Day: January 13, 2024

record-breaking in 2023, facing challenges in 2024

In 2023, Bitcoin miners saw a profit surge, yet challenges like the halving event loom over smaller players. After facing a downturn in 2022, Bitcoin (BTC) miners reported healthy margins in 2023, especially those with access to inexpensive energy. According to Compass Mining, companies like TeraWulf and Cipher Mining achieved gross margins exceeding 60%. On average, prominent mining companies reported margins of nearly 47% in the first quarter of 2023.  Concurrently, the Bitcoin network’s hashrate, a measure of its computing power, witnessed significant growth over the past couple of months,…

Bitcoin Price Suffers Post-Spot ETF Blues, Drops 7% To $43,200

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The introduction of Bitcoin (BTC) exchange-traded funds (ETFs) has triggered a significant sell-off, leading to a sharp decline in the Bitcoin price. After gaining approval and commencing trading on Thursday, the ETFs have prompted a “sell the news” event, causing Bitcoin’s value to plummet from its initial trading price of $46,500 at the time of approval to a low of $43,200 within a matter of hours on Friday. Over the past 24 hours, Bitcoin, the largest cryptocurrency by market capitalization, has experienced a 7% drop. Its gains over the past…

Crypto Analyst Predicts 800% Rally As Dogecoin Enters Buy Zone

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Compared to other meme coins and large caps in the crypto space, the Dogecoin performance has been quite lackluster, to say the least. Even as Bitcoin sets an out toward its previous highs, Dogecoin price has been muted. Bit this could change soon as one analyst sees a reversal coming. Dogecoin Price Has Entered The Buy Zone Since falling back below the $0.09 level, the dogecoin bulls have struggled to maintain control of the price. With bearish and selling pressure mounting, the best-case scenario was that the meme coin would…

Sui, FTT anchors today’s top cryptocurrency gainers

According to CoinMarketCap, the world’s most-referenced price-tracking website for cryptoassets, SUI is the day’s top gainer at 17%, followed by FTT and BLUR. Top Crypto Gainers And Losers Today | Source: CoinMarketCap As the Jan. 12 leader, Sui (SUI) represents a pioneering Layer 1 blockchain and smart contract platform crafted to facilitate fast, private, and secure digital asset ownership. As of the latest update, the live Sui price is $1.18, accompanied by a 24-hour trading volume of $870 million, reflecting a 17.7% increase in the last 24 hours. Today, Sui’s…

Analyst Flags Market Peak Amid Spot ETF Hype Cooling Off

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A notable shift in market sentiment has recently been observed, particularly around the Bitcoin spot Exchange-Traded Funds (ETF) narrative. YouTube analyst Crypto Banter, in a recent analysis, suggests that the initial excitement surrounding Bitcoin spot ETFs is waning, leading to a change in investor behavior. According to Crypto Banter, despite significant trading volumes in spot Bitcoin ETFs, which totaled $4.6 billion with Grayscale (GBTC) leading the pack, there’s more than meets the eye. Analyst Predicts Pullback Amid Local Top Signs A deeper look into the analyst’s video reveals that GBTC’s…