeeded in appointing its nominee to Bitfarms' Board of Directors, leading to Riot’s withdrawal of its request for a special shareholder meeting. Riot currently holds 20% of Bitfarms' shares, and the future of its holdings in the company are likely to be defined by market factors as well as Riot’s internal strategic capital and investment requirements.
And finally, on Tuesday, Ethereum ETFs saw some much needed fresh inflows of 62 million dollars, with BlackRock alone accounting for 59 million, making it the best single day for Ethereum ETF inflows since early August.
Read more on: etp.coinshares.com/market-activity
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