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The Bitcoin (BTC) mining and data center hosting company Riot has recently announced its production and operations update for January 2023. It has produced a new all-time high of 740 Bitcoin in the last month.
Can the recent reports of eased inflation and the change of tightening policies by the Federal Reserve (FED) in 2023, plus the return of capital to the crypto market, be a sign of the end of the bear market and the renaissance of the new bull cycle?
Bitcoin continues to see a bullish uptrend across the board, with the derivatives market volume witnessing an upturn in fortunes. BTC prices in futures contracts have begun to exceed spot market prices indicating that traders are gaining confidence in the derivatives market.
Bitcoin witnessed an extended bearish trend in 2022, resulting in a 60% drop in its price and a steep decline in bitcoin futures and options volumes. The collapse of FTX last November further diminished the market sentiments, and there was a significant withdrawal from the derivatives market, accompanied by long liquidations and a strong bearish bias.
Digital gold mining companies suffered harsher drawdowns than their legacy counterparts in 2022.
Bitcoin’s prominent memetic narrative as “digital gold” begs a comparison to the real yellow metal. But since the advent of Bitcoin, comparative perspectives of the mining sectors underlying both assets are too often missing.
In May 2022, this author published data on the gold/bitcoin mining contrast as digital gold producers were significantly underperforming ore miners. Now, the time seems right to provide a follow-up overview of some recent market data for bitcoin and gold miners.
The crypto market sentiment dropped drastically through 2022. Most of it was triggered by multiple firms collapsing, sending market prices into a downward spiral. This saw investor sentiment bouncing between fear and extreme fear for the better part of H2 2022. However, there has been a turn in the tide as bitcoin leads the market on another rally. Investor sentiment has now returned to pre-LUNA crash levels.
As of writing, Shiba Inu has been up 41% in the monthly time frame. This rally is being boosted by the renewed investor sentiment in cryptocurrencies which led to major cryptocurrencies like Bitcoin and Ethereum regain ground lost when FTX collapsed.
SHIB is one of those tokens that has climbed hard because of its high correlation with Bitcoin and Ethereum. Along with the news of the token’s network upgrade being hyped up, SHIB’s rise is a sure win for investors and traders.
However, the token has recently entered a sideways market movement ahead of its Shibarium upgrade. Can Shiba Inu continue its rally or will it experience pain?
Bitcoin continues to push the cryptocurrency industry toward widespread acceptance on a worldwide scale, engaging directly with big traditional entities such as banks.
The crypto’s remarkable market capitalization is illustrative of the asset class’ future potential.
Bitcoin has been at the vanguard of the cryptocurrency industry; not only has it been the top digital currency, but it has also been the top choice for the majority of crypto users, making it a solid predictor of the crypto market as a whole.
Bitcoin, the world’s largest cryptocurrency with a market valuation of $ 443 billion as of January 24, is way more valuable than any major bank.
The cryptocurrency market, regardless of the ongoing “mini bull run,” is still a long way from its 2021 levels, with companies laying off staff and some even closing operations. The latest on the list of firms halting services is Coinbase. Per a recently published blog post by Coinbase, the crypto exchange company said it would be closing down its operations in Japan.
The exchange said the halting of operations in Japan has no effect on its other official branches across the globe. Coinbase Japanese customers are to withdraw their crypto and fiat holdings by February 16. The company stated it would conduct a complete review of its business in the country following the market conditions closing in.
The brunt of the price-based capitulation has already been felt, while the real pain ahead is a waiting game for the market to finally turn around.
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Solana, the touted “Ethereum killer,” has sustained losses in the past few months because of the bear market and its ties to Sam Bankman-Fried’s now-defunct crypto exchange FTX. But recently, the troubled ecosystem surpassed Shiba Inu and Tron in terms of market valuation.
As of writing, SOL still held this advantage according to data from CoinMarketCap. This bullish action caused the crypto’s price to jump 0.9% in the daily timeframe, further beefing up its 36% increase in the past week.
Digital Currency Group (DCG), the crypto conglomerate that owns lender Genesis Trading and asset manager Grayscale, among others, today made public that it has closed its asset management division called HQ Digital, fueling new fears within the bitcoin and crypto industry, given that the company managed $ 3.5 billion in total assets in December.
A memo obtained by The Information states that HQ Digital is being shut down due to the “general economic environment and the ongoing crypto winter, which is creating significant headwinds for the industry,” and that the company may revisit the project in the future. This is a DCG subsidiary that was formed just last year.
The exuberant peaks of the crypto business in 2022 fell into an extended crypto winter and left many of the sector’s top companies belly up.
The aftermath of the shutdown of several large cryptocurrency exchanges has made concerns about liquidity and solvency a big topic of conversation throughout the market.
At the beginning of the year, the total market capitalization of all cryptocurrencies was estimated to be $ 2.2 trillion. By the end of 2022, this amount would fall below $ 800 billion. Therefore, this shows a great deal about the events of the period.
The NFT market took a rather significant beating in the year 2022 despite reaching its peak trading volume at the start of the year. Since then, volume is down more than 94% as investors move away from these highly illiquid assets. However, there has been an upturn in NFT volume in the last month, so is the NFT bull market back?
Looking at data from IntoTheBlock, it does show that there has been a rise in NFT trading volume over the last month but this has not been steady growth. In fact, the graph shows more of a zig-zag pattern meaning that the volume has seen highs and lows during this time.
What many suspected after the news broke in late October has now become a reality. One of the largest publicly traded Bitcoin mining companies in the U.S., Core Scientific Inc. (CORZ), has filed for Chapter 11 bankruptcy, CNBC reported today. The network cites an anonymous source.
Whether the Bitcoin mining company will survive the crypto winter, however, remains to be seen. CORZ is still generating cash flow, but it is not enough to pay off the financing debt from the machine lease.
As Coinbase CEO Brian Armstrong bared plans on Monday to outline an actionable framework for achieving regulatory clarity in the cryptocurrency space, something came up that might require some of his attention: his crypto exchange has just been overtaken in the market value department by a token most people see as a joke.
Dogecoin (DOGE) momentarily hit its biggest market value of approximately $ 89 billion on May 8, 2021, with a token price of $ 0.6818.
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CPI numbers from the U.S.-led markets to rally, leaving bitcoin in the dust as FTX shocked the crypto world. The Federal Reserve tests out a CBDC.
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By now, the news of crypto lender Genesis halting withdrawals has already made the rounds. The implications of this on other crypto platforms are becoming apparent as more time passes, but being so early, there remains a lot to be seen of how this plays out in the end. However, it is important to note that although Genesis was not a mainstream name like Celsius Network, its reach spreads wider than any other crypto lender in the space.
China, which happens to be a crypto whale according to this CEO, currently owns more Bitcoin than leading institutional investors like MicroStrategy, Galaxy Digital Holdings and Tesla.
The Asian nation, which continues to enforce a total ban of the digital asset class, became the de facto owner/holder of 194,000 Bitcoin and 833,000 Ethereum tokens it seized from the infamous crackdown against the 2019 PlusToken Ponzi Scheme.
“They forfeited these $ 6 billion worth assets to the national treasury,” Ki Young Ju, CEO of analytics platform CryptoQuant, said.
Based on data released by CryptoQuant, MicroStrategy has 130,000 BTC while Galaxy Digital Holdings own 40,000 units of the maiden crypto.
Decentralized finance (DeFi) has felt the impact of the market crash that happened on Wednesday. The space which had already been struggling due to low interest had seen its total value locked (TVL) tank by more than $ 10 billion in a three-day period.
For the last couple of weeks, the DeFi TVL had been trending just above $ 55 billion. This was when Ethereum had staged a recovery above $ 1,500 and other DeFi tokens had rallied along with it. However, just when it looked like the market was beginning to settle into a growth trend, the FTX insolvency hit the crypto market.
Major cryptocurrencies are down with some depreciating in value more than 10% in the past 24 hours.
Just days earlier, Binance CEO Changpeng Zhao announced that FTX asked for help in dealing with the ongoing liquidity problem in the troubled exchange. This prompted a strong bearish response from the crypto market.
Almost immediately after Binance revealed that they might buy the Sam Bankman-Fried crypto exchange, cryptocurrency values dropped sharply. In general, the last day of trading saw a significant drop in the value of cryptocurrencies.
Based on figures from CoinMarketCap, the price decline wiped out more than $ 100 billion in value from crypto assets.
