Category: Cryptocurrency News

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BTC price briefly flashed bullish, but derivatives data show bear are in control of January’s $2.3 billion monthly options expiry.

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Elon Musk, and by extension, Tesla, have been one of the biggest proponents of bitcoin. The automotive manufacturer which is headed by the billionaire had been a big push in the first bitcoin run-up towards a new all-time high in May 2021. This had come as a result of the EV manufacturer announcing that it would be accepting BTC as a payment method for its cars. Not too long after, the company had repealed its decision to accept the digital asset as a method of payment, citing environmental concerns as the reason behind this. However, it did not explicitly back away from bitcoin as it made investments into the asset. In a recently released financial report from the company, Tesla reveals that it continues to hold on to it BTC that it had purchased last year. Tesla Did Not Increase Bitcoin Holdings Elon Musk had revealed last year during ‘The B Word’ conference that Tesla, the company which he runs as CEO, held bitcoin on its balance sheet. While most were not surprised, it was still a news-worthy revelation and was the subject of countless headlines. Musk had also revealed that the company had no intentions of selling the BTC and would hold onto it. Related Reading | Has Bitcoin Reached Its Bottom? Analyst Says It Still Has A Long Way To Go Since then though, it seems the company has stuck to its decision to not sell but it had not increased its holdings in the digital asset either. Financial reports from the company showed that Tesla did not purchase any new bitcoin in the last quarter of 2021. BTC trending higher post-crash | Source: BTCUSD on TradingView.com It also did not record any impairments in the same time period as it did in the third quarter of the year where it was to report impairment of $51 million on its bitcoin holdings. The value of the investment had remained flat given that the value of BTC did not fluctuate much during this time. Its holdings sat at a value of $1.2 billion for the quarter, marking profits on the investments it had made earlier in the year. Not Ruling Out Crypto Payments When Tesla had announced it was stopping bitcoin payments, it had come with a clause that would see the company resume BTC payments. Musk, in a tweet, had explained that once bitcoin mining reached 50% renewable energy, then it would resume the payments. Related Reading | Bitcoin Leverage: Lack Of Liquidations Could Indicate Another Wave Of Selling This is still yet to happen though but Tesla has not ruled out cryptocurrency payments entirely. The company officially started accepting meme coin Dogecoin, a favorite of CEO Elon Musk, as payment for Tesla merchandise. It explained that it will use this as a test run to see how Dogecoin payments would work on its platform. All items listed for Dogecoin payments were quickly sold out following the announcement. Tesla remains the second publicly traded company with the largest bitcoin holdings, coming behind MicroStrategy and its enormous stash of more than 120K BTC. Featured image from TechBooky, chart from TradingView.com

Co-founder of NEAR Protocol, Illia Polosukhin, lays out his vision for Web 3 and explains why Ethereum may not play a prominent role in its foundation.

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The price of bitcoin has dropped after the Federal Reserve said that it will likely raise interest rates in March. Bitcoin lost its yesterday’s gain, now trading at $36k at press time. However, Fed Chairman Jerome Powell stated during a press conference that there is still a lot of uncertainty, including how many interest rate hikes will occur in 2022 and how rapidly they would climb. Bitcoin Loses Gains Following Fed Remarks Bitcoin lost its gains as investors and traders assessed Fed Chairman Jerome Powell’s remarks. Furthermore, Powell stated that the central bank would progressively eliminate economic support as a means of combating excessive inflation. The Fed is winding down its asset-purchasing program at the time of this decision. Monetary stimulus has been a substantial source of market support over the last year, contributing to the strength of both equities and the crypto market. The Fed indicated that it would carry out a previously announced taper of bond purchases and that rates would be raised “soon.” In recent months, traders’ enthusiasm for cryptocurrencies has waned due to expectations of higher rates and less liquidity. That hasn’t dampened Cathie Wood’s ARK Invest’s optimism, which forecast on Tuesday that Bitcoin’s price will reach $1 million by 2030. All of this occurs while the central bank tries to rein in inflation, and some analysts believe the cost-of-living situation will worsen before it improves. As a result, the Fed remains committed to closing the money taps and ending the massive stimulus measures enacted during the coronavirus outbreak. Powell stated, “This is going to be a year in which we move steadily away from the very highly accommodative monetary policy we put in place to deal with the economic effects of the pandemic.” BTC/USD trades at $36k. Source: TradingView It’s worth noting that when it comes to boosting interest rates, the Fed will have to strike a balance. If they rise too quickly, employment levels could be impacted, and the current economic recovery could be jeopardized. The announcement elicited a wide range of reactions. BTC is currently trading at $36,421, down 3.76% on the day and well below the $38,825 highs witnessed in the days leading up to his statements. On Thursday, the stock markets also dipped somewhat. Related article | Go With The FED, Why Bitcoin Could Benefit From Interest Rate Hikes In 2022 Impact On Bitcoin And Crypto Market Since the Federal Reserve’s early November meeting, when the central bank stated that it will begin tapering its bond purchases, eliminating financial system stimulus, Bitcoin’s price has been under severe pressure. In November, the cryptocurrency reached a high of about $69,000. Because of how their appeal reduces when interest rates rise, rising interest rates are often considered as bad news for digital assets. Government bonds may be preferred by less cautious investors since they are less risky. If the change in monetary policy has a long-term negative influence on the stock market, major cryptocurrencies like BTC and ETH may suffer as well. Bitcoin break line is around $30,000, which it successfully defended last July, and any drop below this psychologically significant price threshold might have serious consequences. Related article | Bitcoin Falls To $43k After Fed FOMC Meeting Featured image from Getty Images, charts from TradingView.com,

Algorand is even sponsoring the Ethereum Denver conference coming up to reveal. https://twitter.com/EthereumDenver/status/1485690615660699650 basically the Algo quantum resistant state-proofs, you can do everything in metamask but with the blazing speed of Algo and zero downtime and next to zero fees. https://twitter.com/C3protocol/status/1486054736931569669 https://twitter.com/GaryMalouf/status/1485971927093104644 So in the end Algo is it's own L1, that can also handle…
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Earlier today the shocking story broke that 0xSifu heading the treasury for Wonderland Time is the same co-founder Micheal Patryn, of the infamous QuadrigaX exchange that stole $150m worth users funds. His original name wasnt even Micheal, he is a convicted identity fraud. Since then, many more stories have emerged detailing the shady connections of…
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