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Crypto News, April 29: Elon Musk Sells $4B in Tesla Stock, Panama Legalizes Crypto

5 months ago

Plus, the U.S. isn't happy about Fidelity adding BTC to 401Ks, and Coinbase NFT is just getting started.

Crypto News, April 29: Elon Musk Sells $4B in Tesla Stock, Panama Legalizes Crypto

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Elon Musk Suffers Big Setback over Tweets — and Sells $4B of Tesla Stock

Since 2018, the world's richest man has been required to seek approval for tweets about Tesla from the company's lawyers. That was part of an agreement reached with the SEC as punishment for tweeting that he had "funding secured" to take Tesla private.

Shares in the electric vehicle manufacturer surged at the time — and regulators accused the billionaire of misleading investors. Now that Musk is on the brink of buying Twitter in a $44 billion deal, it's clear that he really doesn't want to be restricted in what he can post on his own site.

But unfortunately for him, a court threw out his request — meaning his legal team will still need to scrutinize his musings. Despite all of this, it hasn't stopped Musk from tweeting about Tesla.

It's recently emerged that he sold $4 billion worth of Tesla stock in the days after his Twitter deal was announced.

U.S. Has 'Grave Concerns' over Fidelity's Plan to Add Bitcoin to 401(k) Retirement Plans

The U.S. Labor Department has warned that it has "grave concerns" over Fidelity's plan to allow Americans saving for their retirement to invest in Bitcoin.

Ali Khawar, a senior official within the administration, told The Wall Street Journal that he fears the move could put the funds of everyday consumers at risk. He warned the newspaper that there's "a lot of hype around 'You have to get in now because you will be left behind otherwise.'"

Fidelity's move means that 23,000 companies will now have the option to add Bitcoin to the menu of investments that their employees can invest in.

Panama Legalizes Crypto Transactions, But Won't Make Bitcoin Legal Tender

Panama has approved a law that will legalize crypto transactions.

However, the country isn't planning to follow in the footsteps of El Salvador and the Central African Republic by adopting Bitcoin as legal tender. The new law means that citizens will be able to pay their taxes using digital assets — and the Central American country, already regarded as a hub for offshore financial services, could end up attracting crypto businesses.

Just 737 People Have Used Coinbase NFT Since It Launched in Beta

Overall, Coinbase NFT has only been used by 737 people — with a total trading volume of $315,874.

By contrast, OpenSea — the world's largest marketplace for non-fungible tokens — had trading volume of $92.46 million over the past 24 hours, DappRadar data shows.Such comparisons between OpenSea and Coinbase NFT might be unkind at this stage.

When the new marketplace was unveiled, Coinbase stressed that this shiny new product was in the beta stage. A limited (and unknown) number of people from a waitlist have been invited to give the platform a go.

Estimates have previously suggested that more than 2.5 million are on this waitlist — so it's fair to say that the demand is there.

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