Skip to main content

Crypto Biz: Elon Musk: The ultimate crypto tourist

Tesla's foray into Bitcoin may have been one big distraction for the electric vehicle maker, which reported mixed financial results earlier this month.

Elon Musk’s Tesla proved to be the ultimate paper hands after the electric vehicle maker sold 75% of its Bitcoin (BTC) holdings in the second quarter. I say, good riddance. The cult of personality isn’t good for Bitcoin, and neither is a technologist who treats the asset as his plaything. As far as we are aware, Musk hasn’t sold any of his personal Bitcoin stash and Tesla still has an estimated 10,800 BTC on its books. Still, the less we have to hear about Musk and Bitcoin, the better. 

In this week’s Crypto Biz, we chronicle Tesla’s sale of BTC, KuCoin’s fight against fake news and Cathie Wood’s sale of Coinbase stock.

Tesla reports $64M profit from Bitcoin sale

Tesla’s decision to sell most of its Bitcoin wasn’t as boneheaded as it appeared at first. The company scored a $64 million profit in the exchange. Aside from selling emission credits, the electric vehicle maker has routinely struggled to turn a profit over the years. In a form 10-K filing with the United States Securities and Exchange Commission (SEC), Tesla disclosed that it may “increase or decrease” its holdings of digital assets over time. Cynical prediction: ESG FUD will probably be the reason Tesla gets rid of its remaining holdings over time.

KuCoin CEO Johnny Lyu launches ‘Anti-FUD Fund’

Crypto exchange KuCoin has been at the receiving end of a nasty smear campaign from a self-styled whistleblower tweeting about the company’s alleged insolvency. KuCoin CEO Johnny Lyu has not only refuted claims that his company was facing a liquidity crisis, but he has also launched an “Anti-FUD Fund” to track down and take legal action against so-called “FUDers.” The Twitter account responsible for the misinformation appears to have been deleted.

Cathie Wood sells Coinbase shares amid insider trading allegations

Cathie Wood’s ARK Investment Management appears to be distancing itself from Coinbase amid allegations that the cryptocurrency exchange was involved in insider trading. After holding nearly $9 million in COIN stock as of late June, ARK offloaded more than 1.4 million shares over the next month. According to Bloomberg, Coinbase is being investigated by the SEC over its potential involvement in an ex-product manager’s insider trading scheme. Separately, and on an unrelated note, Coinbase is also being probed for allegedly selling unregistered securities. In the meantime, you won’t believe how badly COIN stock is down.

3AC: A $10B hedge fund gone bust with founders on the run

We’ve spent the past few months talking about the Three Arrows Capital debacle. The firm that also went by 3AC was revered for its investments, trading prowess and insights. The cult of personality surrounding its founders created an image of a company that could do no wrong. Then, it all came crashing down. As we wait for documentarians to make a movie about 3AC’s downfall, Cointelegraph has put together a lengthy expose about the whole ordeal. I’m talking timelines, analysis and information on who owes what to whom.

Don’t miss it! Why does the FOMC meeting matter for crypto?

Have you been wondering why investors keep talking about the “FOMC?” Why are crypto people suddenly so enamored with this four-letter acronym? In this week’s Market Report, I break down exactly what the FOMC is and why investors need to monitor it. Consider it a crash course on the most powerful organization in the world (yes, really). You can watch the full replay below.

Crypto Biz is your weekly pulse of the business behind blockchain and crypto delivered directly to your inbox every Thursday.



from https://ift.tt/a5mRcp7
https://ift.tt/KQ6uzET
Labels:

Comments

Post a Comment

Any questions, Please.

Popular posts from this blog

DeFi isn’t dead, it just needs to fix these 3 critical problems

It’s been a rough year for DeFi, and it may not get any better until projects focus more on security, regulation and usability. The persistent challenges  decentralized finance  face have been well documented by a handful of analysts and the recent collapse of the Terra ecosystem re-enforced the fact that something is critically wrong with DeFi. I think DeFi today is completely broken for 99% of the population. The promise of a more transparent financial system has been overtaken by greed. UST/LUNA is just the latest in a string of bad developments: — Peter Yang (@petergyang) May 11, 2022 Let's take a look at what experts say DeFi needs to do in order to have another revival.  Improved usability To date, the promise of open and uncensored access to a global decentralized financial system has been largely hampered by the complicated interface, confusing multi-step staking processes and lack of clarity surrounding the yields on various tokens. What do you thi...
Post a Comment
Read more

ENS DAO delegates offer perspective on DAO governance and decentralized identity

AlphaWallet CEO and Spruce co-founder talk about their roles as contributors to the Ethereum Name Service following the project's recent airdrop. Earlier this month, the Ethereum Name Service, or ENS, formed a decentralized autonomous organization, or DAO, for the ENS community.  Cointelegraph spoke to two ENS DAO delegates who applied for the opportunity to represent the community and stay involved in the decision making process: Victor Zhang, CEO of AlphaWallet, an open source Ethereum wallet, and Gregory Rocco, co-founder of Spruce, a decentralized ID and data toolkit for developers. Zhang spoke about his experience as an external contributor to ENS and an early supporter since 2018. Zhang initially sought to help ENS by offering Alpha Wallet as a user-friendly tool for  resolving .eth names and cryptocurrency wallet addresses. Essentially, if a user inputs an .eth name in the AlphaWallet, it will show the wallet address, and vice versa using reverse resolution. Alpha...
Post a Comment
Read more

Institutional demand for crypto isn’t subsiding, but impact will be gradual

As another $2-trillion stimulus package looms in the U.S., institutions will continue to look at BTC as a hedge against inflation. For example, just last week, when the currency was hovering around the $30,000 threshold, a whole host of pundits was warning investors to brace for impact, suggesting that the premier crypto asset was on the verge of a correction and could once again dip to around the $20,000 region. However, in just one day, Bitcoin was once again playing with the bulls, retesting the $38,500 limit, only to witness a selloff and eventually settle around the $33,500 region. While for most crypto veterans that might have been another day at the office, others branded the upsurge as “Elon’s Candle,” which relates to Elon Musk, the CEO of Tesla, who included “Bitcoin” in his Twitter bio as well as sent out the following cryptic message “in retrospect, it was inevitable” to his 40 million-odd followers online. Regardless of the cause, has the recent price volatility sca...
Post a Comment
Read more