Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.
Rumors are circulating that Elon Musk has added to Tesla’s Bitcoin stockpile after Arkham Intelligence added the automaker’s BTC wallet to its dashboard. BlockFi and FTX have agreed to a settlement deal that could see BlockFi get closer to full recovery for its creditors. Bitcoin mining company Hut 8 has announced the permanent closure of its Drumheller, Canada facility, citing adverse conditions in the mining industry.
Is Tesla buying Bitcoin again? BTC wallet data sparks curiosity
BTC $67,061 holdings have become a topic of discussion in the crypto community again after cryptocurrency data analytics platform Arkham Intelligence added Tesla’s Bitcoin wallet tracking feature to its dashboard. Tesla’s wallet now holds about 11,509 BTC at the time of writing, 1,789 more than the 9,720 BTC it reported during its last earnings report.
The Musk-led Tesla bought $1.5 billion worth of Bitcoin in February 2021, near the peak of the last bull run, and it announced plans to accept Bitcoin payments for its cars. However, the firm’s Bitcoin adoption was short-lived, with the company first selling about 10% of its holdings in March 2021. In the second quarter of 2022, the electric carmaker sold approximately 75% of its Bitcoin reserves.
Some users speculated that Tesla might be buying Bitcoin and could reveal it during its next earnings call, while others believe it could be an accounting error.
FTX, Alameda reaches “in principle” settlement with BlockFi, paying $874 million
Bankrupt crypto firms BlockFi and FTX have reached an “in principle” agreement to settle their disputes, with FTX agreeing to pay up to $874.5 million to BlockFi and drop its claims against the firm, according to a March 6 court filing.
Terms of the settlement are subject to approval by United States Bankruptcy Judge John Dorsey in Wilmington, Delaware.
The $874.5 million is made up of a $185.2 million claim against FTX.com — which represents the value of BlockFi customer assets held on the exchange — along with a $689.3 million claim against Alameda Research for the loans it received from BlockFi.
Hut 8 shuts down Bitcoin mining site
Bitcoin miner Hut 8 is closing its mining site in Alberta, due to power disruptions and rising energy costs.
On March 6, the U.S.-based miner said its Drumheller, Alberta, mining facility will be closed immediately. The site mined roughly 1.4% of the company’s BTC but at a cost of around 11% of its hash rate. In the long run, it turned out to be unsustainable.
“Following a comprehensive analysis, we have determined that the profitability of Drumheller has been impacted significantly by various factors, including elevated energy costs and underlying voltage issues,” Asher Genoot, CEO of Hut 8, said in a statement.
The Bitcoin mining industry faces imminent headwinds tied to rising energy costs, record mining difficulty and the upcoming Bitcoin halving, which will automatically reduce block rewards by 50%.
For the first time in Bitcoin’s history, the BTC price touched an all-time high before the halving event. The largest crypto peaked north of $69,300 on March 5 before correcting lower.
