Tether Discloses $4.7 Billion in Bitcoin Holdings 🚀

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📅 Today

🔍️ Market Outlook

• Overall Bias - Bullish🙏

• BTC has now closed above it’s 200 Daily Moving Average & the 20 Weekly Moving Average, and closed the week above $67,500 which is quite bullish.

• This level was the weekly supertrend resistance (10, 1.5), which was crucial to break.

• Moving forward, the outlook for BTC is now bullish.

• It seems like the phase of consolidation is coming to an end, and prices could rally significantly higher, based on historic analysis.

• The invalidation level for this would be a weekly close below $58,500, after which the bias will shift to bearish.

Tether Reports $5.2 Billion Semi-Annual Profit 🚀 

Tether’s Q2 2024 attestation reveals they hold $4.7 billion in Bitcoin.

They also announced a new all-time high in direct and indirect U.S. Treasury holdings at $97.6 billion, surpassing Germany, UAE, and Australia.

Apart from these, Tether also holds precious metals worth $3.8 Billion, and other investments worth $3.5 Billion.

They also announced record-breaking $5.2B profit for the 1st 6 months of 2024, making it one of the most profitable crypto projects.

Here are some noteworthy highlights from their latest H1, 2024 attestation report :

• $5.2 billion in net profit

• $1.3 billion in operating profit

• $5.33 billion in excess reserves

• $97.5 billion exposure in US treasuries

• $4.7 billion in Bitcoin holdings (~80,000 BTC)

• $3.8 billion held in precious metals

• Investment portfolio of $6.56 billion

Donald Trump Launches Bitcoin Sneakers 👟 

After his keynote at the Bitcoin 2024 conference, Donald Trump is now promoting his limited edition Bitcoin-themed sneakers on social media.

The shoes can be purchased in Bitcoin, fiat or other cryptocurrencies. He has also previously accepted crypto donations and sold NFT collections featuring his likeness towards Bitcoin.

In his keynote, Trump also pledged to fire SEC chair Gary Gensler and establish a “strategic bitcoin reserve” if elected in November.

📕 Educational

The Death of Celebcoins 🔻

Recently, we've seen a troubling trend and the busting of yet another "crypto bubble": celebrity-endorsed cryptocurrencies, or "celebcoins." Most of these coins have dropped sharply, with many losing 80%-99% of their value.

Despite the hype and celebrity backing, these tokens have failed to deliver long-term value and have proven to be nothing more than slow-rugs. Very few (under 1%) of such tokens succeed, creating a classic example of survivorship bias, where retail investors flock to similar investments, unaware that over 99% of these tokens fail.

This highlights a critical lesson for investors: hype doesn't equal value. To make sound investments, focus on projects with real-world utility and strong fundamentals.

Source : Asva Capital.

📊 Stat

📈 Chart of the day

• This is one of the most important charts in all of crypto.

• A breakout of the ascending triangle over 57.2% will lead to alts underperforming BTC, irrespective of the direction of price.

• Conversely, a breakdown of the super-trend, below 54.7% can trigger an alt-season, especially if this breakdown happens after or during BTC’s price increase.

• Till then, the market is directionless and in a consolidating phase. Being patient during such times and not trading a lot is wise. Every penny saved is a penny earned here.

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

• Source : Cointraction

🤣Meme of the day

Amen 🤣

That concludes our update for today!

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