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Tag: Bitcoin

  • Bitcoin hovers near $66.5k as Mt.Gox users ‘choose to hodl’

    Bitcoin hovers near $66.5k as Mt.Gox users ‘choose to hodl’

    • Bitcoin price still hovers above $66k despite Mt. Gox repayments.
    • Analysts say on-chain data shows most BTC holders receiving the repayments are choosing to hodl.
    • BTC price may benefit from this, with a potential to rebound to recent highs.

    Bitcoin traded to above $66,500 on Wednesday morning as the market looked to bounce following fresh downside pressure.

    The dip to lows of $65,444 on crypto exchange Coinbase happened as traders reacted to news that the US government had sent BTC to exchanges.

    Bitcoin holds above $66k

    Movement from the Mt. Gox wallets amid repayments also spooked some to introduce selling pressure. The return of outflows for spot Bitcoin exchange-traded funds on Tuesday supported this outlook, with over $78 million in outflows breaking a 12-day streak.

    So while prices have dipped since trading to highs of $68,495 earlier in the week, analysts are bullish on the flagship cryptocurrency’s recovery in the short term.

    Price holding above $66k points to this and analysts at CryptoQuant says positive sentiment could increase given Mt. Gox BTC recipients are largely choosing to hodl rather than sell. Bitcoin outflows from Kraken have continued to rise and analysts see it as a likely positive signal.

    “Significant increase in BTC withdrawals from Kraken after affected Mt.Gox users start receiving their $BTC. This could be a positive signal, indicating that they are not selling and are preparing to hold their coins, moving them from the exchange to cold wallets,” CryptoQuant posted on X.

    Nonetheless, Bitcoin price is currently at a level that 1-3 month BTC holders may look to sell. CryptoQuant analyst Yonsei said a breakdown from the $66.5k area could see BTC seek support around $63.6k.

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  • Swan Bitcoin halts IPO plans and shuts down mining operations

    Swan Bitcoin halts IPO plans and shuts down mining operations

    Swan Bitcoin halts IPO plans and shuts down mining operations
    • Swan Bitcoin delays IPO plans due to shutdown of its mining operations.
    • CEO cites reduced revenue from mining as reason for halting IPO efforts.
    • Mining sector faces challenges, with firms like Bitfarms and Northern Data adapting.

    Swan Bitcoin, a financial services firm specializing in Bitcoin investments, has announced a significant strategic shift. Cory Klippsten, the company’s CEO, revealed that Swan Bitcoin will be scrapping its initial public offering (IPO) plans and shutting down its mining operations.

    The announcement, made on July 22 via X (formerly known as Twitter), comes as the company grapples with the financial fallout from recent developments in the cryptocurrency mining sector.

    Halting IPO plans pegged on cessation of Bitcoin mining activities

    According to Klippsten, the cessation of Swan Bitcoin’s mining activities is a pivotal factor behind the decision to delay the IPO indefinitely. He stated, “Without revenue from our mining arm, we expect to halt our plans for a public offering.”

    This move reflects broader challenges within the cryptocurrency mining industry, which has been adversely affected by recent Bitcoin halving events.

    In January 2024, Swan Bitcoin launched its mining venture with ambitious plans to become a publicly traded entity in the U.S. within a year. At that time, the company reported generating $125 million in revenue and had expanded its workforce significantly.

    However, the halving of Bitcoin’s block reward from 6.25 BTC to 3.125 BTC in April has diminished mining earnings for many firms, including Swan Bitcoin.

    The halving event, which occurs approximately every four years, effectively reduces the rewards miners receive for validating transactions on the Bitcoin network. This reduction has led to a decline in profitability for several major mining companies.

    Bitfarms, a Canadian mining firm, is among those affected, facing increased pressure following a hostile takeover bid from Riot Platforms.

    Swan Bitcoin scaling back on spending with staff reductions

    In response to the financial strain, Swan Bitcoin is scaling back its accelerated spending plans and implementing staff reductions.

    Klippsten noted that this shift would impact various functions within the company, indicating a significant restructuring effort.

    Despite these challenges, the broader cryptocurrency mining sector is witnessing varied responses. German mining firm Northern Data has announced plans to pursue an IPO in the US within the first half of 2025, while Genesis Digital Assets is also considering a public offering.

    Swan Bitcoin’s strategic retreat underscores the volatile nature of the cryptocurrency market and the challenges companies face in navigating financial pressures and regulatory landscapes.

    As the company recalibrates its business model, the future of its IPO plans remains uncertain.

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  • Mark Cuban: Inflationary Pressure Could See Bitcoin Become Global Reserve

    Mark Cuban: Inflationary Pressure Could See Bitcoin Become Global Reserve

    A photo image of mark cuban
    • Inflationary pressure and geopolitical uncertainty could see Bitcoin become a global reserve currency, states Cuban
    • The billionaire believes Trump’s lower tax rates and tariffs could push up Bitcoin’s price
    • Elon Musk plans to commit $45m a month to back Trump’s presidential run

    US billionaire Mark Cuban believes that through a combination of inflationary pressure and geopolitical uncertainty, Bitcoin could become a global reserve currency.

    Taking to X, the billionaire indicated that Silicon Valley’s support for former President Donald Trump was a “bitcoin play” to boost its price. Cuban, who has backed Joe Biden for re-election, stated that lower tax rates and tariffs under Trump could push up Bitcoin’s price.

    “Combine that with global uncertainty as to the geopolitical role of the USA, and the impact on the US dollar as a reserve currency, and you can’t align the stars any better for a BTC price acceleration,” Cuban wrote.

    He added that this will make it easier to “operate a crypto business because of the inevitable, and required, changes at the” US Securities and Exchange Commission (SEC).

    How High?

    Questioning how high Bitcoin can go, Cuban didn’t give a figure, but wrote “way higher than you think,” adding that this is due to its global status, its 21 million Bitcoin limit, and the fact that the currency has unlimited fractionalisation.

    In Cuban’s view, Bitcoin could become a safe haven as countries turn to it as they seek to protect their savings if geopolitical uncertainty continues and the dollar declines as a reserve currency.

    While he only indicated that this was a possibility and isn’t saying it will happen, he added that it’s already happened in countries facing hyperinflation.

    Following Trump’s injury during an assassination attempt at a campaign rally in Pennsylvania, Musk officially endorsed the former GOP President by saying he plans to commit $45m a month to a new super political action committee backing Trump’s presidential run.

    In March, billionaire Elon Musk indicated he wasn’t voting for the Democratic Party in November. The tech mogul who owns Tesla and SpaceX, in addition to X, wrote “I voted 100% Dem until a few years ago. Now, I think we need a red wave or America is toast.”

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  • StarkWare verifies first zero-knowledge proof on Bitcoin

    StarkWare verifies first zero-knowledge proof on Bitcoin

    • StarkWare has verified the first zero-knowledge (ZK) proof on the Bitcoin.
    • It’s part of the core Starknet developer’s plans to scale Bitcoin for mass adoption.

    StarkWare has achieved a historic feat by completing the first zero-knowledge proof verification on the Bitcoin network, according to the details posted on X on Wednesday.

    The blockchain developer revealed that after months of exploring, its developers have managed to verify the first ZK proof using a new STARK verifier, Stwo Verifier on OP_CAT-enabled Bitcoin Signet. It’s the first of many steps in the quest to scale Bitcoin.

    Scale Bitcoin for mass use

    StarkWare announced in June that the company was looking to scale Bitcoin for mass adoption using ZK proofs. With the new scaling solution, dApps can decide to settle on Bitcoin or Ethereum.

    “Starknet will become the first network to settle simultaneously on Bitcoin and Ethereum and scale Bitcoin to many thousands of transactions per second. This will happen within six months after the potential Bitcoin upgrade, OP_CAT,” StarkWare CEO Eli Ben-Sasson wrote.

    StarkWare offered a $1 million application grant targeted at research efforts around an OP_CAT in June.

    “My dream is to see Bitcoin attain the scale it needs to serve everyone, constantly. This involves opening it up to participation for all, without financial barriers to entry. I believe it must happen with steadfast adherence to Satoshi’s insistence on decentralization and security,” Ben-Sasson added.

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  • Mt. Gox moves Bitcoin worth nearly $2.8 billion

    Mt. Gox moves Bitcoin worth nearly $2.8 billion

    • Mt.Gox has moved over 44,500 BTC worth over $2.8 billion to an internal wallet.
    • The price of BTC fell slightly after the transfer, retreating to around $62,835.

    On-chain data shows a wallet linked to Mt. Gox has just moved more than $2.8 billion worth of Bitcoin.

    The huge transfer comes as Bitcoin price looks to hold gains seen since last weekend’s attempted assassination of Donald Trump.

    Mt.Gox transfers over $2.8 billion in BTC

    On Tuesday, Lookonchain shared details of a large BTC transfer.

    Citing data tracked by blockchain analytics firm Arkham, the platform said the transfer originated from the wallet of defunct crypto exchange Mt. Gox.

    The said Mt. Gox wallet moved over 44,500 BTC worth over $2.84 billion, with this going to an internal wallet. Market anticipation is that the exchange’s trustee could be preparing for a repayment round following an announcement in late May.

    Mt. Gox moved 47,000 bitcoins last month ahead of the expected repayments commencement date this July. As then, Tuesday’s transfer saw the price of BTC slip slightly from above $63,000.

    Analysts at Bitfinex said in a report on Monday that while positive news will continue to dictate BTC movement, the threat of fresh sell-off pressure remains. Mt. Gox, which currently holds 138,985 BTC worth over $8.8 billion, is likely to be one source of this anticipated downside pressure.  

    “Crypto asset prices in general in the current period have been determined by the news agenda, rather than fundamentals. Selling pressure concerns have not completely disappeared as Mt. Gox creditors are also scheduled to receive their BTC payouts over the next couple of weeks. We expect these headlines to continue to have some impact on price before a complete pricing in of the situation,” Bitfinex analysts wrote in the weekly report.

    Bitcoin currently trades around $62,835.

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  • Core Scientific the first buyer of Block’s 3nm Bitcoin mining ASICs

    Core Scientific the first buyer of Block’s 3nm Bitcoin mining ASICs

    Core Scientific the first buyer of Block's 3nm Bitcoin mining ASICs
    • Core Scientific buys Block’s 3nm Bitcoin ASICs in a major deal between the two companies.
    • The deal boosts Core Scientific’s hash rate by 60%, enhancing efficiency and profitability.
    • The deal between Block and Core Scientific aims to redefine Bitcoin mining standards, leveraging advanced ASICs.

    Jack Dorsey’s financial services company Block has finalized a major deal with Core Scientific, marking the first sale of its highly anticipated 3 nanometer Bitcoin mining ASICs.

    This deal marks one of the largest ASIC agreements ever signed in the history of Bitcoin mining, underscoring Block’s commitment to advancing mining technology and Core Scientific’s strategic expansion in the sector.

    Block’s 3nm Bitcoin mining ASICs

    Developed by Block’s Proto team, the 3nm mining ASICs represent a leap forward in efficiency and performance for large-scale Bitcoin mining operations.

    By integrating cutting-edge technology into these chips, Block aims to significantly enhance the efficiency, reliability, and uptime of mining activities conducted by firms like Core Scientific.

    The 3nm ASCIs provides Core with 15 exahashes per second (EH/s) worth of chips and are set to increase the mining firm’s energized hash rate by a remarkable 60% as of June 2024.

    Core Scientific, a publicly traded Bitcoin mining giant, has emerged as a key player in the industry’s recovery following recent challenges. The company’s stock (CORZ) has surged, reflecting investor confidence in its ability to leverage advanced mining technologies to bolster operational capabilities and profitability.

    Core Scientific’s decision to purchase Block’s 3nm Bitcoin mining ASICs comes amidst a broader industry trend towards greater efficiency and sustainability in cryptocurrency mining, driven by technological innovation and environmental considerations.

    Block pioneering a new era in Bitcoin mining

    According to Russell Cann, Chief Development Officer at Core Scientific, the collaboration with Block marks a pivotal moment in scaling Bitcoin mining operations.

    Cann emphasizes that the new mining platform built around Block’s 3nm ASICs will not only optimize space and operational resources within their data centers but also contribute to the long-term vitality of the Bitcoin network.

    The partnership underscores a shared vision to redefine industry standards and accelerate the adoption of advanced mining technologies globally.

    The strategic alliance between Block and Core Scientific highlights the growing importance of technological innovation in sustaining and expanding Bitcoin mining capabilities.

    As the cryptocurrency landscape continues to evolve, advancements in ASIC technology are expected to play a crucial role in enhancing the efficiency and profitability of mining operations.

    With Core Scientific leading the charge as the first recipient of Block’s 3nm ASICs, the stage is set for further advancements that could shape the future of Bitcoin mining worldwide.

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  • Bitcoin retreats as German government selling intensifies

    Bitcoin retreats as German government selling intensifies

    • Bitcoin (BTC) price fell to under $56,000 as the German government sold more BTC
    • On-chain data shows Germany sent more than 16,000 BTC to exchanges on Monday – the largest transfers in a single day.

    Bitcoin price fell below $56,000 again on Monday, dropping by about 2% at the time of writing as Germany took its BTC selling spree to a new level.

    Per on-chain data tracking the Bitcoin held by the German government, Monday saw more than 16,000 BTC sent to crypto exchanges – the largest such dump by the government-controlled wallet in a single day.

    The selling intensified amid transfers of 2,700 BTC, 5,200 BTC and 8,100 BTC in quick succession over a two hour period.  

    “The German Government sent another 5200 BTC ($297.3M) to Kraken, Bitstamp, Coinbase and 139Po right after we posted this tweet. That makes this the biggest day for them so far – over 16,000 BTC in total,” the Arkham team posted on X.

    Bitcoin price dips amid sell-off

    Bitcoin reaction to the selling, which has persisted over the last few weeks, saw Bitcoin price dip from intraday highs of $57,877 to around $55,130.

    Germany seized 50,000 bitcoin from Movie2k earlier this year. Over the last few days, it has accelerated its selling to see the total holdings reduce rapidly to 23,787 BTC at the time of writing. The bitcoin’s value reached over $3.6 billion when BTC price skyrocketed to it’s all-time high in March.

    However, with more than half sold and BTC price hovering around $55.8k, the total value of the BTC has dropped to $1.34 billion.

    Bitcoin price has declined more than 10% in the past week.

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  • CleanSpark acquires Bitcoin miner GRIID for $155 million

    CleanSpark acquires Bitcoin miner GRIID for $155 million

    • CleanSpark announced on June 27 that it had acquired GRIID Infrastructure, a US-based Bitcoin miner for $155 million.
    • The company expects the all-stock deal to close in Q3, 2024 subject to GRIID shareholder approval and other customary requirements.

    Bitcoin miner CleanSpark announced today that it has entered an agreement to acquire GRIID Infrastructure in an all-stock transaction valued at $155 million.

    According to a press release the merger agreement also saw the two Bitcoin mining companies seal an exclusive hosting agreement for all of GRIID’s currently available power. 20 MW of this power will immediately be allocated to CleanSpark.

    “We are looking forward to welcoming the GRIID team into the CleanSpark family and we are excited to apply the CleanSpark way, carefully honed alongside the communities we operate in Georgia and Mississippi, to GRIID’s impressive pipeline in Tennessee,” CleanSpark CEO Zach Bradford said in a statement.

    CleanSpark eyes 400 MW by 2026

    CleanSpark, which has closed other deals before, expects to build out its operations in Tennessee over the next three years. This should see the miner reach operational capacity it managed in Georgia over the same period.

    “That achievement was to build out over 400 MW of infrastructure backed by valuable, long-term power contracts,” Bradford noted.

    The miner targets surpassing 100 MW in Tennessee by the end of this year, 200 MW in 2025 and over 400 MW in 2026.

    Deal expected to close in Q3

    Per the announcement, CleanSpark’s acquisition of GRIID has already received unanimous approval from the Boards of Directors of both companies.

    As such, they expect the deal will close in Q3, 2024. However, this is still subject to approval by GRIID shareholders as well as other customary closing conditions.

    CleanSpark’s acquisition of GRIID comes as another Bitcoin miner Riot Platforms’ plans to take over Bitfarms hit a snag. In the latest development around the saga, Riot has reportedly decided to go for an overhaul of the Bitfarms’ board by taking up three seats.

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  • German’s BKA transfers more Bitcoin to exchanges including Kraken and Bitstamp

    German’s BKA transfers more Bitcoin to exchanges including Kraken and Bitstamp

    German's BKA transfers more Bitcoin to exchanges including Kraken and Bitstamp
    • German Government transferred 250 Bitcoin worth approx. $15.4M to Kraken and Bitstamp on June 26.
    • The government has transferred a total of $150M in BTC to various addresses.
    • The German Government BTC transfers and Mt. Gox repayments pile pressure on Bitcoin price.

    The German Federal Criminal Police Office (BKA) has made additional Bitcoin transfers to different addresses, including Kraken and Bitstamp.

    These moves have sparked considerable market speculation and concerns about their potential impact on Bitcoin’s price.

    Recent Bitcoin transfers by the German Government

    On June 26, a wallet reportedly controlled by the BKA transferred 750 BTC, valued at $46.35 million, to different adresses, marking another instance of the German government engaging in Bitcoin transactions.

    These transfers are part of a larger series of activities following the seizure of 50,000 BTC from the film piracy site Movie2k in January.

    According to Lookonchain, the German authorities sent 250 BTC, worth $15.41 million, to both Bitstamp and Kraken. Additionally, they transferred 500 BTC, valued at $30.9 million, to an unidentified address labeled “139Po,” which is potentially another exchange.

    Today’s transfers come just a day after German authorities moved 400 BTC, valued at $24.3 million, to Coinbase and Kraken on June 25.

    This activity is part of a broader trend observed over the past week, with the German government transferring approximately $150 million worth of seized Bitcoin to known exchange addresses, in addition to $147 million sent to the “139Po” address.

    Despite these substantial transfers, the government still holds a significant amount of 45,609 BTC, valued at approximately $2.8 billion.

    Earlier in June, the German authorities received 310 BTC, worth $20.1 million, from Kraken and smaller amounts totaling 90 BTC, worth $5.5 million, from Robinhood, Bitstamp, and Coinbase.

    Potential impact on the crypto market

    The large movements of bitcoins by the German government have had a noticeable effect on the market.

    Notably, Bitcoin’s price has dropped about 6% during this period, reflecting market reactions to these substantial transfers.

    Analysts are concerned that the government’s liquidation of its seized Bitcoin might push Bitcoin’s price below the critical $60,000 threshold. Recent market trends support this view, as Bitcoin has experienced an 11% decrease on the monthly chart and over 6% on the weekly chart, with its price standing at $61,065 per coin at the time of writing.

    Market analyst Willy Woo suggests that Bitcoin might go through a correction phase lasting up to four weeks before resuming its price rally. He emphasizes the potential for a “cooling down” period in Bitcoin’s price action. Additionally, there might be further selling pressure in July as Mt. Gox plans to distribute repayments in Bitcoin and Bitcoin Cash to its creditors.

    With over $9.4 billion worth of Bitcoin owed to approximately 127,000 Mt. Gox creditors, who have been waiting for over a decade, this repayment could substantially impact Bitcoin’s price.

    The crypto community is closely monitoring these developments, particularly the sell-off pressure that might be triggered by the German government’s Bitcoin transfers and the upcoming Mt. Gox repayments.

    Both events could significantly influence the Bitcoin market dynamics in the coming months.

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  • Donald Trump receives $2M Bitcoin donation from Winklevoss twins

    Donald Trump receives $2M Bitcoin donation from Winklevoss twins

    Donald Trump receives $2M Bitcoin donation from Winklevoss twins
    • Winklevoss twins donate $2M in Bitcoin to Donald Trump’s campaign.
    • The Gemini founders cited Trump’s pro-business and pro-crypto stance as reasons for their support.
    • Trump’s campaign recently announced that it would start accepting crypto donations.

    The founders of Gemini, Cameron Winklevoss and Tyler Winklevoss, commonly referred to as the Winklevoss twins, have each donated $1 million worth of Bitcoin (BTC) to the campaign of former president Donald Trump.

    The twins’ decision to donate such a substantial amount in Bitcoin marks a significant step in the intersection of technology, finance, and political fundraising. It underscores the growing influence of cryptocurrency in mainstream politics, where digital assets are increasingly becoming a viable form of campaign contributions.

    Supporting Trump for his pro-crypto stance

    Announcing his donation, Tyler Winklevoss articulated his support in a statement shared on X, emphasizing Trump’s favorable stance on crypto and business. He criticized the Biden Administration’s approach, accusing it of aggressive tactics against the crypto industry.

    Similarly, Cameron Winklevoss echoed his brother’s sentiments, portraying Trump as a proponent of Bitcoin and cryptocurrencies, aligning with their business interests and regulatory concerns.

    Trump’s position on cryptocurrency

    Donald Trump’s acceptance of Bitcoin donations from the Winklevoss twins reflects his evolving stance on cryptocurrency.

    While specifics on Trump’s cryptocurrency policies during his presidency were limited, his campaign’s acceptance of Bitcoin donations signals a willingness to engage with the digital asset community. This move contrasts with the cautious approach of the current administration to cryptocurrency regulation, indicating a potential shift in political strategy regarding digital finance.

    Recently, Trump sat down with Bitcoin mining experts and executives at the Mar-a-Lago Club in Palm Beach, Florida, discussing how the U.S. needs to be at the forefront when it comes to Bitcoin issues.

    With various government agencies scrutinizing digital assets, the Winklevoss twins’ donation to Trump may serve as a catalyst for discussions on how political candidates and parties perceive and integrate digital currencies into their campaigns.

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