- Michael Dell files to sell 10 million shares of Dell stock
- The PC maker’s founder stands to cash out $1.3 billion
- Is a big Bitcoin purchase coming? Rumors are saying it might be
Michael Dell Cashes Out $1.3 Billion
Michael Dell, founder and CEO of Dell Computers, has filed to sell as much as 10 million shares of his stock ownership in the PC maker. The amount is equal to roughly $1.3 billion and will be distributed in cash, meaning that his cash pile will swell by that much.
What is he doing to do with that personal gain? Some say that he would be looking to buy Bitcoin. You read that correctly. Rumors are running that Michael Dell is looking to buy himself a boatload of Bitcoin with that new cash generated by the share sale.
There are reports already circulating around crypto Twitter, saying that Dell plowed as much as $450 million to $475 million into Bitcoin on June 30. The hefty sum, transacted on the Binance exchange, is enough to secure a total of 7,500 Bitcoin based on today’s prices of around $60,000. In fact, analysts are saying that this big-ticket purchase underpinned a rally in the price of Bitcoin, which rose by about 5% to hit a Monday high of just under $63,000 a piece.
What’s Bitcoin’s Price Now?
However, the price has retreated slightly and is presently gravitating toward the $62,500 threshold as markets gear up for another week. What’s awaiting traders this week?
There is a flurry of events this week that may introduce fresh volatility into the digital asset space, and Bitcoin in particular.
What’s the News This Week?
On Wednesday, the broad markets will watch for the release of the Federal Reserve’s minutes from their meeting three weeks ago. In summary, analysts will look for clues into the highly anticipated interest rate cut program that intends to lower borrowing costs. Any hint that rates might be coming down soon will bring exciting trading opportunities for traders across asset classes, including cryptocurrencies.
On Friday, June’s nonfarm payroll data is slated for release in the US in the morning. The nonfarm payrolls, commonly known as jobs report, will shed light on the pace of economic expansion or contraction. Analysts are optimistic that we’ll see a gradual slowdown in hiring efforts across US companies for June. Markets expect a cool 189,000 new jobs to have been created over the past month, significantly lower than the 272,00 new hires tapped to join the workforce in May.
With this in mind, a lower jobs figure will raise hopes of rate cuts sooner rather than later. In that case, markets are likely to become more volatile, thanks to the prospects of cheaper borrowing that will help stimulate the economy and create new opportunities for growth.
However, if markets see a reading that’s too hot, one that tops the consensus calls, they might react negatively to the news, which could lead to a reshuffling of the investment landscape.
In any case, this week is shaping up to be an exciting one with plenty of events to look forward to.
