Crypto Flipsider News – September 14th – Saylor’s Microstrategy BTC Investment, Walmart Litecoin Scandal; $2B Inflow to Ethereum’s Arbitrum; Elon Musk’s Floki Pump

Crypto Flipsider News – September 14th – Saylor’s Microstrategy BTC Investment, Walmart Litecoin Scandal; $2B Inflow to Ethereum’s Arbitrum; Elon Musk’s Floki Pump

Read in the Digest;

• Microstrategy (NASDAQ:MSTR) Purchases More Bitcoin + Greenidge to Be Listed on Nasdaq
• Litecoin Pumps, Then Crashes After Fake Walmart (NYSE:WMT) News
• Ethereum Project, Arbitrum Welcomes $2 Billion
• Crypto Regulatory Update in India, Italy, and the U.S.
• Floki Pumps More than 900% After Elon Musk Puppy Tweet

Microstrategy Purchases More Bitcoin + Greenidge to Be Listed on Nasdaq

Microstrategy, the biggest investor in Bitcoin, has returned to the news by purchasing more Bitcoin. The software firm has announced the acquisition of nearly $250 million worth of Bitcoin.

According to Michael Saylor, the chief executive of Microstrategy, his company now holds more than $5 billion of Bitcoin. In addition, Microstrategy’s Bitcoin portfolio makes the firm the biggest corporate investor in cryptocurrency.

In other news, Bitcoin mining and power generation company Greenidge is set to be listed on Nasdaq. Greenidge’s Nasdaq listing comes from a merger with Support.com, a technical support solutions provider.

The Securities and Exchange Commission (SEC) announced that the Greenidge and Support.com merger is expected to become effective by the close of the market on Tuesday, September 14.

Flipsider:

• In contrast to the progress of crypto firms in the U.S., South Korea has continued its crackdown on crypto exchanges
• With exchanges failing to meet the nation’s requirements, over $2.6 billion in crypto could be wiped out by September 14

Why You Should Care

Microstrategy‘s continuous purchase of Bitcoin confirms that institutional investors are still interested in crypto. According to the ever bullish Michael Saylor, Bitcoin is going to subsume the entire gold market cap.

Litecoin Pumps, Then Crashes After Fake Walmart News

If you have been around the crypto industry long enough, you know how much positive news can affect the price of a coin. The same news played out again in favour of Litecoin (LTC).

A press release was published on Monday, September 13, stating that Litecoin was connected to “Walmart Inc,” the American multinational retail corporation. Many mainstream media outlets carried the news.

As a result of the apparent milestone reached by Litecoin, LTC gained 28.9% in 24 hours. After a Walmart spokesperson clarified that the Walmart and Litecoin partnership was “not authentic,” the sell-off began with LTC dropping by more than 25% in an hour.

The five days price chart of Litecoin (LTC). Source: TradingView

Flipsider:

• According to data from Bybt, the sharp fall led to the liquidation of over $25 million in long and short positions.
• While some cryptocurrency enthusiasts are mourning their losses, others wonder where LTC is heading next.

Why You Should Care

News is best confirmed before being put out to the public because of its ripple effects. However, the quick rise and fall of Litecoin reminds us how news affects price and the market volatility.

Ethereum Project, Arbitrum Welcomes $2 Billion

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The reason for the surge has been identified to be NAYA and ArbiNyan – a meme token based on the Nyan cat viral internet sensation. ArbiNyan was created by an anonymous developer and launched on September 8. Arbinyan has 1.48 Billion TVL, contributing the most to Arbitrums TVL.

Flipsider:

• While there are rumours of a native token coming to Arbitrum, none has been confirmed
• Arbitrum has Tweeted; there is no Arbitrum token. Anything claiming to be an official Arbitrum token is a scam.

Why You Should Care

Launched less than two weeks ago, Arbitrum is a fast-rising second layer expansion rollup for Ethereum that brings real advancement to the Ethereum blockchain. The project utilizes “optimistic rollups” to allow Ethereum-based projects to run smoothly,

Crypto Regulatory Update in India, Italy, and the U.S.

The regulation of cryptocurrencies has become one of the most talked-about issues in the crypto space. More than ever, countries are seeking to put reins on the rapidly growing industry.

After months of uncertainty in India, the Asian nation has decided to tax cryptocurrency trades and ecosystems. India, which sought to ban the use of cryptos previously, may now permit blockchain technology and treat cryptos as a tradable asset.

Flipsider:

• Even after the tax in India, a government official who would not be named said,
• The “taxation of cryptocurrency would not lend any official recognition to it”

The same trend follows in the United States, where House Democrats have proposed a top federal rate of 25% on long-term capital gains. When combined with the 3.8% surtax on net investment income, the new rates would be 28.8%.

In Italy, the financial regulators have revealed their intentions to regulate the nation’s crypto space. The chairman of Italy’s financial regulator, Paolo Savona, has said that there could be a worsening in the market transparency of cryptos without proper oversight.

Why You Should Care

Until there is a uniform regulatory framework for cryptocurrencies, regulatory agencies will continue to attempt to find the best ways of regulating the use of digital assets in their space.

Floki Pumps More than 900% After Elon Musk Puppy Tweet

Since the beginning of 2021, Elon Musk has been a hugely influential yet controversial figure in the crypto space. He has been involved with the likes of Bitcoin, Cardano, and more famously, Dogecoin.

His Tesla (NASDAQ:TSLA) Bitcoin investment sent Bitcoin on one of the biggest uptrends. Then, much later in the year, his comments on the environmental impact of Bitcoin sent it in the direct opposite direction.

Elon Musk again shared a picture of a Shiba Inu pup and said “Floki has arrived” to his 59.8 million Twitter (NYSE:TWTR) followers. Since the Tweet, FLOKI has spiked more than 900%. At the time of this writing, the coin now trades at $0.00000003982.

The 24 hours price chart of Shiba Floki (FLOKI). Source: CoinMarketCap

Data on the coin shows that a quadrillion FLOKI tokens have been minted and transferred across 18,847 addresses.

Flipsider:

• Another influencer, Kim Kardashian West, has been criticized for promoting a crypto project
• Kardashian has been criticized by the FCA and has also been reported to the SEC for her actions

Why You Should Care

These days pump-and-dump crypto projects are being promoted by social media influencers. These projects offer little to no use and lead to loss from investors. Before investing in any project, it is advisable first to read the whitepaper or be convinced by its prospects.

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