Search results for Scott Melker
Crypto
Bitcoin bear market over? 2022 bullish indicator reappears
A TD9 buy signal has appeared on Bitcoin’s monthly chart for the first time since July 2022, raising the prospect of a reversal in its long-term downtrend. Market analyst Tony Severino said Bitcoin has formed a “perfect” monthly TD9 buy setup, while warning it does not necessarily mean a bottom is in. Some traders cited the signal as noteworthy if it holds through the monthly close, even as others still watch for another low around $55,000.
Crypto
STRC slump raises funding structure debate, putting Strategy\'s bitcoin buying plan to the test
Strategy’s preferred stock STRC, used to fund bitcoin purchases, has fallen below its $100 par value, slowing the company’s pace of additional buys. STRC traded as low as $82.53 and closed at $88.59, fueling debate over the funding structure and affecting market-price issuance. Strategy increased holdings to 846,842 bitcoin but at a reduced pace, and sold 32 bitcoin in early June to meet dividend obligations. Analysts and critics remain divided as markets watch the next dividend-rate notice due June 30.
Crypto
Arthur Hayes says Michael Saylor is not a BTC saviour, only protects Strategy
BitMEX founder Arthur Hayes warned bitcoin holders not to treat Michael Saylor’s purchases as a backstop for their portfolios. He said Saylor’s role is to defend Strategy, its shareholders and instruments built on its balance sheet, not protect retail investors. Hayes said signals in STRC pricing could foreshadow short-term bitcoin spikes. He also noted Strategy is buying bitcoin while repurchasing about $1.5 billion in convertible bonds.
