Digital Currencies incl NFT etc. 02; (Apr 21 - Feb 23)

[winston]

not vested

Elon Musk suggests Tesla may have sold bitcoin

Tesla Chief Executive, Elon Musk, implied in a Twitter exchange Sunday afternoon that the electric vehicle maker sold or may sell the rest of its bitcoin holdings, sending the price of the cryptocurrency down, CNBC reports.

Bitcoin dipped by around 8 percent to around US$44,000 per coin.

A Twitter user who goes by @CryptoWhale said, “Bitcoiners are going to slap themselves next quarter when they find out Tesla dumped the rest of their holdings. With the amount of hate @elonmusk is getting, I wouldn’t blame him…”

Musk replied, “Indeed.”

A potential sale comes just days after Musk said the company planned to hold rather than sell the bitcoin it already has and intended to use it for transactions as soon as mining transitions to more sustainable energy. Tesla did not immediately respond to a request for comment.

Musk has been a big supporter of cryptocurrencies, helping rally the prices of digital coins, including bitcoin, several times in the past year. In an SEC filing in February, Tesla revealed that it bought US$1.5 billion worth of bitcoin.

The company later said it registered a net gain of US$101 million from sales of bitcoin during the quarter, helping to boost its net profits to a record high in the first quarter.

However, Musk seems to have reversed course in recent weeks in favor of dogecoin, the meme-inspired cryptocurrency. Tesla last week also “suspended vehicle purchases using bitcoin,” out of concern over “rapidly increasing use of fossil fuels for bitcoin mining.”

The price of bitcoin dropped about 5 percent in the first minutes after Musk’s announcement.

Source: The Standard

https://www.thestandard.com.hk/breaking ... ld-bitcoin

[winston]

Bitcoin believers are better off buying into Tesla

by Andrew Wong

News that the world's largest cryptocurrency exchange, Binance, is being investigated by the US Department of Justice and the Internal Revenue Service for alleged money laundering and tax violations sent a number of cryptocurrencies plunging, with bitcoin again slipping below the US$50,000 mark.

Tesla's latest quarterly results reveal it sold 10 percent of its bitcoin assets worth US$272 million during the first three months of 2021, and that it netted $101 million from the sale.

The level of US$540 for Tesla should have certain support and even if it falls in the short term, the stock's long-term investment value is surely higher than bitcoin's.

Source: The Standard

https://www.thestandard.com.hk/section- ... into-Tesla

[winston]

by behappyalways:-

Bitcoin price plummets to $30k, Gareth Soloway's last target; How to trade after collapse?

https://m.youtube.com/watch?v=GV9-Xg0-xpc

[winston]

U.S. Treasury calls for stricter cryptocurrency compliance with IRS, says they pose tax evasion risk.

The Treasury Department on Thursday announced that it is taking steps to crack down on cryptocurrency markets and transactions, and said it will require any transfer worth $10,000 or more to be reported to the Internal Revenue Service.

Cryptocurrency already poses a significant detection problem by facilitating illegal activity broadly including tax evasion,” the Treasury Department said in a release.

A growing number of Wall Street analysts have over the past month sounded the alarm that regulators at the Treasury and the Securities and Exchange Commission could soon take a more active role in cryptocurrency regulation.

Source: Phillips

[behappyalways]

Mr. Whale
@CryptoWhale
·
May 22
BREAKING: DeFi100 coin exit scams, and runs away with $32 million in investors funds.

Website is now updated with the message “We scammed you guys, and you can’t do shit about it”

https://mobile.twitter.com/CryptoWhale/ ... 2245777408

[winston]

Bitcoin tumbles further as HK to restrict crypto trade

Bitcoin tumbled further yesterday, while Hong Kong said that cryptocurrency exchanges will have to be licensed and will only be allowed to provide services to professional investors.

The world's biggest and best-known cryptocurrency, bitcoin was down 10 percent to US$33,538 at 10pm yesterday, losing US$3,740 from its previous close.

The digital asset is down nearly 48 percent from this year's peak of US$64,895.22 on April 14.

Ether, the coin linked to the ethereum blockchain network, dropped 13 percent to US$1,945.

At the core of policy making is investor interest protection, anti-money laundering and counter-terrorist financing, and at the same time, reserving space and flexibility for the further development of Hong Kong's virtual asset market and financial innovation, Hui said.

Under Hong Kong law, an individual must have a portfolio of HK$8 million to count as a professional investor.

Source: Reuters

https://www.thestandard.com.hk/section- ... ypto-trade

[winston]

Digital asset risks grow as regulators tighten noose

by Andrew Wong

Both nations believe that bitcoin and other digital assets - which are not their own offering of virtual currencies - have grown to a point where they are now a threat to the greenback and the yuan, and therefore have to be regulated.

So the future development of virtual currencies will see governments issuing their own digital assets based on their own currency. For instance, China has been actively promoting the digital yuan while it is believed that the United States will also try to develop a digital dollar.

Source: The Standard

https://www.thestandard.com.hk/section- ... hten-noose

[behappyalways]

TradingView
@tradingview

The total market cap of all cryptocurrencies has dropped $1.2 trillion in just two weeks.

https://mobile.twitter.com/tradingview/ ... 3160345603

[winston]

Editorial: Bitcoin crash is only an ‘appetizer’

By Lo Fung

Paul Krugman ridiculed that in the 12 years of its establishment (developed in 2009), Bitcoin is still unrelated to people’s lives, taking no role in economic activity or making a unique contribution.

The sharp rise and fall of Bitcoin and other cryptocurrencies are but a storm in a teacup. The real crisis remains with the return of inflation!

Source: Apple Daily Hong Kong

https://hk.appledaily.com/opinion/20210 ... B54OOR25I/

[winston]

Fed official Lael Brainard makes case for digital dollar

Providing financial services to the nearly 1 in 5 Americans considered “underbanked” is one of the advantages.

She also cited the safety of a Fed-backed system, as well as improvements in efficiency and cross-border payments, or transactions between people in different countries.

When Congress began sending relief payments at the outset, some individuals didn’t get theirs for weeks because they either did not have accounts or their information was not updated with the IRS. A CBDC would help get money more quickly to those people.

A CBDC would reduce counterparty risk and the associated consumer protection and financial stability risks.

Expected to come in line in two years.

Source: The Standard

https://www.thestandard.com.hk/breaking ... tal-dollar