Monat: Januar 2022

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MicroStrategy will keep buying and holding Bitcoin, says the firm’s CFO

  • MicroStrategy CEO Michael Saylor also noted the same thing during an earlier interview.

  • The company’s shares have plunged alongside the rout in crypto and stocks, currently trading -35% year-to-date.  

MicroStrategy will buy more Bitcoin and does not plan to sell any from its current haul, according to the US-based software intelligence company’s Chief Financial Officer.

This is the company’s plan for investing in cryptocurrency, and will continue to be the case despite the current market outlook, Phong Le told the Wall Street Journal.

Bitcoin price reached highs of $69,000 in November but corrected sharply this month to plummet to lows of $33,000 on Monday.

Although the flagship digital asset has recovered 8% on the day to currently around $36,750, the sell-off pressure remains even as US Federal Reserve looks to hike interest rates and geopolitical tensions in Russia/Ukraine mount.

The negative sentiment cropping from these factors continues to weigh on investors in the stock market, with a cascade effect likely to be felt in the crypto market.

Despite the bearish outlook for the broader crypto market, MicroStrategy isn’t swaying from its strategy, the CFO added.

“To the extent we have excess cash flows or we find other ways to raise money, we continue to put it into Bitcoin,” Le told the WSJ.

MicroStrategy holds close to 125, 000 bitcoins, bought at an average price of $30,159.

Apart from adding to its BTC haul, the company is also eyeing new investments in the Bitcoin-backed bond market. Le said that the publicly traded company will venture into this market probably by 2023, although that would depend on liquidity in the market.

The diversification is part of the firm’s constant hunt for other investment opportunities that would contribute to the shareholder gains in Bitcoin.

Le’s comments come days after MicroStrategy CEO Michael Saylor said in an interview that the company wasn’t prepared to sell any of its Bitcoin. They also come after the company’s stock fell sharply on Monday.

The decline had pushed the stock’s overall losses since Friday to 30%, aligning it with the bloodbath witnessed in crypto and tech stocks. The shares are 35% down year-to-date, with a similar outlook for other crypto-centric companies.

The recent declines came as it was revealed that the US Securities and Exchange Commission (SEC) had rejected MicroStrategy’s non-GAAP accounting measures. This relates to the company’s decision to adjust for BTC impairment losses, which they said would clearly reflect on the software firm’s finances.

After the SEC’s disapproval, the firm noted it would make necessary revisions in future earnings reports, which should probably reflect in its Q4 earnings results on 1 February.

The post MicroStrategy will keep buying and holding Bitcoin, says the firm’s CFO appeared first on Coin Journal.

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OG influencer Paris Hilton sees the metaverse as the ‘future of partying’

  • Paris Hilton also made TV history when she gifted everyone on ‘The Tonight Show’ a free NFT.
  • The celebrity media personality Paris Hilton continues to be a major voice for the NFT space, having garnered massive praise since her move into the space.

Paris Hilton has said that she looks at the metaverse as an innovation that will enhance social life.

The OG influencer said this when she appeared on ‘The Tonight Show on Monday, a platform she used to reveal further developments in her love for NFTs. 

But it’s not just in the area of digital collectibles that the popular heiress sees a bright future.

She also believes in the metaverse, a virtual reality world concept that has gathered momentum in recent months and attracted the likes of Meta Platforms (formerly Facebook), Google, Microsoft, and gaming provider Roblox.

It is a 3D world where people will be able to interact, work and do many other things. And Hilton believes it will define the “future of partying.”

According to her, the metaverse is where people will ‘go out,’ interact and be social.

The businesswoman already has a footprint in the metaverse concept, with her “Paris World” virtual world available on Roblox. She says that Paris World will eventually see major virtual reality events, including the Super Bowl and the New York Fashion Week.

Hilton, who counts a “Bored Ape” among his enviable collection of NFTs, also talked about her upcoming “Forever Fairytale,” offering, which details her relationship with husband Carter Reum.

It didn’t end there for those in attendance. 

The actress gifted the Tonight Show host Jimmy Fallon and the entire audience an NFT from the collection.

Commenting on the giveaway, Fallon termed it as “the first NFT giveaway in television history.” His remarks were also echoed by many on social media, with some noting how incredible Hilton’s support for NFTs is and what it means for the whole space.

The post OG influencer Paris Hilton sees the metaverse as the ‘future of partying’ appeared first on Coin Journal.

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Here is why Cosmos (ATOM) Price is rallying

The Cosmos native crypto (ATOM) has surged by more than 17% in the last 24 hours; a time when all the major cryptocurrencies like Ethereum and Bitcoin have nosedived although they are now turning green as they try to correct.

Cosmos is currently at $36.08 with a trading volume of $3.9 billion and is up. If it continues with the current bullish trend, it might set a new all-time high within the first quarter of 2022.

What is Cosmos (ATOM)?

Cosmos is simply a project that solves the problems facing the blockchain industry to make blockchain technology less difficult and complex for decentralized apps developers.

ATOM is the native token of the Cosmos blockchain network.

Why the ATOM price is rallying

The current ATOM rally is highly attributed to the recent announcement by the market cap on Twitter saying that it will share IBC integrated tokens on the Cosmos network. Currently, Terra has already dominated this market with 49.6%.

ATOM is expected to shoot to the moon after the Terra market domination. However, when ATOM hit an all-time of $44.8 on 20th September, it started a phase that ended at $20.18 in December and since then it has continued to rise.

With the failed January 7 and 17 breakout attempts, the bulls started an inverted head and shoulder breakout on January 1st and the altcoin hit a five-week high of 79.61% ROI from its 29th December low.

The bears maintained their 43.6% Fibonacci support as the bulls continued to defend the 23.6% support level which they later lost by 38.2% in the recent sell-off, during the sell-off ATOM lost 35.6% of its worth, although they recaptured 38.2% from the growing selling effect.

There was a bearish bias after RSI formed the downward channel due to the resistance near the midline which led the MACD’s histogram to discover a closing equilibrium that favored the sellers.

The post Here is why Cosmos (ATOM) Price is rallying appeared first on Coin Journal.