Tesla’s Bitcoin holdings lead to £141.5m impairment charge and £53.3m profit July 26, 2022 Tesla had an impairment charge of $170m (£141.5m) on the carrying value of its Bitcoin holdings, while making a $64m (£53.3m) profit from selling the cryptocurrency in the first half of 2022, the company reported. In a filing with the Securities and Exchange Commission on Monday, the electric automaker said that it must recognise impairment [...]
SEC investigates Coinbase over crypto listings and securities concerns July 26, 2022 The SEC is investigating Coinbase over whether it allowed the trading of crypto assets that should have been registered as securities, Bloomberg reported. Coinbase maintains that it does not list securities on its platform, with the crypto exchange’s Chief Legal Officer Paul Grewal tweeting last week, “We 100% disagree with the SEC’s assertion that any [...]
National Crime Agency seized almost £27m in crypto over the past year July 25, 2022 The UK’s National Crime Agency seized £26.9m worth of cryptocurrency from 2021-2022. The law enforcement agency did not report any crypto seizures the year before as it seized £40.1m in physical assets and monies, according to its annual report. It seized £32.9m worth of those assets in 2021-2022. “With no change in the volume of [...]
Bitcoin Island: The Isle of Man is Turning Orange July 22, 2022 | City Talk In April 2015, an article was published on the BBC News website about “Bitcoin Island” – a place where you could use Bitcoin to buy a pint of beer from The Thirsty Pigeon and then scan a QR code to pay for your taxi ride home. The price of one bitcoin was a mere £230, [...]
Why Bitcoin Not Crypto July 22, 2022 | City Talk In Part 1 of this article, I recall my own early experiences with Bitcoin and cryptocurrencies. I bought my first cryptocurrency in October 2020. Like many others who were working from home due to Covid restrictions, my monthly outgoings had dropped unexpectedly – no more commuting, no more socialising – and I was getting into [...]
Blockchain.com lays off a quarter of staff as fallout from crypto crash worsens July 21, 2022 Blockchain.com cut 25 per cent of its workforce, about 150 people, as the impact of the “crypto winter” and the Three Arrows Capital collapse worsens. The crypto exchange blamed the sharp crash in the crypto market and high financial losses for the decision, according to CoinDesk. Blockchain.com will lose $270m from a loan to bankrupt [...]
BNB Chain picks 27 dApps for fifth season incubation program July 21, 2022 Community-driven blockchain BNB Chain has announced incubation projects for season 5 of its 'Most Valuable Builder' (MVB) accelerator program.
Cryptocurrency payments hold up despite harsh and merciless crypto winter July 21, 2022 Crypto payments have remained stable in the first half of this year, according to new research shared with City A.M. today. Compliance platform Deel said that cryptocurrency payment remained stable at 5 per cent of all global payments withdrawn monthly from the platform. In comparison, in the second half of last year 2 per cent [...]
Don’t read too much into Elon Musk’s ditching of Tesla Bitcoin holdings, says former banking chief July 21, 2022 The founder of a major investment bank has branded Elon Musk's Bitcoin dealings as "inefficient and unattractive" to Tesla stakeholders.
Elon Musk’s Tesla sheds 75 per cent of its Bitcoin holdings as profits drop July 21, 2022 Tesla has sold 75 per cent of its Bitcoin portfolio as profits slid in the second quarter of the year. The electric automaker announced in its Q2 earnings report that it converted the Bitcoin to $936m (£782m) of cash, with its digital asset holdings now at $218m (£182.4m). Profits fell to $2.3bn (£1.9bn) from a [...]