{"id":71864,"date":"2024-10-28T20:45:00","date_gmt":"2024-10-28T15:15:00","guid":{"rendered":"https:\/\/mudrex.com\/blog\/?p=71864"},"modified":"2024-10-29T11:29:22","modified_gmt":"2024-10-29T05:59:22","slug":"mudrex-crypto-market-recap-october-22-october-28","status":"publish","type":"post","link":"https:\/\/mudrex.com\/blog\/mudrex-crypto-market-recap-october-22-october-28\/","title":{"rendered":"Mudrex Crypto Market Recap | October 22 \u2013 October 28"},"content":{"rendered":"\n

Let\u2019s kick off with major updates in the crypto world! Microsoft might make a Bitcoin move. Kraken\u2019s new Ethereum network is joining a layer-2 powerhouse, Avalanche is bringing us a crypto-spending Visa card, and Tesla has everyone guessing with its big Bitcoin shuffle. Let\u2019s dive into the details!<\/p>\n\n\n\n

Microsoft Sets Eyes on Bitcoin?<\/h2>\n\n\n\n
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Microsoft has put an intriguing item on the agenda for its annual shareholder meeting this December\u2014a proposal to assess investing in Bitcoin. This decision means shareholders can vote on whether the tech giant should start holding Bitcoin as part of its investments. The proposal wasn\u2019t from Microsoft itself but was submitted by the National Center for Public Policy Research, a conservative think tank known for influencing policy agendas. <\/p>\n\n\n\n

Microsoft\u2019s board, however, has recommended a vote against the proposal, noting that the company already evaluates various asset options, including cryptocurrencies, as part of its investment strategy. According to Microsoft, its Global Treasury and Investment Services team carefully reviews assets for their potential to protect against inflation, diversify its portfolio, and handle economic changes like rising interest rates. In the filing, Microsoft states that it already considers Bitcoin along with other options and keeps an eye on trends to make informed decisions. <\/p>\n\n\n\n

However, it noted that the high volatility of Bitcoin and other cryptocurrencies makes them more complicated investments than traditional assets. Microsoft is the third-largest tech company in the U.S., with a valuation of over $3 trillion. If the proposal were approved, Microsoft could become the largest publicly traded Bitcoin investor, surpassing major players like MicroStrategy and Tesla in crypto holdings. The shareholder vote will take place on December 10, and with Microsoft\u2019s influence in the tech industry, this decision could significantly impact the perception and adoption of Bitcoin in corporate investment circles.<\/p>\n\n\n\n

Kraken Joins Ethereum\u2019s Layer-2 Network with Ink<\/h2>\n\n\n\n
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Kraken is rolling out Ink, a new Ethereum layer-2 network built on the Optimism OP Stack, the same tech that powers popular networks like Coinbase\u2019s Base and Uniswap\u2019s Unichain. Ink will support on-chain finance tools for both experienced crypto traders and new users interested in DeFi. The network will be part of Optimism\u2019s Superchain, a collection of over 30 layer-2 networks that share resources and security to reduce network fragmentation. Ink will launch on testnet in November and go live on the mainnet in early 2025 with one-second block times for fast transactions. By joining the Superchain, Ink will share in revenue with Optimism and support the development of the OP Stack tech powering these networks.<\/p>\n\n\n\n

Visa Avalanche in Latin America<\/h2>\n\n\n\n
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The Avalanche Foundation has introduced the Avalanche Card, a Visa card that allows users to spend cryptocurrencies directly, starting in Latin America and the Caribbean. This card is connected to a self-custody wallet and supports stablecoins like USD Coin (USDC) along with Avalanche\u2019s tokens (wAVAX and sAVAX). Users can spend crypto wherever Visa is accepted, either through a physical or virtual card. Avalanche will partner with Rain Liquidity to offer the card, though the FDIC does not insure it. The card has no spending fees but asks users to check the terms for additional service fees.<\/p>\n\n\n\n

Tesla Keeps Bitcoin Holdings Steady Despite Wallet Transfers<\/h2>\n\n\n\n
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Tesla\u2019s Q3 report shows its Bitcoin holdings remain unchanged at $184 million despite moving its Bitcoin to new wallets, sparking speculation about a possible sale. Analysts confirmed that Tesla retained control of its 11,509 BTC holdings, likely just reorganizing for security. Tesla had a strong Q3 with revenue at $25.2 billion, aided by record vehicle deliveries and growth in energy storage. Operating profits hit $2.7 billion as the company also boosted AI, EV projects, and cash reserves, now at $33.6 billion. As the third-largest Bitcoin holder among public companies, Tesla\u2019s strategic Bitcoin decision-making continues to drive industry interest and speculation.<\/p>\n\n\n\n

What\u2019s Next?<\/h2>\n\n\n\n

As we close out October, momentum is building across the crypto space. With Microsoft potentially eyeing Bitcoin, Kraken stepping into the Ethereum layer-2 scene, and Avalanche expanding real-world spending options, these moves could set the stage for a wave of corporate adoption and DeFi growth. Heading into November, all eyes will be on the Microsoft vote and Kraken\u2019s Ink network launch on testnet.<\/p>\n","protected":false},"excerpt":{"rendered":"

Let\u2019s kick off with major updates in the crypto world! Microsoft might make a Bitcoin move. Kraken\u2019s new Ethereum network is joining a layer-2 powerhouse, Avalanche is bringing us a crypto-spending Visa card, and Tesla has everyone guessing with its big Bitcoin shuffle. Let\u2019s dive into the details! Microsoft Sets Eyes on Bitcoin? Microsoft has […]<\/p>\n","protected":false},"author":45,"featured_media":71872,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_eb_attr":"","footnotes":""},"categories":[1082],"tags":[],"_links":{"self":[{"href":"https:\/\/mudrex.com\/blog\/wp-json\/wp\/v2\/posts\/71864"}],"collection":[{"href":"https:\/\/mudrex.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mudrex.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mudrex.com\/blog\/wp-json\/wp\/v2\/users\/45"}],"replies":[{"embeddable":true,"href":"https:\/\/mudrex.com\/blog\/wp-json\/wp\/v2\/comments?post=71864"}],"version-history":[{"count":2,"href":"https:\/\/mudrex.com\/blog\/wp-json\/wp\/v2\/posts\/71864\/revisions"}],"predecessor-version":[{"id":71871,"href":"https:\/\/mudrex.com\/blog\/wp-json\/wp\/v2\/posts\/71864\/revisions\/71871"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mudrex.com\/blog\/wp-json\/wp\/v2\/media\/71872"}],"wp:attachment":[{"href":"https:\/\/mudrex.com\/blog\/wp-json\/wp\/v2\/media?parent=71864"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mudrex.com\/blog\/wp-json\/wp\/v2\/categories?post=71864"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mudrex.com\/blog\/wp-json\/wp\/v2\/tags?post=71864"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}