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Based on the newly released third-quarter earnings report for electric automobile manufacturer Tesla, the company did not complete any sale of Bitcoin (BTC) in the last three months.
Tesla HODLs 9720 BTC
As of September 30th, Tesla’s Bitcoin holding was around 9,720 BTC which is currently valued at approximately $275.6 million.
In the Q3 report, no mention was made about BTC and this suggests that there was no conversion of the digital currency to fiat currency in this last quarter. Had the firm made any proactive selloff move, it could have ultimately imparted its profitability and cash balance and this would have been reported by the firm.
Tesla’s first foray into Bitcoin began in early 2021 with a $1.5 billion investment, as stated in a United States Securities and Exchange Commission (SEC) filing. Precisely, the Elon Musk-owned company bought 43,000 units of the leading digital asset by market capitalization at an estimated average price of around $34,000.
Markedly, this was the same time the firm began accepting BTC as a payment option for its vehicles and other products.
Tesla Sustains Bitcoin Holdings
Shortly after Tesla’s acquisition and hodling of Bitcoin tokens, talks about the impact of its mining operations on the environment began to make rounds in the ecosystem.
At this point, CEO Elon Musk began to hold some reservations about the coin and decided to sell off 4,320 BTC from its holding. In no time, BTC suffered a drop in value which consequently gave rise to a $101 million impairment loss for Tesla at the time.
The sales of its Bitcoin holding continued and by Q2 2022, it was reported that the electric vehicle manufacturer had successfully sold 75% of its holding. At the time, Musk explained that the decision to sell a significant portion of its Bitcoin holding was largely tied to the fact that the company was not certain “when the COVID lockdowns in China would alleviate,” as it had to maximize its cash position.
Since then till now, Tesla has done better in terms of its Bitcoin HODLing agenda. In Q2 2023, its digital asset holding equally remained unchanged just like its newly released Q3 2023 report highlights.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
In Q1, Nvidia partnered with ServiceNow, Medtronic, Dell Technologies, and Microsoft’s Azure to build generative AI for its array of products.
Nvidia Corporation (NASDAQ: NVDA) shares jumped nearly 25 percent during Wednesday’s extended trading period to trade around $380.65, a new ATH. The American multinational tech company reported its financial results for the first quarter of fiscal year 2024. During the quarter that ended in April, Nvidia posted a total revenue of $7.19 billion versus the $6.52 billion expected by analysts surveyed by REFINITIV. As a result, the company posted adjusted earnings per share (EPS) of $1.09, whereas analysts surveyed by REFINITIV expected 92 cents.
The company’s shareholders were pleased with the current market outlook, whereby Nvidia said it expects sales of about $11 billion in the current quarter, which is 50 percent higher than the $7.15 billion expected by analysts. Nvidia has attributed its huge prospects to increased demand for its data center products more so in the emerging Artificial Intelligence (AI). Moreover, the Data Center revenue for the first quarter came in at $4.28 billion.
“A trillion dollars of installed global data center infrastructure will transition from general-purpose to accelerated computing as companies race to apply generative AI into every product, service, and business process,” Jensen Huang, founder and CEO of NVIDIA, noted.
Consequently, the company intends to ramp up production in its data center to meet the surging demand for its entire data center family of products – including H100, Grace CPU, Grace Hopper Superchip, NVLink, Quantum 400 InfiniBand, and BlueField-3 DPU.
Nvidia and Market Outlook
The company announced that it returned about $99 million to shareholders in cash dividends during the first quarter. Forward, Nvidia announced that it will pay the next quarterly cash dividend of $0.04 per share on June 30, 2023, to all shareholders of record on June 8, 2023. Moreover, the company expects its products to peak much higher in the second quarter fueled by the adoption of generative AI.
For instance, Google Cloud will be offering its customers the NVIDIA L4 Tensor Core GPU to accelerate generative AI applications. Additionally, the company announced the NVIDIA AI Foundations during the first quarter to help customers create custom large language models and generative AI models. Worth noting, Nvidia partnered with ServiceNow, Medtronic, Dell Technologies, and Microsoft’s Azure to build generative AI for its array of products.
For gamers, Nvidia launched the GeForce RTX 4070 GPU during the first quarter to enable modern games to run smoothly.
Following the spike in NVDA shares, the company’s market capitalization jumped to about $758 billion. Moreover, NVDA shares are up approximately 108 percent YTD, after rallying about 79 percent last year.
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Amidst its woes Marathon Digital secured a loan from the now defunct Silvergate Bank, a deficit it said it has been able to completely offset.
American Bitcoin (BTC) mining firm Marathon Digital Holdings Inc (NASDAQ: MARA) has posted a better-than-expected report for the first quarter in which the firm said it mined a total of 2,195 Bitcoin. According to the firm’s update, it attained its highest production month-on-month in March when it mined a total of 825 BTC.
Per the report, the March production came in at a 21% upshoot from that recorded in Q4 2022. The company also noted that its hashrate increased by 64% in Q1 2023 to 11.5 EH/s as of March 31, 2023.
“During the quarter, we increased our operational hash rate 64% from 7.0 exahashes to 11.5 exahashes,” Marathon Digital’s CEO, Fred Thiel said in a statement. “We also observed improvements in the consistency of our hash rate, which indicates that some of the technological upgrades we have been implementing are starting to take effect. By improving our hash rate, we increased our bitcoin production 41% from the prior quarter to a record 2,195 bitcoin in Q1. In March, we produced a record 825 bitcoin, which is a 21% increase from the prior month.”
Marathon Digital was among the miners who recorded significant strain in their operations in 2022. The war in Ukraine fueled an energy crisis that made the operational costs for miners like Marathon a very unprofitable one. This unfavorable condition was further mixed and complicated by the crypto winter which saw the price of Bitcoin slip to a low of $15,599.05, according to data from CoinMarketCap.
With the conditions the business was faced with, mining BTC became costly, and selling off proved highly unprofitable, a situation that strained the company financially.
Marathon Digital and the Financial Revival
The conditions most miners found themselves in the past year saw many, including Marathon Digital, plunged into distress and at the brink of bankruptcy. Amidst its woes Marathon Digital secured a loan from the now defunct Silvergate Bank, a deficit it said it has been able to completely offset.
In addition, the cryptocurrency miner also sold off the Bitcoin it mined in February as reported by Coinspeaker at the time. Based on its report, the company now has a positive cash flow with a total of $124.9 million in unrestricted cash and cash equivalents. In addition, the company said it ended the quarter with 11,466 BTC, with a cumulative value of over $450 million.
Marathon Digital said it was able to deliver on its two major initiatives as aptly described by Fred Thiel.
“During the first quarter of 2023, we made notable progress executing on our two primary initiatives for the year, which are to energize our previously purchased mining rigs to reach our target of 23 exahashes by the middle of this year and to optimize our performance so that we are both more effective and more efficient,” he said in his statement.
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
Dogecoin & RenQ reported as the two most popular crypto tokens in India Hindustan Times
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As the world’s largest chip manufacturer, TSMC was positioned to bear the brunt of the slowing demands in general.
Taiwanese multinational chip manufacturing giant Taiwan Semiconductor Mfg. Co. Ltd (NYSE: TSM) has reported an impressive sales record for the 2022 financial year. According to the recent release by the company, its consolidated sales for the past year came in at NT$2.26 trillion (US$75.23 billion), up 42.6% from the year-ago period.
Per the results shared, the annual growth was fueled by its performance in the fourth quarter which rose by 2% from the previous quarter. The chipmaker’s fourth quarter revenue was pegged at NT$625.5 billion ($20.6 billion), up 43%, however, this impressive figure came in behind the NT$636 billion projection from analysts.
Per the recently shared report, the company said its December sales soared 24% to NT$192.6 billion. The missed estimate comes as the first for the firm in 2 years, a situation that shows the company is not entirely immune to the current realities of the global economy.
Last year saw record inflationary growth across various economies and a corresponding hike in interest rates from Central Banks further aggravated the financial strain for most firms. With the trend, the purchasing powers of consumers were greatly hampered and this translated to a slowdown in the demand for high-end electronic devices.
As the world’s largest chip manufacturer, TSMC was positioned to bear the brunt of the slowing demands in general. Besides the economy, concerns surrounding China’s zero-COVID-19 policies at a point last year also lend a hand to the company’s revenue estimate miss.
As the sole supplier of the chip Apple Inc (NASDAQ: AAPL) uses for its iPhones and Mac, the riot from the American giant’s factory over lockdown discrepancies might have also had its undertone in hampering TSMC’s operations.
TSMC and the Quest to Expand Its Chip Manufacturing Plants
Over the years, TSMC has maintained a relatively limited number of its manufacturing plants, a move that has continued to threaten its future sustainability agenda. In a bid to change this narrative, the company is looking to diversify its plants’ geographical spread to the United States and Japan.
As reported earlier by Coinspeaker, the company plans to build a $12 billion chip factory in the United States. The factory, when completed is billed to create as many as 1,600 jobs and it will further reduce the supply chain disruptions that may engulf the global economy as we have seen in the past 3 years.
While the current inflation outlook is still not looking favorable, TSMC may build on its momentum to cut its capital expenditure again this year as it did when it slashed it by 10% to $36 billion last year.
The company’s shares are up by 2.87% to $80.31, paring off the more than 27% loss it accrued last year.
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
Crypto exchanges are again coming under pressure. After the collapse of FTX, the question has always been, who is next? It is, of course, a difficult question to answer, but concerns will continue to mount as cryptocurrencies winter ravages.
Crypto.com (CRO/USD) has remained steady even as its sister crypto exchange went under the waters. Never forget the numerous sports sponsorships that gave Crypto.com the limelight. The exchange has also had its fair share of challenges. That includes a community backlash following slashed crypto rewards back in May. The reduced earnings happened amid a ravaging bear market.
Another controversy brewed up for Crypto.com over the weekend. Amid the FTX collapse, massive withdrawals were reported on Crypto.com. The withdrawals started after the exchange CEO Kris Marszalek admitted to accidental transfers of 320,000 ETH worth $400 million. The transfers were made to a public address of a competitor exchange, Gate.io. The lumpsum represented 80% of Crypto.com ETH reserves.
Nonetheless, it appears the transfers were meant for a new cold storage address, according to the CEO’s tweet. The CEO also indicated that the funds were being returned to the exchange’s cold storage.
Even as the situation unfolds, CRO is unscathed. The token is up 12% in the day, despite losing 40% of its value in a week. It indicates that the fears ignited by the news have been abated. But should you buy the token?
CRO price analysis amid intra-day gains
Aside from the latest cryptocurrency news, we need to examine CRO within the larger sector dynamics and price movements. The sector bear market remains, while CRO just touched the lowest in the year.
Source – TradingView
CRO has been trading with high volumes since touching a yearly low of $0.056. The level coincided with oversold conditions for the token.
However, the general market is bearish for CRO. The trend is bearish, with the momentum weakening further since CRO broke below $0.1.
What next for CRO?
CRO recovery may be short-lived, given the weak crypto sentiment and bearish momentum. Sustained recoveries are possible if the token breaks above $0.1. The token is not an attractive buy.
Where to buy CRO
CoinEx
Founded in December 2017, CoinEx is a global and professional cryptocurrency exchange service provider. CoinEx supports multiple languages and are providing global trading services in nearly 100 countries/regions.
Okcoin
Okcoin is a globally licensed exchange with offices in San Francisco, Miami, Malta, Hong Kong, Singapore and Japan. Okcoin’s mission is to help decentralize finance and level the economic playing field for everyone around the world. Serves 190+ countries with over 100K+ active traders and investors.
Fantom (FTM) is currently on an explosive growth uptrend. The token has in fact gained 72% over the last 7 days, surging well beyond analysts’ estimates of around $2. At the time of writing, FTM was trading at $2.33, and there is still a lot more to come. Besides, other underlying fundamentals are looking quite positive. Here are some highlights:
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Fantom (FTM) is the second-best 7-day performer among the top 40 cryptocurrencies by market cap, coming only second to the NEAR protocol which is up almost 80%.
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Fantom (FTM) has also seen a surge in Total Value Locked (TVL) this week, ranking only second to Terra (LUNA)
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The current bullish uptrend has not yet peaked and could still go further before the end of 2021
Data Source: Tradingview.com
Fantom (FTM) – Price action and analysis
At press time, FTM was trading at $2.33, up about 1.3% in intraday trading. The coin is also up nearly 73% over the last 7 days. FTM has outperformed the entire market by a mile and is also beating its competitors like Solana (SOL) and Avalanche (AVAX) which have also posted decent double-digit gains the past week.
Also, FTM has swept past all the crucial 50, 100, and 200 DMAs. In fact, we were expecting some resistance around the 200-day moving average, which is around $2.04, but so far, the price action suggests that FTM is likely going to sustain its recent gains above that threshold.
Should you buy Fantom (FTM)
When you look at total value locked (TVL) in FTM, especially over the last week, it is clear that Fantom (FTM) is on the rise. Yes, it would still need to double its TVL to catch up with Solana (SOL) or Terra (LUNA), but still, the future potential is excellent. FTM is an ideal asset for the long-term investor. I’d, however, wait a few days for the current bullish trend to lose a bit of momentum and see if there are any dips.
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