Tesla Remained a Bitcoin Hodler During Q2 of 2022

Tesla sold 75% of its Bitcoin stash, but it kept the remaining 25% of its coins during the darkest of times.

Tesla, the electric car company led by Elon Musk, did not sell the remaining of its Bitcoin stash, as it was supposed to do during the 4th quarter of 2022, according to a filing published by the Securities and Exchange Commission (SEC).

Tesla’s BTC holdings should be priced at around $245 million, which would be the last 25% of all the Bitcoin purchased by the company during the Crypto Bullrun of 2021.

Gemini to lay off another 10% of its task force

Gemini is reportedly releasing 10% of its task force, citing fraud from “bad actors.” It is considered the third stage of the organization’s staff release since 2022.

Gemini conducts a third round of layoffs

Amid Gemini’s turmoil with Barry Silbert and Genesis’ Parent firm, Digital Currency Group, the cryptocurrency exchange has reportedly conducted a third round of layoffs, causing 10% of employees to lose their jobs.

Indian Minister Says Crypto Transactions Are Fine as Long as They Follow Laws

 The Remarks coming barely two weeks before the annual budget hints that the government may go soft on crypto regulations. 

In a significant development that indicates that the Indian government may not fully chime with the central bank’s overly hostile stance against cryptocurrencies, a junior minister explained that such activities are fine as long as they follow existing laws. 

This is in sharp contrast to the Reserve Bank of India’s (RBI) ban on crypto in 2018 and not fully opening up to the sector even when the Supreme Court scrapped the RBI order in 2022, calling it illegal.  

Crypto Is Fine 

“There is nothing today that outlaws crypto as long as you follow the legal process,” Rajeev Chandrasekhar, Minister of State for Information Technology and Electronics, told an event on Thursday.

These remarks assume significance as the Indian government will be presenting the annual budget for the upcoming fiscal on February 1.

Local crypto exchanges and investors who have been facing an extremely unfriendly regulatory environment – from high taxation to denial of banking services – have asked for and are expecting some relief to be announced in the budget proposals, which come into force, after deliberations in the parliament, from April 1. 

Bitcoin Mining Became Greener and More Efficient in 2022

Bitcoin’s sustainable energy mix is roughly 58.9% sustainable as of Q4 2022. 

Despite much turmoil in 2022, the Bitcoin mining industry’s hashing technology only continued to grow more efficient throughout the year, according to a new survey from the Bitcoin Mining Council (BMC). 

The industry also grew marginally greener, retaining a sustainable energy mix of over 58%.

Bitcoin is Green, Says BMC

In a press release on Thursday, the BMC confirmed that its members’ hashrate has increased from 95 exahashes from its inception in Q1 2022 to 119 exahashes by Q4 2022. An exahash is equal to 1 quintillion hashes – answers to a complex math problem produced by miners in a race to create Bitcoin’s next block. 

Bitcoin hodlers won’t give in

 Data provided by on-chain analytics firm Glassnode shows that the amount of bitcoin (BTC) in circulation that has not moved in over the last 10 years has reached an all-time high of 2,612,163.979 BTC.

Glassnode data also shows that the percentage of the total supply of bitcoin that has not moved in at least five years has also reached an all-time high of 27.678%, and the amount that has not moved in over 2 years has also reached an all-time high of 48.551%.

This data suggests that a significant portion of the total supply of bitcoin is being held for long-term investment.

Justin Sun transfers over $280m in sudden spike

 Justin Sun — co-founder of ethereum (ETH) and tron (TRX) — likely moved over $281 million worth of tokens since Jan. 16.

Data gathered from blockchain analytics service Arkham Intelligence show that transactions sent from or to Justin Sun’s known wallets since Jan. 16 are worth a total of nearly $282 million.

When examining this data, it must be kept in mind that much of that is the same assets being moved into Sun’s wallets and immediately out. As of press time, there is no explanation for this on-chain activity.

Top 11 crypto market predictions for 2023

After the bull run in 2021 that saw increased crypto adoption, the crypto industry was impacted by numerous setbacks. The initial correction in 2022 started with a drop of around 20% and 31% in January alone. 

By November, it had declined by more than 70% from its previous peak in November 2021.

Several factors contributed to this volatility, including the US Federal Reserve’s interest rate hikes and rising inflation. In this article, we will dive into what the crypto market will look like in 2023 as we cover the top predictions. 

Bitcoin will lead a bull market

2022 has been rough for crypto after its value dropped more than 50% over the past year.