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MicroStrategy Scoops Up Extra 229 BTC Worth $10M

MicroStrategy topped up an additional 229 BTC in cash to its Balance Sheet, which worth as much as $10 million.

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MicroStrategy Incorporated, a Nasdaq-listed business intelligence and software firm, topped up its Bitcoin (BTC) accumulation with an additional 229 Bitcoin (BTC) purchase in cash. The latest purchase, worth as much as $10 million, came few days after the company acquired 271 units of the cryptocurrency, establishing its stance as a true Bitcoin investor.

As revealed by Michael Saylor, the company’s Chief Executive Officer, the latest purchase came at approximately an average price of $43,663, as the company took advantage of the latest correction and adjustment in the price of the cryptocurrency and the market at large.

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According to the updated post on Twitter, as seen above, the company’s total Bitcoin holdings now sits at 92,079 units, purchased at an average price of $24,450, and a total sum of $2.251 billion. Effectively, the Virginia-based firm now ranks as the publicly listed institution with the largest number of Bitcoin sitting on its balance sheet.

While Bitcoin Price Corrected, MicroStrategy Saw an Opportunity

Bitcoin has passed through different turmoils over the past few weeks, beginning with the flooding in Xinjiang China, a disaster that directly halted mining activities and caused a plunge in the Bitcoin hashrate, sending the price tumbling down. While Bitcoin is striving to regain its balance after that, Tesla boss, Elon Musk announced that the company will stop accepting Bitcoin payments due to the cryptocurrency’s high energy demand.

These events and other fundamental upsets pushed the coin to trade from a high of $57,939.36 low of $42,207.29, as market bears rushed to sell off. While the FUD spread by Elon Musk got reverberated across the market, Michael Saylor believes that is an entry point to load up more of the premier digital currency in line with the company’s Treasury Reserve Allocation policy.

Per the current price of the cryptocurrency pegged at $42,911.19 at the time of writing, the total BTC holdings by the MicroStrategy are worth over $3.95 billion, a good profit margin for the firm.

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Source: https://blockchain.news/news/microstrategy-scoops-up-extra-229-btc-worth-10m

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Blockchain news

Crypto Market Roundup: Top Earners and Losers for Today

Cardano and The Graph are the top gainers today, while the performance of Shiba Inu and IoTex hit the worst to become the biggest losers today.

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The selling pressure in the global crypto market was stumped on Friday as several coins began paring off their losses from the previous day.

Bitcoin’s market strides were visible as the largest cryptocurrency surged 1.72% to $46,146.24 at the time of writing. Ethereum (ETH) is also favoured by the bulls, inching a 3.04% gain to $3,237.66, according to CoinMarketCap.

Amidst the broader rise in price, here are the top gainers and losers for today, August 13.

Top Gainers

The Graph (GRT) is leading the altcoin surge today after the coin’s buyers pushed the price to $0.9413, atop an 18.30% gain. At this pace, The Graph is on track to break the $1 resistance level and journey down toward its 90-day high of $1.42. The Graph’s use case permits an increased embrace. It plays a role as an indexing protocol for querying data for networks like Ethereum and IPFS, supporting many applications in DeFi and the broader Web3 ecosystem.

Meanwhile, Cardano (ADA) has also shifted its price to its highest price gains of all time, surging above the $2 psychological level for the first time in 3 months. With several test nets deployed, the coin has enjoyed increased sentiment from buyers as the broader digital currency ecosystem prepares for the arrival of the Alonzo upgrade that will aid the emergence of smart contracts and DApps on the Cardano blockchain. The token has been tagged as undervalued. However, we may begin to see the coin’s true worth come to life with the new upgrade.

Top Losers

The majority of the tokens are paring off their losses. However, meme token Shiba Inu (SHIB) is the biggest loser amongst the altcoins topping the chart after inking a 0.50% slip in price to $0.00000795. IoTex (IOTX) was down 3.36% to $0.1102 during the intraday.

The momentum in the market may drive in such buying volatility that will stir these coins off the red zones. The global crypto market is currently on track to re-register a $2 trillion market cap to cover the weekend.

Image source: Shutterstock

The Graph (GRT) is leading the altcoin surge today after the coin’s buyers pushed the price to $0.9413, atop an 18.30% gain. At this pace, The Graph is on track to break the $1 resistance level and journey down toward its 90-day high of $1.42. The Graph’s use case permits an increased embrace. It plays a role as an indexing protocol for querying data for networks like Ethereum and IPFS, supporting many applications in DeFi and the broader Web3 ecosystem.

Source: https://blockchain.news/analysis/crypto-market-roundup-top-earners-and-losers-today

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Ethereum is Expected to Undergo a 90% Daily Emission Reduction Following ETH 2.0 Upgrade

Market analyst Lark Davis believes that Ethereum 2.0 upgrade will prompt a 90% daily emission reduction from 12,800 to 1,280.

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Ethereum (ETH) was up by 9.72% in the past week to breach the psychological price of $2K during intraday trading. ETH’s price stood at $2,056 as the second-largest cryptocurrency continues to gain momentum.

Market analyst Lark Davis believes that the upgrade of Ethereum 2.0 will prompt a 90% daily emission reduction from 12,800 to 1,280. He explained:

“The other wildly important aspect of The Merger is that ETH will undergo a 90% reduction in daily emission. Basically from 12,800 a day to 1,280 a day. Yearly inflation from 4.3% down to 0.43%. This is equivalent to 3 Bitcoin halvings, and is only months away.”

Ethereum 2.0, also known as the Beacon Chain, was launched in December 2020 and was regarded as a game-changer that seeks to transit the current proof-of-work (POW) consensus mechanism to a proof-of-stake (POS) framework.

Davis also noted that Ethereum would experience “Triple Halving” as part of the ETH 2.0 upgrade, a highly significant economic event for the asset’s price in the coming years.

Ethereum whales cumulatively hold 60.52 million ETH

According to on-chain metrics provider Santiment:

“Ethereum whales that hold between 10k and 1 million ETH in their respective wallets now own a cumulative total of 60.52m coins. This is the highest amount held by this tier since in 5 weeks, and represents a 1.65million ETH accumulation in the past 6 days.”

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Therefore, ETH whales continue investing in this asset, which indicates high confidence levels.

Ethereum has been making headlines based on its notable strides. For instance, ETH has had an impressive return on investment (ROI) of 171% this year compared to tech stocks like Microsoft, Facebook, and Apple. Furthermore, Davis had previously noted that Ethereum was settling three times more value on-chain than Bitcoin daily.

Image source: Shutterstock

“The other wildly important aspect of The Merger is that ETH will undergo a 90% reduction in daily emission. Basically from 12,800 a day to 1,280 a day. Yearly inflation from 4.3% down to 0.43%. This is equivalent to 3 Bitcoin halvings, and is only months away.”

Source: https://blockchain.news/analysis/ethereum-is-expected-undergo-a-90-percent-daily-emission-reduction-following-eth-2.0-upgrade

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South Korea Authorities Seizes $47M in Crypto from Tax Evaders

South Korean authorities have made the largest crypto seizures in the country’s history. $47 million in digital currencies have been confiscated.

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Authorities in the South Korean province of Gyeonggi have conducted the largest tax seizures ever, seizing $47 million in Bitcoin (BTC) and Ethereum (ETH).


According to the coverage reported by the Financial Times, the seizure involved about 12,000 tax evaders. The authority has called the action the largest “cryptocurrency seizure for back taxes in Korean history.”

Those “tax dodgers” committed the crime by connecting their trading or investment activities on trading platforms operating in the country with their phone numbers. The process, though rigorous, had to be done manually as crypto exchanges were unable to fully provide the Know-Your-Customer (KYC) details of the defaulting taxpayers. In addition, the FT report was unclear which digital currency trading platform was involved in the investigation.

South Korea has a robust cryptocurrency trading engagement amongst its citizens, and the country has been making moves to implement accomodating regulations. One of these is the law passed by the Korean National Assembly in March 2020. This law mandates cryptocurrency exchanges to take down customer’s details through KYC and obtain licenses to operate from banks.

While big exchanges such as UpBit have been able to comply, other smaller trading platforms have had their struggles in complying, a situation that was compounded by financial institutions dissociating from crypto exchanges. Besides these, South Korea has long been mulling enforcing a 20% capital gains tax on cryptocurrencies, all of which will be made easier with compliant crypto exchanges.

South Korea is one of the more receptive countries to blockchain and cryptocurrency-related innovations. While crypto has thrived in the country in the past decade, the government is taking bold steps to develop its own Central Bank Digital Currency, the Digital Won. Despite its soft stance, however, the nation has zero-tolerance for fraud amongst crypto entities, as showcased in the ongoing raid of Bithumb exchange amidst a broad fraud investigation.

Image source: Shutterstock

Source: https://blockchain.news/news/south-korea-authorities-seizes-47m-in-crypto-from-tax-evaders

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