This week’s CryptoBiz report discussed the sale of Tesla’s Bitcoin assets. According to Crypto Biz experts, Elon Musk has mocked the cryptocurrency market.
Tesla’s foray into Bitcoin is likely to be a major distraction for the electric car maker. Earlier this month, Tesla reported different financial results than in the past. After selling 75% of Tesla’s Bitcoin assets in the second quarter of 2022, it can be said that the field of digital currencies has become a toy for Elon Musk.
CryptoBiz reports on the sale of Tesla’s Bitcoin assets
Cryptobiz wrote in its report: Elon Musk’s exit from the digital currency market is a positive news for the cryptocurrency industry. Such characters are not suitable for this market. Elon Musk has made his assets a game tool. As far as we know, Musk hasn’t sold any of his personal bitcoin holdings, and Tesla currently has 10,800 bitcoins on its books. In general, the less we hear about Mask and its connection to Bitcoin, the better.
In this week’s CryptoBiz, we look at Tesla’s BTC sale, Kucoin’s fight against fake news, and Cathy Wood’s sale of Coinbase shares.
Tesla’s $64 million profit from selling Bitcoin
According to CryptoBiz, the decision to sell Tesla’s bitcoins was not as difficult as it seemed at first. Tesla made a profit of about 64 million dollars in this exchange. In addition to selling emission credits, the electric car maker is doing its best to make a profit.
In its Form K-10 filing with the US Securities and Exchange Commission (SEC), Tesla said it would likely increase or decrease its holdings over time. The pessimistic prediction is that negative ESG news will cause Tesla stocks to sell off over time.
Countering the Kokoin exchange with fake news
Kucoin CEO Johnny Lyu has plans to launch an anti-FUD fund. Cryptocurrency exchange Kocoin has been involved in a lot of negative news lately. Some whistleblowers claimed that Kokoin was bankrupt.
Johnny Liu not only denied the claims about the Bitcoin liquidity crisis, but also launched an anti-FUD fund to legally pursue negative and fake news. The fake whistleblower’s Twitter account appears to have been deleted.
Selling Coinbase shares by Kathy Wood
Another important cryptobiz news this week is the sale of Coinbase shares by Cathy Wood. Cathy Wood plans to sell her Coinbase shares amid allegations of insider trading. ARK Investment Management Cathy Wood appears to have distanced herself from Coinbase over allegations that the cryptocurrency exchange interfered in insider trading.
As of late June (June to early July), ARK held nearly $9 million in Coinbase shares. The company sold 1.4 million of its shares through July (July to early August). According to Bloomberg, CoinBase is being investigated by the US Securities and Exchange Commission for possible involvement in insider trading. Among the other accusations against Coinbase, we can point out the sale of unregistered securities. COIN shares fell heavily after this incident.
Destruction of 3AC’s $10 billion fund
In the past few months, CryptoBiz reported on the failure of the Three Arrows Capital fund. Powerful marketing and the image of 3AC’s personality managed to attract investors, but eventually the company was destroyed.
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