Crypto Roundup: Your Weekly Dose of Cryptocurrency News & Tips
Has it been a week already? We’re back with another Crypto Roundup.
Whether you joined us last week, are checking things out for the first time, or just randomly ended up here at the end of a random internet rabbit trail, we’re glad you’re here!
So here’s how this works…
Crypto Roundup aims to bring you the latest in the ever-evolving landscape of crypto.
If you’ve been holding out, we don’t judge – we’re here to inform and educate. This space if for newbies and seasoned pros alike.
That means each week, we’ll distill the most significant breakthroughs, analysis, and opportunities in the crypto cosmos. We’ll delve into the hottest headlines, providing you with bite-sized analysis… along with practical insights on major shifts in this new asset class. Plus, each edition will feature a fresh Crypto Tip of the Week.
In this edition, we’re covering a lot of ground, from more bitcoin spot ETF news to Michael Saylor shenanigans and beyond.
Let’s dive in…
Will You Accept This Rose? 🌹 ₿
This past week has been huge. You know how many lives are gonna change? Fortunes will be made… hearts will be broken… So many are positioning themselves to go after a big, shiny ring at the end of it.
There are some good prospects out there, and it’s going to be a difficult decision. But it’s anyone’s guess which way it’ll go…
And no, I’m not talking about the Bachelorette premiere. I’m talking about the battle for a bitcoin spot ETF.
Asset management titan Fidelity is back at it, reapplying for a spot bitcoin ETF (exchange-traded fund). A few ETFs exist that track Bitcoin futures contracts – but a spot ETF would track the price. But a spot ETF would also provide investors a mechanism to invest in Bitcoin without the hassle of buying, storing, and securing their crypto.
Its original application was met with a “thanks, but no thanks” from the Securities and Exchange Commission in 2022. But Fidelity isn’t the only one trying to woo the SEC. Since BlackRock’s filing, other fund companies have joined the party, including Invesco and WisdomTree.
The SEC is still playing hard to get, not yet making a decision just yet. Who will walk away with a rose at the end? We’ll have to just wait and see what happens next.
MicroStrategy’s Bitcoin Bonanza 🪙🐋
MicroStrategy (Nasdaq: MSTR), the business intelligence firm turned crypto whale, has added another 12,333 Bitcoins to its treasure chest. Founder Michael Saylor (and Bitcoin proselytizer or charlatan, depending on who you ask), continues to double (or is it triple – we lost count) down on its crypto strategy. That brings the company’s total holdings to 152,333 BTC, acquired at an average price of $29,668 per bitcoin.
Current value of MSTR’s bitcoin holdings: $4.6 billion
MSTR market cap: $4.41 billion
Sotheby’s + ETH ⛓️ = $$$
So you’ve heard of Sotheby’s, right? It’s the place where rich people bid on high-end art (with pinkies raised, no doubt). Well, the firm traces its roots back to 1744. And for the first time in its storied history, it’s about to step into the digital age with the launch of a generative art program, bringing the spotlight to digital artists through fully on-chain sales.
Kicking off on July 26, the program aims to showcase two to three generative artists a year. First up is an homage to Vera Molnar, a trailblazer who’s widely recognized as the first female digital artist. Molnar began making art in the mid-1940s, and was crafting computer art by the 1960s. (Did she use punch cards?)
Anyway, the sales will be via a Dutch auction format — and be entirely on-chain. Starting bids? 20 ETH.
For the folks at home, here’s that in fiat:
Crypto Tip of the Week: Be Your CPA’s Best Friend
Keep detailed records of all your cryptocurrency transactions. Seriously.
This includes the date of each transaction, the amount transacted, and the price at the time of the transaction. In many jurisdictions, cryptocurrencies are considered taxable assets, and you’ll need this information for your tax return.
Using a dedicated crypto tax software can make this process easier and ensure you’re compliant with tax laws. And if you use a CPA, tell them well in advance what you’re up to.
There you have it – a tantalizing glimpse into the world of crypto news. If you want to fuel your crypto curiosity every week, be sure and join us next week for more updates, insights, and our latest Tip of the Week. In the meantime, you can drop us a line here.
Until then, happy investing!
P.S. Our team thinks a select few cryptos are about to go on another monster run. And we just released a bombshell briefing about how you can profit. Get the details now…