MicroStrategy plans $500M convertible note offering to buy more Bitcoin ❗️

Welcome to the Daily Coinsauce Newsletter, its good to be back. If you like our regular updates, then let us know with a vote and comment at the end. Let’s get straight into today’s highlights.

📅 Today

🔍️ Market Outlook

• Overall Bias - Neutral 📈 

• Bitcoin is dipping, but has held it’s crucial support at ~$66,000 so far on the daily time frame. As long as we are above $66,000, things are good, and Bitcoin’s daily up-trend remains intact.

• However, it seems that we are potentially forming a double-top on BTC, with the neck-line at the same $66,000 zone mentioned above.

• A break of this level with a daily candle close could mean more chopping around between $60k-$70k.

• For now, we are forming a bullish divergence at support, so we could see some relief for BTC and at-least a small bounce off the current support.

• Overall, BTC looks strong fundamentally for the long-term. We have great ETF inflows, neutral funding rates, ETH ETF approvals, liquidation map more or less neutral, and a lot of leverage flushed out of the market during the 2 month consolidation phase.

MicroStrategy Proposes $500M Convertible Notes to Boost Bitcoin Stash 💰️ 

MicroStrategy is looking to add more BTC to its stash, and is raising $500 million in debt (due 2032) to facilitate the purchase, along with other corporate purposes

The proceeds will be used to buy more bitcoin and for other corporate needs. The notes, payable semi-annually, will be available only to qualified institutional buyers.

MicroStrategy currently holds 214,400 BTC worth over $14 billion at an average cost of $35,383 per BTC. Their holdings are currently up 90%, with over $6.8 billion in profit.

Gary Gensler Hints ETH ETF Approvals by Summer End ☀️ 

According to a post by Fox Business reporter Eleanor Terrett, SEC Chair Gary Gensler has indicated that Ethereum ETFs are likely to be approved by the end of this summer.

He suggested that the ETFs are really already approved and all that remains are the registration details getting hammered out at the staff level.

The ETF’s can potentially attracting $4.8 billion in inflows in the first five months according to K33.

When asked if ETH is a commodity, Gary Gensler didn’t give a clear answer, but CFTC chief Rostin Behnam responded with a clear, “Yes”.

📕 Educational

Breaking Down the Success Formula of Pump Fun 👇️ 

On June 6th, Pump Fun achieved over $1.15 million in daily revenue, surpassing the entire Solana chain’s $1.088 million revenue for the same day.

Pump Fun is a user-friendly meme-coin launchpad where anyone can launch a tradable coin for under $2 with a single click. Since its inception, the platform has generated over $38.5 million in revenue, equivalent to approximately 257,000 SOL, making it one of the highest revenue generating projects in all of crypto.

It has facilitated over 992,600 transactions, with total volumes exceeding $3.6 billion.

According to Bandit Network, Pump Fun’s success can be attributed to several factors such as :

👉 Ease of Use: Launching a token is cheap and straightforward, under $2.

👉 Celebrity Endorsements: Celebrities like Caitlyn Jenner and Iggy Azalea have created tokens on the platform, boosting its visibility.

👉Supportive Environment: The platform offers specialized services like marketing, initial liquidity, and connections with market makers and investors.

👉 Advanced Tech: Features like advanced analytics, automated distribution, and more allow for effective token management post-launch.

📊 Stats

📈 Chart of the day

• Rationale & Confluences :

• 4H horizontal support

• 4H discount zone

• 1H bullish swing order-block

• Bullish divergence on 4H RSI

• 7 other bullish divergences

• Source : Cointraction 

🤣 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 trading, and see you next time!

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