MicroStrategy CFO Says They Plan To Buy More BTC This Year

Recently, the market witnessed downturns, and for this reason, many firms are hesitant to purchase bitcoin. These firms don’t want to take the risk. Phong Li, chief financial officer at MicroStrategy, said the company would continue to buy bitcoin in spite of the recent decline. He told the Wall Street Journal in an interview that it’s unsure if the firm would buy more bitcoins than last year but would continue to do so.

Remember, this firm purchased reasonable bitcoins last year. According to the paperwork with the Securities and Exchange Commission, this firm had almost 124,391 bitcoins till December 29, 2021. The SEC, meantime, wants MicroStrategy to modify how it reflects its BTC holdings in future filings. The Securities and Exchange Commission asked the firm to make a clear-cut policy for the disclosure of bitcoin holdings.

The company received letters from the securities watchdog asking it to better show the fluctuations of bitcoin in its filing instead of using accounting methods that adjust bitcoin losses. Phong Li wrote a letter last September claiming that the breakdown losses could divert attention from the company’s overall results, although MicroStrategy has since agreed to reconsider its revelation.

Moreover, Le told the Wall Street Journal that he could understand the SEC’s outlook. In addition, he was talking to the news agency the company is not going to sell its holdings and that MicroStrategy is considering other ways to use the “continuous” bitcoin to increase value for investors. Further, he shares the firm is going to buy bitcoin-backed bonds over the next few years. However, according to Phong Lee, this will depend on the market is more liquid. MicroStrategy is going to release its fourth-quarter earnings on February 1.

On the other hand, Bitcoin, which is the largest digital asset in the world of cryptocurrencies, has witnessed a massive drop recently as the entire last week was bearish for the flagship cryptocurrency. The price value of the coin dropped to the figure of $36k, and it is still holding around this price mark. The current sentiment of the king digital currency is still bearish. However, it is likely to climb up in the coming weeks, and the price may touch the figure of $40k soon and may reclaim its bullish trend.

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Bitcoin Mining Industry Is Still Led By US

When China made its departure from the Bitcoin mining industry, it was the US that overtook the burden created by China. Since June-July, 2021, the US has been dominating and leading the industry which involves the minting of the world’s most expensive digital currency, Bitcoin.

As per the mining map belonging to chainbulletin.com, Bitcoin’s biggest mining pool has been situated in none other country but the US. The map suggests that the US alone is providing Bitcoin a hashrate of more than 66.22 (EH/s). This hashrate represents more or less 35.4% of the global Bitcoin hashrate. The second in command country in terms of Bitcoin hashrate is Canada which has been pooling 17.87 EH/s to Bitcoin. Globally, Canada has been supplying 9.55% of the total hashpower to Bitcoin. The two neighboring countries are collectively contributing approximately 45% of Bitcoin’s hashrate worldwide.

Before the US took over the charge of being a leader in Bitcoin mining, it was China that held the title for many years. However, China got interested in transforming its national currency into digital currency and suspending Bitcoin mining completely. As a result, a huge burden of mining was created which continued to ripe every day. At the same time, an opportunity was created for leading the Bitcoin mining industry and potentially the US was considered the best alternate. The Crypto community started to look at the US and suggested that while the opportunity is there, the US shouldn’t wait to grab it. The opportunity was then gladly taken by miners in the US and since July 2021, US miners are leading the Bitcoin mining industry.

Some of the top US Bitcoin miners include names such as Foundry US, Binance USA, Antpool US, Btc.com, F2Pool USA, Slushpool US, etc. Past 30-data of Bitcoin mining shows that these US Bitcoin mining pools are currently the leading Bitcoin miners worldwide. For instance, Foundry US has been the lead Bitcoin miner which has alone captured a total of 755 Bitcoin blocks. In the last 30 days, Foundry US supplied a total of 16.87% hashrate to Bitcoin.

Antpool was the second leading miner after Foundry US. It successfully found 659 Bitcoin blocks in the past 30 days while it contributed hashrate of 14.72%.

The States of Florida, California, Colorado, Oregon, Virginia, New Jersey, etc. are the states hosting the top eight Bitcoin miners of the world.

In addition, the top US Bitcoin miners have developed their mining operations outside the US as well. For example, three of the US Bitcoin miners namely SBI Crypto, Huobi, and Btc.com have established mining facilities in Germany also. While mining facilities have been established in Japan, Amsterdam, and Hong Kong by Slushpool, Antpool, and Okex respectively.

Although Bitcoin’s value has reduced to half of it in recent times, miners have been keeping the process high somehow.

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Launching of Testing For Russian & Iranian CBDCs Anticipated Soon

The Republic of Iran and the Russian Federation are anticipating to launch testing of their respective CBDCs. CBDC is a project which involves the issuance of centralized digital currency which is ultimately issued by a country’s central bank. In the case of Iran, its CBDC will be called “Digital Rial” which will be issued by the Central Bank of Iran (CBI). For Russia, it would be the Central Bank of Russia (CBR) issuing the Russian CBDC i.e. “Digital Ruble”.

It has been confirmed by CBR that Russia has successfully developed Digital Ruble which will very soon be put for testing. For the time being, Russian CBDC will be in the form of a ‘prototype’ whose testing is likely to commence in December this year. More than 12 Russian commercial/private banks have been asked by CBR to take part in the pilot testing. Meanwhile, CBR has confirmed that by the time of initiation of testing, more participants will be added to the testing. Similarly, the nature of the transactions will be improved to conduct rigorous testing of Digital Ruble, suggested CBR.

Local media has further confirmed that all of the invited banks for testing purposes have agreed to participate. Amongst these banks, one of the most prominent banks is “Promsvyazbank”. The bank is currently working on the C2C process of payments. VTK, which is another bank invited to host testing, too has confirmed that it has already developed the infrastructure required for testing.

Meanwhile, a top official from the CBI has revealed that CBI wishes to initiate pilot testing of its Digital Rial. Iran had in fact initiated the project in 2018 but it was delayed for various reasons. The official, according to Iranian media, was CBI’s deputy governor, Mehran Moharamian. He stated that for CBI, CBDC has multifarious benefits but, above all, Digital Rial is the need of the hour. He suggested that CBI is certain that with the advent of CBDC various inconsistencies and discrepancies in the decentralized space will be removed.

However, as regards the initiation of the pilot testing, CBI’s deputy governor did not mention any specific details. It is expected that likewise Russian Federation, Iran too will be launching pilot testing of its CBDC in 2022.

Iran had earlier spoken of using CBDCs for international trades and payment settlements. At that time in December 2021, Iran had further revealed that it has identified targeted countries for acceptance of CBDCs. Russia was at the top of that list of countries that were identified as targeted markets for Iran. It wouldn’t be a coincidence if Iran would be launching the testing simultaneously with Russia. In the alternative, it is highly possible that Iran would want to commence testing once Russia engages in testing its Digital Ruble.

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Price Analysis of YoloCash (YLC), BunnyPark Game (BG), and BigShortBets (BIGSB)

The price analysis data surrounding YoloCash (YLC) by CoinCap has revealed that in the past 24-hours, the investors have increased their investments in favor of YoloCash. As a result of the investments, the price of YoloCash has increased to $0.0006867 per YLC. YoloCash’s price has reached this level after experiencing a strong rally created YoloCash bulls.

In case the investors keep increasing their buying power, they will continue adding more figures to the rally. In the past 24-hours, the rally YoloCash has observed is worth 44.90%.

It is being perceived that the investors may continue increasing their power pressure. This would initiate a strong buying rally and keep adding up to it. This would eventually result in a strong rally and may push YoloCash’s price up to $0.0006979 per YLC.

The CoinCap data suggests that the investors may increase YoloCash’s price up to $0.0007125 per YLC. If the rally continues, then the investors may help increase its price up to $0.0007239 per YLC.

The price analysis data surrounding BunnyPark Game (BG) by CoinCap has revealed that in the past 24-hours, the investors have increased their investments in favor of BunnyPark Game. As a result of the investments, the price of BunnyPark Game has increased to $0.0003613 per BG. BunnyPark Game’s price has reached this level after experiencing a strong rally created BunnyPark Game bulls.

In case the investors keep increasing their buying power, they will continue adding more figures to the rally. In the past 24-hours, the rally BunnyPark Game has observed is worth 43.98%.

It is being perceived that the investors may continue increasing their power pressure. This would initiate a strong buying rally and keep adding up to it. This would eventually result in a strong rally and may push BunnyPark Game’s price up to $0.0003726 per BG.

The CoinCap data suggests that the investors may increase BunnyPark Game’s price up to $0.0003841 per BG. If the rally continues, then the investors may help increase its price up to $0.0003799 per VG.

The price analysis data surrounding BigShortBets (BIGSB) by CoinCap has revealed that in the past 24-hours, the investors have increased their investments in favor of BigShortBets. As a result of the investments, the price of BigShortBets has increased to $0.6615 per BIGSB. BigShortBets’s price has reached this level after experiencing a strong rally created BigShortBets bulls.

In case the investors keep increasing their buying power, they will continue adding more figures to the rally. In the past 24-hours, the rally BigShortBets has observed is worth 42.99%.

It is being perceived that the investors may continue increasing their power pressure. This would initiate a strong buying rally and keep adding up to it. This would eventually result in a strong rally and may push BigShortBets’s price up to $0.6698 per BIGSB.

The CoinCap data suggests that the investors may increase BigShortBets’s price up to $0.7058 per BIGSB. If the rally continues, then the investors may help increase its price up to $0.7097 per BIGSB.

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Price Analysis of RPC, FEENIXV2, MOONEY, and more Cryptocurrencies

The price analysis data surrounding Ripio Coin (RPC) has shown that in the past 24-hours, its price has surged by 2.76%. In the past hour, the price of Ripio Coin has surged by 2.75%. At the time of writing, Ripio Coin’s price is at $0.009243 per RPC. The fully diluted valuation of Ripio Coin currently stands at $92,427,156. The information reveals that Ripio Coin has been listed through the Ethereum blockchain.

The price analysis data surrounding ProjectFeenix (FEENIXV2) has shown that in the past 24-hours, its price has dived by 0.57%. In the past hour, the price of ProjectFeenix has surged by 0.56%. At the time of writing, ProjectFeenix’s price is at $0.000000002993 per FEENIXV2. The fully diluted valuation of ProjectFeenix currently stands at $2,094,911. The information reveals that ProjectFeenix has been listed through the Ethereum blockchain.

The price analysis data surrounding Mooney (MOONEY) has shown that in the past 24-hours, its price has increased by 2.96%. In the past hour, the price of Mooney has surged by 2.29%. At the time of writing, Mooney’s price is at $0.01902 per MOONEY. The fully diluted valuation of Mooney currently stands at $49,621,482. The information reveals that Mooney has been listed through the Ethereum blockchain.

The price analysis data surrounding Iron Bank (IB) has shown that in the past 24-hours, its price has plummeted by 22.48%. In the past hour, the price of Iron Bank has decreased by 0.32%. At the time of writing, Iron Bank’s price is $92.99 per IB. The fully diluted valuation of Iron Bank currently stands at $678,794,153. The information reveals that Iron Bank has been listed through the Fantom blockchain.

The price analysis data surrounding EverReflect (EVRF) has shown that in the past 24-hours, its price has plummeted by 6.37%. In the past hour, the price of EverReflect has decreased by 9.08%. At the time of writing, EverReflect’s price is at $0.00000002167 per EVRF. The fully diluted valuation of EverReflect currently stands at $21,665,803. The information reveals that EverReflect has been listed through the BNB blockchain.

The price analysis data surrounding Paladin dao (PAL) has shown that in the past 24-hours, its price has plummeted by 0.32%. In the past hour, the price of Paladin dao has decreased by 1.90%. At the time of writing, Paladin dao’s price is $11.86 per PAL. The fully diluted valuation of Paladin dao currently stands at $11,862,847,707. The information reveals that Paladin dao has been listed through the BNB blockchain.

The price analysis data surrounding Yield Hunt (GEM) has shown that in the past 24-hours, its price has plummeted by 22.24%. In the past hour, the price of Yield Hunt has surged by 4.80%. At the time of writing, Yield Hunt’s price is $0.00305 per GEM. The fully diluted valuation of Yield Hunt currently stands at $15,248,987. The information reveals that Yield Hunt has been listed through the Avalanche blockchain.

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Binance Teams Up With DWTCA To Develop Regulations For Crypto Sector

According to a blog post from Binance, the largest crypto exchange in the world based in trading volume has put pen to paper for a Memorandum of Understanding with the DWTCA. The company believes this will enhance the commitment of Dubai in setting up an ecosystem for International Virtual Asset.

Binance is hoping to use its scrutiny experience with other regulators across the globe in its collaboration with the DWTCA. This collaboration will help them develop a new regulatory regime for the country and also assist them in setting up a framework for licensing crypto exchanges and businesses offering Distributed Ledger Technology (DLT) and blockchain services.

The CEO of Binance, CZ Zhao, said his statement that the company is looking to employ its expertise and leadership position in the industry, including Dubai’s long-term vision to develop a concrete regulatory framework that aligns with the fast-growing nature of cryptocurrencies.

Dubai Crypto Zone

At the beginning of the week, the Dubai Office for Media declare the Dubai World Trade Centre as a Crypto Zone and will also be the regulator for crypto and other digital assets. In trying to keep up with the intense competition in the region, the DWTCA is trying to set up an ecosystem that attracts new businesses.

Being a free zone in the United Arab Emirates, the DWTCA will now be the regulator after agreeing to the framework that allows it to approve and issue licenses for financial activities relating to cryptocurrencies in September. Another freezone there is the Dubai International Financial Centre which established a regulatory framework for crypto in October.

The Presence of Binance in the United Arab Emirates

Moving to the UAE has generated speculations around the fact that Binance is looking to set up its headquarters in the region. Just last week, the executives of Binance had a meeting with the officials from the economic zones in UAE on its prospective move.

The CEO of Binance revealed last month that Binance has decided the location for its headquarters but will not be revealing it to the public until all arrangements have been made with the regulators in the country.

However, there are some indicators that Binance has selected UAE as its headquarters. One of them is the onboarding of former top officials in the economic zones and another one is the huge raise showered on the country for its favorable disposition to the crypto space alongside Singapore and France. The last of it then can look minute but worthy of considering it that CZ Zhao bought his first house in UAE recently.

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FTX Teams Up With Golden State Warriors

A partnership has been reportedly started by FTX U.S. with the Golden State Warriors (an NBA team). The respective collaboration will witness the team dropping NFTs (non-fungible tokens) on the NFT marketplace of FTX in the upcoming year.

Collaboration involves brand placement as well as NFTs

FTX has continuously carried out the endeavors thereof regarding the affiliation with athletic groups, and this time it brings the Golden State Warriors of the NBA in the scene. The respective partnership will take account of an official drop of NFTs during the coming year. As per the press release – being the official crypto venue as well as the NFT marketplace of the Warriors – NFTs will be dropped on the FTX.us by the franchise in the early phase of the approaching year.

The contract will additionally take in the brand placement, signifying that a visible presence in the market will be shown by both of the companies on an international level by including likeness and logo. The logo of FTX will be placed on the Golden State Warriors as well as the affiliated teams’ court fixtures. An extension will additionally be made into the spaces of virtual e-sports by the brand placement. In the end, the collaboration will be embellished with Bitcoin (BTC) donation. San Francisco Bay-based three institutions (that are specified for the quality education in mathematics, engineering, technology, and science) will have the dispensation of 3 Bitcoin (nearly $143,000).

FTX occupies several collaborations

Formerly, the FTX platform had collaborated with Steph Curry – a player from the Golden State Warriors – who was appointed as the firm’s brand ambassador and was provided with the equity stake in return for his labors. The exchange of cryptocurrency has furthermore taken the University of Kentucky Wildcats as its associate. It has also obtained naming rights to the stadiums in Miami that named American Airlines arena previously along with the Berkeley-based field of football representing the University of California.

FTX counts to be among the biggest exchanges of cryptocurrency across the world that are running in the U.S. The United States-based branch of the exchange has handled more than $2.5B in terms of volume during the recent 24 hours over the spot exchange thereof, turning it into the sixth biggest exchange in this respect. The open interest of up to $7.3B is also witnessed by it in the exchange of derivatives.

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