Tesla’s Bitcoin Loss of $140M, Yet Elon Musk’s Influence Still Thrives in Crypto

1. Tesla recorded a $204 million loss in gross impairment in 2022 for its bitcoin holdings, yet still made a $64 million profit from converting its bitcoin holdings to fiat currencies.
2. Tesla purchased $1.5 billion worth of BTC in early February 2021 and announced a sale in July of 75% of the BTC.
3. Elon Musk has shown great influence in the crypto world as an advocate for Dogecoin and other digital assets.

Tesla, the electric vehicle manufacturer, recently reported a $204 million loss in gross impairment for its bitcoin holdings in 2022, as reported by the United States Security and Exchange Commission. Despite this, Tesla still saw some profits from converting its bitcoin holdings to fiat currencies last year.

The company purchased $1.5 billion worth of BTC in early February 2021 and accepted bitcoin payments in March of the same year. In July of the same year, Tesla announced a sale of 75% worth of bitcoin, which was fostered by the lockdown situation in China at the time. CEO Elon Musk clarified that the company had no hostile view against bitcoin, and that they are open to expanding their bitcoin holdings in the future.

Despite the huge sell-offs in the bear market of 2022, Elon refused to liquidate the remaining bitcoin stockpile and continued to HODL. This speaks volumes to Elon’s passion for crypto and his influence on the market. A recent report from the Financial Times described Elon’s influence on Dogecoin’s price fluctuations as he explored new social media payment methods. His influence resulted in a 6% spike in DOGE token price but is still yet to break through the critical resistance.

Overall, Tesla’s bitcoin holdings have seen a net loss of $140 million in trading activities, yet the company continues to show its support for digital assets through its ongoing investment in the space. Elon Musk’s influence on the crypto market cannot be understated as his support for Dogecoin and other digital assets has had a tremendous impact on the prices of these tokens. As the crypto market continues to grow and evolve, Tesla and Elon Musk will remain major players in the space.

Make 9%+ on BTC During Chinese New Year: New Matrixport Report

• Matrixport’s new research report shows that the price of bitcoin (BTC) has risen by an average of 9% during every Chinese New Year (CNY) since 2015.
• According to the report, traders who purchased BTC at the end of the first day of CNY and sold it 10 days later would have made a decent 9%+ on their BTC holding.
• At the time of writing, the bitcoin price is hovering around the $22,900 level and could reach the $25,000 mark by February 1 if history repeats itself.

With the Chinese New Year (CNY) in full swing, Matrixport has released a new research report that gives a glimpse of the potential gains investors can make from buying Bitcoin (BTC) during this period.

The report, entitled “Chinese New Year, a Buy Signal for Bitcoin”, reveals that the price of Bitcoin (BTC), the world’s premier cryptocurrency, has gained an average of 9% during every CNY since 2015. The report further highlights that investors who bought BTC at the end of the first day of the CNY and sold it 10 days later would have made a decent 9%+ on their BTC holding.

Citing the CNY of 2017 as an example, the report explains that traders who bought BTC at the end of the first day of the CNY and sold it 10 days later made a 15% profit. Similarly, the CNY of 2021 and 2016 saw investors making 14% and 13% respectively.

At the time of writing, the bitcoin price is hovering around the $22,900 level. According to the report’s predictions, BTC could surpass the $25,000 mark by Feb. 1 if history repeats itself. This would represent a significant increase from its current level, providing a great opportunity for investors to make solid returns on their investments.

In conclusion, Matrixport’s research report shows that BTC could benefit from an upsurge during the CNY period, offering investors the chance to make significant returns. The report further highlights that investors who buy BTC during this time should ensure that they are able to sell it in the 10-day trading period following the CNY to maximize profits. In any case, investors should always do their own research before investing in BTC or any other cryptocurrency.

Secure Your Trading Collateral with Binance Mirror Platform

• Binance has officially launched its institutional trading collateral custody platform called Mirror.
• The platform allows institutional traders to store their trading collateral away from the exchange in cold wallets.
• Binance Mirror offers the security benefits institutional investors require for custody of their assets.

Binance, a leading crypto exchange platform, has announced the official launch of its new platform, Binance Mirror. Binance Mirror is designed to provide institutional traders with a secure and efficient way to store their trading collateral away from the exchange. This platform is part of Binance’s Custody service and offers a range of benefits to traders.

Binance Mirror is designed to give institutional traders the option of securing their collateral away from the exchange, while still having access to it when they need it. This is done by mirroring the balance in the trader’s trading wallet on Binance. This means that the collateral remains active and is open on the exchange during the duration of a trade.

In addition to keeping collateral away from the exchange, Binance Mirror also offers traders the option of taking out VIP loans against their mirrored balance. This loan is secured by the collateral in the mirrored balance, which is kept separate from exchange-held funds for the duration of the loan. This gives traders more flexibility in how they use their collateral.

Athena Yu, VP of Binance Custody, stated that Binance Mirror offers the security benefits institutional investors require for custody of their assets. Binance spent much of last year refining the platform’s operations to ensure that clients could unlock the liquidity of their assets held in cold storage.

Binance Mirror is an important step forward in the world of institutional trading, allowing traders to securely store their collateral while still having access to it when they need it. With the platform now officially launched, Binance looks forward to seeing an increase in adoption of its services.

Industrial Metaverse Firm Secures $21.2M in Funding, Defying Crypto Winter

• Worlds Enterprises, Inc., an industrial metaverse firm, has secured $21.2 million in its Series A1 funding round.
• The project aims to use the funds to bolster its AI solutions and expand its technology.
• Experts project the global metaverse market to grow from $61.8 billion in 2022 to over $426 billion by 2027, a CAGR of 47.2%.

Worlds Enterprises, Inc., a web3 project that has developed a 4D system for building the industrial metaverse, recently announced the successful completion of its $21.2 million Series A1 funding round. Led by U.S.-based VC firm Moneta Ventures, the round also saw participation from Chevron Technology Ventures, Piva Capital, and more.

With this new influx of capital, Worlds plans to bolster its artificial intelligence (AI) solutions and further expand its technology. The industrial metaverse project is aimed at providing businesses with a platform to unlock unrealized value, by utilizing AI to automate operations and processes in the supply chain, manufacturing, energy, logistics, and more. According to Dave Copps, the CEO of Worlds, the project’s mission is to “race toward a future where the digital and physical worlds fully converge and radically change how they measure, analyze, and reimagine their businesses.”

The global metaverse market is projected to experience immense growth over the next few years. Experts estimate that the market, which was worth $61.8 billion in 2022, will be worth over $426 billion by 2027, a Compound Annual Growth Rate (CAGR) of 47.2%.

The news of Worlds’ successful funding round comes at a time when web3 projects and companies linked to bitcoin (BTC) are facing immense market pressures due to the prolonged market downturn and FTX contagion. This makes Worlds’ achievement of securing $21.2 million all the more impressive, as the firm defies the crypto winter, and looks ahead to a future of growth and success.

Twitch Streamer DNP3 Admits to Severe Gambling Addiction, Crypto Projects Take Major Hits

• Popular Twitch streamer and founder of several crypto projects, DNP3, admitted to a severe gambling addiction that resulted in him gambling with user funds.
• Projects founded by DNP3 faced negative sentiments, with CluCoin’s value dropping by 65% and the Goobers NFT project’s market cap decreasing by 14.6%.
• A controversy related to online gambling surfaced in the Twitch community in 2022 and popular streamers like xQc and Trainwrecks were seen playing online casinos like Stake.

Popular Twitch streamer and founder of several crypto projects, DNP3, recently admitted that he had been struggling with a severe gambling addiction and that he had gambled away user funds. This confession has sent shockwaves through the cryptocurrency community and led to a sharp decrease in the value of associated projects.

DNP3, known for his free PC and console giveaways, expressed his sorrow in a tweet and stated that he had lost both monetarily and spiritually. He expressed his desire to rebuild his life and finances and said he was meeting with a support group to start on the “road to recovery.”

The announcement that DNP3 had gambled away user funds caused the values of projects founded by the Twitch streamer to plummet. The value of CluCoin dropped by an astonishing 65%, while the market cap of the Goobers NFT project decreased by 14.6%.

The issue of online gambling has long been a contentious one in the Twitch community. In 2022, popular streamers like xQc and Trainwrecks were seen playing crypto casinos like Stake, with some of them depositing considerable sums of money in the hopes of hitting it big.

It remains to be seen whether DNP3 will be able to rebuild his life and finances. For now, all eyes are on the Twitch streamer and crypto projects founder as he embarks on the “road to recovery.”

Twitch Streamer DNP3 Admits to Gambling Addiction, Projects Suffer Losses

• Popular Twitch streamer and founder of several crypto projects, DNP3, admitted to having a severe gambling addiction and losing everything to it, including user funds.
• This news caused the value of his projects to suffer, with CluCoin’s value dropping by 65% and the Goobers NFT project decreasing by 14.6%.
• This isn’t the first time Twitch streamers have faced controversy due to gambling addictions.

Popular Twitch streamer DNP3, known for his free PC and console giveaways and for founding numerous crypto projects, recently shocked his fans when he admitted to having a severe gambling addiction. In a tweet, he stated that he was in complete collapse, both monetarily and spiritually, and that he had lost everything to gambling. DNP3 had been playing Stake, a crypto casino, with his own and user funds in the hopes of hitting it big, but his winnings were never enough.

The news of DNP3’s gambling addiction and the subsequent loss of user funds caused the value of his projects to suffer. CluCoin, a charity-focused crypto, saw its value drop by 65%, while the Goobers NFT project decreased by 14.6%. The market cap of all associated projects faced negative sentiments after DNP3’s unexpected announcement.

This isn’t the first time Twitch streamers have faced controversy due to gambling addictions. Last year, leading streamers like xQc and Trainwrecks were seen depositing considerable sums of money at online casinos like Stake, leading to an influx of criticism from the Twitch community.

In an effort to start rebuilding his life and finances, DNP3 has been attending support groups and seeking ways to make amends for his past mistakes. He hopes to recover from his gambling addiction and restore his projects to their former glory.

Australia Installs Lightning Network Bitcoin ATM in Coolangatta

– Australia installed a Bitcoin ATM with built-in Lightning Network capabilities in Coolangatta.
– The Lightning Network bitcoin ATM is anticipated to save a lot of time for bitcoin users.
– Blockchain-based cryptocurrency ATMs directly settle transactions at the moment, but this has its limitations.

Australia has recently taken a major step towards making Bitcoin and other cryptocurrencies more accessible to its citizens. A Bitcoin ATM with built-in Lightning Network capabilities was recently installed in Coolangatta, giving citizens the opportunity to easily purchase Bitcoin with their local currency.

The Lightning Network is a layer-2 solution for Bitcoin that enables users to make transactions with much lower fees and faster confirmation times than traditional Bitcoin transactions. This makes it ideal for purchasing small amounts of Bitcoin, such as satoshis, which are the smallest unit of currency in the cryptocurrency. By using a Lightning Network Bitcoin ATM, users can save a lot of time since transactions are settled almost instantly.

However, there are some limitations to using Blockchain-based cryptocurrency ATMs. For example, when Bitcoin network miner fees sharply soared between 2017 and 2018, operators had to adjust to batching transactions. This means that even though a user buys BTC using an ATM, it is not sent to them immediately. Operators have to wait for other ATM network users to use the machines before sending out transactions for multiple users at once in a bulk transaction.

The installation of a Lightning Network Bitcoin ATM in Coolangatta is a big victory for cryptocurrency users in Australia. Not only does it make it easier for them to purchase Bitcoin, but it also helps to reduce fees and speed up confirmation times. This is a major step forward for the cryptocurrency industry in Australia, and it is likely to lead to more ATMs being installed in the future.

Ripple CTO and Craig Wright Engage in Heated Exchange Over XRP

1. Ripple CTO David Schwartz responded to Craig Wright’s attack on the XRP cryptocurrency by asserting that Wright only began discussing XRP when he demonstrated that an argument he made was absurd.
2. Craig Wright accused Schwartz of pushing his agenda while avoiding dialogue on topics unrelated to XRP.
3. The verbal brawl between Ripple CTO and self-proclaimed bitcoin creator Craig Wright escalated on December 24th.

The heated exchange between Ripple CTO David Schwartz and self-proclaimed bitcoin creator Craig Wright has been escalating since December 24th. On that day, the conversation between the two men started out as a neutral discussion about the institutional acceptance of bitcoin, but quickly shifted to a bitter argument about the legitimacy of XRP.

Craig Wright was vocal in his criticism of Schwartz, accusing him of pushing his agenda while avoiding dialogue on topics unrelated to XRP. He also attacked Schwartz for his perceived lack of logic in his arguments, claiming that „nothing by DS is reasoned in this series of tweets. There are ad hominem and other logical fallacies. Nonetheless, he claims that these are reasoned arguments“.

Schwartz responded to Wright’s attack on the XRP cryptocurrency, asserting that Wright only began discussing XRP when he demonstrated that an argument he made was absurd. He implied that Wright was less concerned with solving real problems in the cryptocurrency industry and more focused on attacking him and XRP.

The Ripple executive further stated that he had no intention of engaging in a debate with Wright on topics that the latter had no interest in. „Why should I have a debate with Craig about something he doesn’t care about if he won’t even have a debate with me about the things he does care about?“ Schwartz said in a tweet.

The heated argument between the two men has been ongoing since December 24th, and it remains to be seen how it will develop in the days and weeks to come.

Russia Set to Launch Digital Ruble Currency with New Legislation

• Russian legislators, led by Anatoly Aksakov, have proposed draft legislation to create a central bank-backed digital Ruble currency.
• The proposed law outlines the necessary changes to establish the conditions for introducing the digital Ruble and gives the Bank of Russia sole control of the CBDC platform.
• The draft legislation has been amended to recognize the digital Ruble as the official currency of the Russian Federation and to classify other CBDCs as international currency.

The Bank of Russia is taking steps to create a new digital currency, the digital Ruble, and a group of Russian legislators, headed by Anatoly Aksakov, Chairman of the Financial Market Committee, have presented draft legislation to facilitate the introduction of the new currency. The proposed legislation seeks to amend numerous laws to create a payment system that would allow Russian individuals, businesses, and the government to conduct rapid, easy, and economical monetary transactions.

The proposed draft legislation outlines the necessary changes to establish the conditions for introducing the central bank-backed currency. The law has been amended to give the Bank of Russia sole control over the CBDC platform, as well as to recognize the virtual currency as the official currency of the Russian Federation and to classify central bank digital currencies created by other nations as International currency. Additionally, the Federal legislation „On Personal Data“ has been amended to let the central bank of Russia process personal data without requesting permission and without informing the Russian agency in charge of preserving individual data rights beforehand.

The introduction of the digital Ruble is expected to boost financial accessibility and effectiveness for everyone as it would enable users to make quick and secure payments with the digital currency. The bill also seeks to create a wallet to store the digital Ruble, which would make it easier for users to store, send, and receive the currency.

The proposed laws are currently under review and are expected to be passed by January 1, 2023. Once the laws are passed, the Bank of Russia will begin the process of issuing the digital Ruble, which will represent a major shift in the Russian financial system.

V Global Execs Sentenced to Prison for Defrauding 50,000 Investors

• South Korean authorities recently sentenced top executives of V Global, a cryptocurrency exchange, to prison for defrauding investors.
• V Global promised investors returns of 300% and demanded an initial deposit of 6 million Korean Won for a guaranteed return of 18 million.
• The exchange attracted over 50,000 investors and the majority of them were middle-aged or older citizens.

South Korea recently took legal action against the top executives of V Global, a cryptocurrency exchange, for defrauding investors. Mr. Yang and Mr. Oh were sentenced to eight years and three years in jail respectively, while four other unnamed executives were given five years of probation and three-year sentences. Three of the six have yet to be imprisoned since they asserted their innocence to specific accusations and have the right to legal representation. The exchange’s CEO, Mr. Lee, was sentenced to 22 years in prison for being the mastermind behind the crime.

The court documents revealed that V Global had promised investors returns of 300%, with an initial deposit of 6 million Korean Won guaranteeing a return of 18 million. The exchange ran from July 2020 to April 2021 and attracted approximately 50,000 investors by offering them a commission of 12 million won. The judge of the 12th Criminal Division of the Suwon District Court commented that during their investigations, the defendants interfered with processes, even destroying evidence to evade responsibility.

The majority of the victims were middle-aged or older citizens, many of whom reinvested the money they received from their previous investments, so the amount of damage was lower than the amount legally defrauded. The court action now takes the number of arrested V Global executives to seven, sending a strong message to the cryptocurrency industry in South Korea that such crimes will not be tolerated.