The Bitget protection fund comprises 6000BTCs and 80 million USDTs.
With the US GDP shrinking and interest rates rising, the crypto market so far hasn’t given up to the macro uncertainty. August could be a month of volatility.
Michael Saylor has always favored Bitcoin ahead of other cryptos and MicroStrategy kept increasing its position even during the market pullback and mass sell-off.
The Fed decision to hike interest rates by 0.75% caused the price of Bitcoin to above $22K following a losing week.
The IMF believes that several unsavory macroeconomic parameters, not including Bitcoin price slump, might soon trigger a recession.
In its latest campaign, Chipotle seeks to distribute $200,000 worth of prizes in multiple cryptocurrencies such as Bitcoin, Ethereum, Solana, Avalanche, and Dogecoin.
Meanwhile, it appears shareholders are pleased with Tesla selling 75% of its Bitcoin holdings.
The mainstream digital currencies including Bitcoin, Ethereum (ETH), and Solana (SOL) amongst others will always be pitched as relieving assets that can partially serve as a hedge against inflation.
Binance CEO Changpeng Zhao does not believe that Musk or Tesla selling Bitcoin does much for the current market.
Silvergate Bank CEO said that their Bitcoin lending continues to grow strongly while referring to the recent market volatility as a good stress test.
Morgan Stanley referred to El Salvadoran bonds at their current prices as a buying opportunity. El Salvadoran 2027 bonds have dropped from 32 cents to 28 cents this year.
In the company’s letter to investors, Tesla executives stated that the company sold 75% of its Bitcoin holdings, adding $936 million in cash to its balance sheet.
Tesla’s recent Q2 report reveals that the EV company sold $936 million in Bitcoin to help with COVID-triggered liquidity concerns.
Despite seeing its highest vehicle production month in history, Tesla also saw its automotive gross margin fall for the first time in a long while.
Amid the crypto market downturn, Swiss crypto ETP issuer 21Shares is now offering investors low-risk exposure via its BTC & ETH ETPs.