$118,309.00
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-6.49%$836.22
-1.42%$191.65
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0.00%$4,519.49
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1.02%$5,465.55
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-7.70%$118,471.00
-3.85%$45.09
-4.68%$4,830.78
-5.60%$0.423945
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-4.31%$1.001
0.03%$0.249295
-6.34%$4,528.02
-4.96%$23.52
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0.64%$0.999567
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-9.18%$0.718985
-7.20%$310.03
-6.23%$0.00001101
-10.56%$241.58
-4.33%$1.092
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-9.84%$234.01
-5.31%$4,484.04
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0.00%$0.090392
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0.01%$0.252592
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-2.02%$4,749.57
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0.01%$0.999873
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4.50%$4,907.48
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0.01%$1.51
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7.71%$4,770.97
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0.01%$0.751923
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2.07%$0.00010462
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0.02%$0.983725
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2.69%$4,820.95
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0.01%$0.284699
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1.85%$4,953.12
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0.05%$0.219977
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0.61%$4,497.25
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0.02%$4,523.13
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0.05%$1.17
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0.73%$0.00000047
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0.00%$0.00000104
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0.21%$1.096
0.01%$7.18
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0.01%$0.00002053
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0.00%$5.05
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0.35%$45.10
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-2.25%Reading
Cryptocurrency tracking and data site CoinMarketCap has listed a Tesla Model 3, the world’s best selling electric vehicle, above Bitcoin on its site today, a commemorative gesture to celebrate Tesla’s mammoth Bitcoin purchase.
As per the image below, the Model 3 “token” sells for $37,990 (the actual price of the car) with a market cap of $24 billion and a circulating supply of 902,895.
But don’t rush to buy the token just yet: It does not exist. The Model 3 listing has been put up as part of CoinMarketCap’s ‘Untracked Listing’ criteria—defined as an asset/product that may not be listed on the open market but shows crypto adoption, community engagement, innovation, among other factors to signify its importance to the broader crypto ecosystem.
So while the top-ranked cryptocurrency is not a Model 3, an electric sedan produced by Tesla, CoinMarketCap pays homage to what is one of the largest-ever purchases of Bitcoin by a prominent enterprise.
As per a recent filing to the US Securities and Exchange Commission, Tesla noted it picked up over $1.5 billion worth of the world’s biggest asset, stating that it sought new avenues for financial growth. It even said that buyers could use Bitcoin to buy Tesla products in the future—based on legal and regulatory guidelines.
Tesla has invested $1.5 billion into Bitcoin, according to an SEC filing today. "Thereafter, we invested an aggregate $1.50 billion in bitcoin under this policy and may acquire and hold digital assets from time to time or long-term," the filing said. The filing added that Tesla expects to begin accepting Bitcoin as payment for its products, including its cars, in the near future. Bitcoin's price has shot up on the news, rising from $39,000 to $43,000 at press time—breaking a new all-time high....
It joined various other businesses and individuals to invest in Bitcoin in the past year. The purchase is second only to American software maker MicroStrategy, which holds the biggest amount of Bitcoin—among all other traditional businesses—as part of its treasury. It purchased over a billion dollars in three phases last year, stating the purchase was a hedge against inflation and a superior alternative to a low-yield economic climate.
Tesla $TSLA has de-risked the acquisition of #bitcoin by public companies and accelerated the digital transformation of corporate balance sheets. Treasurers are now thinking about how to convert a non-performing asset into the best performing asset. https://t.co/7mO7z6WtQ4
— Michael Saylor (@michael_saylor) February 8, 2021
Meanwhile, CoinMarketCap previously commemorated “WallStreetBets,” a financial subreddit, last month in a similar setting. Members of the subreddit drove up the price of GameStop, an American videogame rental company by over 500% in a few weeks, likening the surge to be a move against the financial establishment—one that resonated with the ethos of Bitcoin and other cryptocurrencies.
Strategy, formerly MicroStrategy, misrepresented its business to investors when measuring itself against S&P 500 firms last month, according to Damped Spring Advisors CEO and CIO Andy Constan. It is “100% fraudulent” that the Bitcoin-buying firm compared its price-to-earnings ratio to the likes of Apple and NVIDIA on a slide during its second-quarter earnings presentation, the Wall Street veteran said during an episode of the What Bitcoin Did podcast released on Monday. The slide implied that St...
Ethereum has been on an upward tear for weeks now, and looks primed to break its four-year-old record high. Market experts who spoke with Decrypt agreed that a handful of variables, ranging from regulatory overhauls in the United States to deflationary trends in ETH acquisition, are likely responsible for the cryptocurrency’s recent climb. But while some are convinced the pivotal factors contributing to Ethereum’s rise are unique to the cryptocurrency, and could lead to a doubling of its price...
Ethereum’s recent outperformance could continue as Wall Street begins issuing massive amounts of stablecoins within its ecosystem, JPMorgan signaled in a Thursday note. A bevy of dollar-pegged tokens—following last month’s passage of the GENIUS Act, a regulatory framework for stablecoins—should affect Ethereum’s price, even if those assets are issued on layer-2 networks, instead of Ethereum itself, according to the bank’s analysts. “We think ether is emerging as a direct way to gain exposure to...
