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Reddit Has Raised $410 Million in Latest Funding, Led by Fidelity Investments

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Today’s Headline

Social networking company Reddit has raised $410 million in latest funding led by Fidelity Investments, valuing the site at more than $10 billion, according to the New York Times. Reddit said it expects some of its existing investors to also participate in the funding, so the funding round could grow to an estimated total of $700 million. Steve Huffman, Co-founder and CEO of Reddit, said the new money will be used to improve Reddit’s functionality, as well as focus on international expansion. Steve Huffman says Reddit is still planning to go public, but has no firm timetable. Reddit closed a $250 million funding round in February at a valuation of $6 billion.

Bingbon Chart

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The Bitcoin price was slipping toward $44,000 yesterday. Bitcoin retested and held support around $44,000 before staging another rally. Currently, BTC is hovering around $46,000. If BTC is able to hold near this level,  the price could head even higher. The high-flying optimism faded as BTC dropped below $43,000. However, yesterday’s drop was a normal move. The almost uninterrupted rally of the last two-plus weeks is a sign that bulls need to take a breather before continuing going higher. Investors who remain optimistic should watch the $46,500 resistance level. A decisive move above this supply zone could see BTC rise between $49,000 and $50,000.