Tesla Sells 75% Of Bitcoin Holdings, Retains Dogecoin, Singapore Aims To Be Digital Hub

Tesla realised $936 million from selling approximately 75 per cent of its Bitcoin holdings. Bitcoin was down by 2 per cent and Ethereum by 3 per cent.
Tesla Sells 75% Of Bitcoin Holdings
Tesla Sells 75% Of Bitcoin Holdings

Elon Musk headed Tesla Inc, in a letter to its shareholders, disclosed that it has sold almost 75 per cent of their Bitcoin holdings and realised cash worth $936 million in its balance sheet. Tesla released its full Q2 2022 financial report and it outlined how it dealt with rising inflation, economic downturn and record lunge in price of Bitcoin and other cryptocurrencies.

However, Musk stressed on the fact that Tesla has not sold any DOGECOIN. He explained to investors that Tesla sold its Bitcoin because they were concerned about the overall liquidity of the company given COVID-19 related shutdowns in China, reported The Verge. 

In other news, Ravi Menon, managing director, Monetary Authority of Singapore (MAS), in a press conference clarified some misunderstanding about ‘Singapore crypto firms'. He said Terra Form Labs (LUNA), Vauld, Three Arrows Capital, were neither licensed nor regulated and the licence application which Vauld submitted is “pending review".

He added, “Next month, we will organise a dedicated Green Shoots seminar to share our strategies to develop Singapore as a digital asset hub. We will explain our position on cryptocurrencies, stablecoins, blockchains, tokenization, smart contracts, digital assets, etc. – their risks and opportunities; shortcomings and potential. We will set out how our developmental and regulatory approaches will work in harmony to achieve the vision of Singapore as an innovative and responsible digital asset hub.”

Cryptocurrency Prices

The global crypto market capitalisation went down by 2.7 per cent to $1.1 trillion as of 8.50 am. The global crypto volume was down by 6.99 per cent at $94.4 billion, according to Coinmarketcap data.

"Traders seem to have mixed sentiments on Ether’s Merge trade, however the Merge is also their motivation currently. Bitcoin is performing at its best, ever since March with a 12% rebound. The price decline may have come to a pause, however the persistency of the bull market remains uncertain at the moment," says Gaurav Dahake, CEO and founder, Bitbns.

Bitcoin was trading at $22,859.17, lower by 2.75 per cent in the last 24 hours. Ethereum (ETH) was down by 2.91 per cent to $1,499.87. 

Among other significant coins, Cardano (ADA) was down by 8.62 per cent at $0.4787, Algorand (ALGO) was trading with a loss of 9.82 per cent at $0.3373, Solana (SOL) was trading with a loss of 10.86 per cent at $40.20, Polkadot (DOT) was down by 7.12 per cent at $7.27, and Binance Coin (BNB) fell 5.39 per cent at $253.04.

Today’s top gainer was Monero (XMR), which was up by 1.45 per cent at $149.32. The top loser was Flow (FLOW), which was down by 13.74 per cent at $1.80. 

Meme Coin And DeFi Prices

Dogecoin (DOGE) was down by 2.35 per cent at $0.0683. Its volume to market cap ratio stands at 0.1141. Rival Shiba Inu (SHIB) was down by 5.53 per cent at $0.00001156.

Dogelon Mars (ELON) fell 3.06 per cent to trade at $0.0000003486, Floki Inu (FLOKI) rose 12.63 per cent at $0.000009739, and Samoyed Coin (SAMO) fell 5.83 per cent at $0.01049. 

In the DeFi segment, YFI (yearn.finance) was down by 5.55 per cent at $6,376.24, and Terra Classic (LUNC) was trading with a loss of 7.19 per cent at $0.00009881. Avalanche (AVAX) was down by 8.4 per cent at $22.96, Aave (AAVE) fell 6.49 per cent at $90.51, and Uniswap (UNI) was trading with a loss of 8.31 per cent at $6.76.

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