Holdings Financial News

[content][quote]Market Buzz[/quote][title]Bitcoin, Ethereum fall up to 5%[/title][circularimage]

Bitcoin rebounded after a brief sell-off late on Wednesday sparked by news that electric carmaker Tesla Inc had sold about 75 per cent of its holdings of the virtual token.

Electric vehicle maker Tesla sold most of its Bitcoin (BTC) holdings in the second quarter, according to new financial disclosures released on Wednesday.

United States-based cryptocurrency mining firm Core Scientific sold more than 7,000 Bitcoin in June to pay for servers, increase its data capacity, and settle debts.

MicroStrategy Inc. began buying Bitcoin in bulk in the summer of 2020, CEO Michael Saylor said it was because inflation would make cash worthless. The crypto pile he has since accumulated was worth $3.4 billion less at the end of the second quarter than the previous one. Technically, the decline is yet another paper loss for the enterprise software maker under US accounting rules until any of the Bitcoin is sold, but there are consequences. MicroStrategy will likely need to take a substantial impairment charge when it reports second-quarter results. And for shareholders, the stock tumbled 66% in the quarter ended Thursday, outpacing Bitcoin’s 59% decline. Saylor has downplayed any concerns, sticking to the strategy and adding to his stockpile last quarter as Bitcoin experienced its biggest price drop in more than a decade. MicroStrategy noted at the end of June that it would report results as normal later in the coming quarter even though Wall Street regulators typically require companies to flag big losses much earlier.

SINGAPORE & HONG KONG – JUNE 28, 2022 Hong Kong Digital Asset Exchange Limited (HKD.com), a leading digital asset exchange in Hong Kong, today announces that the company has entered a joint strategic partnership and merger and acquisition with Technicorum Holdings (www.technicorum.com), diving further into the $163 billion annual global blockchain market. The merger company, formerly known as Gravitas International Associates Pte Ltd, a Singapore regulated Payment Services Act exempt company, will be newly renamed as HKD.com (Singapore) Pte Ltd, which will allow both groups to leverage each other's strengths and networks to get more deeply entrenched in the blockchain industry. With regulated payment services globally, a leading centralised exchange app and platform, a regulated token launchpad, expertise from ICO’s to IEO’s, IDO’s, IGO’s, DeFi and NFT’s, as well as recently GameFi, SocialFi, and the Metaverse, this strategic partnership is a great enabler for both HKD.com as well as Technicorum.

Bitcoin miners have been forced to tap into their cryptocurrency stashes as a plunge in prices, rising energy costs and increased competition bite into profitability. The number of coins miners are sending to crypto exchanges has been steadily climbing since June 7, researchers at MacroHive noted, in a sign that «miners have been increasingly liquidating their coins on exchanges.» Several publicly listed bitcoin miners collectively sold more than 100% of their entire output in May as the value of bitcoin tumbled 45%, an analysis by Arcane Research https://tmsnrt.rs/3nhYdHA found.

It’s said that the ability to upgrade is important. All hail Ethereum as the network awaits the ‘Gray Glacier’ upgrade. In the coming days, the upgrade will be introduced to the mainnet. It is built to further delay the Ice Age (Difficulty Bomb) by roughly 100 days.

Spanish authorities will force crypto owners to declare their crypto-related operations and coin holdings. The nation’s finance chief also stated that crypto exchanges will be forced to report on their customers’ activities from next year – and warned that similar European Union-wide measures were now in the pipelines.

Canada's Purpose Bitcoin ETF (BTCC) witnessed its Bitcoin (BTC) holdings slashed by half in just one day, suggesting an alarmingly waning buying sentiment among the crypto's most-experienced investors.

Bitcoin’s price rose above $30,000 over the weekend and continued to hold firm at press time. BTC traded at the $30.4k mark with a 1.37% surge at press time. This marks the first rally in weeks as the crypto and stock markets have largely struggled to regain upward momentum following a broader sell-off.

Federal Reserve Chairman Jerome Powell listed holdings largely made up of stock funds and local government debt in his financial disclosure statement for 2021.

Despite May’s price correction, which took Bitcoin (BTC) as low as $23,800, institutional investors seem unwilling to lose confidence in the cryptocurrency.

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Global regulators plan to complete work by the end of the year on how much capital banks should hold to cover crypto assets on their books.

The Basel Committee on Banking Supervision met Friday and discussed cryptocurrency, among other topics. The committee stated that it would soon publish its second consultative paper with the intention of finalizing guidelines on the prudential treatment of crypto exposure by banks by year-end. 

Tether, the world's largest stablecoin, said on Thursday it has boosted its holdings of U.S. government debt while cutting exposure to riskier assets, the first look at its reserves since the token was rocked by the crypto sector's recent sell-off. Stablecoins, a variety of cryptocurrencies designed to keep a steady value, are in sharp focus after crypto markets were rocked last week by the demise of the TerraUSD token. Usually underpinned by reserves of assets such as dollars, gold and government debt, stablecoins are widely used in cryptocurrency trading — with Tether the predominant medium for moving funds between crypto or into regular cash.

Top stablecoin Tether boosts US Treasuries holdings

USDT Stablecoin issuer Tether has reported it cut its reserves allocation to commercial paper investments and increased that of United States treasury bills over the first quarter of 2022.

Crypto crash leaves El Salvador with no easy exit from worsening crisis

Some of Europe’s largest technology funds are nursing losses of more than 30% this year, as a brutal sell-off across the sector drags down behemoths managed by the likes of BlackRock, Franklin Templeton and Polar Capital.