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Crypto market news highlights today
Tether, the world's largest and most valuable stablecoin issuer in the crypto industry, has just disclosed a new investment. According to the filing, between July 29 and August 16, 2024, Tether 's investment arm purchased approximately $102 million worth of shares in Adecoagro SA , a large South American agricultural conglomerate that trades on the Nasdaq under the ticker AGRO. The shares represent 9.8% of Adecoagro's total outstanding shares , making Tether the company's third-largest shareholder. Adecoagro is Argentina's largest producer of milk and rice, according to local news site Ámbito.
The company, which has a market Capital of about $1.2 billion , also grows and processes sugarcane and renewable energy in Brazil, and grows crops such as soybeans and corn in Argentina and Uruguay. When asked for comment, a Tether spokesperson said this was part of the company's efforts to diversify its profits into investment opportunities. " Tether Tether land as an important asset class, complementing our existing investments in Bitcoin and gold. Land is scarce, provides long-term returns, and has historically Vai as a safe haven during times of geopolitical uncertainty," Tether said.
Tether Mentions $102 Million Agricultural Investment | Source: Tether
In April, Tether announced plans to restructure the company into four divisions: Tether Finance to manage the USDT stablecoin, Tether Data, which manages its investments in bitcoin mining, Tether Data to oversee strategic investments in technology companies, and Tether Edu to lead educational initiatives. It is unclear which division oversaw the investment in Adecoagro.
“We believe that investing in land, agriculture, and related sectors is essential to our journey towards creating value for humanity through sustainable development,” Tether said in August, after posting a record $5.2 billion in revenue in the first half of 2024, that it would double its workforce by 2025, “…with a significant focus on enhancing our development, investment, and compliance teams,” said CEO Tether Ardoino.
Bitcoin BingX Chart
Bitcoin BingX 1D Chart 09/09/2024 | Source: TradingView & BingX
Bitcoin broke the $55,724–$73,777 support level on September 6, paving the way for a further decline to an intraday low of $49,000 on August 5. According to Bitget Wallet CEO Alvin Kan, Bitcoin could remain under pressure until the US Federal Reserve announces its interest rate decision on September 18. However, after the rate cut announcement, Kan predicts that risk assets will see a short- to medium-term rally. Arthur Hayes, the former CEO of cryptocurrency exchange BitMEX, who previously predicted Bitcoin to fall below $50,000, has changed his mind.
He now predicts Bitcoin to rally as early as next week due to increased US dollar liquidation from the Fed. Bitcoin fell sharply and closed below the $55,724 support on September 6, signaling that sellers are trying to take control. Typically, prices tend to retest breakout levels after a key support is broken. The BTC/ USDT pair could rise to $55,724 , where sellers will try to stall the recovery. If the price declines from $55,724, it would indicate that sellers have turned this level into resistance. This could increase selling pressure and drag the price down to the key support at $49,000 .
The first sign of easing buyer pressure would be a break and close above the 20-day exponential moving Medium ($57,957). Above this level, the rally could reach the 50-day simple moving Medium ($60,839). Sellers have not allowed the price to rise above the moving Medium for some time, suggesting that any rally is being XEM as a selling opportunity. Minor support lies at $53,969, but if this level is broken, a drop to $49,000 is possible. On the upside, buyers would have to push the price above the 50-day moving Medium to signal that sellers have given up.
BTC 's current support level is $53,000 and resistance level is $55,500.
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