Take a look at those high-profile giant companies that entered the crypto market What’s happening now?

DeFi’s total lockup has fallen below the $100 billion mark, head lending programs AAVA and Comp have seen their lockups fall nearly 23% in a week, and head decentralized exchange Uniswap has fallen 21% in the last week.

Bai Ze is reported that according to DefiLlama’s data, the total lock position of DeFi has now fallen below the $100 billion mark, the lock volume of head lending projects AAVA and Comp has fallen by nearly 23% in a week, and the head decentralized exchange Uniswap has also fallen by 21% in the recent week.

Take a look at those high-profile giant companies that entered the crypto market What's happening now?

And according to Coinmarketcap, nearly 10,550 cryptocurrencies on the market have seen their total market cap decrease by 5.76% in the past 24 hours, with the total global cryptocurrency market cap now standing at $1.3 trillion.

Take a look at those high-profile giant companies that entered the crypto market What's happening now?

The cryptocurrency market has been heavily influenced by the Chinese government in the past 24 hours, and on June 22, the relevant departments of the People’s Bank interviewed some banks and payment institutions, including ICBC, Agricultural Bank, Construction Bank, Postal Savings Bank, Industrial Bank and Alipay Network Technology Co.

The relevant departments of the People’s Bank pointed out that virtual currency trading and speculation activities disrupt the normal order of the economy and finance, breeding the risk of illegal cross-border transfer of assets, money laundering and other illegal and criminal activities, seriously infringing on the safety of people’s property. Banks and payment institutions must strictly implement the “Notice on Preventing Bitcoin Risks”, “Announcement on Preventing Bitcoin Issuance and Financing Risks” and other regulatory provisions, effectively fulfill their customer identification obligations, and not provide products and services such as account opening, registration, trading, clearing and settlement for related activities.

Later that night, the banks and payment institutions involved in the interviews issued official announcements requiring that no institution or individual shall use the bank’s accounts, products, services, or channels for token issuance and financing and trading of virtual currencies.

And with that, the price of bitcoin fell below $32,000 that day, down nearly 11% intra-day.

Is the cryptocurrency market only played by the Chinese? Obviously not, but the Chinese are still doing most of the cryptocurrency trading at the moment. While we are anxiously guessing the market sentiment, why not stop and look up at the toppers above us.

In the current bull market, there are very many head companies in various fields that have entered the cryptocurrency market in a high profile manner, driving the beginning, development and climax of the bull market, so we can say that we are standing on the shoulders of giants to move forward. The following author will take stock of these companies extremely how they are doing now.

MicroStrategy – Bitcoin diehards

This company is probably no stranger to those of you who read the news often, in the Chinese community we often call it “dead long”, the more it falls the more it buys the more it falls.

MicroStrategy, known as “MicroStrategy” in Chinese, is a company that provides business intelligence, mobile software and cloud services, and is currently the world’s largest independent BI (BusinessIntelligence) company.

MicroStrategy’s journey into coin-hoarding began with the company’s CEO and “bitcoin loyalist” Sailer. Seiler owns about 24% of MicroStrategy, but controls 72% of the company’s voting power through a class of stock that grants him additional voting rights. His personal obsession with bitcoin entered his corporate life starting in the summer of 2020, and Seiler has led MicroStrategy to become the most pro-bitcoin public company ever.

On August 11 of last year, the company completed its initial purchase of 21,454 BTC for a total purchase price of $250 million (averaging about $11,653 per bitcoin). This purchase was followed by a purchase of 16,796 BTC in September 2020 for $175 million (an average price of about $10,419 per bitcoin). the following December 5, Saylor tweeted that the company had just made its third bitcoin purchase, confirming a purchase of 2,574 BTC for $50 million in cash (an average average price of about $19,427).

Saylor announced via tweet last December 21 that MicroStrategy purchased 29,646 bitcoins, bringing the company’s total holdings to 70,470 bitcoins. The acquisition was funded by convertible notes sold to accredited investors and raised $650 million in early December. on Feb. 24, the company announced it had purchased an additional 19,452 bitcoins, worth about $1.03 billion. This major purchase was followed by a series of smaller purchases in which the company spent another $80 million on bitcoin.

As recently as June 21, in the midst of a plunge by Chinese banks rounding up bitcoin, Seiler again announced on Twitter that MicroStrategy had purchased another 13,005 bitcoins for $489 million.

As of writing statistics, MicroStrategy now owns 105,085 bitcoins with a total value of over $2.7 billion at an average price of $26,080 per bitcoin.

In the past year, MicroStrategy has rocketed from a relatively obscure company to a well-known force on Wall Street and in the crypto market. While MicroStrategy’s stock price was not spared the worst of it on June 21, falling nearly 10%, the company’s bitcoin business is driving shareholder returns and employees and shareholders are happy.

Whitezer reported that because the bitcoin business now dominates 95% of MicroStrategy’s services, and based on the volatility of the bitcoin market price in the second quarter, the company expects to incur an impairment loss of at least $280 million on its bitcoin holdings for the quarter, a figure that exceeds MicroStrategy’s cumulative earnings since 2011.

It’s possible that “the more you go down, the more you buy” has become the consensus among employees across the company.

Tesla – Cryptocurrency Holdings

Tesla is an all-electric car maker focused on software and autonomous driving, a hybrid of a car company and a technology company. The company also focuses on solar energy and other sustainable energy solutions. Notably, tech giants Apple, Alphabet and Amazon have also invested in autonomous driving.

What impresses me the most is not how amazing Tesla’s electric car performance is, but that whenever a new car is released, its promotional videos are extremely ornamental and futuristic.

Take a look at those high-profile giant companies that entered the crypto market What's happening now?

In the first quarter of this year, Tesla announced that it had purchased $1.5 billion worth of bitcoin and added it to its balance sheet. Tesla’s entry also pushed bitcoin to an all-time high of about $65,000, making the value of Tesla’s holdings up more than $1.3 billion from when it bought them.

And while the price of bitcoin plummeted as its CEO Musk tweeted loudly that bitcoin was overly polluting and environmentally unfriendly and did not meet Tesla’s ESG (environmental, social and corporate governance) requirements, Tesla’s book profits remained good, only narrowing in profitability.

However, the financial press and Wall Street analysts have failed to notice certain disadvantages. Tesla has adopted a special accounting treatment for bitcoin, and while the investment is generally profitable, Tesla will have an “impairment” loss in the second quarter. If the price of bitcoin stays at its current level of around $38,000, the impact won’t be significant. But if it wants to offset the impairment, Tesla will have to sell a lot of bitcoin, and that could hit the bitcoin market. If bitcoin hits its recent lows, well below $30,000, Tesla would suffer huge losses and profits from several quarters of producing and selling electric cars would be wiped out.

Many investors would rather Musk never touched bitcoin,” said Daniel Ives, an analyst at Wedbush Securities. The focus should be on deliveries, the global wave of electric cars and solving the chip shortage. Yet there’s too much focus on bitcoin right now.” What’s particularly frustrating, he added, is that Musk’s recent major reversal of attitude toward bitcoin, which he had praised so much just a few months ago, has also hit Tesla’s stock price.

According to OKlink, Tesla still holds 38,571 bitcoins with a market value of about $1.45 billion, and Tesla is likely floating in the red with an official cost of purchase given as less than $35,000.

Take a look at those high-profile giant companies that entered the crypto market What's happening now?

But it has to be said that large companies like Tesla have enough influence over bitcoin. If Tesla continues to hold positions in bitcoin, the day the market recovers, it could have a “Fear of Missing OUT” (FOMO) effect on traditional capital and traditional technology companies, which could greet the crypto market with an unprecedented rise.

Porsche – Entering the NFT

Porsche supercar is probably the dream of all men when they are young. But Porsche has actually been at the forefront of the blockchain-related industry.

Porsche uses blockchain technology to remotely lock and unlock cars, charge them, and park them; it works closely with XAIN to provide a better driving experience using blockchain technology, and together they have come up with a business model based on encrypted data records.

Just this month, Porsche came back to the crypto market to make things happen.

According to Nonfungible, the overall sales of NFT have fallen off a cliff this month compared to last month. And with the daily volume now largely back to the level of the beginning of the year, it seems that the frenzy of NFT investors has slowly calmed down.

But NFT’s “out of the loop” and the previous period of the market’s hot degree, we can see. The entry of large traditional companies is also one of the reasons for the hot market.

On June 15 this year, German sports car giant Porsche seized the NFT+IP track and launched Fanzone, an NFT-based card trading platform that will not tokenize its luxury cars at this stage, but will focus on football-themed NFT collectibles and will allow fans to trade cards of their favorite players.

Take a look at those high-profile giant companies that entered the crypto market What's happening now?

In order to provide fans with anti-counterfeit collectibles, Fanzone has already started cooperation with the German National Football Association, German women’s football, German men’s football, U21 youth team, and other German teams, and intends to expand its support for other soccer leagues and other sporting events in the future. At the moment, we can already collect genuine player cards of German women’s, men’s, U21 youth and Bundesliga players on Fanzone.

Perhaps the NFT fire we’ve seen before may be just the tip of the iceberg in the future.

McLaren – moving luxury cars to the chain

First of all, I would like to ask you a question, the first car in life is to buy a Porsche, or Lamborghini, or McLaren?

Forget it, I’ll just ride my bike honestly.

The McLaren Group, headquartered in Woking, England, brings together advanced high-tech companies, each of which maximizes the global fame and reputation McLaren has built in the cutting-edge technology of the world’s Formula 1 championship sport.

In fact, when it comes to McLaren, it is no stranger to the cryptocurrency and blockchain space, having announced in March this year that it would be creating an official fan token through Bitci.

And just two days after Porsche tweeted its NFT platform announcement on June 15, the luxury car brand also announced that it would be building an NFT platform. Unlike Porsche, McLaren will issue NFTs based on McLaren’s racing history, heritage and famous drivers, and they can be traded freely on its platform.

I may easily own a “McLaren” in the coming year.

Meitu – the first public company in China to enter the crypto market

Most people are not familiar with Meitu, and there are even many people who have this software in their phones. This is not an empty talk, according to the network survey data, Meitu was founded in 2008 and has been activated on 2.08 billion unique devices worldwide, and even today, Meitu’s monthly active volume is maintained at about 295 million, which shows the wide influence of Meitu.

“Someone always has to be the first to eat crabs”, after Meitu’s high-profile entry into the cryptocurrency world, the company’s head, Cai Wensheng, publicly released the above quote in his circle of friends. From this statement, Cai seems very winnable and feels that he can grasp the market of cryptocurrency, and also officially become. The first domestic listed company to speculate in cryptocurrency>

Just this year, Meitu purchased a large amount of cryptocurrency in three separate purchases. The first time was on March 7, 2021, when 379 bitcoins and 15,000 ethereum were purchased respectively; the second time was 10 days later on March 17, this time the amount of cryptocurrency purchased was similar to the last time, 386 bitcoins and 16,000 bitcoins respectively; while the third time was scaled down, with 175 bitcoins purchased on April 8.

The above three recorded cryptocurrency purchases cost Meitu a cumulative $100 million. It is clear that Meitu has made this investment with a little bit of a dash, so has Meitu gotten a taste of this “crab” as expected?

Meitu’s entry into the cryptocurrency market has come at a time when the market is at its most lively. On April 13 of this year, the cryptocurrency market was particularly good, with bitcoin once rising to $63,000! Meitu also happened to be on this fast train, easily achieving its vision of a RMB 100 million float.

However, as we all know, this market is unstable and extremely volatile, and the ban issued by the Chinese State Council on May 19 made it an extremely “dark” day in the history of cryptocurrencies. Of course, Meitu was not spared, and on the same day, Meitu’s cryptocurrency holdings floated at a loss of 127 million RMB in one day.

It is a little difficult for Meitu to swallow this “crab”.

Meitu still holds 940 bitcoins, but unfortunately the current market value is only $35 million.

Paypal – Bringing Cryptocurrency to Mainstream Wallets

PayPal was established in 1998 and is an international trade payment tool sought after by hundreds of millions of users around the world, with instant payment, instant arrival, a full Chinese interface, and the ability to easily withdraw cash through local banks in China, solving the problem of receiving foreign trade. It is affectionately known as “PayPal” by domestic people.

In March, online payment platform PayPal announced that it would acquire Curv, a digital cryptocurrency secure storage technology company, to accelerate and expand its plans for cryptocurrency and digital assets. And it has done what it promised at the time of the announcement, as it can now trade, withdraw, and store cryptocurrencies.

PayPal has been increasing its investment in crypto, and in March this year, the payments giant has agreed to acquire Curv, a startup that helps customers securely store digital tokens, for nearly $200 million. PayPal has created a new business unit focused on blockchain, and Curv will join it. PayPal’s landmark move is the most critical step in ensuring that customers have a smooth path to digital currency. At a time when consumers are increasingly looking for ways to access digital assets, PayPal Inc. on Tuesday will begin allowing customers using the Venmo app to buy, sell and hold cryptocurrencies. The company will make the app available to all of its more than 70 million users in the coming weeks. This could be a major milestone step in bringing cryptocurrencies into the mainstream. With over 70 million users, Venmo is one of the most popular digital payment services in the U.S. PayPal’s goal is to provide customers with an easy-to-use platform that simplifies the process of buying and selling digital cryptocurrencies and continues to address some of the common problems, misconceptions and challenges consumers may have. Some common problems, misconceptions and challenges that consumers may have. After adding the ability to buy, sell and hold cryptocurrencies to its PayPal app, customers using the feature began logging into the app twice as fast as before.

And for merchants, the biggest advantage of incorporating cryptocurrencies into the PayPal network is the increased speed of settling transactions. Whereas credit card and bank payments typically take 24 hours or more to settle, cryptocurrencies can settle transactions in seconds or minutes, giving merchants faster access to their funds.

PayPal recently said it is investing heavily in a business segment dedicated to cryptocurrencies, which they plan to incorporate into PayPal’s payment system by the end of 2021. 29 million merchants currently use PayPal, which means they will be able to accept cryptocurrency payments through the network, and to make transactions easier, PayPal will automatically convert cryptocurrency to fiat currency.

Bitcoin has given a lot of grassroots people who have taken action a chance to bend the rules, but it has also sapped the spirit and energy of those who fantasize about getting rich overnight. Instead of sticking up for us, these giant corporations are exploring the future!

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/take-a-look-at-those-high-profile-giant-companies-that-entered-the-crypto-market-whats-happening-now/
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