Chuyên mục lưu trữ: Bitcoin

Tin tức Bitcoin sẽ giúp bạn có được thông tin mới nhất về những gì đang diễn ra trên thị trường Bitcoin. Tìm hiểu thêm về xu hướng lưu hành của nó và “khai thác Bitcoin” bằng cách dành chút thời gian cho Tin tức Bitcoin quan trọng nhất hàng ngày.

Bitcoin (ký hiệu: BTC, ) là một loại tiền mã hóa, được phát minh bởi một cá nhân hoặc tổ chức vô danh dùng tên Satoshi Nakamoto dưới dạng phần mềm mã nguồn mở từ năm 2009. Bitcoin có thể được trao đổi trực tiếp bằng thiết bị kết nối Internet mà không cần thông qua một tổ chức tài chính trung gian nào.

Bitcoin là vua của thị trường tiền mã hóa trong hàng chục nghìn đồng tiền khác nhau. Bitcoin ra đời đầu tiên và được sử dụng rộng rãi nhất trong thanh toán điện tử. Các doanh nghiệp có xu hướng muốn thanh toán bằng Bitcoin để giảm thiểu chi phí. Tích hợp sẵn trong giao thức Bitcoin là công nghệ blockchain.

Bitcoin

Peter Schiff preaches Bitcoin FUD: here’s why he is wrong

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Bitcoin’s post-halving consolidation has prompted cynical rhetoric from popular crypto naysayer Peter Schiff.

Bitcoin (BTC) skeptic Peter Schiff suggested that the value proposition driving spot BTC ETF demand might quickly fade, contradicting expert predictions and market performance so far. BTC has grown over 55% year-to-date (YTD), but Schiff noted that the token has traded sideways for over three months and posted minuscule gains for spot Bitcoin ETF investors. 

BTC price movement in the last three months | Source: IntoTheBlock

Spot exchange-traded funds track the price of an underlying asset. In this case, the asset is BTC, and profits are tied to increments in the cryptocurrency’s price. 

Schiff’s statement about BTC’s sideways price patterns may be true, but the assertion perhaps lacks context. Bitcoin has surged nearly 70% since the U.S. Securities and Exchange Commission (SEC) approved spot BTC ETFs. 

Additionally, BTC’s multi-week consolidation is not new following a halving. The asset transitioned from an accumulation phase into a parabolic run during the last two cycles at least.

BTC post-halving progression | Source: IntoTheBlock

Growing institutional Bitcoin demand

BlackRock and Fidelity’s respective spot BTC ETFs made the best debuts in over 30 years on Wall Street. Within weeks, both funds amassed over billion in assets under management (AUM). Despite billions in demand, Schiff scrutinized Bitcoin’s bullish thesis and price progression. “ If ETF investors have been buying, who has been selling, and why?”

Meanwhile, Bloomberg’s ETF expert Eric Balchunas has repeatedly spoken about capital flows from futures ETFs into spot BTC funds. The halving’s change in dynamics also saw some sell-offs from crypto miners to maintain cash reserves.

However, on-chain data showed that Bitcoin balances on centralized exchanges hit a four-year low, meaning that spot holders are not selling but rather holding on for dear life, commonly known as “hodling” in the digital asset industry. 

Schiff surmised that ETF buyers could become tired of waiting and start liquidating shares as the asset continues in a consolidation range. While the scenario remains a possibility, growing institutional demand suggests otherwise.

Entities like the Wisconsin Investment Board have parked hundreds of millions into spot BTC ETFs, likely with a long-term view on the asset considering its growth over the years. 

BTC jumped over 145% in the past year. In comparison, the S&P 500 has returned 85% in the last five years, bolstering the reward argument for investing in the top cryptocurrency by market cap. Furthermore, IntoTheBlock data showed that over 80% of BTC buyers are in profits.

BTC profit data | Source: IntoTheBlock

Balchunas and other experts also opined that major institutions have yet to enter the spot BTC ETF scene. Yet, the market is over billion strong and growing. As crypto adoption rapidly increases and analysts expect the global ETF market to nearly triple by 2035 to a trillion market, the bullish thesis behind Bitcoin’s ascent is arguably stronger than ever.

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Theo Crypto News

Bitcoin

Greenpeace: Bitcoin mining companies are hiding energy data, Wall Street is responsible

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In a new report filed by Greenpeace, the climate group called for Wall Street accountability in crypto mining, and it correlated bitcoin mining to excessive global energy usage.

Greenpeace claimed that Bitcoin (BTC) mining has evolved into a significant industry dominated by traditional financial companies that are buying up and operating large-scale facilities, using lots of energy.

In 2023, global Bitcoin mining used approximately 121 TWh of electricity, comparable to the entire gold mining industry or a country like Poland. This resulted in significant carbon emissions, the report contended, as these facilities consume as much electricity as a small city. 

“Despite the guise of Bitcoin being independent from the mainstream financial system, the industry is deeply connected to traditional finance for Bitcoin mining companies to access capital and to enable trading and investing in Bitcoin,” the report read. 

TradFi support of BTC mining

The report highlighted traditional financial institutions’ substantial role in supporting Bitcoin mining. These companies rely on capital from banks, asset managers, insurers, and venture capital firms to build and maintain their operations. 

The report identified the top five financiers of carbon pollution from Bitcoin mining in 2022: Trinity Capital, Stone Ridge Holdings, BlackRock, Vanguard, and MassMutual. Together, they were responsible for over 1.7 million metric tons of CO2 emissions, equivalent to the annual electricity use of 335,000 American homes.

Bitcoin mining companies Marathon Digital, Hut 8, Bitfarms, Riot Platforms, and Core Scientific generated emissions comparable to 11 gas-fired power plants.

Bitcoin’s environmental impact 

The report pointed out that Bitcoin’s environmental impact compared to its market value is similar to beef production and gasoline from crude oil. It also mentioned that Bitcoin’s environmental effects have worsened as the industry has expanded.

Bitcoin uses a lot of electricity due to its Proof-of-Work (PoW) consensus mechanism. Unlike traditional currencies, cryptocurrencies operate through a decentralized digital ledger. Bitcoin’s PoW requires miners to solve complex algorithms that use significant electricity. 

“Energy-hungry miners are straining electrical grids across the U.S. and world…draining electricity when more is needed to power electrification of housing, transportation, and manufacturing to meet global climate targets,” the report read. 

Financial responsibility

The report contended that Wall Street, traditional financers, and banks are more responsible for the alleged energy disparity than Bitcoin miners themselves. Greenpeace contended that institutions encourage (through tax breaks and bank benefits) miners to use more energy.

The report contended that miners depend on backing from banks and asset managers, and Wall Street and the banking industry are responding favorably, seeking their portion of the rewards.

Solutions

Greenpeace argued that financial institutions should be more transparent about their environmental incentives to reduce the negative impact of these incentives. 

“Bitcoin miners need to disclose data about their energy use and carbon emissions,” the report read. “Financial companies also need to report on the financed and facilitated emissions associated with their investments, loans, and underwriting services for Bitcoin mining companies.” 

They called for Bitcoin miners to pay a fair share for their electricity use, strain on electrical grids, greenhouse gas emissions, water consumption, and disruption to nearby communities. They suggested implementing a different consensus mechanism for Bitcoin to address the current energy-intensive proof-of-work model and ultimately resolve Bitcoin’s environmental impact.

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Theo Crypto News

Bitcoin

Fairlead’s Katie Stockton says equities and Bitcoin still in bull market cycle

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Katie Stockton, founder and managing partner at Fairlead Strategies, believes the broader equities market and Bitcoin (BTC) are still in a bull market cycle.

Stockton shared her view of the market during an interview on CNBC’s ‘Squawk Box’ on Monday.

Highlighting the current market outlook compared to three weeks ago, she said:

“We were in a little bit of a pullback but that’s been sort of solved on the upside for the S&P. You know, hasn’t quite resolved yet, [but] almost, we’re very close to that. Where that happens is actually on a strong open above 5440, so we’ve been using that as a bit of a stop loss on the upside.”

Extremely low volatility in recent weeks has seen some analysts warn that the pullbacks may be that “calm before the storm.”

However, the Fairlead Strategies founder says support remains intact and that the market may be looking at an explosion to the upside as the lower volatility cycle dissipates.

Bitcoin vs. Nasdaq 100

Katie Stockton also commented on Bitcoin, noting that the Federal Reserve’s decision to hold interest rates and only signal for potential a single cut in 2024 could see Bitcoin struggle.

“We’ve been watching bitcoin because the correlation to the Nasdaq 100 has been increasing back to levels that we haven’t seen since like 2021. And to me that’s interesting. It does show that now investors are treating things as a risk asset broadly, right, including Bitcoin, including equities,” she added.

Bitcoin price has struggled since reaching highs of k in March, while the Nasdaq 100 has eased higher, moving higher since mid-April.  

However, despite Bitcoin’s lack of upside momentum and the divergence with the Nasdaq 100, Fairlead Strategies says both BTC and the stock market could yet go higher.  

“We still believe in this bull market cycle for Bitcoin and equities. But we do sense that that divergence will ultimately probably catch up with the Nasdaq 100 Index as soon as people say, ‘wait, a second, Nvidia’s maybe a little bit overstretched here’.”

On Monday, Bitcoin changed hands around ,200 at 12:25 pm ET.

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Theo Crypto News

Bitcoin

FOMC dot plot sparks $600m in crypto investment outflows

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Crypto investment product AUM plunged late last week following a hawkish FOMC meeting and short-term macroeconomic outlook.

CoinShares highlighted a 0 million net outflow from crypto vehicles like U.S. Bitcoin (BTC) ETFs as the Federal Open Market Committee (FOMC) meeting shook investor confidence in risk assets. 

Trading volumes declined from their weekly average of billion to billion last week. The drops culminated in the biggest outgoing capital stream in over three months, and broke a 20-day inflow streak for spot BTC ETFs on Wall Street.

Bitcoin was especially rocked by macroeconomic factors and FOMC data. Digital investment products underpinned by the leading blockchain coin marked the largest outflows in the market, as Bitcoin itself lost over 6% over the weekly timeframe per TradingView. 

At press time, BTC changed hands under ,500. The token had previously rallied toward ,000 early last week. Conversely, altcoins showed an opposite pattern to Bitcoin and BTC products, drawing in capital. Ethereum (ETH) reportedly led the charge with million in inflows. 

Bitcoin loses 6% on weekly timeframe | Source: TradingView

Crypto markets lull despite cooling inflation

Last week, the FOMC decided to sustain its funding rates within a 5.25% to 5.50% range. While the Fed’s dot plot suggests a single interest cut this year, monthly and annual inflation data indicated an improved market environment. 

As crypto news reported, the U.S. Consumer Price Index (CPI) was flat last month, and year-on-year numbers fell to 3.4% from 3.6% in April. The levels remain shy of the Fed’s 2% target. Still, cooling inflation data could serve as a boon for risk assets like cryptocurrencies and incentive capital deployments leading up to a rate cut widely anticipated by September.

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Theo Crypto News

Bitcoin

Bitfarms stock: analyst reiterates Buy rating and $4 price target

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HC Wainwright has reiterated a buy rating with a target price of for the Bitfarms (NASDAQ:BITF) stock.

According to HC Wainwright analyst Mike Colonnese, Bitfarms is currently one of the “most attractively valued stocks in BTC mining.”

The company’s indication that it’s open to a sale if that maximizes shareholder value suggests that any successful bid could come at a hefty premium compared to where BITF currently trades.

Colonnese, who initiated coverage for the Bitcoin mining firm’s stock early this month, issued the bullish forecast for BITF in a research note published on Monday, June 17.

Analysts reiterate buy rating for Bitfarms stock

HC Wainwright analyst Mike Colonnese says that Bitfarm is one of the most undervalued publicly traded Bitcoin miners.

The analyst sees Bitfarm’s recent agreement for a .7 million deal in an all-stock transaction for 120 MW of power as a pointer to the company’s robust growth initiatives.

Shares of Bitfarms rose 15% when the company announced its expansion efforts last week. As reported, the miner’s agreement will see it bring up to 120 MW of power online via the new site in Sharon, Pennsylvania.

The above agreement will see Bitfarms add 0.6 EH/s to its capacity in the fourth quarter of 2024 and a total of 8 EH/s in the second half of 2025.

Another 6 EH/s will come online in 2025 via the recently announced 100 MW expansion at Yguazu. Bitfarm’s end of year projection for 2024 is 21 EH/s management’s guidance for 35 EH/ s by the end of 2025.

“Owned and operated infrastructure expected to grow to ~650 MW in 2025. Factoring in the new development site in Sharon, PA, we estimate BItfarms is now poised to increase total power capacity by 170% to 648 MW in 2025, up from 240 MW operating today,” the analyst wrote.

Risks

Despite the recent market upheavals and the Riot takeover saga, the stock’s price is up 30% in June and nearly 24% up in the past five days. BITF is up 5.7% year-to-date.

However, HC Wainwright suggests there might be risks to BITF hitting the price target.

These would include volatility in Bitcoin prices, delays at Bitfarms’ new mining facilities and a potential impact from shareholder dilution resulting from equity capital raises.

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Theo Crypto News

Bitcoin

Ethereum ETFs could go live in July, analyst says

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Bloomberg analyst Eric Balchunas expects spot Ether (ETH)  exchange-traded funds (ETFs) to begin trading in the U.S. in July.

Balchunas updated his forecast for the official launch of spot Ether ETFs, moving the over/under date to July 2.

The crypto expert noted that the U.S. Securities and Exchange Commission (SEC) staff had sent comments on the S-1 filings to issuers, describing them as “pretty light” without major issues. 

He mentioned that the SEC has asked for responses within a week, suggesting a decent chance that the ETFs could be declared effective the following week, potentially before the “holiday weekend.”

Balchunas emphasized that while anything is possible, this is their best estimate at the moment.

On June 13, SEC Chairman Gary Gensler provided some clarity on ETH ETFs during his testimony to Senator Bill Hagerty.

Gensler indicated that he expects the S-1 filings for spot Ethereum ETFs to be approved by the end of the summer. This statement has reinforced the belief that while there may be some delays, approval will likely happen within the next few months.

Balchunas also mentioned that the issuers of spot Ethereum ETFs were waiting for feedback from the SEC’s Division of Corporation Finance (Corp Fin) on their S-1 filings, which they had submitted two weeks earlier.

He explained that this delay was attributed to Corp Fin reviewing these documents for the first time, highlighting that this unexpected situation stemmed from a likely last-minute political shift within the SEC, which surprised Corp Fin as well.

Balchunas further emphasized that there is uncertainty about how quickly Corp Fin could prioritize and process the filings. 

However, some observers believe Ethereum ETFs may not attract as much attention as Bitcoin  (BTC) ETFs because they do not offer staking capabilities.

SEC Commissioner Hester Peirce, known for her liberal stance on cryptocurrencies and nicknamed “Crypto Mom,” has expressed skepticism regarding the SEC’s treatment of Ethereum. Peirce has highlighted that historically, the SEC has categorized Ethereum as a security, unlike Bitcoin, which is classified as a commodity.

The SEC has maintained that Ether is a security, which introduces a distinct set of challenges compared to the approval process for Bitcoin ETFs,” Peirce remarked. 

The Ethereum ETF journey so far

The United States Securities and Exchange Commission (SEC) has initiated the approval process for Ethereum exchange-traded funds (ETFs), marking a notable advancement for the cryptocurrency industry.

On May 23, the SEC approved eight 19b-4 filings. However, trading of these ETFs cannot commence until they obtain the required approvals for their S-1 registration statements.

The 19b-4 forms are regulatory filings that propose amendments to current rules or regulations, facilitating the listing and trading of new securities. Approval of these forms signifies the SEC’s authorization for exchanges to list the ETFs, although it does not ensure immediate commencement of trading for the ETFs.

This progress represents a significant advancement in the approval journey for Ethereum ETFs, which the cryptocurrency community has eagerly awaited. 

Concurrently, the SEC is reviewing the S-1 registration statements filed by Ethereum ETF issuers. These statements offer comprehensive details about the companies and the specific securities they plan to offer. 

At the time of writing, the price of Ethereum (ETH) is hovering around ,562.97, representing a 2.5% increase in the last 24 hours. However, the world’s second-largest crypto is still down by 3.5% on the weekly timeframe, according to CoinGecko data.

 

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Bitcoin

Bitcoin price prediction 2033: Bernstein sees upside to $1m

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Bernstein, an asset management firm with over 0 billion in assets, is doubling down on its Bitcoin price prediction, raising their target for 2025 from 0,000 to 0,000. The prediction for 2033 is an astounding million.

Analysts at the firm shared their price projection for the flagship cryptocurrency on Friday. In a note to clients, the research firm said expectations for a surge in spot Bitcoin ETFs represents a bullish catalyst.

“We believe that the U.S regulated ETFs were the watershed moment for crypto that brought in structural demand from traditional pools of capital,” Bernstein’s Gautam Chhugani and Mahika Sapra, noted.

Since their trading debut in early January, spot Bitcoin ETFs have registered net inflows of more than billion. According to the analysts, the global spot Bitcoin ETF market could grow to account for approximately 7% of BTC’s circulating supply by 2025.

BTC price to hit million by 2033

As well as the spot ETF market, Bernstein analysts have asserted that Bitcoin is in a new bull cycle.

The recent block reward halving that cut daily emission from around 900 bitcoins to 450 bitcoins is another factor, they noted, writing that an explosion in demand amid ongoing supply shock could propel BTC price to over 0k by mid-to-end of next year.

The analysts also expect spot Bitcoin ETFs to account for roughly 15% of the “digital gold’s” circulating supply by 2033. In this case, a rally in price in relation to marginal cost of production could mean a surge to over million in the next eight years.

Gautam Chhugani and Mahika Sapra see Bitcoin at 0,000 by end of 2029 and over million by 2033.

Bernstein also initiated coverage on the MicroStrategy stock, assigning an outperform rating with a price target of ,890 by end of 2025.

MicroStrategy (MSTR) is an AI-powered cloud analytics firm that currently holds 214,400 bitcoins. The company has announced a 0 million convertible notes sale with proceeds set to buy more BTC.

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Bitcoin

MicroStrategy upsizes convertible offering to $700m to buy Bitcoin

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MicroStrategy has revealed the pricing of its convertible senior notes offering of 0 million.

The announcement comes a day after the company outlined an initial 0 million offering, with this latest press release noting an upsize to 0 million aggregate principal amount of notes. MicroStrategy expects the offering to close on June 17, 2024.

“The notes will be unsecured, senior obligations of MicroStrategy, and will bear interest at a rate of 2.25% per annum, payable semi-annually in arrears on June 15 and December 15 of each year, beginning on December 15, 2024,” the company wrote.

Notes mature on June 15, 2032, unless there’s an early repurchase, redemption or conversion.

MicroStrategy reveals pricing for its convertible notes offering

According to the firm’s statement published on June 14, the notes’ conversion rate is set at 0.4894 shares of MicroStrategy’s class A common stock per ,000 principal amount of notes.

This will be equivalent to approximately ,043.32 per share and represent a 35% premium over the U.S. composite volume-weighted average price (VWAP) of the company’s stock on Thursday, June 13, 2024. That price stood at ,513.46.

In its update, MicroStrategy said the 0 million raise offers qualified institutional buyers the option for an additional 0 million. The initial offer on June 13 highlighted an additional million of the aggregate principal amount.

On Thursday, MicroStrategy announced it was redeeming 0 million of convertible notes due in 2025, with all conversion requests settled in shares. The redemption date is July 15, 2024. 

0m to buy Bitcoin

The company anticipates a total raise of 7.8 million, or up to 6.0 million should initial buyers fully exercise the option to acquire additional notes.

As noted on Thursday, MicroStrategy plans to use proceeds of the notes offering to purchase additional Bitcoin (BTC). Currently, the company holds 214,400 BTC, the largest by a corporate entity outside of the massive trove that supports BlackRock’s spot ETF.

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Bitcoin

Chinese public telecom provider Coolpad Group allocates $13.5m to buy Bitcoin mining rigs

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Shenzhen-headquartered telecommunications equipment company Coolpad Group has announced the purchase of .5 million worth of crypto mining rigs.

Coolpad Group, a public Chinese telecom provider listed on the Hong Kong Stock Exchange, said in a regulatory filing it has allocated over HK6 million (around .5 million) to purchase Bitcoin mining rigs as the firm now “actively pursues opportunities in web 3.0 digital currency business.”

As per the document, Coolpad plans to acquire 2,700 crypto mining rigs from Hong Kong-based JingYun Intelligent Technology Limited, with deployment slated for North America. The document doesn’t specify the manufacturer of the equipment. This investment aims to boost Coolpad’s current computing power from 873,000 TH/s to an estimated 1,504,800 TH/s.

The transaction is expected to be completed within three months, the document said.

Coolpad Group initially unveiled its focus towards crypto in early May, revealing a million investment plan aimed at acquiring shares of publicly traded Bitcoin mining companies listed on Nasdaq. The company specified its interest in acquiring shares of entities such as CleanSpark (CLSK), ARK 21Shares Bitcoin ETF (ARKB), Bitwise Bitcoin ETF (BITB), Grayscale Bitcoin Trust (GBTC), and Hashdex Bitcoin Futures ETF (DEFI), among others.

Highlighting the current market trends and the promising future of blockchain technology and crypto assets, Coolpad emphasized in a regulatory filing that investments in listed securities within the crypto sector present an “opportunity” to expand its digital currency business.

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