What happened to crypto in september?
Last week, after the Federal reserve committee made a significant rate cut, Bitcoin rose to around $63,000, climbing from weeks of hovering near $60,000. While this decision has cleared some uncertainty about monetary policy, upcoming U.S. elections are expected to keep markets unpredictable until November.
In other Bitcoin news, MicroStrategy, a software company that holds a large amount of Bitcoin, has bought an additional $450 million worth of the cryptocurrency. With over 252,000 Bitcoins in total, MicroStrategy is now the biggest corporate Bitcoin holder. The company also raised another $1 billion through convertible debt to buy more Bitcoin in the future.
Meanwhile, Riot Platforms and Bitfarms have come to a temporary agreement. Riot successfully appointed its nominee to Bitfarms’ Board of Directors, which led to Riot withdrawing its request for a special shareholder meeting. Riot owns 20% of Bitfarms’ shares, and the direction of this relationship will depend on market trends and Riot’s investment strategy.
Lastly, Ethereum ETFs received a strong boost on Tuesday, with $62 million in fresh investments. BlackRock alone contributed $59 million, marking the best single day for Ethereum ETF inflows since early August.
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