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  • Solana price hits 17-month high above $54: What next for SOL?

    Solana price hits 17-month high above $54: What next for SOL?

    • Solana price rose to $54 on Friday, its highest level since May 2022.
    • SOL has outperformed top altcoins as positive catalysts aid bulls’ push, with price up 40% this past week and 138% over 30 days.
    • How far can Solana price rise? Data suggests further upside is possible.

    Solana continued its outperformance on Friday with another huge green candle as price rose 24% to climb to highs of $54. The cryptocurrency’s value has jumped more than 40% this past week and an impressive 138% over the last 30 days.

    According to data from CoinGecko, Solana price has increased by 220% in the past year – reclaiming levels it traded at before the collapse of crypto exchange FTX.

    Solana price breaks above $54

    Despite recent sell-off pressure, bulls have managed to push SOL price to its highest level since May 2022.

    The breakout to this 17-month high comes after buyers regained control at the critical $30 level, with this allowing for further upside to $38. A retest and fresh impetus allowed for this week’s parabolic move to $50.

    Solana price chart. Source:TradingView

    According to crypto data and market intelligence platform Santiment, Solana’s gains are accompanied by a major spike in crowd discussions about the coin.
    While funding rates have flipped higher, they are yet to enter the danger zone. Can SOL see more gains? 

    As highlighted earlier, Ethereum, Solana and other altcoins exploded today after news that BlackRock had filed for a spot Ethereum ETF.

    Also playing a role in the price surge was this week’s comments by Gary Gensler, the chairman of the US Securities and Exchange Commission (SEC). Gensler noted during an interview with CNBC that plans to revive FTX could work if those looking to do so adhered to the law.

    Gensler’s comments came at a time when reports indicated that entities looking to reboot the bankrupt exchange had come down to a final shortlist of three companies. It includes Bullish, a digital assets platform founded by a former New York Exchange executive.

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  • Litecoin (LTC) price spikes as Bitcoin hits $30k

    Litecoin (LTC) price spikes as Bitcoin hits $30k

    • Litecoin price jumped 4% to above $64 on Friday morning.
    • LTC was up as positive sentiment permeated the altcoin market amid Bitcoin’s rally to $30k.

    Litecoin (LTC) rose more than 4% early on Friday amid a positive reaction across the altcoin market to Bitcoin’s fresh spike to $30k. LTC traded to intraday highs of $64 across major exchanges, with daily trading volume hitting $370 million as buyers pushed the total crypto market cap to over $1.17 trillion.

    Why is Litecoin price up today?

    Although a bullish picture has looked increasingly possible with metrics such as Litecoin hashrate jumping to new highs, one of the likely catalysts could be the increased crowd noise on the probability of a spot Bitcoin ETF hitting the market sooner than anticipated. Recent developments involving potential ETF issuers and the US Securities and Exchange Commission (SEC) have added to the growing belief that the first spot ETF is a matter of when and not if.

    That has Bitcoin price poised for takeoff, and as quant trader Charles Edwards pointed out on X today, the flagship cryptocurrency’s positive outlook is enhanced by the several key metrics in this cycle.

    Other catalysts for LTC price today could be the regulation news related to SEC dropping charges against Ripple executives. The SEC sued Ripple CEO Brad Garlinghouse and Executive Chairman Chris Larsen when it filed a lawsuit against the San-Francisco-based company in December 2020. The agency’s charges against the two were dismissed on Thursday, with the trial scheduled for April next year now not happening.

    LTC looks to have pumped amid a similar reaction across the altcoin market. While Litecoin’s modest gains are dwarfed by the colossal returns for some of the best performing altcoins today – including Bitcoin SV – the bullish flip has analysts pointing to a potential retest of the psychological $100 level if upward momentum holds.

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  • Shiba Memu shines as investor buying power hits 6-month high

    Shiba Memu shines as investor buying power hits 6-month high

    • Shiba Memu presale has hit $3.6 million as more investors buy into AI meme coin.
    • Meanwhile, stablecoin on exchanges is at a 6-month high, led by massive whale deposits.
    • What does spike in exchange buying power means for crypto, Shiba Memu?

    Although the crypto market is still largely in the accumulation phase amid the latest price movement, analysts are pointing to on-chain data to suggest a bull run might not be that far off. That has to do with an uptick in exchange holdings of the stablecoin Tether (USDT), a metric that has historically coincided with fresh opportunities for crypto investors.

    What does this strong bullish flip mean for Shiba Memu, a new crypto project that has raised nearly $3.6 million in its recently launched presale?

    Investor buying power jumps 7%, what it means

    As Bitcoin broke above $28k earlier this week, on-chain data shared by market intelligence platform Santiment pointed to a significant change in investor sentiment. This is down to the amount of Tether on exchanges, which data shows recently hit a six month high. The exchange buying power increased 7% from roughly 17.6% to 24.7%.

    It’s an increase that points to a spike in stablecoin buying power, often an accumulation phase that precedes a fresh entry into the market. A sharp rise in exchange buying power, which takes shape with whales in the forefront, tells the market investors know it’s time to buy the dip.

    “The 10 largest addresses have also upped their $USDT holdings from $7.30B to $9.42B in 3 months,” Santiment wrote on X (formerly Twitter). It’s an outlook that suggests the next market dip could be significant, although that’s when investors seize on the opportunity to buy at discount prices.

    Often, BTC and ETH are top buys when prices crash. XRP and Polygon, two altcoins that are seeing month-high volumes driven by various factors, could be at the top of many investors’ watchlists.  However, as investors have always eyed the next bull market gem – one of the projects attracting most attention in Shiba Memu.

    Shiba Memu – marrying meme with AI

    Shiba Memu is a project that seeks to bring the benefits of artificial intelligence to the meme coin world.

    Dogecoin, Shiba Inu and other leading meme tokens have one feature in common – the inordinate reliance on human marketing effort to feed into the hype that drives traction. Shiba Memu stands out on this aspect among its would-be memesphere competitors. Mainly, it’s the AI-driven project’s leveraging of the new technology to create a marketing powerhouse that doesn’t rely on human effort.

    Apart from that, value for the community will be enhanced by functionality such as staking and interaction with decentralised applications (dApps).

    How does Shiba Memu work?

    Natural language processing, machine learning, predictive analytics and image/video recognition are among trends that define the project’s selling point. AI algorithms will be used to create a self-sustaining marketing machine, feeding on the meme-inspired world to drive adoption for SHMU.

    This will be achieved via a unique AI dashboard that will among other features offer direct interaction between the meme genius and Shiba Memu holders. Feedback and suggestions incorporated from users will give them a chance to earn extra SHMU.

    AI narrative – mainstream adoption is here

    One of the major venture funding developments this week has been the news that artificial intelligence startup Anthropic is looking to raise $2 billion from investors, led by Google. Reported by The Information, the details emerge just days after ecommerce behemoth Amazon.com Inc. said it would invest up to $4 billion in the OpenAI rival.  

    According to the report, Anthropic’s latest funding could see the company valued at $30 billion, a prospect that has ignited interest in AI following the high expectations championed by Microsoft, Nvidia and Palantir among others.

    Elsewhere is the continuing adoption of crypto and blockchain that has investor optimism on the industry’s future at new highs. Shiba Memu’s AI-powered project sits nicely at the intersection of these two technological developments.

    Indeed, interest in this AI-powered meme token has seen its presale attract remarkable investment from around the globe. Currently, that amount stands at $3.6 million and more will likely seek this early-bird opportunity.

    Learn more about Shiba Memu from its whitepaper or by joining the presale here.

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  • Memeinator (MMTR) hits $200k in presale hours after launch

    Memeinator (MMTR) hits $200k in presale hours after launch

    • The Memeinator (MMTR) has stormed past $200k a day after presale launch as sub-par memes scramble.
    • Targeting meme coin dominance, the Memeinator seeks to leverage blockchain and AI to seek and destroy all the weak meme coins.
    • MMTR will be available on cryptocurrency exchanges and trading platforms at the end of the presale.

    As the broader crypto market slowdown seen over the past few weeks continues to impact altcoins, on-chain data has shown one notable feature of memecoins – a significant drop in trader interest.

    Although Dogecoin, Shiba Inu and Pepe account for the most discussion rates, it appears investor attention is shifting to new projects in this space – and few look primed for the show as is the Memeinator (MMTR).

    $200k presale milestone marks start of Meme “Terminator” reign

    Less than a day after its presale went live, the Memeinator has raised over $237,000 from global investors.

    The first stage, which had the native MMTR token priced at $0.01, quickly sold out as meme coin hunters allocated over $200,000 to the project. MMTR’s price is now up to $0.011 in stage two of the presale, and with interest skyrocketing, could be jumping to $0.012 within no time.

    In terms of tokenomics, the whitepaper details a total supply of 1 billion MMTR, 65% of which will be available to early bird gem hunters via the presale. Interestingly, the team has planned an incremental distribution of presale tokens, giving a chance to those that might miss the early stages of MMTR token sale.

    What is the Memeinator?

    The Memeinator is a new meme coin that descends to the dystopian world of worthless meme replicas with one mission – to seek out and destroy the weak coins ruining the market. It’s a critical mission in an industry that has over 500 meme coins, most of them useless imitations of some of the top picks such as DOGE, SHIB and PEPE. 

    Leveraging blockchain and artificial intelligence, the Memeinator will bring the era of chaos to a close with judgement for every sub-par meme token. 

    As it renders judgement to the smaller coins, the Memeinator will look to tap into an innovative AI-powered marketing tool to target the $1 billion market cap. The next goal will be to build momentum towards challenging meme world top coins, but that will happen once the small dogs and frogs are out of the way.

    Memeinator’s roadmap to dominance

    To achieve its mission, the Memeinator will seek milestones as highlighted on its roadmap. Currently, the presale is part of phase 1 of the new era that includes blockchain development and community building.

    As it charts the course of its expedition, the Memenaitor’s phase 2 will involve the unleashing of the terminator via launch of MMTR on popular exchanges and DEXs. Key partnerships will be sought to add to the traction, with staking and NFTs launch to follow. 

    In stage 3, the Memeinator will be ready to search and destroy weak memes through the launch of Memescanner and the Memeinator game: Warfare. These products bring real utility to the ecosystem.

    Meme domination comes in stage 4 of the roadmap where the world is now rid of all the unworthy memes. The market cap of this token is forecast to have grown to $1 billion, with MMTR listing on the world’s largest crypto exchanges marking the beginning of judgement for the current market’s meme coin big fish.

    Learn more by visiting the project’s website or you can join the presale here to buy Memeinator (MMTR). 

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  • MicroStrategy purchases 5,445 bitcoins as Chancer’s presale hits $2.2m

    MicroStrategy purchases 5,445 bitcoins as Chancer’s presale hits $2.2m

    Key takeaways

    • Bitcoin continues to trade below $26,500 despite MicroStrategy’s latest BTC purchase.

    • Chancer’s stage two presale has now surpassed the $2.2 million mark.

    The cryptocurrency market began the week in a bearish mode, with prices of most coins and tokens in the red zone over the last few days. However, that hasn’t halted Chancer’s presale as it continues to hit new milestones.

    MicroStrategy purchases 5,445 bitcoins

    Michael Saylor’s MicroStrategy has continued its foray into the cryptocurrency market by acquiring more bitcoins. The company announced the purchase of 5,445 bitcoins on Monday for $147.3 million at the average price of $27,053 per coin. MicroStrategy now holds 158,245 bitcoins acquired for a total of $4.68 billion.

    Despite MicroStrategy’s acquisition of over 5,000 bitcoins, BTC’s price continues to underperform. At press time, the price of Bitcoin stands at $26,273, up by less than 1% in the last 24 hours. Bitcoin has lost more than 2% of its value over the last seven days. 

    What does this mean for Chancer?

    MicroStrategy purchasing more bitcoins could serve as an indicator that more institutional investors have faith in the crypto market despite the ongoing bearish trend. Investors could be looking to purchase more cryptocurrencies and invest in exciting projects ahead of the next bullish cycle. 

    Chancer could be one of those projects thanks to its exciting prospect. The project is currently in its second presale stage and has now raised more than $2.2 million. 

    The Chancer team is currently developing a unique Web3 peer-to-peer (P2P) custom betting platform designed to enable users to live-stream betting events. The project seeks to decentralise the online betting industry by using blockchain technology. 

    When using Chancer, there would be no restriction to betting opportunities for users. This means that users can bet on numerous events beyond the available sports and casino bets. 

    The Chancer presale is in its second stage and has raised over $2.2 million of the $2.5 million required. The funds generated from the multiple presale rounds would be used to build Chancer’s decentralised P2P betting platform. 

    In their whitepaper, Chancer said its users would have access to numerous features such as betting markets in real-time and based on user interests, social media connections, and expertise. 

    Users will also no longer deal with the challenges associated with using bookmakers when betting as they would be allowed to set up their custom P2P betting markets. 

    With Chancer, users can bet on various activities. This means that users can bet on important sporting or political events or trivial ones like the first to complete a task amongst friends. 

    CHANCER to go for $0.013 in the next presale stage

    Chancer’s second presale stage is close to completion, and the team will move to the next phase. In this current presale stage, the CHANCER token is going for $0.012 USDT

    The token price will increase to $0.013 in the third presale round. There would be 12 presale events, with an accumulated target of $15 million. 

    According to the team, the CHANCER token will power numerous activities within the ecosystem. CHANCER token holders would be allowed to create and invest in markets within the ecosystem.

    In addition to that, token holders can also create, participate in, and profit from their very own predictive markets. 

    Interested investors can purchase the CHANCER token using numerous wallets, including Trust Wallet, MetaMask, Coinbase Wallet, and Rainbow. 

    Visit the Chancer website to get more information about the presale. 

    Should you invest in Chancer now?

    The crypto market has been bearish in recent days, granting investors more opportunities to invest in quality projects. Investors looking to get into early-stage projects could consider Chancer, thanks to its unique niche. 

    By decentralising the betting ecosystem, Chancer could gain massive adoption within the Web3 space and beyond over the coming years. The adoption of the Chancer platform could see its CHANCER token rally higher in the medium to long term. 

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  • BREAKING: Bitcoin hits $28k after Grayscale win against SEC

    BREAKING: Bitcoin hits $28k after Grayscale win against SEC

    • Bitcoin price rose to highs of $28,142 on crypto exchange Bitstamp on Tuesday.
    • The gains came as the crypto market reacted to news of Grayscale’s win against the SEC.

    Bitcoin price saw a huge spike in volatility on Tuesday afternoon as prices across the crypto market rose. The world’s largest cryptocurrency by market cap jumped 7% to trade to highs of $28,142 at 1:05 pm ET, with the crypto market cap rising 6% to $1.15 trillion.

    Bitcoin price chart

    Elsewhere in the market, Ethereum traded to highs of $1,740, with its value up 5% in the past 24 hours. All the top 10 altcoins were in the green on the day at the time of writing, with BNB up 4%, XRP +3.8%, Cardano +4% and Dogecoin +6%.

    Why is Bitcoin and crypto surging?

    Bitcoin’s sharp price action to the new multi-week high came as the market reacted to news that Grayscale Investments had won in its lawsuit against the US Securities and Exchange Commission (SEC).

    As CoinJournal reported earlier today, the DC Circuit court ruled that the SEC had wrongfully denied Grayscale’s proposal to convert its Bitcoin Trust fund (GBTC) to a spot Bitcoin ETF.

    The court vacated the SEC’s order disapproving the application and granted the petition to have SEC review the proposal.

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  • Shiba Memu presale hits $2.1M as Shiba Inu’s Shibarium faces challenges

    Shiba Memu presale hits $2.1M as Shiba Inu’s Shibarium faces challenges

    • The highly-anticipated Shibarium layer-2 network is having problems with its bridge contract.
    • Approximately $1.7 million worth of Ethereum is currently stuck on the bridge contract.
    • Shibarium launch was expected to add some impetus to the price of SHIB but that has not happened.

    The much-hyped layer-2 network of Shiba Inu, Shibarium, is having significant problems a day after its launch. The network was expected to turn the tables of the SHIB token, which has been under bearish pressure for the last seven days; but that has not been the case. The token has dropped by over 10% since the Shibarium went live.

    But as the future of Shiba Inu hangs on tenterhooks, another Shiba-themed meme coin called Shiba Memu (SHMU) is taking the crypto space by storm with its token presale which has hit $2.1 million in a little over a month. Shiba Memu is leveraging the power of artificial intelligence (AI) and the hype around meme coins.

    What is happening with Shibarium?

    According to an analysis of the Shibarium network’s bridge contract, which transfers money from Ethereum to the layer-2 solution, there is currently $1.7 million worth of Ethereum stranded between the two networks.

    The locked status of the funds has been confirmed by the blockchain security team Beosin, who has advised people to stop using Shibarium temporarily.

    In addition to the locked-up tokens, blockchain sleuth ZachXBT highlighted that $762,000 worth of BONE, a Shibarium governance token, was sent to the bridge contract.

    According to the information on BlockScout, only 236 transactions had been validated on Shibarium Network almost two days after the network was launched.

    Some users have pointed out issues with Shibarium’s remote procedure call (RPC) system, which allows access to a network’s server node to communicate with the blockchain.

    The response by Shiba Inu’s developer

    Interestingly, the pseudonymous Shiba Inu developer Shytoshi Kusama repudiated reports that what Shibarium was facing was “a bridge issue.” In a newsletter, Kusama said:

    “Our technical difficulties are due to the massive amount of traffic we experienced within moments on Shibarium,” they said. “The team is working tirelessly to fix the issue and scale so that we can give the ShibArmy the experience they deserve. All funds are safe.”

    A moderator in Shibarium’s Discord also stated that “as a precautionary measure,” admins “have temporarily restricted access to certain channels due to the spread of misinformation and fake websites.”

    What Shibarium’s misfortunes mean for Shiba Memu

    Well, Shiba Inu stands out as a major rival to Shiba Memu and its mishaps could only be translated to mean an advantage to the new Shiba Memu project, which is already on course to become the most popular meme coin project.

    Shiba Memu is a revolutionary token combining AI and the latest technology to create an entirely self-sufficient marketing powerhouse, deviating from the norm of most meme coins which purely depend on community involvement.

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  • Bitcoin price outlook as Shiba Memu’s presale hits $1.5M

    Bitcoin price outlook as Shiba Memu’s presale hits $1.5M

    Key takeaways

    Bitcoin has been underperforming in recent weeks, down from the $31k level it achieved last month. The world’s leading cryptocurrency by market cap is struggling around the $29k region, and market experts believe it could dip lower in the near term.

    Shiba Memu has continued to set new records with its presale despite the bearish market conditions. 

    BItcoin Stays Around $29k

    The cryptocurrency market has been bearish since the start of the month. The prices of most cryptocurrencies are trading in the red zone despite the positive performance recorded earlier this week.

    Bitcoin has lost more than 1% of its value so far this week and is now trading at $29,119 per coin. Ether, Dogecoin, Solana, XRP, and other leading cryptocurrencies are all down by more than 2% so far this week. 

    Despite the bearish trend, Shiba Memu’s presale continues to set new records. The team has raised more than $1.5 million so far, with more than 52 million tokens sold. 

    What is Shiba Memu?

    Shiba Memu is an exciting project in the cryptocurrency space that seeks to combine the powers of blockchain technology and artificial intelligence. With the rise of AI, their applications have become vast globally. 

    Shiba Memu is a project that wants to leverage AI and blockchain to make it easier for people and organisations to create content and roll out marketing campaigns. 

    In their whitepaper, the team explained that Shiba Memu could handle the task of numerous marketing agencies. As an AI tool, Shiba Memu is always active and will work 24/7 to find the best work going on in creative advertising, consuming it and generating better content marketing. 

    The idea to launch as a meme token has to do with the recent popularity of meme projects in the cryptocurrency space. Within the space of two years, the market cap of meme coins grew from practically $0 to $20 billion in 2022. 

    However, what makes Shiba Memu different from other meme token projects is that it has an excellent use case. Shiba Memu can be regarded as a self-sufficient marketing tool powered by AI technology.

    Shiba Memu can be able to create marketing strategies, roll out PR schedules, and promote campaigns on relevant forums and social media platforms. At the moment, Shiba Memu is available on the Ethereum and BNBChain blockchains. 

    Shiba Memu’s presale hits $1.5M

    Shiba Memu’s presale has been going on excellently despite the bearish trend in the market. The presale has been around for roughly a month now, and the team has raised $1.5 million so far. 

    The Shiba Memu project has sold over 52 million SHMU tokens to raise $1.5 million. The team intends to use the funds to develop some of its products and services. 

    According to their whitepaper, most of the funds generated in the presale would be directed towards developing the Shiba Memu AI technology. By leveraging AI technology, Shiba Memu can provide exciting marketing services to its users. 

    The Shiba Memu platform would also have a robotastic dashboard, allowing users to interact with the AI, provide feedback, make suggestions, and ask questions.

    Click here to find out more about Shiba Memu’s presale event.

    Shiba Memu price prediction

    Predicting Shiba Memu’s price would be impossible at the moment since the SHMU token is still in its presale stage. At the moment, 1 SHMU = 0.017650 USDT. 

    According to the team, SHMU’s price increases every day at 6 pm GMT. In a few hours, the token will go for 0.017875 USDT. 

    SHMU began trading at $0.011125 when the presale began and will trade at $0.0244 when the presale ends. The SHMU token can be purchased using Ethereum, USDT, BNB and BUSD

    Should you buy Shiba Memu today?

    Shiba Memu could be an excellent project for investors to get into. The fact that it is still in its early stage means that it could generate impressive ROI for investors in the medium to long term. 

    As a project, Shiba Memu is combining AI and blockchain technology, making it an interesting meme token. With the right level of adoption, SHMU’s price could rally over the next few months and years. 

    In addition to that, a Bull Run by the broader crypto market could see SHMU’s price also rally higher. So far, Bitcoin and other major cryptocurrencies are up by over 40% year-to-date. 

    A combination of excellent adoption and a Bull Run by the broader crypto market could make SHMU one of the best performers in the market over the coming months. 

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  • Bitcoin mining difficulty hits all-time high, above 50 trillion hashes

    Bitcoin mining difficulty hits all-time high, above 50 trillion hashes

    Key Takeaways

    • Bitcoin mining difficulty has surpassed 50 trillion hashes for the first time ever
    • Higher difficulty means more competition and less profit for miners, but also more security for the Bitcoin network
    • Higher mining difficulty means greater energy input required to mine Bitcoin, meaning greater cost for miners
    • Mining stocks have underperformed Bitcoin significantly over the last year

    It has never been so difficult to mine Bitcoin. Literally. Bitcoin mining difficulty continues to rise incessantly, surpassing the 50 trillion hash mark for the first time ever last week.

    What is Bitcoin mining difficulty?

    If it were not for the Bitcoin mining difficulty adjustment, blocks would be appended to the blockchain at an increasing speed as more miners joined the Bitcoin network. In such a way, the Bitcoin mining difficulty adjusts via an automatic algorithm to ensure blocks are appended to the ever-growing blockchain at consistent 10 minute intervals.

    As more miners join the network, difficulty rises. In such a way, blocks do not get discovered quicker as more miners join the network. This difficulty adjustment is thus vital to ensure the supply of Bitcoin is released at a pre-programmed pace, as outlined by the anonymous Satoshi Nakamoto in the Bitcoin whitepaper. 

    This explains how, in the early days, mining could be carried out on a personal laptop, because Bitcoin was so niche and miners were so few and far between – hence the mining difficulty was far lower. This is why you hear stories of miners who find (or lose) stashes of Bitcoin on old hard drives which were close to worthless when they were mined. 

    Today, however, Bitcoin is well and truly in the mainstream, and mining difficulty has risen accordingly. Most mining is carried out by supercomputers, while there are many public companies carrying out the task.  

    What does increasing mining difficulty mean?

    Mining difficulty is increasing because more computational power is being put towards Bitcoin mining. The hash rate is what we refer to as the computational power of the Bitcoin network. Looking at the chart, this is at an all-time high – which makes intuitive sense, given mining difficulty is also at an all-time high. 

    For the Bitcoin network as a whole, this is a good thing. Bitcoin’s hash rate is a crucial indicator of the security of the network. A higher hash rate means Bitcoin is more resistant to an attack by a malevolent actor. This is because the higher the hash rate, the more expensive and implausible it is for an actor (or a group of actors) to seize control of 51% of the network, when Bitcoin could be exposed to what is known as a 51% attack (coins could be double spent and the veracity of the blockchain would be in doubt). 

    However, there are downsides to this, too. I detailed this in depth last week in a report on Bitcoin mining stocks. In summary, more hash power means greater cost for miners, as the increased difficulty means a greater amount of energy is required to power the computers working to validate the transactions on the blockchain. This is why miners margins are getting cut into as more miners join the network (rising electricity costs also do not help). 

    “The rapid decline in the Bitcoin price, down from $68,000 at the peak of the bull market in late 2021, has obviously hurt the mining industry”, says Max Coupland, director of CoinJournal. “However, that is far from the only problem facing miners. The mining difficulty hitting an all-time high means greater amounts of energy are required to mine, at a time when inflation and the Russian war have pushed the price of energy up immensely”. 

    The mining industry is hence extremely volatile, as not only is it sensitive to the volatility of Bitcoin itself, but it also suffers from rising energy costs. The below chart demonstrates how mining stocks have underperformed Bitcoin in recent times. It looks at the Valkyrie Bitcoin Miners ETF, which tracks mining companies and was launched in February 2022. 

    With Bitcoin mining difficulty hitting an all-time high, racing past the 50 trillion hash mark for the first time ever, things won’t get any easier for miners. However, like always, it will ultimately come down to the Bitcoin price. With block rewards and transaction fees recouped in the form of Bitcoin, and the entire industry built upon this asset, mining companies will go as far as the Bitcoin price takes them.

    If you use our data, then we would appreciate a link back to https://coinjournal.net. Crediting our work with a link helps us to keep providing you with data analysis research.

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  • MicroStrategy BTC paper loss hits $1.3B but no plans to stop trading bitcoin

    MicroStrategy BTC paper loss hits $1.3B but no plans to stop trading bitcoin

    • MicroStrategy registered $34 million in its first-ever bitcoin sale.
    • The company registered a paper loss of over 1 billion in 2022.
    • MicroStrategy made its first bitcoin purchase in August 2020.

    Despite making a paper loss of about $1.3 billion in 2022, MicroStrategy’s chief financial officer, Andrew Kang, said that the company will continue trading bitcoin. During a presentation for the Q4 2022 financial results webnier, Kang said:

    “We may consider pursuing additional transactions that may take advantage of the volatility in Bitcoin prices, or other market dislocations that are consistent with our long-term Bitcoin strategy.”

    The company’s stand on digital currencies comes at a time the crypto market is witnessing considerable recovery from last year’s plunge although it is not clear if digital currencies will ever reclaim their previous highs.

    Microstrategy bitcoin investment

    Microstrategy made its first bitcoin purchase in August 2020 acquiring 21,454 BTC in what it described as a “capital allocation strategy.” The company has been accumulating bitcoins since then and by December 24 2022 it had as much as 132,500 BTC worth $4.027 billion according to Microstrategy bitcoin statistics on the Buy Bitcoin Worldwide website.

    In the presentation on February 2023, Kang confirmed that Microstrategy holds 132,500 bitcoin that are worth about $1.84 billion as of Dec. 31, 2022.

    In the last quarter, MicroStrategy made a loss of $34 million after making its first-ever Bitcoin sale. The company made the decision to sell some of its bitcoins to recoup some tax losses.

    Microstrategy co-founder Michael Saylor said Bitcoin is one of the most important benchmarks that it uses to measure its stock performance against. He said that the company’s stock has risen by 117% since August 2020 compared to the bitcoin price which has risen by 98% in the same period.

    In an interview with a popular news outlet, Saylor said:

    “The only real safe haven for an institutional investor is Bitcoin. Bitcoin is the only universally acknowledged digital commodity, and so if you’re an investor, Bitcoin is your safe haven in this regard.”

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