In a busy week for news, let’s take a look back at the biggest stories from the worlds of forex, fintech, and crypto in our best of the week segment.
Elon Musk’s Tesla Invests $1.5 Billion in Bitcoin
Monday started with a bang, Tesla, the electric car company headed by billionaire Elon Musk, has become the first Fortune 500 corporation to get Bitcoin exposure to its balance sheet as it bought $1.5 billion in Bitcoin last month.
The company’s latest filing with the Securities and Exchange Commission (SEC) revealed its position in digital currency.
Read more on the Tesla Bitcoin purchase here.
Dogecoin Crosses $10 Billion Market Cap, DOGE Beats XLM and BCH
The trading week also kicked off with the news that Dogecoin is now the world’s 10th most valuable cryptocurrency after a 40% jump in just 24 hours pushed the total market cap of DOGE to a record high.
Dogecoin’s market cap reached $10 billion on Monday, more than Stellar (XLM) and Bitcoin Cash (BCH).
Tesla CEO, Elon Musk remained outspoken about Dogecoin, though most of the time he made fun of the cryptocurrency with his tweets, it seems like the demand for the cryptocurrency has increased due to his Dogecoin statements.
Read more on the Dogecoin surge here.
Bitcoin Supply Crisis Deepens as BTC Reaches $40,000
Monday also saw a supply crisis for Bitcoin.
As Finance Magnates reported, Bitcoin, the world’s largest cryptocurrency, is undergoing a massive supply crisis as BTC whales transferred their funds from cryptocurrency exchanges to unknown wallets. BTC reserves at digital exchanges reached the lowest level in almost 2.5 years.
According to the latest data published by crypto research and analytics firm Bloqport, 211 new Bitcoin whale addresses with at least 1,000 BTC were created since the start of 2021, but the supply of the world’s largest digital asset decreased significantly during the same time.
Read more on the Bitcoin Supply Crisis here.
Bitcoin Whale Moves 2,292 BTC from Coinbase
Staying with Bitcoin whales, Finance Magnates covered the story of an anonymous crypto user who moved 2,292 BTC from the crypto exchange Coinbase to an unknown wallet. The total value of the transaction stands at around $101.8 million.
Additionally, another transaction was reported a few hours later which involved the movement of 1,407 Bitcoin worth nearly $63 million from the crypto exchange, Binance to the digital wallet, Xapo.
BTC whales have accelerated withdrawals from digital exchanges leading to a supply crisis in BTC.
Read more on the Bitcoin whales here.
Elon’s Big Bitcoin Bet: What Does Tesla’s BTC Purchase Mean for Crypto?
In an in-depth Finance Magnates analysis, we looked at exactly what the Tesla BTC purchase means for the crypto world as a whole.
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With a host of expert insights, we delved deep into the implications of the $1.5 bn bitcoin purchase for both the crypto world and Tesla.
A must-read analysis, read more on Elon’s big bitcoin bet here.
Exclusive: Tickmill Ends 2020 with Massive Jump in Trading Demand
In a Finance Magnates exclusive, Tickmill, a multi-regulated brokerage platform, revealed its yearly trading metrics for 2020 with Finance Magnates, showing an excellent jump in demand and client activities.
The broker closed the year with an average monthly trading volume of over $142 billion, 14.7 percent higher than the previous year’s $123.8 billion.
According to Tickmill’s figures, over 134,000 new accounts were registered last year, out of which more than 75,000 clients remained active.
Additionally, the brokerage revealed that it executed more than 115 million orders last year. There was a massive 28.6 percent jump in this metric year-over-year with the total executed previous year’s orders at 89.4 million.
Read more on the Tickmill 2020 figures here.
Canadian Regulator Approves First Bitcoin ETF
The Ontario Securities Commission has approved a Bitcoin exchange-traded fund, the first such fund to be listed on any North American stock exchange.
Dubbed Purpose Bitcoin ETF, the fund will be managed by Purpose Investments Inc, according to the official documents approved on Thursday, It was filed under the Multilateral Instrument Passport System in several Canadian jurisdictions.
Read more on the first Canadian Bitcoin ETF here.
Grayscale Purchases 52,730 Ethereum in 24 Hours
As Finance Magnates reported on Friday, Grayscale, the world’s largest crypto asset manager, has accelerated its Ethereum accumulation as the firm purchased 52,730 ETH worth more than $93 million in the last 24 hours. The company’s Ethereum Trust now has more than 3.13 million ETH under management with a total value of over $5.5 billion.
According to the latest data published by crypto analytics firm, bybt.com, Grayscale accumulated a total of 111,182 Ethereum in the last 7 days after a significant jump in ETH price.
Read more on the Grayscale Ethereum purchases here.
RippleX’s Monica Long on Sustainability in Blockchain & Crypto: Interview
in an exclusive interview, Finance Magnates sat down with Monica Long, General Manager of RippleX, to discuss sustainability in the blockchain and crypto industry, as well as Ripple’s initiative to become Carbon neutral by 2030.
Read, listen or watch the Monica Long interview here.