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2022-07-22

Elon Musk's Tesla has sold 75% of its Bitcoin

Tesla offloads the bulk of its Bitcoin holdings but chief Elon Musk says the decision was not a "verdict" on the digital currency.

Tesla has revealed it offloaded approximately 75% of its Bitcoin between April 1 and the end of June. 

The sales, which took place across the second calendar quarter, added $936 million in cash to its balance sheet and were reported as a negative impairment, Tesla said in its Q2 earnings report.     

Bitcoin immediately reacted with a fall.

Dubai wants to become a global metaverse leader

The tech hub of the United Arab Emirates aims to substantially boost its investments in the metaverse, and in the process add $4bn to its GDP over a five-year period.

Dubai’s Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum announced in a tweet earlier this week that his government has launched a “metaverse strategy” aimed at establishing Dubai as one of the top 10 metaverse economies in the world. 

Dubai will aim to achieve a five-fold growth of the number of metaverse and blockchain companies within its borders, as well as add 40,000 jobs and $4bn to its economy over the next five years. (Dubai is currently home to more than 1,000 metaverse and blockchain companies, which it says cumulatively contribute around $500m to the city’s economy, according to the tweet.)

Minecraft Bans Blockchains and NFTs for Ruining the Game's Fun

'The speculative pricing and investment mentality around NFTs takes the focus away from playing the game and encourages profiteering,' says Minecraft developer Mojang Studios.

On Wednesday, Microsoft-owned Mojang Studios published a blog post, explaining why non-fungible tokens and blockchain-based technologies pose a threat to the game experience. The reasons have to do with the “investment mentality” around NFTs, which essentially act as rare digital collectibles that can sell for hundreds or even thousands of dollars. 

The developer has noticed that some companies are already launching NFTs associated with Minecraft world files and skin packs. But Mojang is worried the same NFTs will prompt users to focus on the money associated with the non-fungible token, rather than enjoying the game itself. 

LG is taking on the metaverse by planning a TV to release and trade NFTs.

According to the application filed with the US Patent and Trademark Office, LG plans to provide:

▪️Electronic wallet payment services;

▪️Software for the exchange of electronic money in the metaverse;

▪️TV software for issuing and trading NFTs;

▪️Software for NFT and cryptocurrency transactions;

▪️Digital token brokerage and asset management.

Market Wrap: Bitcoin Stalls at $23K but Sits Above Cost for Average Investor’s Purchase Price

Bitcoin investors are back in positive territory, although trading ranges have narrowed.

Bitcoin (BTC) returned recent gains as the largest cryptocurrency by market capitalization declined 2.9% to $22,850.

Thursday’s decline followed an 11% increase over the previous seven trading days.

Bitcoin’s price remains stubbornly close to its 50-day exponential moving average (EMA), but has yet to surpass that level. Ether’s price, by contrast, remains above the 50-day EMA, but remains below the average ETH investor’s purchase price. Ether was recently down 0.9% over the past 24 hours.

 

Latest prices

●Bitcoin (BTC): $23,087 −2.5% ●Ether (ETH): $1,564 +0.4% ●S&P 500 daily close: 3,988.68 +0.7% ●Gold: $1,715 per troy ounce +0.9% ●Ten-year Treasury yield daily close: 2.91% −0.1