Hive Blockchain revenue declines by 44% Y/Y despite overall mining production surge
The company mined 31% more Bitcoin than in the same quarter last year.
The company mined 31% more Bitcoin than in the same quarter last year.
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PRESS RELEASE. In a move that will excite crypto enthusiasts, IllumiShare SRG has announced its token presale launch, which will hold on the 23rd of November after an unveiling party in Dubai on November 22nd. His highness Sheikh Mohamed Bin Ahmed Bin Hamdan Al Nahyan from the Abu Dhabi Royal Family – An Official Partner […]
On Nov. 14, 2022, the Securities Commission of the Bahamas (SCB) published a press release that explains the ‘Big Four’ accounting firm PWC (Pricewaterhousecoopers) has been designated as provisional liquidator in the FTX investigation. The SCB detailed that “given the magnitude” of the events surrounding FTX, the Bahamas regulator recognized that it had to “move […]
With all the drama and debate around the credibility of exchanges holding your crypto, exchanges have now released their own proof of reserves to gain trust and assure customers that they have enough crypto for their needs but one trend is clearly saying otherwise. The bitcoin supply on exchanges has just fallen to a new…
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Biconomy, a web3 development platform & toolkit that superpowers blockchain technology stacks, today announced it has launched a software development kit (SDK) to transform the way developers build easy-to-use decentralized applications (dApps). Since 2019, Biconomy has been engaged with the web3 infrastructure space by building easy-to-integrate, plug-and-play APIs for developers to scale their projects. The…
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Banking giants including BNY Mellon, Citi, U.S. Bank, and Wells Fargo will be issuing tokens and settling transactions through simulated central bank reserves as part of the pilot.
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Bitcoin is on another recovery path after suffering one of the worst declines of 2022. The digital asset had hit a low of $15,500 before bouncing back up, all of this happening in response to the decline of FTX, the second-largest crypto exchange by trading volume. The price of bitcoin had altered and recovered above $17,000, dragging the market back into the green, but this could only be a short-lived recovery. A Bull Trap In The Making With the decline that was seen in bitcoin and the general crypto market on Wednesday, it was expected that there would be some kind of recovery. This was further propelled forward by the positive CPI data release on Thursday, triggering a good bounce in the price of the digital asset. Related Reading: Bitcoin Shows Strength As Price Holds Above $16,500; Is This A Bear Trap? However, it is not exactly a completely positive return given how much of its value was recovered and the time frame in between. More often than not, recoveries like these are a bull trap intended to pull more liquidity into the market. Even with the recovery in price, the sell-offs have not subsided, which puts investors coming into the market at these prices at a disadvantage. A retracement from this level will likely lead to lower lows and a new cycle low. BTC price remains volatile | Source: BTCUSD on TradingView.com There is also no significant support for bitcoin above $17,000. Everything from the current price down to $16,500 hangs by a thread. This means that bitcoin will not be able to withstand another downtrend and will see it establishing support just above $16,000. Bitcoin Still Not Bottomed For many, it is easy to believe that the bottom is in for the digital asset simply because it has fallen below its previous cycle low, but historical trends show there is still more decline to come. It was the case with bitcoin back in 2018 when the price had finally hit $10,000 and it seemed there was nowhere left to go. In the end, BTC would bottom out just above $3,000. Related Reading: XRP Price Rallies 15%, Why Ripple Could Outperform Bitcoin and Ethereum With bitcoin sitting well below its 50-day moving average, the sell-off trend remains strong. Too much supply is being dumped in the market with not enough demand to soak it up. Add in the fact that the FTX case is still unraveling and will do so for the next few months, and more downside is expected for bitcoin. A likely bottom point for bitcoin during this cycle would be the $13,000-$14,000 level with some wiggle room. Altcoins will also suffer more losses according to current market movements and the decreased faith in the crypto market. Featured image from Barron’s, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…
Uniswap rose to a one-week high in today’s session, as crypto markets seemed to have settled following recent turbulence. The last seven days were filled with increased levels of fear, uncertainty, and doubt in the marketplace, as participants moved to shelter following the FTX collapse. Xrp was another notable mover, climbing by over 10% on […]