There were 7,924,107 TSLA shares sold, according to Tesla CEO Elon Musk.
In the previous 10 months alone, Musk has sold $32 billion worth of shares.
Tesla CEO Elon Musk has been in the spotlight a lot lately. Musk has been the talk of the town in every aspect of his life, personal and professional. It was a blow to many who had hoped for greater freedom on social media because of his dispute with Twitter. Tesla shares were sold for $6.9 billion by Musk, amidst a storm of criticism and legal action.
The Securities and Exchange Commission (SEC) was said to have received a total of six Form 4 applications from Musk. There were 7,924,107 TSLA shares sold, according to Tesla CEO Elon Musk. The sales took place on the 5th, 8th, and 9th of August, respectively.
After the sales were announced, Musk tweeted.
“In the (hopefully unlikely) event that Twitter forces this deal to close and some equity partners don’t come through, it is important to avoid an emergency sale of Tesla stock.”
Lawsuit Slated For October
In the previous 10 months alone, Musk has sold $32 billion worth of shares. Notably, this was not Musk’s first foray into the Tesla stock market. Musk sold $8.5 billion worth of shares only four months ago when his plans to buy Twitter were at their height. Once again, he was compelled to sell his stock on Twitter because of the acquisition.
This year was a rough one for Tesla’s stock. Despite a 35% gain since May, the stock is still 20% behind its year-to-date high. At the time of this writing, TSLA has lost 2.44 percent of its value. In addition, some believe that the anticipated Twitter v. Musk lawsuit might propel Tesla’s shares even farther up the market. In October, the trial is slated to begin.
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Bitcoin has seen some profits over today’s trading session as September’s monthly candle is coming to an end. Market participants were expecting a tight battle between bullish and bearish forces, but the cryptocurrency has been moving sideways with slight upward pressure.
At the time of writing, Bitcoin (BTC) trades at $19,700 with a 2% and 1% profit over the last 24 hours and 7 days. Other cryptocurrencies in the crypto top 10 by market cap are displaying similar price action, but BTC seems to be leading the low timeframe bullish momentum.
People Buy Bitcoin To Hedge Against Their Currencies Downside Trend?
Data from Material Indicators shows that investors with buying orders from $1,000 to $10,000 bought into Bitcoin’s recent price action while other investors sold their coins. In that sense, a rally into the monthly close seems unlikely.
However, Material Indicators also show that ask (sell) liquidity has been decreasing as Bitcoin is rejected from the area of around $20,000. If the price can resume its bullish momentum and can gain more support from larger buyers, bears might be unable to defend $20,000.
This might lead BTC to higher levels, and possibly for a reclaim of the levels around $26,000, according to a report from NewsBTC. The cryptocurrency must flip $20,100 into support, analyst from Material Indicators wrote the following about BTC odds as the market heads into the monthly close:
There are short term signs of a potential pump, but the crossing of key moving averages suggests the broader trend will continue down. Resist the urge to overtrade or FOMO in.
Additional data provided by research firm Messari picked a spike in buying pressure from investors in the Eurozone and the United Kingdom (UK). This pressure is related to a decline in the value of their currencies as the U.S. dollar rallied to a multi-decade high.
The New Narrative, Will The Fed Pivot Leading Bitcoin To New Highs?
This data from Messari has been put into question by several users. Regardless of its legitimacy, this data speaks about an increasing trend in the sector: more and more market participants are highlighting the impact of central banks in the financial sector and the global economy.
According to a report from Charles Gasparino, a reporter for FOX Business, members of the U.S. Federal Reserve (Fed) are aware of the negative consequences of their monetary policy. They have brought a steep downside pressure for equities and risk-on assets, such as Bitcoin.
SCOOP (1/2): @federalreserve officials getting increasingly worried about “financial stability” as opposed to inflation as higher rates begin to crush bonds, several big investors tell me. Fed growing worried about possible “Lehman Moment” w a 4% FF rate as Bonds and derivatives
If the pressure inside the Fed becomes too high, the financial institution might pivot its measures, and provide some room for a relief rally across the board. Speaking on this possibility, and on why Bitcoin has been showing strength relative to legacy financial assets, analyst William Clemente said:
In theory: People front-running expected CB (Central Banks) pivot by buying BTC -> Perceived BTC “safe haven” flows -> Reflexive response from other market participants? Not my base case but non-zero possibility that my mind is open to.
Last month, XRP prices have increased by close to 50%.
Judge Netburn noted the exceedingly general nature of discovery’s goals.
XRP, Ripple’s native cryptocurrency, has seen the most daily rise. In only 24 hours, XRP’s value has increased by a stunning 12 percent. Nonetheless, the recent court judgement against the SEC in the Ripple action supports this unexpected increase.
The SEC’s opposition to the court orders was overturned, as reported by attorney James Filan. And the judge has instructed the commission to follow its directives. This implies the SEC must now provide all relevant papers pertaining to the Hinman speech.
Ripple Vs SEC
The court’s monumental ruling has had a salutary effect on the value of XRP. There has been a significant uptick in XRP pricing due to important court rulings. But this is a major setback for the SEC in its case against Ripple.
Last month, XRP prices have increased by close to 50%. At the time of writing, XRP’s average price on exchanges was $0.489, down from its recent high of $0.50. The total amount of money traded in a day has increased by 91% to $4.19 billion. The overall market capitalization of XRP tokens has climbed again beyond the $24 billion mark.
The SEC had already claimed that the defendants had misrepresented the SEC’s past claims over the papers in its objection to the court order. While the conclusions that DPP does not safeguard the speech memos were not welcomed, they had to be accepted.
However, the SEC did not buy the argument that speech memoranda are not shielded by the attorney-client privilege. In the meanwhile, the court agrees with Judge Netburn’s finding, which was based on the internal records. It abides by all laws and is not false. In the decision, Judge Netburn noted the exceedingly general nature of the discovery’s goals.
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Uniswap (v3) has 45.2% of the market share in terms of the trading volume.
The native token UNI of the platform has recently outperformed the market.
Each company has taken its own unique approach to reach its ultimate objective, which may include anything from introducing new goods to raising capital or expanding into new markets. This new step is part of Uniswap’s master aim to consolidate even more power. TechCrunch claims Uniswap Labs is in the “early stages” of organizing a fresh fundraising round.
The company is apparently in talks with a number of investors, including Polychain and one of Singapore’s sovereign funds, in an effort to raise an equity round of $100 million to $200 million at a valuation of roughly $1 billion.
Plans to Increase Dominance
TechCrunch quotes unidentified sources as saying that the round’s negotiations had not yet reached a final level. Thus, the agreement’s future provisions are subject to change.
Uniswap Labs, backed by Andreessen Horowitz, closed an $11 million Series A fundraising round in August 2020. USV, Paradigm, Version One, Variant, Parafi Capital, SV Angel, and A.Capital all contributed as well.
Furthermore, Uniswap is very dominant in the DEX market. According to CoinGecko’s statistics, Uniswap (v3) has 45.2% of the market share in terms of trading volume, followed by Curve (Ethereum), PancakeSwap (v2), and DODO.
Actually, 5.2%, 2.8%, and 2.6% of all trading volume on decentralized exchanges occurs on Uniswap on Polygon, Optimism, and Arbitrum, respectively.
In a few cases, the volume settled on Uniswap has been comparable to the data provided by the centralized exchange Coinbase. Actually, they were both in the lead at the same time earlier in the month. Moreover, the native token UNI of the platform has recently outperformed the market. This occurred at the same time when the TVL of the DeFi market fell below $100 billion.
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The company plans to have Lightning wallets available to 10 million clients.
The firm plans to develop a Lightning Network-based SaaS platform.
There has been a proliferation of businesses entering the crypto space recently. While some investors get out midway, the vast majority have been increasing their bets. On the other side, MicroStrategy’s former CEO, Michael Saylor, has been widely recognized as a major Bitcoin advocate.
Again demonstrating its fondness for the sector, the company was getting ready to bring on board additional people to work towards the same goal. According to a recent job posting, the company is looking to hire an engineer to work on Lightning Network-related products.
The job post read:
“As a Bitcoin Lightning Software Engineer at MicroStrategy, you will build a Lightning Network-based SaaS platform, providing enterprises with innovative solutions to cyber-security challenges and enabling new eCommerce use-cases.”
Lightning Network at the Center
MicroStrategy is looking for a Bitcoin Lightning Software Engineer to help develop a Lightning Network-based SaaS platform that will help businesses address cyber security issues and open up new opportunities for online retailers. Decentralized finance also had its first print appearance alongside this.
It’s worth noting that MicroStrategy has been quite active recently with regards to Bitcoin. A solution to attract a large number of users to the Lightning Network is one of the top priorities for the company, as was reported earlier this month.
The former CEO, Saylor, has said that the Lightning Network for Bitcoin is “the most important thing going on in the world in technology.” Overnight, the company plans to have Lightning wallets available to 10 million clients.
After Bitcoin’s price dropped to about $18,000, the cryptocurrency community became cautious. The asset, however, began to show signs of improvement early today.
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In collaboration with IGG Games, SmileyWorld branded NFT digital items will appear in Lords Mobile for a limited-time event beginning September 30, 2022, that includes collectible NFTs for players powered by Epik Prime.
SINGAPORE–(BUSINESS WIRE)–#Epik–IGG Games, maker of the multi award-winning Lords Mobile teams up with Epik, producer of the world’s premium digital items and NFTs, to launch a one-of-a-kind in-game crossover with Smiley Company, the lifestyle brand and original creator of the iconic smiling emoji now celebrating its 50th anniversary.
“We are thrilled to be working with a renowned game publisher like IGG. As we celebrate this anniversary, we imagine looking back from 50 years into the future, 2022 will mark a milestone moment for Smiley as when we entered a new era of digital-first engagements with our consumers, and through our partnership with Epik, enabled our fans the ability to have true digital ownership of Smiley products,” says Nicholas Loufrani – CEO of Smiley.
This marks a new step of the innovative collaboration for IGG Games, whose hit title Lords Mobile is played by over 500 million fans all over the world. During the Kingdom Smiles event, an exclusive Smiley Area and Shop will be available for players. Participating in various activities provides special chests and Smiley coins that can be exchanged for emotes and avatars. These exclusive items are only available for a limited time, and can only be purchased using the event shop and Smiley currency. Additionally, players should prepare to see the famous Smiley icon integrated in the game world via shields and visual effects.
“We see Smiley as a great match to engage our fans and audiences. What better way for them to express their emotions and excitement than with Smiley emotes & avatars? We are fortunate to work with partners like Epik, who bring immense value with their expertise in the digital merchandise space and the brand partnerships they offer. This collection of in-game digital collectibles and NFTs that our players can truly own marks the beginning of an extraordinary future full of unique opportunities for our players.” -Zorro Zhuo, Global Head for Lords Mobile and IGG Games.
The brands will collaborate together to create collectible NFTs that utilizes Epik’s proprietary blockchain technology enabling players to interact with the digital items in game while collecting their special NFTs on Epik’s premium NFT marketplace – www.epikprime.com.
By leveraging Epik’s licensing network, brands can scale and expand their reach with better control over their digital partnerships, while gaining granular insights that were previously impossible. Epik’s blockchain-powered capabilities present a low-risk, high-rewards opportunity to explore digital ownership within the NFT space. Brands gain access across the world’s largest network of game companies, NFT marketplaces, and web3 metaverses, a powerful confluence reshaping the global advertising industry with Epik at the forefront of this exciting transformation.
Lords Mobile is available on multiple platforms and app stores. Download and play now. http://lordsmobile.igg.com/
IGG Inc. is a renowned video game developer and publisher dedicated to bringing amazing games to gamers all over the world. Since opening our doors in 2006, we have created over 20 original games for mobile, web, and PC, and are proudly serving players in over 200 countries.
IGG offers free-to-play mobile games in 23 different languages which have garnered critical acclaim and won prestigious awards. Right from the start, the IGG has aggressively pursued the global market. Its strategic direction and plans have always focused on achieving the goal of becoming a global leader in the gaming industry that produces games loved by players around the world. Embracing corporate spirit of “Innovators at Work, Gamers at Heart”, IGG is dedicated to creating high-quality and enjoyable games that will stand the test of time.
The Smiley Company helped to create a new universal language in the late ‘90s, launching the “Smiley Dictionary” — a list of Smileys which transformed ascii emoticons into something understandable to all.
Smiley’s emotions have gone on to have an essential place in our society today, helping kids learn about themselves and their emotions (emotional intelligence). This became the starting point for how we use Smileys in technology and influenced the digital language we now use every day. Giving us a way to tell each other how we are feeling in a shorthand that is not easily expressed through traditional dialects.
Smileys helped revolutionize technology, instigating a digital trend that now sees billions of them sent every day. Their legacy was a new brand made up entirely of thousands of expressive emotions, and by turning this innovation into an artform, SmileyWorld continues to create engaging products and promotions for market-leading partners that provide a unique platform for self-pression.
With more than 300 video game clients, Epik is the leading global licensing agency putting brands into video games to produce premium digital items and experiences for over one billion gamers worldwide with the largest digital ecosystem with hundreds of the world’s most popular entertainment brands. Epik is widely considered to be the blockchain industry leader producing collaborations for premium licensed digital collectables, NFTs and exclusive experiences powered by an interoperable proprietary cross-chain technology. Epik was the first and only NFT company to do any deals with AAA gaming companies for NFTs. Clients include Warner Music, Garena, Tencent and Universal. The EPIK Prime token (EPIK) powers a unique loyalty reward program that grants members exclusive NFT benefits and rewards.
For a while now, Ethereum whales have been moving their coins around. This has been a direct result of the bear market that has caused investors to lose a significant amount of their portfolios. Even now, the crypto market is still being ravaged by declining prices. The result of this has been investors seeking refuge in tokens that do not see a lot of volatility, and Ethereum whales have not been left out of this flight to safety.
Stablecoins Gain Favor
Over the last 24 hours, the trade activity of the top Ethereum whales has shown a big shift towards stablecoins. These whales, who have usually been known to trade across a number of digital assets regardless of their volatility, are taking less risk during this time.
The USDT stablecoin has been the number 1 token by trade volume for these top Ethereum whales. The average volume transacted by the whales came out to $267,328, even higher than the volume for ETH, which was the second-highest by trading volume. USDC featured in third place on this list, with an average amount of $89,180 over this time.
In the same vein, the stablecoins were at the top of the most purchased tokens over this time. USDT naturally led the list, while USDC was in second place. Interestedly, ETH did not take 3rd place as expected because Ethereum whales bought more SRM than ETH over this time period.
ETH price settles above $1,300 | Source: ETHUSD on TradingView.com
On the topic of sales, the whales continued the trend of moving toward stablecoins. ETH was the most sold token over the last 24 hours, most of which had gone to converting ETH holdings into the more stable USDT and USDC.
Ethereum Whales Want Stability
Over the course of 2022, Ethereum whales have moved towards more stable options. While ETH continues to top their holdings, the change in their token holdings shows that these whales are getting ready to weather another bear storm.
The start of the year had seen tokens such as Shiba Inu and FTX Token topping the holdings of these large investors. However, the tide has shifted so much in this regard that the largest token holdings of these whales are now in stablecoins.
Presently, USDC is the largest token holder of the top 100 Ethereum whales at $653.3 million (26.09%). It is then followed by USDT with a cumulative holding value of $575.14 million (22.96%). Shiba Inu still features highly on this list but is a long way from being the largest token held by these large investors.
Given that analysts continue to warn investors that the bottom of the crypto bear market is not in, it is no surprise that these investors are looking for safety. If the bottom happens to be lower than already recorded cycle lows, then there is more pain to come.
Featured image from CryptoSlate, chart from TradingView.com