Coinbase has halted trading on its platform as bitcoin crawls to 2019 highs. Original
Coinbase Goes Down as Bitcoin Approaches 2019 Highs
Day: October 27, 2020
Marathon Buys Additional 10,000 Antminers to Become Largest US Bitcoin Miner
Nasdaq-listed Marathon Patent Group is buying 10,000 of the more efficient Antminer S19 Pro bitcoin miners from Bitmain in a deal worth millions of dollars. ▪ Marathon said the deal would boost the company’s operations to 23,560 next-generation miners, “making it the largest self-miner in North America”. ▪ When fully installed, the new machines will bring the firm’s total hashrate to 2.56 exahash per second (EH/s) – one of the world’s top 15 bitcoin miners. ▪ In August, Marathon bought another 10,500 miners of the same make for $23 million.…
Chainlink Could Dive Towards $8.00 Before Extending Uptrend
Chainlink has been one of the few altcoins to see some notable momentum throughout the past few days, as most altcoins have been struggling to rally despite the overt bullishness seen by Bitcoin. The crypto remains well below its 2020 highs of $20.00 that were set a few months ago, but it could be just a few weeks away from revisiting these highs as bulls begin laying the groundwork for a strong move higher. That being said, it may first have to bear witness to some weakness before it can…
‘ASIC Financing’ Is Driving Down Bitcoin Mining Profitability
Bitcoin mining profitability is in the basement, seeing all-time lows in 2020. Conversely, Bitcoin’s hashrate has surged throughout 2020, propelled in part by mining farms financing new hardware to boost their operations. Bitcoin’s hashrate has taken a dip as China’s wet season comes to an end, but mining professionals predict this will only be temporary, and it has only improved profit margins so much. Bitcoin mining profits have been rock bottom in 2020. For much of the year, the cryptocurrency has been less profitable to mine than ever. And that’s…
MicroStrategy Is Looking to Buy More Bitcoin, President Says
MicroStrategy is looking to add to its $521 million stash of bitcoin, the company’s president said Tuesday during the business intelligence firm’s earnings conference call. MicroStrategy President Phong LiBesides the 22% return on its BTC investment, the company has seen another benefit from its foray into cryptocurrency – increased visibility. “We’ve seen a notable and unexpected benefit from our investment in bitcoin in elevating the profile of the company in the broader market, Li said. “This is benefitting our reputation overall, raising our mindshare among prospective customers.” CEO Michael Saylor,…
MicroStrategy’s crypto holdings may be paying off more than its business
Business intelligence firm MicroStrategy’s Bitcoin investment is paying off in a big way, with an estimated $100 million in profit. According to data published Oct. 27 by independent crypto researcher Kevin Rooke, MicroStrategy has earned more from its Bitcoin (BTC) investment than it did through its actual business for the last three years, from Q1 2017 to Q2 2020. Rooke’s data shows that the business intelligence firm’s 38,250 BTC holdings — worth roughly $425 million at the time of purchase in August and September — were valued at more than…
XRP Bull Run a Week Away as It Completes Bullish Technical Pattern
XRP’s price action has been similar to how it has been for the past couple of years, with it consolidating in the mid-$0.20 region while being wholly unable to garner any type of sustainable trend. This consolidation phase has come about despite the strength seen by Bitcoin and the rest of the crypto market. Much of the cryptocurrency’s lackluster price action can be pinned on its lack of utility and waning community momentum. Although XRP had built one of the strongest communities on social media throughout 2017 and 2018, reports…
VC calls Ethereum killers ‘toothless’ based on token allocation to insiders
Mythos Capital founder Ryan Sean Adams called Ethereum killers “toothless” based on initial token allocation schemes that often prioritize insiders: Source: Twitter. Adams was referring to a recent Messari report, which summarized the token distribution for some of the most popular Ethereum (ETH) alternatives launched in the last couple of years. There are four main distribution categories: public presale, community allocations, insiders, and each project’s respective foundations. Source: Messari. The report’s authors suggest that the proportion of tokens allocated to insiders (which includes team, company and VCs) is crucial when…
Market Wrap: Bitcoin Jumps to $13.7K, Nearing 2019’s High; Ether Volatility Reverses Course
Bitcoin made gains Tuesday toward its 2019 high while ether’s volatility rose after an October in decline. Bitcoin’s price was on a steady run upward Tuesday, hitting as high as $13,756.33 before settling down to $13,668, according to CoinDesk 20 data. It is now within reach of its 2019 high of $13,879.24; any point above that puts bitcoin prices where they were during the late 2017-early 2018 bull run and subsequent collapse. Increased spot bitcoin volume, at $840 million, helped lead the price higher Tuesday. That figure has averaged $432…
Bitcoin Whale Wallets With 1000+ BTC Or More Spike To Highest Levels In History
Bitcoin price is only a mere few hundred dollars away from setting a higher high and confirming a new bull market. Coinciding with what appears to be a breakout ready to happen, whale-sized wallets holding more than 1000 BTC have surged to the highest level in the asset’s history. Is this it – is the next cryptocurrency bull market based on Bitcoin’s block reward halving as the stock-to-flow model predicts, finally here? Big Buyers Prepare For Crypto Bull Run By Accumulating Bitcoin Bitcoin has been bullish all throughout 2020, even…