Bitcoin

Illustration: Sarah Grillo/Axios When reading the latest obituaries for blockchain and cryptocurrencies, it helps to remember they’ve been written before. The big picture: There have been many crypto booms and busts. But in each bust, the bottom is a little higher than it was the time before. This is the slow build that believers count on to eventually bring crypto mainstream. There are people all over the world committed to cryptocurrency’s endurance, with hundreds of billions of dollars in… Source link

Bitcoin (BTC) is beating records this Christmas as sub-$17,000 price action sparks unrivaled pain for hodlers. Data from on-chain analytics firm Glassnode shows that both short-term and long-term investors are sitting on more losses than ever before. New or old, Bitcoin hodlers nurse serious losses Since the FTX meltdown sent crypto markets tumbling, BTC/USD has failed to recover. Its descent to levels last seen two years ago has created problems for hodlers who bought in more recently —… Source link

Bitcoin ASIC miners — machines optimized for the sole purpose of mining Bitcoin — are currently selling at bottom-of-the-barrel prices not seen since 2020 and 2021, in what is being viewed as another sign of a deepened crypto bear market. According to the latest data from Hashrate Index, the most efficient ASIC miners, those generating at least one terahash per 38 joules of energy, have seen their prices fall 86.82% from May. 7, 2021 peak of $119.25 per terahash down to $15.71 as of Dec…. Source link

The comparison between bitcoin and gold gets livelier. Although the sudden collapse of cryptocurrency exchange FTX has left a very bad taste among many investors, Mark Cuban still has not given up on crypto. In an apparent demonstration of his support for bitcoin, the billionaire also flung an expletive at gold speculators. In an episode of the “Club Random” podcast hosted by comedian Bill Maher and set to air Monday, the owner of the NBA team Dallas Mavericks provided his thoughts on… Source link

The Bitcoin network hashrate has dropped by more than 38.8% from its peak on Wednesday, as many U.S.-based miners have been forced to switch down their facilities due to deadly blizzards. See related article: British Columbia suspends new electricity connections for crypto miners Fast facts Bitcoin hashrate, the level of computing power used for mining and processing transactions, came in at 155.28 exahashes per second on Saturday, down from 253.88 exahashes on Wednesday, according to data from… Source link

Shark Tank star and the owner of the NBA team Dallas Mavericks, Mark Cuban, says bitcoin is a good investment. The billionaire wants the price of the cryptocurrency to fall further so he can buy some more. Meanwhile, he insulted gold investors, calling them “dumb as f***.” Mark Cuban Prefers Bitcoin Over Gold Shark Tank star and the billionaire owner of the NBA team Dallas Mavericks, Mark Cuban, shared his thoughts about bitcoin and gold in an episode of the “Club Random”… Source link

Bitcoin’s hash rate plummeted roughly 38% in the run-up to the holiday weekend as U.S.-based miners shut down operations during a bout of extreme weather. What meteorologists are calling a “bomb cyclone,” which has stirred up blizzard-like conditions in some places, has left many in Maine and New York without power, according to data from PowerOutage.us. As of Friday, December 23, there were more than one million businesses and homes without power. This has also taken a deep toll on various… Source link

It’s been a brutal year for the cryptocurrency market. In the latest blow to the crypto space, Core Scientific, one of the largest publicly traded crypto mining companies in the U.S, which primarily mints bitcoin, filed for bankruptcy on Dec. 21, citing falling crypto prices and rising energy costs. And the implosion of FTX, a now-bankrupt crypto trading platform that was once valued at $32 billion, has shattered investors’ confidence as the ripple effects of the company’s collapse continue… Source link

While the Central Bank of Indonesia sees some negative parts to crypto, such as the ability for it to operate as a “shadow central bank,” it knows it needs to work on keeping up, but also not getting in the way either, and with that it’s developing a digital form of the Rupiah known as Project Garuda, Indonesia’s CBDC. At this point, crypto is too big in Indonesia to ban, so why not work with the industry and provide regulated payment layers, the prevailing logic goes. Source link

A U.S. bankruptcy court has granted Bitcoin (BTC) miner Core Scientific interim approval to access a $37.5 million loan from existing creditors to fund the firm amid its liquidity issues. Core Scientific is one of the largest cryptocurrency mining companies in the United States, but filed for Chapter 11 bankruptcy on Dec. 21 as a result of rising energy costs, declining revenue and the price of BTC in 2022. In a public statement made on that same day, Core Scientific outlined that it intends… Source link