Elon Musk’s electric vehicle maker Tesla was holding about $2 billion worth of Bitcoin (BTC) by the end of 2021, according to official records.The “fair market value” of BTC held by Tesla as of December 31, 2021, was $1.99 billion, the company said on Friday in its annual filing with the United States Securities and Exchange Commission.The filing reads that Tesla sold a portion of its BTC holdings in March 2021, with realized gains of $128 million. The company previously announced a historic $1.5 billion BTC purchase last February.According to the filing, Tesla recorded $101 million of impairment losses on Bitcoin in 2021. “Gains are presented net of impairment losses in restructuring and other in the consolidated statement of operations. As of December 31, 2021, the carrying value of our digital assets held was $1.26 billion, which reflects cumulative impairments of $101 million,” the filing notes.As previously reported by Cointelegraph, Tesla sold a portion of its BTC holdings in the first quarter of 2021, generating net proceeds of $272 million. The company was still holding on to BTC despite Tesla dropping Bitcoin payments support over environmental concerns in May 2021.Related: SEC rejects MicroStrategy‘s Bitcoin accounting practicesAccording to data from Bitcoin Treasuries, Tesla currently holds about 43,200 BTC, which makes the company the second-largest identified Bitcoin investor after Michael Saylor’s MicroStrategy, amassing a total of 125,000 BTC as of Jan. 31.Continue Reading
Bitcoin (BTC) continues to linger just below $43,000 on Feb. 7 as markets gear up for what promises to be a lively week.Another step up overnight took BTC/USD briefly over $43,000 before consolidating with $42,000 as support, data from Cointelegraph Markets Pro and TradingView shows.Fresh losses remain firmly on the tableFor market pundits, the question now is which support levels can sustain on longer timeframes, which would be ideal as a foundation for further upside, and what bulls expect as new resistance.For popular trader and analyst Rekt Capital, the 50-week exponential moving average (EMA) is now an important zone to crack, this originally collapsing over Christmas.“BTC is just below the blue 50-week EMA, a key Bull Market moving average,” he summarized Monday. “The EMA represents a price point of ~$44000 and may figure as a resistance. However, turning it back into support would restore macro bullish bias for Bitcoin.”Highlighting a range stretching back through 2021, Rekt Capital nonetheless acknowledged that a rejection at current levels opens up the possibility of a significant retracement to its lows at $30,000.BTC/USD annotated chart. Source: Rekt Capital/Twitter“Not only has BTC formed a January 2022 Higher Low relative to July 2022… But February is already forming a Higher Low relative to January 2022 Promising signs thus far,” he added in one of multiple further Twitter posts. Previously, fellow trader Pentoshi cited the 2022 yearly opening price near $46,000 as a potential resistance headache should upside continue.To the downside, meanwhile, trader Anbessa called $38,900 and $37,800 as targets.#BTC LTF Update – hidden bull div played out ✔️- bounce from 25MA 2h TF ✔️- > Trading at channel top again, TP – > shortterm r:r ratio pullback like in the projection – early potential bearish divergence 3h TF & lowerPrefer a pullback now for less #midterm volatility. pic.twitter.com/018YoMEVSS— AN₿ESSA (@Anbessa100) February 7, 2022Funding rates begin to react to gainsTurning to the odds of a continuation, Filbfilb, co-founder of trading suite Decentrader, noted that negative funding rates showed that the majority still favored further losses.Related: BTC price returns to $43K — 5 things to watch in Bitcoin this weekAny squeeze to the upside would thus increase short liquidations, shaking out bearish positions and ideally freeing up the market in the process.A green lad emerges. Is it different this time? The crowd thinks so.. negative funding and negative LS ratio. #Bitcoin pic.twitter.com/CHjV6T4yXH— filbfilb (@filbfilb) February 7, 2022
Funding rates on major derivatives exchanges remain broadly negative, but sentiment is showing itself in an increasing upward trend.BTC funding rates chart. Source: CoinglassContinue Reading
Investment banking advisory firm Centerview Partners announced the appointment of ESG, sustainable finance and corporate sustainability veteran Mark Tercek as a Senior Advisor, in a move aimed at expanding the firm’s ESG capabilities.
Robert Pruzan, Co-Founder of Centerview, said:Continue Reading
Pharmaceutical and biotechnology development services company Charles River Laboratories International announced that it will be able to source renewable energy sufficient to address 100% of its European power requirements by 2023, with the signing of a new wind energy contract with Spanish energy company Repsol.
Today’s agreement also follows the company’s announcement from June 2021 that it will meet 100% of its North American electricity needs with renewable energy by 2023. Overall, the company anticipates that 90% of all its global electricity will be supplied by renewable energy by 2023.Continue Reading
Global professional services firm EY announced today the launch of a new Net Zero Center, aimed at guiding companies in Australia and New Zealand to prepare their businesses and identify and capitalize on opportunities related to the net zero transition.
According to EY, the firm developed the new center in response to growing market demand. Recent EY studies have indicated that company executives are increasingly looking to take steps to address the sustainability impacts of their businesses, and integrating ESG considerations into their capital allocation strategies. The firm also cited growing pressure on companies from the investor community, with a recent survey finding institutional investors seeking to ramp green investments and exit investments in poor ESG performers.Continue Reading
The Venezuelan government has approved a new tax bill aiming to collect up to 20% in taxes from cryptocurrency transactions, according to local reports.Venezuela’s National Assembly held a second discussion session on Thursday for a new draft bill targeting taxes on “large financial transactions” in cryptocurrencies like Bitcoin (BTC).The Venezuelan government reportedly approved the draft bill last Thursday, requiring local firms and individuals to pay up to 20% for operations carried out in cryptocurrencies as well as foreign currencies such as the United States dollar.Filed on Jan. 20, the draft law aims to collect 2%–20% from transactions in any currencies other than those issued by the Bolivarian Republic of Venezuela, or the Venezuelan bolivar and the country’s oil-backed cryptocurrency, El Petro.The initiative aims to incentivize the use of the national currency, which reportedly lost over 70% in value last year alone and shed nearly all its value over the past decade.“It is necessary to guarantee treatment at least equal to, or more favorable, to payments and transactions made in the national currency or in cryptocurrencies or crypto assets issued by the Bolivarian Republic of Venezuela versus payments made in foreign currency,” the bill reads.Related: India to introduce 30% crypto tax, digital rupee CBDC by 2022–23As previously reported by Cointelegraph, Bitcoin adoption has been skyrocketing in Venezuela in recent years, with many thousands of local businesses starting to move into cryptocurrency to survive hyperinflation. In October 2021, a major international airport in Venezuela was preparing to start accepting cryptocurrencies like BTC as payment for tickets and other services.Continue Reading
Really Simple Syndication (RSS), the first information distribution protocol that saw massive adoption across the internet is all set to take on Web3 with a decentralized information processing protocol called RSS3.In a technical whitepaper released on Monday, RSS3 laid out plans for taking its popular internet feed update to Web3. RSS3 would offer every entity an RSS3 file that will act as source data and be updated continuously. The source data file then can be used as an aggregation of all the cyber activities, which can then be used to build out social media, content networks, games and other data-driven applications. The source data would have control on which information to broadcast and which to keep private.RSS is a feed file containing a summary of a website’s updates, usually in a list of articles with hyperlinks. These feed files were meant to be decentralized and played a key role in exchanging information across the internet. However, the monopoly of centralized web hosting services providers has led to the creation of the decentralized RSS3.Related: Decentralized technology will end the Web3 privacy conundrumThe official paper noted that building a decentralized information processing protocol from scratch was quite a complex task and might take another six to eight months for building RSS3 nodes. The developers are in the process of building a DAO system as well, but believe a true decentralization would take time.The development team has partnered with Ethereum, Arweave, Polygon, BSC, Arbitrum, Avalanche, Flow, and xDAI to roll out the protocol across various decentralized networks.The team behind the decentralized protocol has closed two funding rounds until now that saw participation from the likes of Coinbase Ventures, Dapper Labs, Dragonfly Capital, Fabric Ventures, and several others.Continue Reading
Bitcoin (BTC) is in a fighting mood this week as the weekly close buoys bulls’ cause and wipes out several weeks of downside — can it continue higher?After challenging $42,000 over the weekend, there was a cautious sense of optimism as higher levels remained in play. Sunday saw a fresh push, with overnight progress attacking $43,000 before fresh consolidation.With Monday’s Wall Street open primed to deliver more of the turbulence in big tech stocks seen late last week, the environment for crypto traders is an interesting one in February.With its notable positive correlation, Bitcoin is thus sensitive to moves up and down — but equities refuse to move unanimously in the same direction.Looking for guidance, hodlers will still remember January’s lows, and these are also fresh in the mind of analysts who have not discounted the possibility of returning to $30,000.With something of a week of reckoning for its latest gains ahead, Cointelegraph takes a look at the Bitcoin market and five forces at play that could help shape where BTC price action heads next.Bitcoin dodges a major breakdownThe weekend was no match for Bitcoin’s newfound bullishness despite its typically lower volume providing fertile ground for both “fakeouts” and “fakedowns.”$40,000 held as support, and analysts were keen to see $41,000 established as a longer-term basis going forward.”Here’s how I see things. As long as $BTC holds 39k (as prev stated) then yearly open up next,” trader and analyst Pentoshi summarized Sunday. “Imo 80% of alts will lag, 20% will lead/follow.”The yearly open for 2022 stands at around $46,200, a price level that’s getting closer after BTC/USD broke through its weekend resistance zone to hit local highs of $43,070 on Bitstamp.BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewFellow analyst and trader Credible Crypto believes that the latest action could provide proof that Bitcoin is beginning its fifth in a series of impulse moves stretching back several years.My thoughts on $BTC dominance at this time. Long story short- $BTC outperforms during initial stages of our final 5th wave impulse, alts steal the show after that as $BTC tops, dominance makes a new all time low before this is all over. pic.twitter.com/mjklIIN444— Credible Crypto (@CredibleCrypto) February 2, 2022Should that be the case, it is likely that altcoins will initially lose the limelight to BTC, he added, as with classic bull run performance.”If my thesis is correct and $BTC is indeed starting it’s final 5th wave here, expect $BTC to steal the show, pump aggressively, alts to take an initial hit, but then rally/catch up just like we saw during the last two impulses (3-14k and 12-65k),” he explained.Looking to the downside, whales may hold the answer. Data from on-chain monitoring resource Whalemap shows that the area around $38,000 remains a significant zone of interest for whales, who last week began adding to their positions there.Closest on-chain supports in case #BTC retraces pic.twitter.com/gcC00DbOg7— whalemap (@whale_map) February 6, 2022
BTC/USD at $43,000 is meanwhile the highest since Jan. 17, the largest cryptocurrency erasing more than two weeks of losses in days.Inflation stays “real” before January CPI readoutStocks formed the springboard for Bitcoin’s exit from the $30,000-$40,000 corridor last week, but “up only” is hardly what characterizes major assets.Among big tech, the story was one of Amazon’s gains and Meta’s losses, providing a curious dichotomy that Bitcoin ultimately used to its advantage.Could the same trend continue this week? Stocks are not alone, as oil continues its own gains and the inflationary narrative rises with it.”Inflation is going kick the Fed’s _ss. Inflation is REAL,” veteran trader Peter Brandt said Monday, eyeing U.S. bonds. “This due to the flood of liquidity added in past two years. $$$ abounds. The Fed is way behind the curve in raising rates. The 10-Yr Note is headed to 2.35% in the near-term and 3.0% over the next couple of years.”He added that inflation remains extremely modest compared with episodes during the last century, but that there could be a long way still to climb.Pentoshi meanwhile forecast an oil price of more than $100 incoming.”Oil looks like it’s going to barrel over $100 at this rate. 20% increase in the first 5 weeks of the year, 13% in January. If you loved inflation before, you’ll love it when Oil is over $100. Consumer goods numbers go up,” he tweeted.Monday’s Wall Street open could thus provide either a validation of Bitcoin’s gains or throw the party into jeopardy once more. At the time of writing, futures are pointing downhill after the S&P 500’s best week of 2022.Data meanwhile shows that Bitcoin’s Nasdaq correlation is slowly ebbing.Bitcoin’s 1D correlation to the Nasdaq is starting to fall from historically high levels pic.twitter.com/S4Sfa8nYrX— Will Clemente (@WClementeIII) February 7, 2022
Thursday will see the release of January’s consumer price index (CPI) data, which could provide further headwinds for inflation should the figures fall outside estWill the dollar keep diving?There’s something afoot with the U.S. dollar — even as stocks motor through early-year weakness.In early February, a winning streak spanning the entirety of 2021 abruptly turned sour for USD bulls, and the past week has seen straight downside for the U.S. dollar currency index (DXY).After passing 97 for the first time in over a year, DXY met with firm resistance and is now back below 95.6. Bar a brief dip in mid-January, this represents its lowest level since mid-November — just as BTC/USD was making its current $69,000 all-time highs.Analyzing the current setup, trader, investor and entrepreneur Bob Loukas was sceptical.”Very interesting moves in $USD. Maybe a trap?” he mused last week. “One thing is for sure, Price Action is always WAY ahead of what we think (macro/events) should be driving price.”Bitcoin is traditionally inversely correlated to the DXY, and any sharp return to upside could undermine price strength easily.U.S. dollar currency index (DXY) 1-day candle chart. Source: TradingView”Not going to lie, but the DXY is starting to look like it wants to correct heavier,” Cointelegraph contributor Michaël van de Poppe likewise forecast.He noted that the European Central Bank (ECB) holding off on interest rate rises pressured the dollar further.”Long term – > would be a good signal for Bitcoin and risk-on assets if the DXY is showing more weakness,” he argued.Short-term holders start return to profitThose looking for signs that a longer-term Bitcoin price bottom genuinely being in need not hunt through much on-chain data this week.As noted by on-chain and cycle analytics account Root, the portion of the BTC supply controlled by short-term hodlers is beginning to tick upwards after falling to levels which coincide with macro price lows.”Likely the macro bottom is in,” Root commented Monday.The spent output profit ratio (SOPR) for short-term holders meanwhile saw its first meanwhile bounce above the 1 mark since Christmas this weekend.Values climbing through 1 from below show that short-term holders on average are beginning to sell at a profit rather than a loss.Bitcoin short-term holder SOPR chart. Source: CryptoQuantOn the topic of profitability, almost 25% of the BTC supply remains underwater, meanwhile, compared with 16.7% of the supply purchased between $30,000 and $41,500.”Bitcoin is a bit top heavy here, but NumberGoUp is medicine for that,” Twitter account TXMC trades commented on the data from on-chain analytics firm Glassnode.Bitcoin URPD annotated chart. Source: TXMC Trades/ TwitterSentiment eyes first exit from “fear” since all-time highsThe longer higher Bitcoin prices linger, the more profound impact they have on even the most entrenched mindset.Related: Top 5 cryptocurrencies to watch this week: BTC, ETH, NEAR, MANA, LEOThe Crypto Fear & Greed Index, which spent most of last month in its “extreme fear” zone, is now on the cusp of breaking out of “fear” altogether.Such a move would mark the Index’s first shift to “neutral” territory since the November record highs, and thus something of a reset of sentiment over the past two-and-a-half months.For comparison, just a week ago, the Index stood at 20/100, while current levels are 45/100 — more than double on its normalized scale.History has shown that the key to sustainable sentiment, in which traders do not “pile in” to buy or sell after specific price action, lies in measured BTC price action. “Slow and steady” gains are what traders tend to look for in order to become confident of a longer-term trend.Crypto Fear & Greed Index. Source: Alternative.meOn the topic of January’s Index lows, however, analyst Philip Swift offered a note of caution.”Charting Fear & Greed score against bitcoin price shows that the score can be very low at points that are not price bottoms,” he noted last week, comparing historical figures. “But it is interesting to note that extended periods of Extreme Fear (sub 25) for +3wks does tend to signal major lows.” Crypto Fear & Greed Index annotated chart. Source: Philip Swift/ TwitterThe views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.Continue Reading
Truckers protesting the COVID-19 vaccine mandate in Canada have turned to Bitcoin-based crowdfunding platform Tallycoin, following a barrage of mounting political pressure from all sides that culminated in GoFundMe axing their “Freedom Convoy Campaign.”GoFundMe pulled the campaign and $9 million in donations on Friday in response to reports of violence, which it claimed broke its terms of service. Initially, donors needed to apply to have their funds refunded. However, following a flurry of criticism, the platform backtracked on Saturday, deciding it would automatically refund donors instead. Shortly after GoFundMe axed the campaign, a group of the organizers moved their efforts to Tallycoin, a crowdfunding platform built on the Bitcoin (BTC) blockchain. “Legacy financial infrastructure can sometimes be politicized and clamped down upon, whereas Bitcoin is a truly censorship resistant method of communicating value,” stated the new fundraising page. As it currently stands at the time of writing, $321,111 had been donated to the Tallycoin fundraiser — only a fraction of the $9 million raised on GoFundMe. It also remains to be seen whether the funds raised on Tallycoin will be subject to the same governmental and political pressure when converted into fiat currency. We have just received a donation of over 2 BTC. Total amount contributed is now ~5.68 BTC or $300,000 CAD. pic.twitter.com/wvCqmaRFPZ— HonkHonk Hodl (@HonkHonkHodl) February 6, 2022Related: Is Ethereum left and Bitcoin right?The Freedom Convoy Campaign initially started in mid-Jan as a fundraiser on GoFundMe for cross-border truckers in Canada protesting vaccine requirements. Since then, it has turned into an all-encompassing rallying point against prescriptive public health measures, including lockdowns and mask requirements. This isn’t the first time governments or big tech has issued mandates on who can or cannot receive money based on politics. GoFundMe also froze $160,000 in funds until organizers of Convoy to Canberra detailed a spending plan on Jan. 31. Shortly before the initial Freedom Convoy Campaign was axed, it had reportedly become the fifth most successful in GoFundMe’s history.Continue Reading