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Shares of Bitcoin-linked companies stocks are declining

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bitcoin companies stocks and bonds

Bitcoin company stocks and cryptocurrencies are related. Risk appetite is steadily rising as markets enter a key reporting season when tech companies reveal their second-quarter results. In line with this growing risk appetite, Bitcoin rose above $24,000 last week. 

Bitcoin companies’ stocks are declining

After Tesla published its report, when it was revealed that Ilon Musk’s company had sold 75% of its Bitcoins, the first cryptocurrency began to decline. Shares of MicroStrategy, Coinbase and other tech companies also rose until the middle of last week. 

Since the beginning of the year, Bitcoin has lost more than 50% of its value. In that respect, its movement is in line with that of technology companies. And companies holding Bitcoin on their balance sheets are most exposed to the fluctuations of the first cryptocurrency. Are you interested in stocks and bonds of bitcoin companies? 

Tesla stock

Bitcoin company stocks and cryptocurrencies are related. Tesla (TSLA) reported quarterly earnings that outperformed earnings per share (EPS) and largely matched revenue. More accurately, this increase in EPS was helped by Tesla selling most of its assets in Bitcoin last quarter. Elon Musk has been an ardent supporter of the crypto space, and this news was enough to cause Bitcoin to start falling.

MicroStrategy’s Margin Call

MicroStrategy head Michael Saylor must have been thanking Ilon Musk for his Bitcoin sale! During the crypto winter that the cryptocurrency market plunged into, rumors of Microstrategy and a devastating margin call were rife on social media and even in the mainstream media. Microstrategy pursued a proactive strategy during the boom, using debt markets to fund its Bitcoin purchases. 

This meant that any potential margin call could easily be met with its large assets in Bitcoins without jeopardizing its financial viability. The $21,000 level was seen as a liquidation level for the company’s positions, and many predicted the end of MicroStrategy if that level was crossed. That price was broken down, and Microstrategy remains very much a going concern. The $21,000 level referred to one very specific loan from Silvergate Capital.

The microstrategy has almost 130,000 Bitcoins, according to the latest figures. The company has a lot of debt, but for the most part that debt is due from 2025 to 2027. Some of the debt is secured, and some can be converted, but the company has almost 130,000 Bitcoins available, which is a large margin of financial strength that can be sold if necessary. Bitcoin must collapse for MSTR to be in jeopardy. Microstrategy stock has lost more than 50% since the beginning of the year, echoing the dynamics of Bitcoin.

Coinbase stock

There is also a strong correlation between Coinbase (COIN) stock and Bitcoin. However, the cryptocurrency exchange Coinbase is not as dependent on its Bitcoin portfolio, but depends on market sentiment. The company’s business is under attack from GameStop, which is Coinbase’s competitor in the NFT market. NFT’s trading floor, Gamestop, was ahead of NFT’s Coinbase in July. GameStop is new to the industry, but is a well-known name among retail traders and a well-recognized brand.

Shares of Voyager Digital LTD

Canadian cryptocurrency exchange Voyager Digital LTD (VOYG) did not survive the market crisis and went bankrupt. The company’s shares have lost 98% since the beginning of the year. 

Marathon Digital Holdings Inc.

Another major Bitcoin holder, Marathon Digital Holdings Inc (MARA) has lost more than 60% of its capitalization since the beginning of the year.

Square Inc.

Square Inc. (SQSP) is losing less than its fellow Bitcoin holders. Its loss is 35% since the beginning of the year.

Hut 8 Mining Corp.

Major mining company Hut 8 Mining Corp (HUT) has a direct correlation to the value of cryptocurrencies being mined. Its stock price is down 75% since the beginning of the year.

Riot Blockchain, Inc.

Riot Blockchain, Inc. (RIOT) has lost 70% since the beginning of the year.

Bitcoin Group SE Shares

Bitcoin Group SE (BTGGF), which began trading on the exchange in the spring, has lost 60% since then.

Twitter Shares

Shares of Twitter (TWTR), which has been surrounded by fierce battles over Ilon Musk’s bid to buy it, have been quite volatile in the first half of this year. Despite this, Twitter’s capitalization has lost “only” 10% since the beginning of the year, which is a decent result compared to other companies.

Don’t expect Bitcoin company stocks are about to explode. Because no one can give accurate predictions.


EY Launches Ethereum-Based OpsChain Contract Manager for Business Contracts

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Ernst & Young (EY) has launched OpsChain Contract Manager (OCM), an Ethereum solution that leverages zero-knowledge proofs technology.

The solution will help private businesses efficiently manage and execute intricate business agreements while ensuring confidentiality, timeliness, and cost-effectiveness.

EY Launches the OpsChain Contract Manager

EY, one of the top “big four” accounting firms alongside Deloitte, KPMG, and PwC, has been exploring the business applications of zero-knowledge proofs (zk proofs) since at least 2018.

OpsChain Contract Manager (OCM) is tailored to facilitate the secure management of business contracts on a public blockchain. By leveraging zero-knowledge proofs, OCM ensures contract integrity and confidentiality while enhancing efficiency and reducing costs.

The platform integrates with existing enterprise systems through a standardized API and supports various contract types, including volume purchase agreements and pricing models linked to market data feeds.

The development of OCM came from EY’s previous client engagements, where it realized that contract term accuracy could be enhanced while significantly reducing cycle times and administrative costs by approximately 90% and 40%, respectively.

Meanwhile, EY chose Ethereum, a public blockchain, over a private network to prevent any party from gaining undue advantage while mitigating the risk of sensitive business information leakage.

Paul Brody, EY Global Blockchain Leader, highlighted that the technology behind OCM, Nightfall, initially emerged on Ethereum and underwent testing on its test network. The upcoming update will transition Nightfall to Ethereum’s mainnet and may incorporate a Layer-3 upgrade to enhance scalability and functionality.

EY’s Venture Into Blockchain

EY’s launch of OpsChain Contract Manager comes amid increasing blockchain adoption by major financial players. BlackRock also recently entered the space with a tokenized fund on Ethereum.

EY’s OCM reflects its commitment to revolutionizing how enterprises handle contracts, focusing on enhancing process efficiency and transparency through blockchain solutions. By integrating blockchain into traditional business practices, EY sets a precedent for the industry’s progression toward embracing this transformative technology in routine operations.

This latest development builds upon EY’s ongoing engagement with the blockchain sector. EY recently made headlines with a “healthcare breakthrough” by leveraging blockchain technology in collaboration with Canadian Blood Services.

In October 2023, EY unveiled the fourth generation of its EY blockchain analytics tool, Reconciler, designed to aid Fidelity in enhancing internal risk management for digital assets.

In September 2021, EY also announced its collaboration with Polygon to integrate Polygon’s solutions with EY’s flagship blockchain services, including EY OpsChain and EY Blockchain Analyzer.

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ChatGPT Analyzes Which Meme Coin Will Perform the Best After the Bitcoin (BTC) Halving

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  • The Bitcoin halving has slashed the miners’ block rewards in half, reducing the daily issuance of BTC and likely resulting in a price rally.
  • While it is speculative to predict which meme coin will perform best post-halving, Dogecoin and Shiba Inu have historically done well, with potential boosts from technological advances, celebrity endorsements, and community support.

The BTC Halving’s Impact

One of the most important events in the cryptocurrency industry – the Bitcoin halving – occurred the other day. It reduced the miners’ block reward from 6.25 BTC to 3.125 BTC, slashing in half the daily issuance of the primary digital asset. 

The mechanism is integral to Bitcoin’s supply system and has a direct impact on its inflation rate. The decreased amount of coins entering the market makes them scarcer. As basic economics dictates, a reduction in supply with the same or more demand results in an increasing price.

The halving happens roughly every four years and historically has been a precursor of a massive resurgence of BTC and the entire cryptocurrency market. As such, we decided to ask ChatGPT whether meme coins will experience such a revival in the following months, as well as which asset of that type will perform the best.

ChatGPT’s Answer

The popular chatbot forecasted that the halving may fuel a substantial green wave in the crypto sector, with the volatile meme coin niche benefiting, too. It claimed that predicting which asset of that kind will be the best performer in the following months is highly “speculative” but reminded that Dogecoin (DOGE) and Shiba Inu (SHIB) witnessed explosive price growth after the previous halving.

Nowadays, though, there are many more meme coins that oppose the dominance of the aforementioned leaders. Notable examples include dogwifhat (WIF), Pepe (PEPE), and Floki Inu (FLOKI), which all have market capitalizations in the billions.

ChatGPT estimated that technological advancements, endorsements from popular figures, and community activity could boost their value toward the top. However, Shiba Inu is the meme coin with the biggest community base, while Dogecoin enjoys the support of Tesla’s CEO – Elon Musk.

Subsequently, the chatbot alerted people to enter the meme coin ecosystem with a grain of salt due to the risks associated with it. If you are about to hop on the bandwagon, please check our dedicated video to avoid some common mistakes related to the matter:

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Shiba Inu (SHIB) Explodes 18% Daily, Bitcoin (BTC) Taps $65K (Weekend Watch)

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Bitcoin’s price recovery continues following the recent massacres, and the cryptocurrency has jumped to about $65,000 as of now.

The altcoins are even more in the green now, with ETH and BNB surging by approximately 4%, while SHIB has stolen the show.

Bitcoin Aims at $65K

It’s safe to say that the week leading to the fourth Bitcoin halving was quite painful. The asset fell from over $70,000 to $65,000 last Friday before it dumped to $61,000 a day later.

After regaining some traction by Monday, BTC went for another freefall in the middle of the week and one more on Friday amid the escalating tension between Iran and Israel. The last massive drop took BTC to below $60,000 just hours before the highly-anticipated halving was supposed to take place.

However, the cryptocurrency soared by over five grand in the next half a day and stood at around $65,000 when the halving was completed.

Since then, there has been little volatility and Bitcoin currently sits around $65,000 once again after failing at $66,000 earlier today. Its market capitalization remains below $1.3 trillion, while its dominance over the alts has taken a hit and is down to just under 51%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

SHIB Takes the Main Stage

The altcoins have performed a lot better than BTC in the past 24 hours, led by the second-largest meme coin – Shiba Inu. SHIB has skyrocketed by 18% and now trades above $0.000027.

Other lower-cap meme coins have also presented double-digit gains, such as BONK, FLOKI, and PEPE.

Solana, Avalanche, Bitcoin Cash, Dogecoin, Chainlink, Polygon, and Polkadot are also well in the green, with gains of around 6-8%.

The total crypto market cap has increased by over $50 billion in a day and sits above $2.5 trillion on CG.

Cryptocurrency Market Overview. Source: QuantifyCrypto
Cryptocurrency Market Overview. Source: QuantifyCrypto
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

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