GM Crypto Fam! ☀️We all know the crypto industry is never short on drama, and we’ve got the top stories covered.So enjoy your morning coffee while we dispense with the tea.. ☕

What’s hot off the crypto press today? 👇

• Bitcoin Bites, Tesla Loses $140 Million

• BlackRock Pumps Silvergate

• UK + Crypto Legislation

The Pain of Hodling, Tesla Loses $140 Million

Elon Musk has had a lot of ups and downs lately.

(

Maybe a few more downs than ups…📉

)

On that theme, Tesla is back in the spotlight today. 

Tesla’s Bitcoin buying spree in 2021 made Tesla a favorite among crypto enthusiasts, but 2022’s bear market was not kind to the EV manufacturer.

In a

filing

with the SEC, Tesla noted that it took a $204 million impairment charge on its BTC holding.

However, the company made $64 million by converting Bitcoin in 2022.

As a result, Tesla ended 2022 with a $140 million loss on its Bitcoin bet.

This gif sums it up!

When Tesla bought Bitcoin, it traded at $46,364 per coin, before hitting its current all-time high of $69,044 in November of 2021.Tesla held.Then 2022 happened… Terra collapsed…FTX imploded… And a flurry of large-scale bankruptcies followed. Bitcoin lost 60% of its value in 2022. Hence, the impairment charge Tesla acquired.After selling 75% of its BTC in October, Tesla still holds the remaining 25%. 

BlackRock Pours Money into Silvergate, Shares Pump

Money is coming back to crypto, and Silvergate Bank, a crypto-friendly bank is loving life.

BlackRock has increased its stake in Silvergate Bank to 7.2%.

(

Yes, the same BlackRock that manages over $10 trillion in assets.

)

The investment is part of Blackrock’s current interest in the crypto industry. 

Parnassus Fund Investor Shares and Vanguard Group Inc also hold positions in Silvergate.

Despite the storms of 2022, it seems venture capitalists are still interested in crypto. 💁

Being associated with BlackRock comes with benefits. Silvergate's share price jumped by 9.96% in Tuesday's trade as the filing was published.

The self-acclaimed SEC digger, Joe G. has shared a possible reason why there’s so much interest in Silvergate. He

:

UK ❤️’s Crypto Legislation

Ahh, the UK... the land of David Beckham, black taxi cabs, fish & chips, and now… crypto legislation?Today, the UK government will announce proposed measures to control the cryptocurrency market.The Treasury claims the proposal will:

• Establish clear rules for cryptocurrency advertising and ensure that customer funds are returned if a crypto company fails.

• Introduce stricter reporting rules that will prevent pump-and-dump schemes.

The goal of the proposal is to reap the benefits of cryptocurrencies while minimizing the potential risks associated with crypto technology.If the proposal is adopted, cryptocurrency activities (including trading, lending, and custody) will be managed in the same manner as traditional financial services.Whether crypto and the government make for an unholy alliance or the answer to our regulatory prayers remains to be seen...

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BlackRock Increases Stake in Silvergate Capital to 7.2%, Shares Jump by 9.96%

BlackRock, the world’s biggest asset manager, has announced the increase of its stake in Silvergate Capital, a crypto-friendly bank, to 7.2%. 

Damus, the Decentralized “Twitter Killer,” Launches on Apple’s App Store

Damus, a decentralized social networking platform powered by Nostr that promises to replace centrally-controlled social networks, has launched on the Apple App Store.

Hamilton Lane Equity Fund to Utilize Securitize Tokenization Platform on Polygon

Hamilton Lane, a leading global investment platform, will use the Securitize tokenization platform based on Polygon to provide a $2.1 billion flagship fund to individual investors.

That's you all up to date. But if you're hungry for more crypto news and insights, there's always more on our website.And feel free to reach out to us at [email protected] with any questions or comments.Until next time,DailyCoin Team