Publicly traded Bitcoin mining firm Hut 8 Corp announced on April 16 the initialization of self-mining operations at its new Salt Creek facility, only 78 days after breaking ground in the area. The Texas-based facility boasts a favourable energy profile, which is expected to reduce mining costs by 30% compared to the firm’s hosting facilities....
As the cryptocurrency community anticipates the next Bitcoin halving event, expected around April 19 or 20, speculations about its impact on Bitcoin’s price are intensifying. This scheduled reduction in mining rewards, which decreases the supply of new Bitcoins entering the market, has historically been a catalyst for significant price movements. Presently, Bitcoin (BTC/USD) is trading...
The available Bitcoin supply on exchanges is rapidly diminishing, potentially reaching depletion within the next nine months, according to a Monday analysis by Bybit. Citing data from CryptoQuant, Bybit wrote in a blog post that only 2 million BTC is present on centralized crypto trading platforms, representing less than 10% of the entire network’s supply. Cratering Bitcoin Exchange Supply Before Halving “If we assume a daily inflow of $500 million to Bitcoin Spot ETFs, the equivalent...
Bitcoin’s soon-to-launch “Runes” token standard will allow the premiere crypto network to catch up to rivals in the realm of DeFi, predicted asset manager Franklin Templeton in a Monday report. The Promise Of Runes The firm released a fact sheet expanding on the upcoming technology over Twitter, which is set to go live at the...
Senator Sherrod Brown (D-H), a noted crypto-skeptic, expressed openness to stablecoin legislation amidst news of a bipartisan bill proposed by Representatives Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY), a Tuesday report from Bloomberg revealed. When asked by the news outlet if he would advance stablecoin legislation tethered to a bill focused on reducing compensation for...
Bitcoin mining companies are experiencing a significant decline in their stock prices as they face reduced revenue due to an upcoming code update for the largest cryptocurrency. Companies such as Marathon Digital Holdings Inc., Riot Blockchain Inc., and CleanSpark Inc. have seen their stock prices fall for three consecutive days. The Valkyrie Bitcoin Miners exchange-traded...
Worldcoin, the crypto project co-founded by OpenAI’s Sam Altman, has today announced a new blockchain “designed to bring all humans onchain.” The new World Chain is built to scale both Worldcoin and the broader Ethereum network to 1 billion people and beyond, said the press release shared with Cryptonews. The team expects the developer preview...
Upbit, one of South Korea’s largest cryptocurrency exchanges, has temporarily suspended deposits and withdrawals exceeding 1 million Korean won ($721). This decision, outlined in an official statement released today (April 17), follows modifications to the operations of Ten&Ten, a local VASP facilitating high-value transactions. Upbit Halts High-Value Transactions Following Ten&Ten Service Suspension Effective immediately, Upbit has...
Recent Bitcoin price predictions become a focal point as the cryptocurrency maintains its position at $63,900, with a modest uptick of 0.15%. This stability unfolds amidst varying market conditions, including the cooling interest in spot Bitcoin ETFs and notable discussions at the Rio WebSummit, where the potential for Bitcoin’s value to exceed $1 million was...
A recent report from SoSoValue shows significant movements in the Bitcoin exchange-traded funds (ETFs) market, mainly focusing on the outflows observed in Grayscale’s Bitcoin Trust (GBTC) and the broader net outflow of $58.03 million from Bitcoin spot ETFs. The data highlights the dominance of outflows, with GBTC alone experiencing a net outflow of $79.38 million, contributing to...