#BTCWhalesMoveToETH The semiconductor company Sequans is raising 200 million dollars to buy Bitcoin

The French chip manufacturer Sequans has stated that it aims to accumulate 100,000 Bitcoin over five years as part of an aggressive treasury strategy.

The semiconductor company Sequans is raising 200 million dollars to buy Bitcoin

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The 11.3% correction recorded since Bitcoin reached its all-time high of 124,000 dollars on August 14 is a natural and healthy market adjustment following the ongoing bullish movement that began in April, says Diego Pohl, analyst at Crypto Investidor.

Trading at 113,493 dollars, down 3.3%, Bitcoin

BTC

94,953 €

confirmed its worst weekly close since early July on Sunday, August 24. The signal of a possible interest rate cut by Jerome Powell, chairman of the U.S. Federal Reserve (Fed), during the Jackson Hole symposium on Friday the 22nd was not enough to reverse the correction in Bitcoin's price.

Despite Powell's dovish stance, the probability of a rate cut at the September meeting of the Federal Open Market Committee (FOMC) increased only 1.6% compared to the previous week, according to data from the FedWatch Tool.

"Right after Powell's speech on Friday, Bitcoin surged and retested the 117 thousand dollar region, driven by the reading that rate cuts could come as early as September; however, this initial enthusiasm was followed by a strong selloff over the weekend," notes the weekly newsletter from digital asset manager QR Asset.

The drop was caused by a combination of profit-taking and the subsequent liquidation of over 550 million dollars in Bitcoin in the derivatives market alone on Sunday. Even with the selling pressure from a whale that traded approximately 690 million dollars in BTC for ETH, Bitcoin showed resilience.