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🤔 Tether Buys A Farm? 

Word On The Street: Tether has made its first foray into the agriculture and food sector by a $100 million to acquire a 9.8% stake in Adecoagro.

The details:

• In its filing with the U.S. SEC, Tether revealed that it funded the Adecoagro investment using cash from its own working capital.

• The company now holds 10,048,249 shares of Adecoagro, giving it a 9.8% stake in the company.

• Adecoagro, established in 2002, is one of Argentina’s largest milk producers, processing 550,000 liters per day at its Buenos Aires facility.

Why it matters: This marks a significant expansion for Tether, which has primarily focused its investments in emerging technologies.

SPONSORED BY COINLEDGER
😨 Scared Of Crypto Taxes?

Word On The Street: CoinLedger offers a suite of products designed to aid cryptocurrency enthusiasts on their investing journey. We know that trying to do your crypto taxes can feel overwhelming and confusing. CoinLedger was designed to be a stress-free product for any crypto investor.

The details:

• Import your crypto transactions from your wallets and exchanges.

• Watch the platform calculate your gains and losses for all your transactions — trading, staking, NFTs, or anything else!

• Once you view your transaction history, download your tax report with the click of a button.

Make crypto taxes easy!

Other News

Roblox will allow devs to skip Robux and charge players in fiat money. The company has also partnered with Shopify to enable physical merchandise sales from directly within Roblox experiences.

Kalshi Cleared to Offer Congressional Prediction Markets in Victory Against CFTC. With two months to go before the election, the U.S.-regulated platform may now get a sliver of the 2024 political betting bonanza that's been dominated by crypto-based rival Polymarket.

Elon Musk’s ‘DOGE’ gov meme sends political speculation soaring. Musk previously signaled he was ready and willing to serve if Donald Trump is elected president of the United States.

CFTC Pleads With Judge to Block Kalshi Election Contracts for 14 Days. The agency says it can't make "an informed decision" about whether to appeal the judge's decision in Kalshi's favor until it knows her as-yet-unpublished rationale.

Traders Corner (Premium)

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Traders Corner is the premium section of The Blockstreet Journal. We provide one free report out of appreciation ❤️ 

Reports from our analysts today:

• Sui Technical Analysis (Free)

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• Filecoin Technical Analysis (Paid)

TRADERS CORNER
💧 Sui Technical Analysis

SUI is $0.9038, with the VWAP line positioned slightly higher at $0.9116. The price is currently below the VWAP, suggesting a slight bearish momentum. The price is also within the Bollinger Bands, though it is leaning towards the lower side of the midline, indicating a bearish bias in the current market condition.

Trend Analysis:

SUI has recently faced a downward trend following a previous rally that peaked near $0.9294. The market appears to be experiencing consolidation, with price action attempting to find stability. The Bollinger Bands are contracting, which could indicate lower volatility ahead, though the price being near the lower band could signal that selling pressure is still present.

Support and Resistance:

- Support: The nearest support level can be observed around the $0.8938 level, which is also the lower Bollinger Band. This level is critical for maintaining a potential rebound.

- Resistance: The $0.9116 level, where the VWAP currently resides, acts as immediate resistance. If SUI manages to break above this level, further resistance can be expected at $0.9294, which aligns with the upper Bollinger Band.

Scenarios:

- Bullish: If the price rebounds off the lower Bollinger Band and breaks through the VWAP at $0.9116, it could signal renewed buying interest. A move above this level may open up the possibility for a test of the $0.9294 resistance. A break above this could lead to further upside.

- Bearish: If the price continues to trade below the VWAP and breaks below the support at $0.8938, we could see a continuation of the bearish trend. The next downside target would likely be around $0.8800, which represents the next psychological level of support.

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