Tag: Rally

Marathon Digital Sells Mined Bitcoin for First Time to Monetize Recent Rally

The miner said in a release on Thursday that the decision was made to cover some of its expenses. “With bitcoin production increasing and becoming more consistent, we made the strategic decision to sell some of our bitcoin, as previously planned, to cover some of our operating expenses and for general corporate purposes,” Marathon’s Chairman and CEO Fred Thiel, said in a statement. The company still holds about 11,418 bitcoin in its reserve. Source

Bitcoin pro traders warm up the $24K level, suggesting that the current BTC rally has legs

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On Feb. 1 and Feb 2. Bitcoin’s (BTC) price surpassed even the most bullish price projections after the U.S. Federal Reserve (FED) announced plans to raise interest rates by 25 basis points.  Even though FED chair Jerome Powell told investors not to wait for interest rate cuts in 2023, during his press conference he did clearly state that the employment data is currently the main focus. The results of the ADP payroll survey revealed on Feb. 1 that U.S. private sector hiring was significantly slower in January. ADP’s measure of…

Bitcoin on-chain data and BTC’s recent price rally point to a healthier ecosystem

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Bitcoin (BTC) had a rough year all throughout 2022. But fresh on-chain and futures market data show positive signs that the leading cryptocurrency by market capitalization has started to recover. After a bevy of short liquidations, the futures market is pointing toward renewed equilibrium. According to data from Glassnode, short position liquidations cleared out unhealthy market speculators, on-chain and exchange data now point to an improving spot market and exchange netflows. A large group of investors that were previously at a loss is now back in the category that Glassnode…

Social token platform Rally announces shutdown of sidechain

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Rally, a social token platform, has announced nonfungible tokens (NFTs) on its sidechain will no longer be accessible. Users reported across social media platforms that Rally said the platform’s sidechain will “begin to sunset” after Jan. 31, leaving users unable to access NFTs once the site fully shuts down. The site’s developers did not say that they would be offering another path forward in the future, but hinted at building “leaner web3 experiences and/or products on mainnet.” “2022 was a challenging year not only for the platform, but also for…

Social Token Project Rally Shuts Ethereum Sidechain, Stranding Users’ Crypto Assets

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