Elon Musk, Kraken, Polkadot & Cardano News in StealthEX x CryptoDaily Digest

Elon Musk, Kraken, Polkadot & Cardano News in StealthEX x CryptoDaily Digest

Welcome to our weekly crypto digest, brought to you in collaboration with CryptoDaily. We’re excited to share a carefully curated summary of the week’s most important and influential happenings in the crypto sector. Our goal is simple: to keep you updated about the latest trends and events shaping the industry. Join us as we delve into the highlights of the past week. Let’s go!

Elon Musk, Kraken, Polkadot & Cardano News in StealthEX x CryptoDaily Digest

MicroStrategy Amplifies Bitcoin Holdings Amid Market Optimism

MicroStrategy, a leading software company, has made a significant move by purchasing an additional 6,067 Bitcoin. This acquisition increases their total Bitcoin holdings to a staggering 158,400 coins. The company’s aggressive investment strategy has made it the largest corporate holder of Bitcoin, owning approximately 0.75% of the cryptocurrency’s circulating supply.

The purchase, amounting to $167 million, was made public in MicroStrategy’s recent financial results. Michael Saylor, the company’s Chairman, took to social media to announce that 155 of these Bitcoins were bought in October 2023 alone for $5.3 million. The company’s average purchase price is $29,585 per Bitcoin, totaling an investment of $4.69 billion.

MicroStrategy’s Chief Financial Officer, Andrew Kang, expressed the company’s unwavering commitment to Bitcoin. He highlighted the potential for increased institutional adoption as a driving force behind their strategy. Despite a net loss of $143.4 million and an impairment loss of $125.8 million on their Bitcoin holdings, MicroStrategy’s total revenues saw a 3% year-over-year increase.

In a positive turn, MicroStrategy reported unrealized gains exceeding $100 million on its Bitcoin investment, as the price of the digital asset recently surpassed the $30,000 mark. This news underscores the company’s belief in Bitcoin’s value proposition and its role in the future of finance.

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VanEck Edges Closer to Launching a Bitcoin ETF

VanEck, a global asset manager, has updated its application for a spot Bitcoin ETF, signaling a persistent push to launch a product tied directly to the price of Bitcoin. The amended application with the SEC comes as the race to introduce the first U.S. spot Bitcoin ETF heats up.

In a strategic move, VanEck has secured an unnamed seed capital investor for its VanEck Bitcoin Trust. This investor acquired 50,000 shares, known as a Seed Creation Basket, using Bitcoin. The MarketVector Bitcoin Benchmark Rate, an index tracking Bitcoin’s price, will determine the value of these shares.

The filing’s language mirrors BlackRock’s recent application, hinting at a standardized approach among asset managers seeking to launch Bitcoin ETFs. BlackRock’s amended prospectus also detailed changes to the pricing of its ETF, including specific accounting measures for financial reporting.

The competition for the first U.S. spot Bitcoin ETF is fierce, with major players like Grayscale, Fidelity, and Ark Invest in the fray. Grayscale, in particular, has made significant progress following a court ruling that ordered the SEC to reconsider its application.

Amidst these developments, Bitcoin’s price remains robust, maintaining levels above $34,000. The broader altcoin market, including Ethereum, Ripple, and Solana, also shows signs of potential growth, buoyed by the excitement around the ETF applications.

Cardano Partners with Polkadot’s Substrate for New Blockchain Vision

Cardano is taking a significant step in blockchain collaboration by adopting Polkadot’s Substrate framework for its new “partner chain” project. This move will see Cardano expand beyond a single blockchain to a network of multiple chains, each with specialized capabilities.

Integrating Substrate marks a strategic move towards interoperability within the blockchain space. Cardano’s development team, Input Output Global (IOG), plans to use Substrate’s open-source framework to facilitate trustless interactions with Cardano. This will contribute to a global network of interconnected blockchains, enhancing the blockchain experience.

IOG’s strategy involves utilizing Substrate’s modular framework to extend it with trustless integration to Cardano. They aim to contribute a set of composable Substrate components, known as pallets to empower the partner chains. This initiative is set to revolutionize the launch and operation of new blockchains by leveraging Cardano’s security and liquidity.

Kraken Explores a Leap into Layer-2 Blockchain Networks

Kraken, a renowned cryptocurrency exchange, is reportedly exploring the development of a layer-2 blockchain network. This initiative follows in Coinbase’s successful launch of its layer-2 network, Base.

The exchange is currently in discussions with several blockchain developers, including Polygon, Matter Labs, and the Nil Foundation, to determine who will construct this new network. While Kraken has not officially confirmed these plans, clues such as a job listing for a “Senior Cryptography Engineer” with layer-2 expertise suggest they are moving in this direction.

Layer-2 technologies are essential for scaling blockchain networks. They process transactions off-chain, which significantly increases transaction speed and reduces costs. Kraken’s potential layer-2 solution could be based on zero-knowledge (ZK) proof solutions, known for their fast transaction processing and EVM compatibility.

The crypto community is watching closely as Kraken’s decision on the developer and technology could be a game-changer in the competitive exchange market.

Elon Musk’s Take on NFTs Strikes a Chord with Bitcoin Enthusiasts

Elon Musk, the tech mogul known for his influence in the crypto sector, has recently voiced skepticism about Non-Fungible Tokens (NFTs), particularly their integration with blockchain technology. His comments have sparked discussions among Bitcoin supporters who favor more integrated blockchain solutions.

During an episode of the “Joe Rogan Experience” podcast, Musk pointed out that most NFTs do not store the actual digital asset on the blockchain but rather a link to it, such as a JPEG file. He suggested that for NFTs to have real value, the digital asset should be encoded directly onto the blockchain. This would ensure the asset’s permanence, even if the hosting company fails.

Musk’s critique aligns with concerns raised by others in the past, especially during the NFT boom of 2021. The issue became more pronounced following the FTX collapse, which rendered NFTs on its marketplace inaccessible when the servers went offline.

The conversation around NFTs often needs to understand their nature better. NFTs are digital certificates of ownership rather than the digital asset itself. While some NFTs are linked to decentralized blockchains, others represent ownership of physical items.

Bitcoin’s Ordinals protocol has been highlighted as an example where media is fully on-chain, contrasting with Ethereum’s smart contract-based NFTs. Ordinals inscribe data directly onto the Bitcoin blockchain, ensuring its permanence.

This article is not supposed to provide financial advice. Digital assets are risky. Be sure to do your own research and consult your financial advisor before investing.

Tags: Bitcoin Cardano crypto world Elon Musk Polkadot
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