Microstrategy announces 10:1 stock split ❗️

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📅 Today

🔍️ Market Outlook

• Overall Bias - Bearish ⚠️ 

• BTC has now closed a weekly candle below it’s 200 Daily Moving Average & the 20 Weekly Moving Average, which is a bearish sign.

• Moving forward, the medium term outlook for BTC depends upon how quickly the price is able to reclaim these moving averages.

• Until the prices shoot up above $60,000 and hold steady above those levels, the outlook remains bearish.

• From a longer term perspective, once the price surges above $64,900 and we get a weekly close above that level, we can then expect the second leg of the bull-market to start and for the prices to start moving aggressively higher.

Microstrategy Announces 10:1 Stock Split ⚡️ 

MicroStrategy has announced a 10-for-1 Split for it’s Class A and B Common Stock. Trading on the split-adjusted stock will commence on Aug. 8, 2024.

The aim of the stock split is to enhance accessibility, to make the stock cheaper for investors. The split will not affect the voting rights of the shareholders. The stock is currently trading at ~$1363 at the time of writing.

The company’s shares have surged 107% so far in 2024, while bitcoin has roughly 40% over the same period.

The company holds 2,26,331 BTC worth $13.27 billion at an average price of $36 991 per BTC. It’s position is currently ~58.6% in profit.

Malaysia Loses $700 Mil Due To Illegal Bitcoin Mining ➖ 

The Malaysian government suffered losses of RM3.4 billion — more than $700 million from 2018 to last year due to theft of electricity supplies for bitcoin currency mining, according to government officials.

This increasingly widespread activity was said to be detrimental to the society and the country as a whole.

As a result, the government confiscated and destroyed a total of 2,022 bitcoin mining equipment worth RM2.2 million or the equivalent of $470K. In addition, 8 local men and two women were arrested.

While mining cryptocurrency itself is not illegal in Malaysia, the act of stealing electricity for mining purposes is deemed unlawful

📕 Educational

Are Airdrops Dead?

• Despite $4 billion in airdrops being rewarded in H1 2024, retail is still left unhappy, leading to the narrative of “Are Airdrops Dead?” re-surfacing on social media.

• Below we highlight 5 potential pitfalls by projects that lead to unhappy airdrop recipients :

1. Misaligned Incentives, Sybil Attacks & Airdrop Dilution

   Rewards often favor founders, early investors, and fake accounts (Sybil attacks), reducing the benefits for genuine users and leading to diluted airdrop value

2. No Unlocks, Immediate Selling

   Tokens can be sold immediately, causing a quick drop in price as many users sell off their rewards right away

3. Lack of transparency

   Vague airdrop criteria and arbitrary decisions frustrate users, leading to accusations of unfairness and lack of trust in the project

4. Poor Token Utility & User Retention

   Tokens without real use beyond voting don't attract long-term interest, causing user numbers to drop sharply after the airdrop.

5. Seasonality & Market Conditions

   Airdrops launched during market downturns perform poorly because users are already worried about their investments, leading to greater scrutiny and dissatisfaction

We believe that airdrops are not dead and can still attract users and add value, but their success depends on fair distribution, clear communication, and strong token utility. Realistic expectations and strategic timing are crucial. Despite current challenges, airdrops will likely continue remain relevant, especially when market sentiment improves.

📊 Stats

📈 Chart of the day

• Rationale & Confluences :

• Macro horizontal support

• Weekly breakout-retest zone

• Confluence with the weekly 0.618 fib retracement.

• Confluence with Daily Discount Zone

• RSI & Stochastics both in Buy-Zone

• Fundamentals improving, with ATH quarterly revenues reported recently.

• A pullback near $1,800 and a bullish weekly candle close on this level can indicate a potential reversal for Maker.

• Source : Cointraction 

• Note : None of the content mentioned in the newsletter is financial advise. This is for educational purposes only.

🤣 Meme of the day

Accurate 🤣 

That concludes our update for today!

We appreciate you joining us for the latest news. Our aim is to provide insights and highlights that keep you well-informed and ready. Remember to follow us on social media for additional updates and giveaways. Happy Hodling, and see you next time!

Disclaimer : None of the content shared in the newsletter is financial advise. Always do your own research before investing.