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Tag: movement

  • Arkham: Tesla still owns $780m in Bitcoin following wallet movement

    Arkham: Tesla still owns $780m in Bitcoin following wallet movement

    • Tesla has split the 11,509 Bitcoin across seven wallets
    • Arkham Intelligence said some have speculated that the move was to a crypto custodian
    • Tesla remains the third largest publicly traded Bitcoin company being MicroStrategy and Marathon Digital Holdings

    Tesla still owns 11,509 Bitcoin despite the wallet movement last week, according to a blockchain analytics company.

    In a post on X, Arkham Intelligence said:

    “We believe that the Tesla wallet movements that we reported on last week were wallet rotations with the Bitcoin still owned by Tesla. Tesla moved their entire balance of 11,509 BTC ($776.9M) to new wallets.”

    Arkham noted that Tesla split the 11,509 Bitcoin into seven wallets, with the largest wallet holding 1Fnhp – 2109.3 BTC ($142.2M).

    “Some have speculated that this is movement to a custodian, for example to secure a loan against the BTC,” said Arkham.

    Third largest publicly traded Bitcoin holder

    Tesla’s Bitcoin transfers mark the first time the electric car company has interacted with its crypto wallet since 2022 when it initially sold off a significant portion of its holdings.

    At its height, Tesla owned around 43,000 Bitcoin after it invested $1.5 billion in the crypto asset in February 2021, according to data from BitcoinTreasuries. This resulted in the sale of $272 million worth of Bitcoin in the first quarter of 2021, creating a profit of $128 million.

    By the second quarter of 2022, Tesla sold another $936 million in Bitcoin, generating $64 million in gains as the market experienced volatility.

    With the recent transfers, some feared this would lead to a market dump. Tesla is expected to conduct its third-quarter earnings call scheduled on October 23 where it may reveal its plans for its Bitcoin.

    To date, Tesla remains the third largest holder of Bitcoin among publicly traded companies. It trails behind MicroStrategy and Marathon Digital Holdings.

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  • US is losing the Bitcoin movement, says Cathie Wood

    US is losing the Bitcoin movement, says Cathie Wood

    Key takeaways

    • Cathie Wood has stated that she believes the United States is losing the Bitcoin movement due to the regulatory system. 

    • She stated that the collapse of FTX proved the concept of Bitcoin.

    • Cathie Wood’s Ark Invest is one of the major investors of Coinbase.

    US is being left behind, says Cathie Wood

    Cathie Wood, the founder of Ark Invest, has stated that the United States is behind the Bitcoin movement due to the regulatory system. She mentioned this while speaking at Fortune’s Most Powerful Next Gen conference last week.

    According to the Ark Invest founder, the centre of gravity of cryptocurrency is moving away from the United States. She cited the example of Coinbase receiving its licence to operate in Bermuda while also expanding its operations in Singapore. She stated that;

    “It would be nice if the U.S. were leading this movement, but we’re losing it, and we’re losing it because of our regulatory system.” 

    The Securities and Exchange Commission (SEC) has been clamping down on cryptocurrency companies in recent months. The regulatory agency issued a Wells Notice to Coinbase, indicating that it is looking into the activities of the crypto exchange. 

    Ark Invest continues to invest in Coinbase despite the regulatory climate in the United States. The investment management firm bought $8.6 million worth of Coinbase stocks last month after the crypto exchange sued the SEC. 

    FTX’s collapse proved the concept of Bitcoin

    FTX’s collapse last year was one of the biggest in the history of the cryptocurrency space. The collapse resulted in regulatory agencies like SEC focusing more of their attention on the crypto market. 

    The SEC maintains that the existing securities laws cover the crypto market, and there is no need for a new regulatory framework for the industry. 

    According to Cathie Wood, the collapse of FTX last year proved the concept of Bitcoin, similar to how the banking crisis this year did. She stated that the collapses indicate the dangers of centralisation in the financial system. She stated that;  

    “The reason it’s adopted is, first of all, many people like the idea of a decentralized, transparent, auditable monetary system. It was born out of the 2008/2009 crisis when people just lost all trust in financial services. And very interestingly, it took another two crises within the last year to prove the concept. FTX failed because it was centralized, opaque, and not auditable.”

    Bitcoin is up by more than 50% since the start of the year and is currently trading above $26k per coin.

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  • Solana (SOL/USD) price movement should worry buyers

    Solana (SOL/USD) price movement should worry buyers

    • Solana token has been consolidating for a month

    • The FTX crash has been a blow to SOL’s price and recovery

    • SOL trades with lower volumes, and a potential drop could occur

    Solana (SOL/USD) trades at $13. The cryptocurrency has held to this key level for a month now. The level was reached after a sharp sell-off. That gives buyers the confidence that SOL is consolidating ahead of a potential takeoff. However, it is also true that SOL is just one potential bear leg, and the token will hit levels at or below $10. Fundamentals have not been favourable either.

    CoinJournal previously reported that activity on the Solana blockchain was on the decline. That comes even as investors lose trust in the proclaimed Ethereum killer. Earlier in the year, frequent network hacks accelerated SOL’s bear market, amid an ongoing crypto winter. The latest blow now comes from the FTX crash in November, which took SOL to $13. However, even as other major cryptocurrencies make some comeback, SOL continues to struggle. Investors are still not convinced, a month after the FTX exit.

    Solana Compass shows that Alameda Research still possesses 48.6 million Solana tokens. The total worth of the tokens is around $700 million, representing nearly 9% of SOL in circulation. Clearly, such reports may spell doom for SOL.

    SOL trades with weakening volume at $13

    SOL/USD Chart by TradingView

    Looking at the daily chart, SOL trades with negligible and falling volumes despite holding at the $13 support. The level coincides with the 20-day MA but is below the 50-day MA. Although the MACD indicator has slightly improved, momentum is weak and bearish.  

    From a technical point of view, SOL is consolidating, but the bear pressure could mount as buyers weaken at the developing support.

    What next for SOL?

    A weak trading volume suggests buyers avoid SOL despite the price holding strongly to $13. Although the consolidation is positive and could give buyers time to push prices higher, the token is under pressure. Investors should remain cautious before buying SOL.

    Where to buy SOL 

    eToro

    eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.


    Buy SOL with eToro today

    Binance

    Binance is one of the largest cryptocurrency exchanges in the world. It is better suited to more experienced investors and it offers a large number of cryptocurrencies to choose from, at over 600.

    Binance is also known for having low trading fees and a multiple of trading options that its users can benefit from, such as; peer-to-peer trading, margin trading and spot trading.


    Buy SOL with Binance today

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