Cryptocurrency

In a note from the firm’s research team, they said BTC is “still not for rookies” after the premier cryptocurrency fell following the new all-time high earlier in the week. “The drawdown was compounded by significant long liquidations — $400m between 2-3 pm ET alone,” noted the analysts. “The last 24h (as of 7 am ET Wednesday) saw more than $800m in long liquidations (and more than $1bn total including short liqs) across crypto futures exchanges.”With bitcoin going on to reach further new all-time highs, Galaxy said volatility is back and is likely to remain “as we scale the wall of worry.””Some old coins did revive yesterday [March 5] and probably sell, possibly helping to create the intraday top,” said the analysts. “Blockchain data suggests that a large chunk of coins mined all the way back in 2010 came online yesterday and moved onchain – we assume these were sells. Everyone has a price, and if this was one person and they did sell, they probably wished they’d sold in 2021 at these levels and decided to takemoney off the table now that we’re back.”However, when the firm assessed data from Coin Days Destroyed, they noted that old coins coming online tend to mark either bullish peaks or desperate bottoms.Nevertheless, “make no mistake, we will climb a wall of worry as this bull market continues,” declared the analysts, who believe the bitcoin rise is “still just getting started.”Have conviction, take your coins into self-custody if you can, and enjoy the greatest game the markets have ever seen,” they concluded. More

(Reuters) – Bitcoin briefly rallied to a record high on Friday in volatile trading, as crypto mania continued to sweep through the investment community.The leading cryptocurrency topped the $70,000 mark for the first time, boosted by investor demand for new U.S. spot exchange-traded crypto products and expectations for global interest rates to fall. It rose to as high as $70,105 before quickly dropping, and was last trading at $68,317.72. Billions of dollars have flowed into ETFs in the past few weeks, and the market is getting extra support from an outlook that includes an upgrade to the ethereum blockchain platform, home to the second-largest cryptocurrency ether, and a bitcoin “halving” event, which slows the flow of bitcoin minting, in April.Still, some say it’s hard to shake off the speculative nature of these assets. After hitting a record high on Tuesday, bitcoin sharply reversed course and fell more than 10% back below the $60,000 level. “Navigating old highs is notoriously tricky and the bitcoin dam doesn’t tend to burst at the first time of asking,” said Antoni Trenchev, co-founder of crypto lending platform Nexo. “Volatility defines bitcoin bull markets, and 2024 will be littered with sudden and gut-wrenching 10%-20% plunges.”The approval of 11 spot bitcoin ETFs by the U.S. Securities and Exchange Commission in late January marked a watershed moment for the industry, following an 18-month-long crypto winter plagued by a string of high-profile corporate bankruptcies and scandals.Even institutional investors, who once shunned crypto due to its sharp, wild moves, have begun committing long-term money, which analysts say could help sustain the latest leg of this rally.Net flows into the 10 largest U.S. spot bitcoin funds reached $2.2 billion in the week ended March 1, with more than $2 billion of that going into BlackRock (NYSE:BLK)’s iShares Bitcoin Trust, according to LSEG data.The recent optimism over bitcoin has also spilled over to other digital tokens, particularly ether, which ranks second behind bitcoin in terms of total market value, up more than 60% since the start of the year.Ether was last up 1.62% at $3,939.84. Crypto stocks were also up on Friday, with shares of Coinbase (NASDAQ:COIN) last higher at 8.2%, and crypto miners Riot Platforms (NASDAQ:RIOT) and Marathon Digital (NASDAQ:MARA) up 5.1% and 9.6%, respectively. More

The collaboration is aimed at providing a more secure method for institutions to safeguard their bitcoin assets, especially during times of regulatory uncertainty. Bakkt’s CEO, Gavin Michael, emphasized the importance of secure and regulated custody, stating that this partnership offers an alternative platform access for large institutions.Unchained’s CEO and co-founder, Joe Kelly, expressed that Bakkt’s status as a regulated custodian makes it a suitable addition to their network. He highlighted the mission to ensure client assets are protected more securely than any single solution could offer.This move is seen as a way for Bakkt to expand its custody services and for Unchained to bolster the security of its custody model, which is designed to protect over $6 billion in bitcoin. The enterprise collaborative custody product by Unchained is intended to provide clients with financial services while maintaining the benefits of self-custody.Bakkt, founded in 2018, offers institutional-grade custody, trading, and onramp capabilities to its clients, facilitating long-term involvement in the crypto economy. Unchained, established in 2016, focuses on helping individuals and businesses secure their bitcoin assets and truly own their wealth through a collaborative custody model.The announcement is based on a press release statement.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

In a note to clients on Thursday upgrading their rating of the stock to “Neutral” from “Sell,” the analysts noted that daily volumes at Coinbase have “reached levels not seen since 2021.” The analysts were now estimating that the trend will push up Coinbase’s annual revenues by 48% and increase core earnings by 114%.”[O]ur analysis suggests much of the recent price action has been driven by elevated retail participation (we estimate roughly 20% of volumes), which fundamentally come in at much more attractive take rates for [Coinbase] (though we expect some downward pressure on retail take rates due to higher Advanced trade participation),” the Goldman Sachs analysts said in a note.Earlier this week, Bitcoin touched a fresh record high thanks in large part to steady capital flows into recently-approved U.S. spot exchange-traded funds and anticipation of an upcoming “halving” event.The token has risen more than four-fold from a low of about $15,000 hit in November 2022, in the aftermath of the high-profile collapse of crypto exchange FTX. Bitcoin also surged about 150% in 2023. More

The move upwards pushed EOS’s market cap up to $1.4564B, or 0.06% of the total cryptocurrency market cap. At its highest, EOS’s market cap was $17.5290B.EOS had traded in a range of $1.2429 to $1.3317 in the previous twenty-four hours.Over the past seven days, EOS has seen a rise in value, as it gained 49.73%. The volume of EOS traded in the twenty-four hours to time of writing was $746.8060M or 0.55% of the total volume of all cryptocurrencies. It has traded in a range of $0.9090 to $1.3571 in the past 7 days.At its current price, EOS is still down 94.41% from its all-time high of $22.98 set on April 29, 2018.Bitcoin was last at $66,976.3 on the Investing.com Index, up 0.99% on the day.Ethereum was trading at $3,907.46 on the Investing.com Index, a gain of 2.07%.Bitcoin’s market cap was last at $1,317.4332B or 51.57% of the total cryptocurrency market cap, while Ethereum’s market cap totaled $470.6466B or 18.42% of the total cryptocurrency market value. More

On Tuesday, the flagship cryptocurrency notched a new all-time high of $69,210, topping its previous peak recorded during the bull run in late 2021.Bitcoin’s latest upswing led to a mixed performance among crypto stocks.Notably, shares of MicroStrategy (MSTR) added 4.1% on Thursday, and more than 20% since Monday. Earlier in the week, Michael Saylor’s business intelligence firm announced plans to raise $600 million through a convertible debt sale in a private offering. The company said it would use the raised funds to acquire more BTC.Meanwhile, CleanSpark (NASDAQ:CLSK) jumped 7.8% on the day, while Coinbase (NASDAQ:COIN) added 1.2%.Other big crypto miners including Marathon Digital (NASDAQ:MARA) and Riot Platforms (NASDAQ:RIOT) fell 3% and 1.2%, respectively. More

The company reported a substantial 64% year-over-year increase in Bitcoin mined, totaling 287 for the month. Despite a seasonal dip in production compared to January due to the shorter month and increased network hash rate, Bitdeer’s overall hash rate under management grew to 22 EH/s.Chief Business Officer Linghui Kong highlighted the testing of Bitdeer’s first Bitcoin mining chip, the 4nm SEAL01, as a significant technological advancement. The SEAL01 chip, noted for its power efficiency of 18.1 J/TH, is set to be integrated into the new SEALMINER A1 mining machines. This development is expected to provide Bitdeer with cost and supply chain advantages.On the infrastructure front, the company has begun land preparation for a new 221MW datacenter in Ohio, with operations anticipated to start in 2025. Additionally, construction of the 175MW immersion cooling datacenter in Norway is on track for completion by mid-2025.Bitdeer operates across three business lines: Self-mining, Hash Rate Sharing, and Hosting. As of February 29, 2024, the company’s proprietary hash rate remained stable at 8.4 EH/s, and the total number of mining machines under management increased to 222,000. The aggregate electrical capacity held steady at 895MW across six datacenters.The information in this article is based on a press release statement from Bitdeer Technologies Group.As Bitdeer Technologies Group (NASDAQ: BTDR) continues to expand its mining operations and develop new technologies, investors are keeping a close eye on the company’s financial health and market performance. According to InvestingPro, Bitdeer holds more cash than debt on its balance sheet, which could provide a cushion for the company’s ambitious growth plans. Moreover, analysts predict that the company will be profitable this year, a potential turning point for Bitdeer’s financial outlook.In terms of market data, Bitdeer’s market cap stands at approximately $733.14 million. Despite recent achievements, the company has been facing challenges with profitability, as reflected by a negative P/E ratio of -838.23. However, the company’s revenue has shown signs of growth, with a quarterly increase of 14.0% in Q1 2023. This could indicate a positive response to the company’s strategic initiatives, including the development of the SEAL01 chip and expansion of datacenter infrastructure.Investors interested in a deeper dive into Bitdeer’s financial and market performance can find additional InvestingPro Tips, offering a comprehensive analysis of the company’s strengths, challenges, and opportunities. For those considering an InvestingPro subscription, use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. With more than 10 additional InvestingPro Tips available, subscribers can gain valuable insights to inform their investment decisions.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

Greg Feller, President of Mogo Inc., expressed the company’s continued confidence in Bitcoin as a long-term investment, citing the recent regulatory approval of spot Bitcoin ETFs and the investments by major asset managers like Fidelity and BlackRock (NYSE:BLK) as reinforcement of Bitcoin’s legitimacy as a global asset class.The company, which has been involved in the cryptocurrency space since 2020, also highlighted its approximately 13% ownership in WonderFi Technologies Inc. (TSX: WNDR), a prominent regulated crypto investing ecosystem in Canada, as part of its commitment to providing shareholders with significant exposure to digital assets.As of the third quarter ended September 30, 2023, Mogo reported having $43.7 million in cash and total investments, which included $19.3 million in cash and restricted cash, and an investment portfolio valued at $24.5 million.Mogo, founded in 2003, has grown to serve over 2 million members and boasts an annual payments volume of $9.9 billion. The company provides a suite of financial products aimed at wealth creation and financial freedom, including commission-free stock trading and a managed investing solution through its subsidiary Moka.Additionally, Mogo’s digital payments platform, Carta Worldwide, offers cost-effective card program solutions in Europe and Canada.This news development is based on a press release statement from Mogo Inc.As Mogo Inc. diversifies its treasury into Bitcoin and Bitcoin ETFs, investors may be interested in the company’s recent performance metrics and market sentiment. According to InvestingPro data, Mogo’s market capitalization stands at a modest $52.28 million, reflecting the scale of the company within the digital wealth and payments sector. Despite a negative adjusted P/E ratio of -1.18 for the last twelve months as of Q3 2023, which suggests that the company is not currently profitable, Mogo has demonstrated a significant return over the last week, with a 10.47% price total return.InvestingPro Tips highlight that Mogo’s stock has experienced a strong return over the last month and three months, with price total returns of 31.87% for both periods. This could indicate growing investor confidence or a positive market reaction to the company’s strategic moves. Additionally, Mogo’s stock trades with high price volatility, which may appeal to certain investors looking for dynamic trading opportunities.For those considering a deeper dive into Mogo’s financial health and future prospects, InvestingPro offers additional tips and metrics. Interested readers can explore further by visiting https://www.investing.com/pro/MOGO and can take advantage of an exclusive offer using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. With 10 more InvestingPro Tips available, investors can gain a comprehensive understanding of Mogo’s financial landscape and make informed decisions.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More