Block Inc. has announced its strategy of regularly purchasing bitcoin for its corporate balance sheet via dollar-cost averaging (DCA). The company plans to allocate 10% of its monthly gross profit from bitcoin products towards investments in the cryptocurrency. “We view bitcoin as an instrument of global economic empowerment; it is a way for individuals around […]
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Japan’s Web3 Ambitions Hang in Balance as Political Scandal Rocks Kishida’s Leadership
Japan’s Prime Minister Fumio Kishida and the ruling Liberal Democratic Party are advocating Web3 development amid a major corruption scandal that threatens their political stability. With leadership elections approaching in September and declining party support, the future of Japan’s Web3 policy and initiatives, including a substantial number of active projects, remains uncertain. Despite global challenges […]
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Tesla Maintains Bitcoin Holdings — Balance Sheet Shows $184 Million in Digital Assets
Elon Musk’s electric car company, Tesla, has maintained its bitcoin holdings. The company’s Q1 balance sheet shows net digital assets of 4 million. According to crypto analytics firm Arkham, Tesla continues to hold onto its 11,509 bitcoins, which have a market value of over 5 million. Tesla Holding Onto Its Bitcoin Elon Musk’s electric car […]
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Google Introduces Cryptocurrency Wallet Balance Check via Search Engine
Google has enhanced its search engine to allow users to check their cryptocurrency wallet balances directly by entering the wallet’s address, supporting various blockchain networks including Bitcoin, Arbitrum, Avalanche, Optimism, Polygon, and Fantom. This feature not only shows the native token balance of a wallet for each supported network but also indicates the last time […]
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Sell Sign Ignites Speculation: Solana Fate Hangs In The Balance?
Solana (SOL), the high-speed blockchain darling, has entered a tug-of-war between technical indicators flashing red and a market sentiment surging with exuberance. This paradox leaves investors wondering: is a price correction imminent, or is Solana poised for a major breakout?
Solana Faces Technical Headwinds
Technical analysts are raising red flags. Ali Martinez, a prominent analyst, identified a sell signal on Solana’s daily chart using the TD Sequential indicator. This indicator has a haunting history with SOL, preceding price drops of 17% to 28% in the past.
Based on this historical data, Martinez predicts a potential retracement, suggesting Solana could dip as low as 7. This technical analysis injects a dose of realism into the market, reminding investors of the inherent volatility of cryptocurrencies.
The TD Sequential presents a sell signal on the #Solana daily chart!
Since December 2023, every time this indicator suggested selling, the price of $SOL dropped by 17% to 28%. A similar outlook could see #SOL retrace to 2 or even 7. pic.twitter.com/3JbXdabK3v
— Ali (@ali_charts) March 14, 2024
Solana Defies Pressure With Bullish Momentum
However, dismissing Solana based solely on technicals would be a mistake. In a surprising turn of events, Solana is currently defying the sell signal. As of this writing, SOL is trading at a robust 0, boasting a significant 24-hour trading volume and a market capitalization exceeding billion.
More importantly, the price has been on a tear, surging nearly 50% in the past month and a remarkable 24% in the last week. This bullish momentum throws a wrench into the technical analysis, highlighting the unpredictable nature of market sentiment in the crypto sphere.
Solana: On Optimism And Caution
Looking ahead, the battle between technical indicators and market sentiment is set to continue. Bullish forecasts paint a rosy picture. Changelly, a popular crypto exchange, predicts a 12% increase for SOL by mid-March.
This aligns with the overwhelmingly bullish market sentiment, with technical indicators showing a 77% positive outlook and the Fear & Greed Index hovering at an “extreme greed” score of 81. Crypto experts are joining the chorus of optimism, projecting an average SOL price of 7 for March, with a potential return on investment exceeding 80%.
Buckle Up For A Bumpy Ride
Meanwhile, the bitcoin market saw total liquidations of more than 0 million in the last day. Of this, liquidations from long positions totaled around 8 million, while those from short positions totaling about million. Of them, Solana (SOL) had to deal with liquidations of close to million in the same period.
Featured image from Pexels, chart from TradingView
Coinbase Faces Repeat Zero Balance Glitch Amid Crypto Trading Fervor
While bitcoin reached a 2024 high on Monday, rising above the ,000 per unit range, Coinbase suffered an issue again where customers were seeing zero balances. The news follows the issues Coinbase suffered on Feb. 28, 2024, when customers saw zero balances that day as well. Coinbase Users Encounter Zero Balance Bug Again Coinbase’s trading […]
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Tesla Maintains Bitcoin Holdings — $184M in Digital Assets Shown on Balance Sheet
Elon Musk’s electric car company, Tesla, has maintained its bitcoin holdings. The company’s balance sheet for Q4 2023 shows net digital assets of 4 million. Musk is convinced that in the long term, Tesla will be the most valuable company on earth. The billionaire recently disclosed that another of his companies, Spacex, also owns “a bunch of bitcoin.”
Tesla’s Bitcoin Holdings Stand at 4 Million
Tesla, Elon Musk’s electric car company, released its fourth quarter 2023 earnings on Wednesday, showing net digital assets of 4 million on its balance sheet. Tesla has held this amount of digital assets since the fourth quarter of 2022.
Tesla previously explained that its digital assets were made up almost entirely of bitcoin (BTC), noting that while the company accepts the meme cryptocurrency dogecoin (DOGE) for some merchandise, the amount of dogecoin it has accumulated is very small.
Musk acknowledged during the earnings call that “there’s going to be bumps along the way” for Tesla, but he insisted:
Long term, I am convinced that Tesla will be the most valuable company on earth.
Tesla invested .5 billion in BTC in Q1 2021 but sold 75% of its holdings in Q2 2022. Musk explained at the time that the company is “certainly open” to increasing its bitcoin holdings in the future, noting that the sale was due to concerns about the company’s overall liquidity, “given Covid shutdowns in China.”
The billionaire also recently disclosed that another of his companies, Spacex, also holds “a bunch of bitcoin.” Moreover, Musk himself owns “a bunch of” dogecoin alongside bitcoin and ether (ETH). While Musk and his companies hold cryptocurrencies, he recently said that he doesn’t spend a lot of time thinking about crypto. He also said in November last year that none of his companies will ever create a crypto token.
The Tesla boss is currently building his social media platform X into what he envisions as a “powerful” financial platform. He aims for users to conduct all their financial activities on X, potentially eliminating the need for traditional bank accounts. X has secured 12 money transmitter licenses across the U.S.
What do you think about Tesla maintaining its bitcoin holdings? Let us know in the comments section below.
Bitcoin Crashes To $41,500 As ETF Approval Hangs In Balance: Experts
As the January 10 deadline for the US Securities and Exchange Commission (SEC) to decide on a series of spot Bitcoin Exchange-Traded Funds (ETFs) approaches, the market is rife with speculation.
Initially, there was a strong consensus for approval, but recent expert analyses suggest a possible change in course. Meanwhile, the Bitcoin price has crashed by 6.5% in 20 minutes, dropping from ,400 to ,500.
1. Bloomberg’s Insight: A Matter of Timing, Not Denial
Bloomberg’s ETF expert, Eric Balchunas, assessed a mere 10% chance of the ETFs not being approved, primarily due to the SEC requiring additional time to review the proposals. This perspective is critical because it implies that the SEC is not outright opposed to the idea of a spot Bitcoin ETF, but is cautious in its approach.
Related Reading: Bitcoin ETF: SEC May Notify Approved Issuers To Launch Very Soon – Here’s When
Balchunas commented, “I would say if we don’t see it in the next two weeks, it’s more because they need more time,” indicating that a delay in approval should not be interpreted as a final rejection.
His colleague, James Seyffart, provided further insights, noting, “Still looking for potential approval orders in that Jan 8 to Jan 10 window. […] We’re focused on these 11 spot Bitcoin ETF filers […] Expecting most of these N/A’s to be filled over the next ~week,” highlighting the dynamic nature of the situation.
2. Matrixport’s Pessimistic Outlook: A Delay To Q2 2024
Matrixport offers a more cautious outlook, anticipating that the SEC’s approval of Bitcoin ETFs might be deferred until the second quarter of 2024. This analysis hinges on a combination of regulatory challenges and the prevailing political climate under SEC Chair Gary Gensler‘s leadership.
The report states, “The leadership of the SEC’s five-person voting Commissioners, predominantly Democrats, influences the decision-making process. With Chair Gensler’s cautious stance on crypto in the US, it seems unlikely that he would endorse the approval of Bitcoin Spot ETFs in the near term.”
The firm further explains that despite the ongoing interactions between ETF applicants and the SEC, resulting in multiple reapplications, there remains a fundamental requirement unmet that is crucial for the SEC’s approval. This requirement, although unspecified in the report, is suggested to be a significant compliance or regulatory hurdle that could be addressed by the second quarter of 2024.
The potential delay or rejection of the ETFs, according to Matrixport, could have a notable impact on Bitcoin’s market value. They predict a possible 20% correction, with prices potentially falling to the ,000 range.
Furthermore, Matrixport suggests that such an outcome could lead to a swift unwinding of market positions, particularly the .1 billion in additional perpetual long Bitcoin futures.
The report advises traders to consider hedging their positions if no approval news emerges by January 5, 2024, suggesting the purchase of ,000 strike puts for the end of January or even shorting Bitcoin through options.
3. Greeks Live’s Analysis: Decreasing Confidence
Greeks Live, focusing on crypto options trades, has observed a shift in market sentiment, with a decreased likelihood of the ETF’s passage. They report a significant decline in the ATM option IV for the week and below 65% for the January 12 expiration, indicating reduced market expectations for the ETF approval.
The report notes, “Current month puts are now cheaper, and block trades are starting to see active put buying, with options market data suggesting that institutional investors are not very bullish on the ETF market.”
A possible delay or rejection of Bitcoin ETFs carries significant market implications. The anticipation of ETF approval has been a major driving force in recent market dynamics, leading to increased investments. A decision against the ETFs could result in a rapid unwinding of these positions, potentially causing a sharp decrease in Bitcoin prices.
At press time, BTC had already recovered some of its losses and was trading at ,450. This means that the price has once again returned to the upward trend channel in the 1-day chart that was established in mid-October last year.
Gaming Firm Boyaa Interactive to Add Bitcoin and Ether to Balance Sheet With $100M Investment
Recently disclosed in a regulatory statement, Hong Kong-based Boyaa Interactive International Limited announced its plan to acquire cryptocurrency assets valued at up to 0 million. This publicly listed entity, known for developing and managing online card and board games through its various subsidiaries, aims to channel some investments into bitcoin (BTC), ethereum (ETH), and two stablecoin assets.
Boyaa’s Strategic Play: 0 Million in Crypto to Bolster Balance Sheet
With the ambition of joining the ranks of publicly traded companies incorporating crypto assets into their balance sheets, Boyaa Interactive has released details of a forthcoming acquisition. Listed on the Hong Kong Stock Exchange with the ticker 0434.HK, the company’s stock witnessed a 7% increase on Wednesday morning Eastern Time. Established in 2004, Boyaa Interactive’s forte lies in creating and operating a broad range of web and mobile games.
The gaming firm’s portfolio includes popular games like Mahjong Games, Texas Hold’em, Ant Wars, Chinese Chess, Fight the Landlord, Boyaa Ball Pool, and Big Two Poker. The planned crypto acquisition is a key part of Boyaa’s strategy for growth and expansion into the realm of Web3. Currently valued at approximately .7 million, Boyaa Interactive intends to add BTC, ETH, USDT, and USDC to its financial reserves. The company’s filing indicates that the 0 million investment is a strategic move in line with its Web3 objectives.
According to the company’s filing, “The cryptocurrencies that the group intends to purchase under the acquisition mandate will consist mainly of bitcoin (BTC) and ether (ETH). It is currently expected that the company will use approximately US million to acquire BTC and ETH.”
The filing notes that Boyaa’s board has sanctioned this deal, with purchases planned on reputable, regulated, and licensed trading platforms in the open market. The gaming firm highlighted Hashkey Exchange as one of the crypto exchanges to be utilized. Additionally, Boyaa has established a “specialized supervisory team” focused on overseeing the crypto investments. In its detailed explanation, Boyaa emphasized that the online gaming industry “has high compatibility with Web3 technology.”
What do you think about Boyaa’s decision to add bitcoin and other crypto assets to its balance sheet? Share your thoughts and opinions about this subject in the comments section below.
Darknet Marketplace Tor2door Vanishes, Allegedly Swindling a ‘Massive Crypto Escrow Balance’
Numerous reports have detailed that a darknet marketplace (DNM) by the name of Tor2door reportedly pulled off an exit scam, making off with a “massive crypto escrow balance.” Discontent began brewing among Tor2door users when the site vanished from the deep web on September 14, 2023, as per narratives emerging from individuals on the DNM forum Dread.
Tor2door’s Alleged Exit Scam Sends Ripples Through DNM Communities
This week several accounts have surfaced, pointing to a potential exit scam by the Darknet Marketplace (DNM) known as Tor2door, leaving its users and vendors high and dry. The revelation caught eyes on social media platform X, when DNM and Tor researcher ‘Dark Fail’ shed light on the market’s downfall.
“Tor2door darknet market exit scammed this week, stealing a massive crypto escrow balance of pending orders between their narcotics buyers and sellers,” remarked Dark Fail.
Kick-started in July 2020, Tor2door served as a hub for illegal drug transactions, while also offering guides on account hacking, carding, and various types of identity and financial fraud. The narrative of Tor2door’s alleged exit scam was also detailed by the website slcyber.io (Searchlight Cyber), which provided a comprehensive account of the events.
According to Searchlight Cyber, the market boasted more than 19,000 distinct listings and had 900 unique vendors. The chatter surrounding Tor2door’s issues reportedly began circulating on September 14, 2023. The ripples of concern transitioned into waves of distress on the Dread forum, as users found Tor2door’s mirror links rendered useless.
The unfolding narrative told by Searchlight Cyber depicted users in the subsequent days reaching out in desperation to Tor2door admins. Official vendors of Tor2door too voiced their grievances, leading to assumptions of either an exit scam or a law enforcement takedown swirling around.
The conversation has further spilled over to the Reddit on the clearnet forum r/topdarknetmarketplace. “Tor2door has been down for 2 days now,” one person wrote. “No sign from admin at this point. Could be DDoS. Do not take any mirror links from somebody or [a] website you don’t know [is] legit. Be careful folks.”
A post, published 11 days ago on r/topdarknetmarketplace, pondered the possibility of the DNM admin having been apprehended and subdued by law enforcement. Ever since the dawn of the Silk Road, DNMs have mushroomed, igniting a relentless cat-and-mouse chase between operators and the law.
Searchlight Cyber noted that competing “rival markets such as Cypher and Dark Matter” are now vying to attract Tor2door “refugees” towards their alternative DNMs.
What do you think about the DNM Tor2door’s possible exit scam? Share your thoughts and opinions about this subject in the comments section below.