Crypto News: MicroStrategy Adds to the BTC War Chest to Offer Modest Price Support

Key Insights:

• Huobi exchange suffers a $8M cyberattack; user assets secure.
• MicroStrategy intensifies BTC holding, adding 5,445 BTC.
• SEC cases against Binance, Coinbase, and Ripple leave the market on edge.

Huobi Hacked for $8 Million

On Monday, news hit the wires of crypto exchange Huobi (HTX) becoming the latest cyberattack victim. Hackers reportedly accessed a Huobi hot wallet, stealing 5,000 ETH before the platform took the wallet offline.

Huobi announced a 5% white hat bonus on Etherscan in an attempt to reach out to the hackers.

Tron (TRX) founder Justin Sun released a statement shortly after the news of the hack, saying,

“HTX has suffered a loss of 5,000 ETH ($8 million USD) due to a hacker attack. HTX has fully covered the losses incurred from the attack and has successfully resolved all related issues. All user assets are safe, and the platform is operating completely normally.”

In a bid to ease investor jitters, Sun added,

“$8 million represents a relatively small sum in comparison to the $3 billion worth of assets held by our users. It also amounts to just two weeks’ revenue for the HTX platform.”

MicroStrategy Adds 5,445 BTC to Take the BTC Holding to 158,245 BTC

On Monday, MicroStrategy (MSTR) reported the acquisition of 5,445 BTC, taking the total haul to 158,245 BTC.

According to the US Securities and Exchange Commission filing, MicroStrategy paid $147.3 million at an average price of $27,053 per BTC.

MicroStrategy raised funds through a Share Sale agreement to acquire the latest BTC batch.

Founder and Chairman Michael Saylor also shared the news on X, saying,

“MicroStrategy has acquired an additional 5,445 BTC for ~ $147.3 million at an average price of $27,053 per bitcoin. As of 9/24/23, MicroStrategy hodls 158,245 BTC acquired for $4.68 billion at an average price of $29,582 per bitcoin.”

MicroStrategy Inc. saw its stock price rise by 1.48% to $326.60 on Monday versus a NASDAQ Composite Index gain of 0.45%.

Technical Analysis

Bitcoin Analysis

BTC sat below the 50-day and 200-day EMAs, sending bearish price signals. A BTC return to $26,500 would support a move to the $26,755 resistance level. However, BTC would need favorable crypto market news to break above the resistance level.

Failure to break above the $26,755 resistance level would leave the trend line in play.

Adverse crypto market news would support a break below the trend line to target the $25,506 support level.

Updates related to the SEC v Ripple and Coinbase cases and news regarding BTC-spot ETF need consideration.

The 14-Daily RSI reading of 45.04 supports a BTC break below the trend line before entering oversold territory.

Ethereum Analysis

ETH sat below the 50-day and 200-day EMAs, sending bearish price signals. A fall to sub-$1,550 would bring the $1,502 support level into play. A lack of progress toward an ETH-spot ETF market and adverse news from the SEC cases against Binance, Coinbase, and Ripple would test buyer appetite.

However, a break above the $1,626 resistance level would support an ETH move toward the 50-day EMA.

The 14-Daily RSI reading of 39.90 supports an ETH fall to sub-$1,550 before entering oversold territory.