Cryptocurrency

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The move upwards pushed Ethereum’s market cap up to $463.71B, or 18.45% of the total cryptocurrency market cap. At its highest, Ethereum’s market cap was $569.58B.Ethereum had traded in a range of $3,503.51 to $3,899.99 in the previous twenty-four hours.Over the past seven days, Ethereum has seen a rise in value, as it gained 16.43%. The volume of Ethereum traded in the twenty-four hours to time of writing was $45.04B or 20.09% of the total volume of all cryptocurrencies. It has traded in a range of $3,237.2808 to $3,899.9900 in the past 7 days.At its current price, Ethereum is still down 20.68% from its all-time high of $4,864.06 set on November 10, 2021.Bitcoin was last at $67,095.0 on the Investing.com Index, up 4.76% on the day.Tether USDt was trading at $1.0012 on the Investing.com Index, a gain of 0.18%.Bitcoin’s market cap was last at $1,318.18B or 52.46% of the total cryptocurrency market cap, while Tether USDt’s market cap totaled $100.61B or 4.00% of the total cryptocurrency market value. More

The move upwards pushed Cardano’s market cap up to $25.6878B, or 1.02% of the total cryptocurrency market cap. At its highest, Cardano’s market cap was $94.8001B.Cardano had traded in a range of $0.6652 to $0.7559 in the previous twenty-four hours.Over the past seven days, Cardano has seen a rise in value, as it gained 17.23%. The volume of Cardano traded in the twenty-four hours to time of writing was $1.8752B or 0.82% of the total volume of all cryptocurrencies. It has traded in a range of $0.5861 to $0.7980 in the past 7 days.At its current price, Cardano is still down 76.68% from its all-time high of $3.10 set on September 2, 2021.Bitcoin was last at $67,062.6 on the Investing.com Index, up 4.71% on the day.Ethereum was trading at $3,853.28 on the Investing.com Index, a gain of 6.65%.Bitcoin’s market cap was last at $1,317.5190B or 52.43% of the total cryptocurrency market cap, while Ethereum’s market cap totaled $463.7504B or 18.45% of the total cryptocurrency market value. More

The premier cryptocurrency is currently up 2% on Wednesday after a more than 6% decline on Tuesday. Bitcoin touched a new all-time on Tuesday after surging above the $69,000 threshold before seeing a sharp correction. As of 07:50 am ET today, BTCUSD is trading close to the $65,500 markThis has helped to drive the share price of crypto stocks higher in premarket trading. MARA is up 4%, Cipher mining has climbed 3.5%, MSTR is trading 7.8% higher, Coinbase has gained 4.6%, and RIOT has rallied 4.2%. Following the rally in bitcoin, analysts at Bernstein said in a recent note that while the gains “can be attributed to the ETF flows, the market is just not stopping at Bitcoin.”The firm expects the market recovery to be “broad-based, with DeFi leading the charge.” More

In February, IREN achieved a record operating hashrate of 7 EH/s, mining a total of 310 Bitcoin. This has contributed to a monthly mining revenue increase to $15.2 million, attributed to the higher average hashrate and an increase in Bitcoin price to approximately $49,100. The company has set an ambitious target to expand its hashrate to 20 EH/s within 2024.The company’s AI Cloud Services division signed a contract with poolside AI and plans to triple its business by fast-tracking the addition of 816 NVIDIA (NASDAQ:NVDA) H100 GPUs. The initial term of the contract is three months, with an option to extend for another three.IREN’s data center expansion plans include growing to 460MW in 2024, with Childress Phase 1 in Texas already operational at 60MW and an additional 40MW to be commissioned in the near future. Phases 2 and 3, which will support the expansion to 20 EH/s, are currently under construction, with civil and procurement work underway.The company’s rebranding from Iris Energy to IREN is intended to better reflect its growing data center business. Alongside this update, IREN released its second-quarter financial results on February 15, 2024, for the periods ending December 31, 2023.Looking ahead, IREN is scheduled to participate in several industry events, including the 36th Annual ROTH Conference, NVIDIA GTC, and Bitcoin Alive in March 2024.This news is based on a press release statement from IREN.As IREN continues to expand its operations and redefine its brand, it’s important to consider the company’s financial health and market performance. According to InvestingPro data, IREN boasts an impressive gross profit margin of 85.52% for the last twelve months as of Q2 2024, underlining the company’s efficiency in managing its operational costs relative to revenue.Despite not being profitable over the last twelve months, analysts predict that IREN will turn a profit this year. This optimistic outlook is supported by a substantial 109.69% revenue growth during the same period, indicating a strong upward trajectory for the company’s sales. Additionally, the company’s stock has experienced a significant return of 92.8% over the last year, reflecting investor confidence and market momentum.While these figures point towards a promising future, investors should note that IREN’s stock price movements have been quite volatile, with a 15.87% decrease over the last week. Such volatility suggests that potential investors should be prepared for fluctuations in the market value of their investments.For those seeking a deeper dive into IREN’s financials and market prospects, there are additional InvestingPro Tips available. These tips can provide valuable insights into the company’s cash reserves, sales growth expectations, and analysts’ earnings revisions. With this in-depth analysis, investors can make more informed decisions about their investments in IREN.Interested readers can unlock further insights and tips by subscribing to InvestingPro. Use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, and explore the full range of 15 additional InvestingPro Tips for IREN at https://www.investing.com/pro/IREN.This article was generated with the support of AI and reviewed by an editor. For more information see our T&C. More

LONDON/SINGAPORE (Reuters) -Bitcoin rallied again on Wednesday in volatile trade, while ether jumped almost 10% as crypto mania continued to sweep through the investment community.Bitcoin rose by as much as 6.8% to a session high of $67,645, after having dropped 6% on Tuesday from an earlier record high above $69,000. It was last up 5.7% at $66,896.Ether, meanwhile, surged by 9.8% to its highest since January 2022. It was last up 8.6% at $3,827.Bitcoin has already surged 55% this year so far, fuelled by investors pouring money into U.S. spot exchange-traded crypto products and the prospect that global interest rates may fall.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 ethereum upgrade and bitcoin “halving,” which slows the flow of bitcoin minting, said Lennix Lai, global chief commercial officer at crypto exchange OKX.”The trend also indicates an elevated level of mainstream acceptance of bitcoin, perhaps more than ever before.”The approval of 11 spot bitcoin ETFs by the U.S. Securities and Exchange Commission in late January had 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 and wild moves, have begun committing long-term money too, which experts say could help sustain the latest leg of this rally.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.Still, some say it’s hard to shake off the speculative nature of these assets. After hitting the record high on Tuesday, bitcoin sharply reversed course and fell more than 10% back below the $60,000 level.”That looks like classic bitcoin behaviour – it chews you up then spits you back out,” said Matt Simpson, senior market analyst at City Index.”A pump and dump to previous record highs wiped out some weaker hands, and I suspect we’re now in the volatile and erratic phase we usually see when it reaches a record high.”Deutsche Bank strategist Jim Reid noted that bitcoin is some way off an all-time high in real, or inflation adjusted, terms.”Consumer prices are up by over 10% since the previous November 2021 peak, so in real terms, that would be above $75,000 in today’s prices,” he said. More

The world’s largest cryptocurrency was trading down 1.9% at $66,022.9 by 00:41 ET (05:41 GMT), after hitting a record high of $69,063 on Tuesday, according to Investing.com data. The token had fallen almost immediately after hitting a peak, sinking as low as $59,000 before paring its losses. Gains in Bitcoin come amid consistent capital flows into the recently-approved spot ETFs in U.S. markets. Data released earlier this week showed U.S. crypto products seeing a fifth straight week of inflows, with Bitcoin products commanding the lion’s shares of inflows.The spot ETF approval appeared to have drawn a deluge of institutional investors into crypto. Bitcoin was also buoyed by anticipation of a “halving” event in April, which will see the rate of generation of new Bitcoin being slashed in half, limiting fresh supply. Bitcoin’s highs mark a new record after November 2021. But in the interim, it had fallen drastically as the crypto industry was rattled by a string of high-profile frauds and bankruptcies. Still, the token has now risen more than four-fold from a low of about $15,000 hit in November 2022, in the aftermath of the FTX debacle. Bitcoin also surged about 150% through 2023. “The move has just gone parabolic, it just can’t continue like it has for so long, and we’re starting to see signs of a little bit of maturity in the move we’ve seen to date, but that doesn’t mean that it’s a reversal,” Tony Sycamore, market analyst at IG said in an interview with Ausbiz.“At this point of time, if we get the weekly candle closing where it is now, which is around $63-$64,000, I think that does signify that it’s come a long way now.” Still, trading volumes in Bitcoin remain well below highs seen during 2021 and 2022, in the aftermath of the bull run. Relatively low volumes have also been attributed for the token’s massive run-up over the past year.The token is still seen as far too volatile by a bulk of investors, with the retail sector having largely moved out of Bitcoin over the past year.The spot Bitcoin ETF approval this year, however, was a positive move for the broader crypto industry, which was otherwise grappling with a massive loss of faith. More

Bitcoin (BitfinexUSD) fell 8% to $61,682, after hitting an all-time of $68,874 earlier on Tuesday. The move lower comes as some large investors, or so-called “bitcoin whales,” appeared to cash in on the record run. Still, sentiment remains supported by expectations that BTC is set for another run higher in the lead up to its halvening event expected in April. A halvening event – that halves the number of bitcoins in circulation – occurs about every four years. Halvening events in both 2012, 2016, 2020 had preceded previous bull runs for BTC.The record high seen in bitcoin followed the launch of a spot-based bitcoin exchange traded fund in January, stoking demand for the cryptocurrency among institutional investors. Recent data from BitMex Research showed bitcoin ETFs in the U,S. hold almost 4% of all bitcoin in circulation.     More