A ‘seismic mining shift’ may be driving Bitcoin price below $30K: Report
The benchmark cryptocurrency slipped briefly under the $29,500-level this Tuesday as a Glassnode report indicated possibilities of miner capitulation in China. Bitcoin (BTC) plunged 7.38% to hit its five-month low of $29,313 on Tuesday as the market stared at the prospect of another sell-off, this time led by miners affected by a recent crackdown against cryptocurrency entities in China.Bitcoin drops below $30K for the first time since January 2021. Source: TradingView.comThe People's Bank of China on Monday said it had summoned multiple regional institutions, including the Agricultural....
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In recent times, the Bitcoin market is witnessing a seismic shift, with BTC’s price ascent deeply rooted in burgeoning institutional demand. Expert commentary and market data are coming together to unveil a comprehensive picture of this profound institutional activity. Institutional Demand Is Driving The Bitcoin Price A profound insight came from Miles Deutscher, a seasoned […]
Cryptocurrency-related lending has become a black smudge for the industry these days and according to a recent report, bitcoin’s low price has put billions in mining loans under stress. The report, which quotes the co-founder of mining company Luxor Technologies, Ethan Vera, says that roughly $4 billion in loans backed by crypto mining rigs are extremely close to running a risk of default.
Analyst Says Miners ‘Are Nervous About Their Loan Books’
The price of bitcoin (BTC) is 21% lower than it was two weeks ago and the price drop has hurt BTC miners a great....
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A number of influential industries have already dipped their proverbial toes into the cryptocurrency waters. One of the largest industries to flirt with Bitcoin in recent years is iGaming. Bitcoin or, more specifically, the blockchain technology that makes Bitcoin such an effective currency, is set to boom in 2016, according to cypherpunk Vinay Gupta. As outlined in our recent article on the subject of blockchain technology, the feeling among tech lovers and financial types is that Bitcoin investment could be set to increase markedly in the coming months. In fact, Digital Currency Group’s....
“I'm not in crypto to make a fast buck, but I'll take the bonus,” said Simon Byrne. Crypto enthusiast Simon Byrne has taken crypto mining out of the garage and onto the road after installing a small farm in the trunk of his car.According to a report from Hardware Times, Byrne purchased a BMV i8 hybrid vehicle retailing for roughly $150,000 and equipped it with a small crypto mining rig consisting of six GeForce RTX 3080 graphics cards. The rig is powered by an ASUS B250 Mining Expert board and an EVGA SuperNOVA 1600 T2 power supply. It is reportedly capable of mining both Bitcoin (BTC) and....