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The electric vehicle maker earned $64 million in profits from Bitcoin trading, which was offset by a $204 million impairment. According to a filing with the United States Securities and Exchange Commission on Jan. 31, electric vehicle manufacturer Tesla disclosed that it recorded a $204 million gross impairment loss during 2022 on its Bitcoin (BTC) holdings. Simultaneously, Tesla recorded a gain of $64 million from converting BTC into fiat currency at various points during the year, resulting in a net loss of $140 million from its cryptocurrency trading activities.   The filing further explained the impact of volatile crypto prices on Tesla's bottom line: "Digital assets are considered indefinite-lived intangible assets under applicable accounting rules. Accordingly, any decrease in their fair values below our carrying values for such assets at any time subsequent to their acquisition will require us to recognize impairment charges, whereas we may make no upward revisions fo...

It’s all smoke-show theatrics, but as the good old saying goes, “any press is good press”, holds strong in the 24/7 social media news cycle. Elon Musk made an offer to McDonald’s on Twitter last year saying that he would eat a Happy Meal on television if the burger joint accepts Dogecoin as payment. Also Read: ‘Buy Shiba Inu’, Says Early Bitcoin Investor Davinci Jeremie However, McDonald’s clapped back saying that they would accept DOGE only if Tesla accepts Grimacecoin, which doesn’t exist. Also Read: 5 Interesting Facts About Dogecoin You Never Knew The offer resurfaced last week after DogeDesigner asked McDonald’s “Is this offer still open?” to which Musk responded “100%” . Musk is open to eating a Happy Meal on television if the burger giant accepts the meme-coin as payment. Also Read: How High Can Dogecoin Go In 2023? However, what might happen if McDonald’s accepts Dogecoin as payment...

Join Our Telegram channel to stay up to date on breaking news coverage GMX price blasted past a key resistance zone on January 29 confirming a highly bullish technical setup. The price closed the day on Sunday at $61.55, the best daily close since the token was listed on Binance in October. The ongoing correction is a sign that investors are taking profits at the higher levels but this may be short-lived as it provides an opportunity to buy GMX at a discount driving the price further up. Flynt Finance Sparks Investor Interest In GMX The GMX platform has undergone rapid growth over the past few months rising 56% since the New Year. With a total trading volume of over $80.3 billion, traders can leverage the Decentralized Exchange (DEX) up to 50x. The total value locked (TVL) on GMX has grown by more than 300% to new record highs of $519.05 million at press time. GMX makes up 36% of Arbitrum network’s overall TVL of $1.23 billion. Total Value Locked on GMX Source : DeFiLl...

Join Our Telegram channel to stay up to date on breaking news coverage While THORChain (RUNE) started the year with a bullish trend spanning the first two weeks of January, the price suffered extreme volatility that began on January 15. Bears and bulls are currently in a heated battle causing a consolidation between the $1.6 and $1.89 levels. At the time of writing, RUNE price was trading at $1.895 after gaining 7.2% in the last 24 hours. The price has a live market cap of $18,386, placing it at #2390 on CoinMarketCap. It is up 6% on the week, 15% in the last two weeks, and 44% over the past month. THORChain Has Built A Platform With Utility For Every Market Participant  The year 2022 was exceptional in terms of the development and growth of the THORChain protocol. In June, Mainnet was achieved with four new integrations chains added- Dogecoin, Terra, Cosmos, and Avalanche. Many additional Features were also integrated, including Synthetics and in-kind Savers. Neverthel...

Join Our Telegram channel to stay up to date on breaking news coverage Senator Ted Cruz has tabled a proposal where vendors in Capitol Hill will be required to accept cryptocurrencies as a means of payment. The senator has been at the forefront of championing friendly crypto regulations in Texas. Senator Ted Cruz wants crypto in Capitol Hill The senator tabled a concurrent resolution that will see the Architect of the Capitol, the Chief Administrative Officer of the House of Representatives, and the Secretary of the Senate to only work with vending machines and contractors that have an option of accepting payments in cryptocurrencies. There are not many details about this bill, and Cruz has yet to explain his strategy to ensure that the US Congress adopts crypto as a means of payment for transactions. Nevertheless, this is yet another positive initiative that Cruz has introduced in Congress. Texas, the state Cruz represents, has become a significant hub for Bitcoin mining ac...

On a few occasions last year, crypto advocates discussed how a number of price models, leveraged to help predict the future value of bitcoin, ended up failing. However, since bitcoin’s value has increased by 36% over the last month, the price has entered the darkest band of the rainbow chart after breaking below the rainbow chart’s lowest band at the end of 2022. Bitcoin’s Rainbow Chart Is Making the Rounds Again Last year, specifically in Aug. 2022 and then at the end of the year, the cryptocurrency community discussed the various charts and price models people used to predict where bitcoin’s price was headed next. Over the last decade, a number of the models have followed bitcoin’s specific price patterns pretty closely. People would often leverage charts and models like the rainbow indicator, the golden ratio multiplier, the Fibonacci sequence, logarithmic growth curves, and Plan B’s stock-to-flow (S2F) price model. As the community felt ...

Join Our Telegram channel to stay up to date on breaking news coverage The FIL token has seen an impressive surge in popularity over the past few months as its utility has increased in the decentralized finance space. The price of Filecoin (FIL) has risen by 27.4% in the past week and is currently standing at $5.45 at press time. As more investors enter the DeFi space, the potential of FIL token price prediction has become an important consideration. Filecoin (FIL) Network Overview The decentralized storage network Filecoin utilizes the Interplanetary File Storage (IPFS) protocol to convert unused storage globally into an efficient storage market. Customers pay for low-cost storage with Filecoin (FIL), and nodes that provide storage to the network earn Filecoin as payment for their service.  This contrasts with centralized cloud storage solutions like Amazon Web Services , Google Cloud, or Dropbox, where data is stored on servers owned by private corporations. The objec...

A review of a predominantly German-language film that challenges the misconceptions and misunderstandings surrounding Bitcoin. The human side of Bitcoin (BTC) is seldom explored in legacy or mainstream crypto media outlets. Even within the Bitcoin space, Bitcoin is “number goes up” technology, while catchphrases like “Bitcoin to the moon” and “have fun staying poor” rattle around like coins in a jar.  Bitcoin documentaries tend to sensationalize Bitcoin as a panacea to the world’s problems instead of offering nuanced portrayals of Bitcoin’s impact on the individuals who form the decentralized movement. Moreover, while the price per Bitcoin has inflated, ballooned and popped over the past five years, a steady stream of new people is flowing into the Bitcoin space. Human B follows the journey of a man named Jan as he becomes a resolute Bitcoin believer. The film hovers around Jan, the “normal citizen” who, during a break between jobs, starts to learn more about fiat, or government-issu...

Seven major banks, including Bank of America, JPMorgan Chase, and Wells Fargo, have reportedly teamed up to launch a digital wallet that will compete with other third-party wallet providers such as Paypal and Apple Pay. Big Banks to Launch a Digital Wallet Bank of America, JPMorgan Chase, Wells Fargo, and four other financial institutions behind the payment network Zelle are collaborating to launch a digital wallet for consumers to use at online checkout, The Wall Street Journal reported Monday. The wallet will be managed by fintech firm Early Warning Services (EWS), which owns and operates Zelle. EWS provides risk management solutions to financial institutions, government entities, and payment companies. It is co-owned by Bank of America, JPMorgan Chase, Wells Fargo, Truist, Capital One, PNC Bank, and U.S. Bank. The new digital wallet, which will be linked to shoppers’ debit and credit cards for online payments, will operate separately from Zelle. The banks aim to compete with oth...

Katherine Dowling. Source: a video screenshot, CoinDesk / YouTube Katherine Dowling, General Counsel and Chief Compliance Officer at the crypto index fund provider Bitwise Asset Management , argued that US Congress would move to regulate stablecoins this year - as the first step towards the crypto industry regulation.  California Republican Kevin McCarthy was chosen to serve as the new House of Representatives speaker in early January in an election that had unfolded for several days. Also, the 118th United States Congress, which is the current meeting of the legislative branch of the federal government, composed of the Senate and the House of Representatives, convened on January 3, 2023. A shift in US politics is bound to reflect on the regulation of the crypto industry and its different sectors.  Answering a question about how soon there would be some action on stablecoin regulation, Dowling said to CoinDesk TV that, "I think we are going to see renew...

The Axie Infinity price prediction is recovering from the daily opening price at the $12.53 level as the price continues to fluctuate. Axie Infinity Prediction Statistics Data: Axie Infinity price now – $12.55 Axie Infinity market cap – $1.27 billion Axie Infinity circulating supply – 100.1 million Axie Infinity total supply – 270 million Axie Infinity Coinmarketcap ranking – #41 AXS/USD Market Key Levels: Resistance levels: $18, $20, $22 Support levels: $8, $6, $4 AXSUSD – Daily Chart AXS/USD is trading above the 9-day and 21-day moving averages after touching the daily high at the $13.94 resistance level. At the time of writing, Axie Infinity is changing hands at $12.55, trading around the upper boundary of the channel. However, with latest the recovery, the digital asset is likely to cross above the channel to increase the bullish movement. Axie Infinity Price Prediction: Can AXS Break Above $15? The Axie Infinity price stays above ...