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Why is crypto crashing? NFT marketplace OpenSea announces significant layoffs. – USA TODAY

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OpenSea CEO Devin Finzer announced Thursday that the company, one of the largest NFT marketplaces, will lay off 20% of its staff as crypto stock dropped substantially over the past six months. 
“The reality is that we have entered an unprecedented combination of crypto winter and broad macroeconomic instability, and we need to prepare the company for the possibility of a prolonged downturn,” Finzer said in an internal message shared with the company that he also posted on Twitter. 
In addition to OpenSea, other crypto companies also have laid off employees. Coinbase Global Inc., which operates a cryptocurrency exchange platform, announced in mid-June they would cut 18% of their staff due to the economic downtown. 
I invested in crypto:Here’s why I think it’s still a wise investment.
Although Bitcoin and Ethereum stocks have increased slightly over the past two days, overall the two cryptocurrency values have dropped by approximately 70% since their November high.
NFTs, or non-fungible tokens, mean unique digital assets, and they have plummeted in popularity along with cryptocurrencies. NFT sales fell by around 75% from May to June, according to data from OpenSea.
What are NFTs:How do you make money through these investments?
Considering a crypto investment:Why current owners are ‘committed’ despite recent volatility
The current crypto collapse comes as a result of macroeconomic factors. The U.S. Federal Reserve has been raising interest rates to counter inflation, leading to more expensive loans and fewer investments in risky assets.  
Some experts say now could be a good time to purchase crypto because the prices are low, although you should be ready for long-term investments and understand the risks behind cryptocurrencies and NFTs. 
Compared to savings accounts and treasury bills, crypto investments are risky in part because this is a new technology, and values could fluctuate immensely within days, or even hours.
Before putting money into crypto, experts advise you to prioritize other financial investments, such as retirement funds and emergency accounts.
Crypto storage:Cold, hot, or maybe a little of both?

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FASB Excludes NFTs, Some Stablecoins From Crypto Accounting Project – The Wall Street Journal

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Michael Saylor can't stop: MicroStrategy now holds 130,000 Bitcoin – Cointelegraph

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MicroStrategy bought an additional 301 BTC for $6 million at an average price of $19,851, the company’s executive chairman announced on Twitter.
MicroStrategy now owns 0.62% of all the Bitcoin (BTC) that will ever be mined. The company’s executive chairman, Michael Saylor, announced that the company bought another 301 BTC for roughly $6 million at an average price of $19,851 per BTC. 
In sum, the company is one of the planet’s largest holders of the asset, owning 130,000 BTC. Apparently, Saylor likes round numbers, buying 301 BTC to reach the 130,000 milestone. 
MicroStrategy has purchased an additional 301 bitcoins for ~$6.0 million at an average price of ~$19,851 per #bitcoin. As of 9/19/22 @MicroStrategy holds ~130,000 bitcoins acquired for ~$3.98 billion at an average price of ~$30,639 per bitcoin.https://t.co/5kYW98ij4I
Due to plunging price action, the company’s investment is down substantially in U.S. dollar terms. MicroStrategy’s entry price is roughly $30,639 per BTC, and the Securities and Exchange Commission filing states that the firm has bought 130,000 BTC at an aggregate purchase price of approximately $3.98 billion.
If MicroStrategy started stacking sats (buying Bitcoin) at today’s prices, it would have spent $2.48 billion on 130,000 BTC. Saylor is currently at a paper loss of over a billion dollars.
According to the SEC filing, the company made the purchase with “excess cash.” Saylor recently stepped down as CEO of the company to focus on buying more Bitcoin, while Washington, DC has taken aim at the billionaire in a tax evasion lawsuit.
Bitcoin enthusiasts were quick to commend Saylor’s buy. Referred to as the “Chad” or “Gigachad,” Saylor’s conviction and commitment to buying Bitcoin despite the investment being underwater has garnered both a devout following and numerous critics.
Related: Bitcoin better than physical property for regular folks, says Michael Saylor
Other large wallet addresses include that of crypto exchange Bitfinex, which holds 170,000 BTC, and a Binance reserve wallet that holds 125,000 BTC. Binance is the world’s largest crypto exchange and has several wallets holding six figures of Bitcoin. Regarding individuals, Saylor has stated that he holds Bitcoin, and FTX CEO Sam Bankman-Fried and Binance CEO Changpeng Zhao are also “hodlers” — a meme that became popular jargon for holding crypto.

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NFT Collections Will Be Regulated Like Cryptocurrencies Under EU’s MiCA Law, Official Says – CoinDesk

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