GameStop to drop crypto efforts as Q3 losses near $95M
The gaming company has stopped its cryptocurrency-related focuses but is seemingly still pushing ahead with its NFT and blockchain plans.
The gaming company has stopped its cryptocurrency-related focuses but is seemingly still pushing ahead with its NFT and blockchain plans.
Two congressional hearings will be held next week on the collapse of cryptocurrency exchange FTX and U.S. lawmakers have asked former FTX CEO Sam Bankman-Fried (SBF) to testify. As the founder of FTX and Alameda Research, “you must answer for the failure of both entities that was caused, at least in part, by the clear […]
Bitcoin price remained strong above the $16,700 level. BTC formed a base and started a fresh increase above the $17,000 resistance zone. Bitcoin found support near $16,700 and started a decent increase. The price is trading above $17,000 and the 100 hourly simple moving average. There was a break above a major bearish trend line with resistance near $16,875 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is eyeing more gains above the $17,400 and $17,500 resistance levels. Bitcoin Price Eyes Upside Break Bitcoin price declined below the $16,800 support level. However, BTC bears failed to clear the $16,700 level. The price traded as low as $16,700 before there was a fresh increase. There was a decent increase above the $16,850 and $16,900 levels. The price cleared the 50% Fib retracement level of the downward move from the $17,440 swing high to $16,700 low. Besides, there was a break above a major bearish trend line with resistance near $16,875 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading above $17,000 and the 100 hourly simple moving average. It is also trading near the 76.4% Fib retracement level of the downward move from the $17,440 swing high to $16,700 low. Source: BTCUSD on TradingView.com On the upside, an immediate resistance is near the $17,280 level. The first major resistance is near the $17,450 zone, above which the price may perhaps start another steady increase. In the stated case, the price could rise towards the $18,000 resistance. The next major resistance is near $18,250, above which the price rise towards the $18,500 zone in the near term. Dips Supported in BTC? If bitcoin fails to clear the $17,280 resistance, there could be a fresh bearish reaction. An immediate support on the downside is near the $17,100 level. The next major support is near the $17,000 zone and the 100 hourly simple moving average. A downside break below the $17,000 support might call a drop towards $16,700. Any more losses might push the price towards the $16,200 zone in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now in the overbought zone. Major Support Levels – $17,000, followed by $16,700. Major Resistance Levels – $17,280, $17,500 and $18,000.
Sam Bankman-Fried previously told crypto vlogger Tiffany Fong that all his Republican donations “were dark.”
The low profitability of BTC mining is still puzzling for many crypto fanatics and investors. There’s no surprise here, given the ever-increasing energy costs. Moreover, the bear market is also significantly impacting Bitcoin’s mining difficulty. As for now, making reasonable profits from mining Bitcoin is not probable. This fact, however, doesn’t imply that BTC mining is fruitless. On the contrary, miners would be alright, provided they engage the right tools in the mining process. Related Reading: Data Suggests Ethereum Layer-2 Tokens May Experience Explosive Upside The Difficulty of BTC Mining Drops The BTC mining sector is experiencing a downturn. The difficulty percentage of mining Bitcoin dropped to about 7.32% on Tuesday. This occurrence isn’t far-fetched from the plummeting prices of digital tokens, which has also lessened miners’ gains. According to data from the BTC.com mining pool, the system made the most significant adjustment since July 2021, with block height at 766,080. The adjustment matched July 2021, when many miners backed out of the system. This motion resulted from China’s ban on digital currencies at the time. As per the BTC mining process, the computing power or hashrate upon mining defines the outcome of mining difficulty. This system is essential to stabilize the time required to achieve one block of Bitcoin. As the number of miners increases, so does the mining difficulty. In addition to the reduced mining difficulty, BTC miners are also seeing a steady increase in energy costs and electricity rates. These events also negatively impacted miners’ revenue in the last few months. Howbeit, miners are not the only victims of the stubborn plummeting price of Bitcoin. Recognized producers like Argo Blockchain (ARBK) and Core Scientific (CORZ) strive to survive bearish market liquidity pressures. Compute North, on the other hand, saw Chapter 11 bankruptcy as the only way out. The company witnessed a breakthrough after acquiring new and efficient equipment a few months back. At the time, they received new miners who drove several projects into success. Also, there was a notable increase in difficulty and hashrate between August and November 2021, when the last positive adjustment was made. Crypto Winter Becomes The Main Influence The company had hoped that the success would continue, only to be driven by the adverse wind of the 2022 crypto winter. This was the beginning of the downturn of the hashrate. Nevertheless, it displays higher values than those shown immediately after China’s breakoff from the crypto sector. Miners now seek to have a reduced price of electricity due to the steady plunging in profits. But, according to a Luxor analyst, Jaran Mellerud, miners still pay between $0.07 and $0.08/kWh for an average electricity price of $0.05/kWh. In the meantime, the price of BTC stands at $16,961. The token shows a 24-hour price change of -0.46%. Featured image from Pixabay, chart from TradingView.com
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Jordan Belfort, aka the Wolf of Wall Street, expects bitcoin and ethereum to be “a lot higher” than they are now. Noting that the collapsed crypto exchange FTX is a scam, he stressed that its implosion “doesn’t mean that you can disregard bitcoin completely and say it’s worthless or going to zero.” The Wolf of […]
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I run metamask on a computer, and I recently bought a second computer. To use the same metamask wallet on this computer, I would need to type my seed phrase into metamask. But, this second computer is refurbished. It came from a reputable company with a fresh Windows installation, but I'm still a little worried…
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