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News and information

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25-6-2024

Crypto stocks lower across the board as Bitcoin slides

Shares of cryptocurrency stocks are on the decline premarket Monday as the price
of Bitcoin has declined more than 4% in the past 24 hours. The leading
cryptocurrency is currently trading at $61,159.6. Over the last seven days,
Bitcoin has declined by almost 7%. The Bitcoin price fell on Monday, extending a
deep decline from the past week. Concerns over U.S. interest rates and
anticipation of key inflation data have kept traders largely biased toward the
dollar. Traders have grown skeptical over the timing of the Federal Reserve's
interest rate cuts. High rates are negative for crypto as they diminish the
appeal of speculative, risk-driven assets. As a result, Coinbase is trading
-3.9% premarket, Marathon Digital Holdings (NASDAQ:MARA) is at -5%, Riot
Platforms (NASDAQ:RIOT) -3.3%, Hut 8 Mining Corp (HUT) -5.6%, CleanSpark
(NASDAQ:CLSK) -4.5%, Microstrategy, Inc. (NASDAQ:MSTR) -5.1%, Cipher Mining
(NASDAQ:CIFR) -6.3%, and Bitdeer Technologies (BTDR) -4%. Broader cryptocurrency
prices were also pressured on Monday. Samson Mow, JAN3 CEO and a vocal Bitcoin
supporter, has shared an important statement about BTC's current value. This
happened while the world’s largest cryptocurrency, Bitcoin, recaptured the
$63,000 level overnight and then lost it again today. Over the past 24 hours,
BTC went from $61,825 to $63,600, rising by almost 3%. As of now, Bitcoin is
trading at $62,710. Samson Mow's BTC statementCEO of Bitcoin adoption-focused
company Samson Mow, who is also a Bitcoin maximalist, has taken to the X social
media platform to share his take on the current value of BTC, using his own
criteria.Mow cited “Omega Law” to state that he believes Bitcoin to
be “incredibly undervalued now.” “Omega” here refers to
“Omega candles,” which Samson keeps expecting to take BTC to $1
million, practically overnight, “soon.” His “soon,”
however, covers this year or next, according to his recent tweets, where he
stated that he "knows" BTC is heading for $1 million. In a recent interview, Mow
said that even if Bitcoin does not reach $1 million in 2024 or 2025, this time
is still pretty close. The JAN3 boss’s estimation is based on the fact
that spot Bitcoin ETFs continue to accumulate Bitcoin actively and have been
doing so since the middle of January, when the issuers got approval from the SEC
to launch those products. Among those companies were BlackRock (NYSE:BLK),
Fidelity, VanEck and Grayscale. The ETFs created a Bitcoin demand shock, while
the fourth BTC halving that occurred on April 20 created a supply shock for BTC,
according to Mow’s earlier tweets. Once these two “Bitcoin
shocks” meet, the price will skyrocket above $1 million. Over the weekend,
Mow commented on Bitcoin sales that are taking place at the moment. The JAN3
boss believes that the market will be able to absorb them all. Ethereum ETFs
awaiting approvalThe same companies later filed to launch spot Ethereum
exchange-traded funds, too. At the end of May, the SEC gave the first approval;
however, the final one is expected to be announced this week on July 2. Many
within the crypto community are looking forward to that, as they did before the
American regulator greenlit Bitcoin ETF trading.

18-6-2024

'Buy the Dip': Crucial Crypto Market Metric Shows Unexpected Bullishness

The cryptocurrency market has faced one of the worst dips since the beginning of
the month, with around $500 million in various assets being liquidated in a
matter of hours. For now, Bitcoin's performance stabilized somewhat, which
should potentially push the buy the dip sentiment forward. The most recent price
movement of Bitcoin indicates that it is testing important support levels at
approximately $65,000. Significant support lines are being provided by the
50-day EMA and the 200-day EMA, and a hold above these levels may signal
stabilization. There is a chance that investors can take advantage of the
current dip to add more Bitcoin because this consolidation phase frequently
precedes potential recoveries. More information can be obtained by examining
funding rates on different exchanges. Positive funding rates exist for popular
cryptocurrencies like Ethereum and Solana, which traders are prepared to pay a
premium for in order to hold onto their long positions. When it is positive,
this measure becomes a key gauge of market sentiment and frequently suggests an
upcoming bullish reversal. Furthermore, a significant number of long positions
— 407. 91 million over the course of the last day — are being
liquidated, according to the liquidation heatmap. Although this may appear
unfavorable, at first, it frequently hints at a market reset in which excess
leverage is eliminated to make room for a more steady upward trend, given that
there is potential for upward movement without the possibility of sudden
overbought conditions. For now, the RSI for Bitcoin is circling the neutral
zone. In spite of the recent market decline, this and the positive funding rates
suggest that there may be room for optimism. However, it would have been better
for the asset if the RSI were around the reversal zone.

21-5-2024

Venture capital investment in crypto picks up after long decline

LONDON (Reuters) - Global venture capital investment in crypto companies rose to
$2.4 billion in the first three months of 2024, data showed on Monday, in a
tentative sign that investor interest is returning. Crypto venture capital flows
peaked at $11.1 billion in the first quarter of 2022, before seven consecutive
quarters of declining volumes, with just $1.7 billion in the last quarter of
2023, data from PitchBook showed. "The crypto industry is still in its early
stages, and there is a lot of room for growth and innovation," PitchBook senior
analyst Robert Le said in a report. "Barring any major market downturns, we
expect the volume and pace of investments to continue increasing throughout the
year," he added. A combination of low interest rates and high risk appetite had
fuelled the crypto industry to explosive growth in 2020 and 2021, but a series
of bankruptcies at major crypto firms in 2022 spooked investors and sent the
price of bitcoin plummeting. Investors who had backed U.S. exchange FTX were
forced to write down their investments to zero, while millions of people were
left out of pocket as various crypto platforms stopped allowing withdrawals.
Over the last year, some investors have become more confident about crypto,
helped by U.S. regulators at the start of 2024 approving exchange-traded funds
tracking bitcoin's spot price. Bitcoin has steadily recovered from 2022's lows,
hitting a fresh all-time high of $73,803.25 in March - although it has since
struggled for direction.

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