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Electric vehicle giant Tesla faces a financial slowdown, reporting a 15% dip in revenue and a nearly 50% plunge in adjusted earnings for the first quarter of 2024. This comes alongside the company’s first negative cash flow since early 2020. However, in a surprising move, Tesla has held onto its entire Bitcoin portfolio, signaling a potential shift in its cryptocurrency strategy.

Tesla’s Bitcoin Stance: From Selling Spree To HODLing

Previously, Tesla had a more fluid relationship with Bitcoin. In 2022, the company made headlines by selling off 75% of its holdings. This move coincided with a period of market volatility for Bitcoin.

Q1 Earnings Call starting in ~10 mins https://t.co/NSPNDuqW5D

— Tesla (@Tesla) April 23, 2024

However, Tesla’s recent decision to forgo further sales suggests a change of heart. Industry analysts believe Tesla might be embracing a long-term “HODLing” strategy, a popular term in the cryptocurrency community referring to holding onto digital assets for the long haul. This aligns with the approach of companies like MicroStrategy, which has been a vocal proponent of Bitcoin and continues to accumulate it.

Aligning With Industry Titans: Betting On The Crypto’s Future

Tesla’s shift in strategy could be due to several factors. The recent Bitcoin halving event, which cuts the number of new coins entering circulation every four years, might have bolstered confidence in its long-term value proposition.

Additionally, with BTC reaching a record high of $73,250 in March, Tesla’s existing holdings have seen a significant appreciation. This potential for future growth could be a key motivator for holding.

Tesla’s decision positions them among the leading corporate holders of Bitcoin. Currently, the company sits as the third-largest publicly traded company owner of the cryptocurrency, trailing only MicroStrategy and Marathon Digital Holdings. Combined with its subsidiary SpaceX’s holdings, estimates suggest Tesla and SpaceX hold over $1 billion worth of Bitcoin.

Market Volatility And Tesla’s Future

While Tesla’s renewed faith in the top crypto asset is interesting, some analysts remain cautious. The cryptocurrency market, despite recent highs, is known for its volatility. A sudden downturn could see the value of Tesla’s holdings plummet, impacting their overall financial health.

Tesla’s own financial struggles could influence their future crypto strategy. If the company’s cash flow situation doesn’t improve, they might be forced to sell their holdings to generate liquidity.

Overall, Tesla’s decision to hold onto Bitcoin presents a fascinating case study. It highlights the growing institutional interest in cryptocurrency and the potential for major corporations to play a significant role in shaping its future. However, with significant market volatility and Tesla’s own financial challenges, it remains to be seen if this renewed focus on Bitcoin will pay off in the long run.

Featured image from Pexels, chart from TradingView

As optimism around Ethereum Spot Exchange-Traded Funds (ETFs) continues to dwindle, Grayscale Investments, the world’s leading digital asset manager, has filed an S-3 Registration Statement for its Ethereum Trust, marking a major advancement in its Ether investment services.

Grayscale Ethereum Trust Sets Stage For Growth

Popular Fox Business journalist Eleanor Terrett reported that the company filed the S-3 registration statement with the United States Securities and Exchange Commission (SEC), requesting to convert its Ethereum Trust into a spot ETH ETF. 

According to Terrett, Grayscale’s Ethereum Trust product is already registered with the SEC, thus, it does not need to file an S-1 form like other ETH ETF issuers or applicants such as Van Eck, Blackrock, Ark Invest, Hashdex, Invesco Galaxy.

With the recent filing, Grayscale has now submitted all the necessary paperwork for the regulatory watchdog to consider its ETH ETF application and provide a ruling. However, the document has not yet been made accessible to the general public.

Terret also reported that the asset firm has filed for an S-1 mini Ethereum ETF under the ticker ETH, similar to that of its Bitcoin mini-me ETF filed under the ticker BTC. In March, the asset manager applied to the SEC for approval to spin out a portion of GBTC shares in order to launch the new mini-me BTC ETF.

Specifically, Grayscale came up with the strategy to halt its ever-increasing GBTC outflows since the approval of BTC ETFs in the US. However, the mini-me Bitcoin ETF has yet to receive a green light from the agency.

ETF Shares To Be Listed On NYSE Arca

It is noteworthy that the company filed the S-3 form with the Commission under the Securities Act of 1933. The firm made the move after NYSE Arca filed Form 19b-4 for the Grayscale Ethereum Trust.

With the approval of NYSE Arca’s application on form 19b-4 to list shares and the effectiveness of form S-3 to register the shares, Grayscale plans to list its ETH ETF on NYSE Arca under the ticker ETHE and issue shares continuously. These shares will be made available solely through a prospectus method.

Although the shares have been registered with the SEC through a registration statement, they have not yet been deemed operational. Prior to when the registration statement takes effect, neither the shares nor purchase bids may be accepted, and any sale of these shares will be deemed unlawful.

By submitting the S-3 registration statement, Grayscale hopes to improve regulatory compliance and lucidity for its ETH Trust. As a result, it will provide prospective investors with more assurance and clarity when negotiating the intricacies of cryptocurrency investments. 

This move demonstrates Grayscale’s proactive response to the rising demand from institutional and retail investors for Ethereum exposure, enhancing its stand as a leader in the digital asset market.

Миграционный кошмар, нарушения прав граждан, политические кризисы в России и на Западе Злободневная среда в прямом эфире программы «АВРОРА НА ЛИНИИ с Фёдором Бирюковым» #РадиоАВРОРА – это открытая нецензурируемая...

Бывший генеральный директор крупнейшей криптовалютной биржи мира Binance отправил письмо в занимающийся его делом суд западного округа Вашингтона. В письме бизнесмен объявил, что не хотел бы впредь встречаться с системой уголовного правосудия США.

In a nuanced critique published on X, a prominent Dogecoin contributor known as @Mishaboar has issued a significant warning concerning the trading of meme coins, especially those that secure listings on cryptocurrency exchanges almost immediately after their release. The contributor, who is a key figure within the Dogecoin community, used his platform to outline the potential pitfalls that unsuspecting investors might face.

The Risks Of Memecoins

@Mishaboar expressed deep concerns regarding the current trend in the crypto markets where meme coins quickly achieve market capitalizations in the millions or even billions of dollars, facilitated by almost instantaneous listings on major exchanges. He stated, “There is an explosion in tokens that go up to crazy market caps, with instant listings (within days) on large exchanges (sometimes in spite of red flags).” This phenomenon, he argued, typically indicates significant backing from venture capitalists (VCs) and crypto exchanges themselves.

According to @Mishaboar, the rapid listing of these tokens is often prearranged through partnerships between token creators and crypto exchanges. “These big players usually hold a large portion of the tokens and may strike deals with exchanges before the tokens launch,” he explained. This arrangement allows them to profit from initial trading surges, while also increasing the nominal liquidity on their platforms at minimal cost. Such practices raise questions about the transparency and fairness of the token launch and listing process.

He also highlighted the role of influencers in shaping the market perception of these tokens. “Influencers tend to create a narrative around these tokens claiming they are ‘community run’, that they are your ‘frens’, but this is often really not the case,” @Mishaboar noted. He argued that these narratives are crafted to mask the centralized, profit-driven nature of these token launches, misleading the community about the true character and governance of these tokens.

Revisiting past controversies, @Mishaboar brought up unresolved questions about potential insider trading activities of BOME, especially regarding how platforms like Binance quickly list new and risky tokens. “I have a question regarding Binance’s involvement in the launch of certain tokens. Specifically, does Binance have pre-launch agreements with any of the artists or creators of these tokens?” he asked. This question aims to uncover whether there’s a deliberate strategy to manage risks for users or if the rapid listing process inherently increases the risks for them.

Expanding on the general risks associated with memecoins, @Mishaboar differentiated between various types of tokens. He emphasized that while some memecoins might have a community aspect, others are “100% VC backed” and are typically those that see instant exchange listings. “Not all tokens are the same,” he declared, urging traders to recognize the high-risk nature of these investments.

Dogecoin’s Status And Future Outlook

Addressing a user’s concerns about Dogecoin’s projects and asset status, @Mishaboar provided reassurances about the ongoing development and stability of Dogecoin’s network. “Dogecoin’s network is chugging along just fine, and 1.14.7 was released a couple of months ago,” he confirmed. He highlighted the continuous efforts of volunteer developers who have significantly reduced technical debt since 2021, improving the overall health of the network.

He added, “We will have new releases of Dogecoin Core (the reference implementation) and there are companies and organizations and indie devs building stuff for it. As for companies (e.g. like X or Tesla) integrating it into their platforms, this is really up to these companies and the laws they must comply to. Technically there is nothing missing in Dogecoin that would prevent them from adopting it.”

In concluding his extensive remarks, @Mishaboar reiterated the importance of vigilance and informed decision-making in the cryptocurrency market. He reminded his audience that despite the allure of quick profits, the volatile nature of memecoins means that trading them is akin to gambling, with risks varying significantly across different tokens and market caps.

At press time, Dogecoin traded at $0.1615.

Сервис Coin ATM Radar сообщил, что Австралия поднялась на третье место в мире по количеству установленных криптоматов. По состоянию на 24 апреля в стране действует 1002 активных устройств.

Эксперты аналитической платформы K33 Research сделали предположение, что раздача кредиторам хранившихся на рухнувшей бирже Mt.Gox 142 000 биткоинов может потрясти рынок и перепугать криптоинвесторов.

На фоне попыток властей Нигерии объяснить проблемы в экономике действиями криптоинвесторов неизвестные распространили фейковое обещание центробанка (CBN) этой африканской страны начать блокировать банковские счета пользователей четырех крупных криптобирж.

Генеральный директор Tether поделился мнением о халвинге, спотовых биржевых фондах на биткоин и развитии собственного стейблкоина USDT.

Американская компания Tether заявила, что будет блокировать все транзакции, совершаемые в стейблкоинах USDT организациями и частными лицами, вошедшими в санкционный список Управления по контролю за иностранными активами Министерства финансов США (OFAC).

Издание «Московская газета» пишет о проблеме уничтожения крупного рогатого скота в ряде регионов России в связи с эпидемией узелкового дерматита. Речь идёт о Республиках Хакасия, Бурятия, Удмуртия, Тыва,...

Amidst economic turmoil and stringent regulations, citizens in countries like Argentina and Venezuela have turned to Bitcoin as a lifeline. The International Monetary Fund (IMF) examines how individuals in these nations are leveraging Bitcoin to manage their finances, bypassing capital controls through off-blockchain transactions.

This trend underscores the resilience and adaptability of cryptocurrencies in providing financial autonomy to individuals in challenging economic environments.

The IMF has released a groundbreaking report titled “A Primer on Bitcoin Cross-Border Flows,” shedding light on the increasing relevance of the world’s most popular cryptocurrency in facilitating international financial exchanges.

Understanding The Dynamics Of Bitcoin Transactions

The report also uncovers a fascinating correlation between Bitcoin flows and traditional economic markers. Contrary to conventional wisdom, cryptocurrency-specific factors such as market volatility and user sentiment exert a stronger influence on crypto transactions than traditional indicators.

This suggests that cryptocurrencies, with their unique adoption dynamics, possess the potential to serve as a hedge against conventional financial risks, offering individuals and businesses a novel avenue for diversification and risk management.

Navigating Regulatory Challenges In The Crypto Landscape

While recognizing the promising role of Bitcoin in fostering cross-border commerce and financial inclusion, the IMF report sounds a note of caution regarding regulatory oversight. The inherent anonymity of cryptocurrency transactions raises concerns about their potential misuse for illicit activities such as money laundering.

Consequently, the report underscores the imperative for global cooperation in establishing clear and consistent regulations to mitigate risks and foster a secure environment for cryptocurrency transactions.

The call for comprehensive cryptocurrency regulation echoes across borders, as policymakers grapple with the complexities of overseeing a rapidly evolving financial ecosystem. Clear and transparent regulations not only address the risks associated with Bitcoin and other cryptocurrencies but also lay the groundwork for a more predictable and stable financial environment.

By striking a delicate balance between fostering innovation and safeguarding against potential abuses, regulators can pave the way for continued growth and innovation in the cryptocurrency industry.

Embracing The Potential Of Bitcoin

As Bitcoin’s influence on global finance continues to expand, the IMF report serves as a timely reminder of the opportunities and challenges associated with cryptocurrencies. While Bitcoin holds immense promise in facilitating cross-border transactions and promoting financial inclusion, effective regulation is essential to mitigate risks and ensure the integrity of the financial system.

By embracing the potential of Bitcoin while proactively addressing regulatory challenges, policymakers can harness the transformative power of cryptocurrencies to shape a more inclusive and resilient global economy.

Featured image from Pexels, chart from TradingView

Директор Института ЕАЭС Владимир Лепехин о роли Владимира Ильича Ленина в российской истории и философии: «Ленин управлял государством менее четырёх лет. Три с небольшим года. Если посмотреть только...

Changpeng Zhao, the founder and CEO of Binance, the largest cryptocurrency exchange globally, faces a sentencing recommendation of three years imprisonment from the US Department of Justice (DOJ). This follows his guilty plea last year to charges concerning severe lapses in the company’s anti-money laundering (AML) controls, as mandated by the US Bank Secrecy Act.

A “Message” To The Binance Founder And The World

Zhao’s explicit disregard for US regulations was underscored by the DOJ in a scathing sentencing memorandum. They quoted Zhao’s own words, highlighting his approach to legal compliance: “Better to ask for forgiveness than permission,” suggesting a strategic bypass of regulatory requirements to expedite Binance’s market expansion and profitability.

The DOJ laid out the case against Zhao, describing how his decisions to flout US laws were integral to Binance’s business strategy, which aggressively targeted US customers without adhering to requisite legal standards. “Zhao’s willful violation of US law was no accident or oversight. He made a business decision that violating US law was the best way to attract users, build his company, and line his pockets,” the US Attorney’s Office stated.

According to the DOJ, Zhao’s actions enabled Binance to operate a ‘Wild West’ model of cryptocurrency exchange, inviting illicit financial flows. The memorandum notes, “As a result, Zhao is one of richest people in the world and a celebrity in the crypto industry. Zhao bet that he would not get caught, and that if he did, the consequences would not be as serious as the crime.”

The prosecution detailed how Zhao’s failure to implement an effective AML program led Binance to process hundreds of millions of dollars worth of transactions violating US sanctions against Iran and other countries, quantifying the total at approximately $898 million.

The sentencing memorandum emphasizes the gravity and scale of these violations, stating, “Zhao knew that his decision not to implement an effective AML program would result in Binance facilitating transactions between US users and users in Iran and other sanctioned countries and regions in violation of US law.”

In light of these findings, the DOJ is recommending a sentence that would go beyond the federal guidelines, suggesting a 36-month term of imprisonment to “reflect the seriousness of the offense, promote respect for law, afford adequate deterrence, and serve as just punishment for Zhao’s criminal acts.”

Zhao’s sentencing is poised to set a precedent in the regulatory oversight of the crypto industry, particularly concerning compliance with US financial laws. The outcome will likely resonate across the crypto landscape, potentially reshaping how exchanges operate in compliance with US regulations. The DOJ’s closing remarks in the memorandum drive home the broader implications of Zhao’s sentencing: “The sentence in this case will not just send a message to Zhao but also to the world.”

The final sentencing decision, expected to be delivered on April 30, marks a crucial juncture for the legal scrutiny of crypto operations within the United States.

At press time, BNB traded at $607.7.

Аналитики криптовалютной биржи Bitfinex предположили, что вскоре после состоявшегося 20 апреля халвинга биткоина спрос на цифровой актив превысит предложение в пять раз. Причина: ежедневный объем эмиссии стал сокращаться.

Криптобиржа CoinEx выставила на аукцион «эпический» сатоши. Клиенты платформы могут делать ставки на странице аукциона, который продлится до 26 апреля 2024 года.

Издание The Wall Street Journal (WSJ) со ссылкой на нормативные документы сообщило, что инвестиционная компания Grayscale подала в SEC заявку на создание нового продукта под названием Ethereum Mini Trust.

Немецкий федеральный банк объявил о партнерстве с Массачусетским технологическим институтом (MIT) для исследования цифровой валюты центрального банка (CBDC).

American charities are experiencing a windfall thanks to a new kind of currency: cryptocurrency. By accepting donations in crypto such as Bitcoin, Ethereum, and other digital assets, non-profits are witnessing a surge in contributions, streamlining processes, and reaching new donor demographics.

This year alone, the two largest US charities have reportedly raised over $2 billion through crypto donations, according to a recent report by Bankless Times. This represents a massive leap from the $125 million collected in donations throughout 2022. The Giving Block, a platform facilitating digital currency donations for charities, has been instrumental in this shift.

Crypto Donations: A Boon For Efficiency And Convenience

The rise of crypto donations offers several advantages for both charities and donors. Platforms like The Giving Block simplify transactions, allowing donors to bypass complex international money transfers. This expedites the process and ensures donations reach their intended causes faster. Additionally, this type of donations often appeal to a younger, tech-savvy generation comfortable with digital transactions.

For charities, accepting crypto donations translates to a wider funding pool. It allows them to tap into a global network of investors who may not have traditionally participated in philanthropy. This diversification can be crucial for organizations seeking to expand their reach and impact.

Regulatory And Security Challenges

While the influx of crypto donations presents exciting opportunities, it also comes with challenges. Charities must navigate a complex regulatory landscape to ensure compliance with Know Your Client (KYC) and Anti-Money Laundering (AML) laws.

These regulations are essential for preventing fraud and maintaining the integrity of the financial system. However, navigating KYC/AML compliance can be a time-consuming and resource-intensive process for nonprofits.

Furthermore, the digital nature of cryptocurrency exposes charities to cybersecurity risks. Hackers may target these organizations to steal donated funds. To mitigate these risks, charities need to invest in robust cybersecurity measures and stay updated on the latest threats.

The Future Of Philanthropy: A Promising Outlook

Despite these challenges, the trend of crypto donations in the nonprofit sector shows no signs of slowing down. With the increasing adoption of Bitcoin and growing public confidence in digital transactions, charities are likely to see a continued rise in digital currency contributions.

As the regulatory environment evolves and security protocols strengthen, crypto donations hold the potential to revolutionize philanthropic giving, fostering a more efficient, transparent, and globally connected giving ecosystem.

Featured image from Pexels, chart from TradingView

Эксперты инвестиционного фонда QCP Capital считают, что ограничение предложения биткоина приведет к стабилизации стоимости первой криптовалюты в краткосрочной и среднесрочной перспективах.