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Crypto news summary: Tesla, 3AC and Coinbase

Tesla sold 75% of its Bitcoin holdings, an ex-employee of Coinbase was charged with insider trading, Minecraft banned NFTs, and much more.

The never-ending bear market is causing more trouble, now even for Tesla. A particular billion-dollar hedge fund finds itself in trouble after $3.5 billion in debts, and much more happened last week in the crypto world. Let’s go. 

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Tesla sold 75 % of its Bitcoin holdings

A little over a year after investing in Bitcoin, Tesla Inc. announced that it had sold 75% of the cryptocurrency holdings. When the price of Bitcoin was trading above $28,000 last year, Tesla disclosed a $1.5 billion worth of Bitcoin. However, the bear market may have compelled them to sell most of their crypto assets even though Elon Musk is known for his positive stance toward cryptos. For example, he also suggested accepting payments in DogeCoin. 

3AC owes $3.5 billion to its creditors

The strong bear market made many successful projects fail, including the giant hedge fund, called Three Arrows Capital (3AC). Now investors are starting to discover how large debts caused these crashes and revealed big debts. A staggering $3.5 billion is owed by 3AC to 27 different businesses, including Genesis, Voyager Digital, and Blockchain.com. For example, Genesis loaned 3AC most of the $3.5 billion amount. Reportedly, 3AC owes Genesis $2.36 billion in a loan that was allegedly under-collateralized and had an 80% margin requirement.

Ex-Coinbase product manager charged with insider trading

Charges of insider trading in the crypto exchange have been brought against a former Coinbase employee and two other coworkers. It is believed that they did this in order to make money by using secret information about the coins that Coinbase planned to list. In addition, the so-called “Coinbase Effect,” which causes digital assets to experience a spike in price as soon as they are uploaded to the trading platform, has been utilized for some time. Overall, it is estimated that the men traded 25 different cryptocurrencies, and their combined profits were worth around $1.5 million.

You may also read: TOP 3 reasons why the Bitcoin bottom is in

Crypto Visa Card benefit update

Crypto.com, one of the most prominent crypto exchanges in the world, recently updated its Visa Card rules. Consequently, a crucial component that made it the most well-liked crypto card application was removed. The rebate benefits that Crypto.com Visa Cardholders formerly received through Spotify and Netflix are no longer available to them. From January 23, these cardholders will no longer be reimbursed for CRO; instead, they will receive a 2 % rebate on purchases from Spotify and Netflix.

Minecraft does not support NFTs

Minecraft, one of the most popular games in the world, has banned the adoption of non-fungible tokens (NFTs) in Minecraft. The reasons for this decision are that NFTs can create models of scarcity that are not compatible with the spirit of Minecraft and that the speculative nature of these digital assets takes the focus from the game away to profiteering. So currently, Minecraft is advising users that blockchain technology cannot be incorporated into its apps and that NFTs connected to in-game assets like worlds and skins are prohibited.

I am a long-term believer in cryptocurrencies, even in bear markets. My first experience with financial markets goes back to 2012. However, since I discovered the crypto space in 2...

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