Crypto market – Page 6

Bitcoin Miner Iris Flags Risk of Default on $103 Million of Debt

3Nov

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Technology

Bitcoin Miner Iris Flags Risk of Default on $103 Million of Debt

[ad_1] Iris Energy Ltd. is the latest Bitcoin miner to grapple with debt trouble because of the sharp market downturn for digital assets. Iris Energy Ltd. is the latest Bitcoin miner to grapple with debt trouble because of the sharp market downturn for digital assets. The Sydney-based green crypto miner, which listed in the US last year, said in a statement on Wednesday that some of its mining equipment isn't making enough cash to cover related debt-financing obligations. The firm said $103 million of debt is secured against the rigs via a couple of wholly-owned special purpose vehicles. It doesn't plan to provide further financial support for the vehicles absent a refinancing agreement. That means a default on the loans looms on Nov. 8 when a scheduled principal payment is lik...

In True Halloween Form, Zombie Coins Just Won’t Die

31Oct

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In True Halloween Form, Zombie Coins Just Won’t Die

[ad_1] You've likely heard of Bitcoin and Ether as digital tokens, but there's actually tens of thousands of cryptocurrencies you probably haven't heard of. In fact over 12,000 of those coins are virtually defunct. Not that they're ‘dead' per say, but they're also not considered ‘alive' or active. They're called ‘zombie' coins: tokens that have stopped trading activity lately and are simply dormant. These zombified coins are not a new phenomenon, but the substantial increase in their volume (from the hundreds in 2019 to 12,100 at recent count) has been eye-opening as another symptom of chilly market conditions. [ad_2] Source link

Bitcoin Stuck in the Doldrums Has Fans Wondering ‘Wen Uptober?’

25Oct

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Bitcoin Stuck in the Doldrums Has Fans Wondering ‘Wen Uptober?’

[ad_1] October may bring ghosts and ghouls alive, but Bitcoin bulls’ hoping for “Uptober” are finding that even the typically positive month can’t resurrect the token’s price. October may bring ghosts and ghouls alive, but Bitcoin bulls' hoping for “Uptober” are finding that even the typically positive month can't resurrect the token's price. The largest digital asset is down roughly 1% this month, which, were it to close at that level, would mark its first down October since 2018, coinciding with the last time it was mired in a crypto winter. At this time last year, Bitcoin had gained 40%, 30% the year before that and 12% the one prior. This year's tepid moves prompted analysts at Genesis, among others, to wonder: “Wen Uptober?” That's the name crypto fans have bequeathed the mo...

Bitcoin Volume Matters More Than Volatility, Cumberland Says

19Oct

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Bitcoin Volume Matters More Than Volatility, Cumberland Says

[ad_1] Crypto volatility might be way down, prompting warnings from analysts about investor interest in the digital-asset sector. Crypto volatility might be way down, prompting warnings from analysts about investor interest in the digital-asset sector. But it's not volatility that matters -- it's volumes. That's according to crypto trading firm Cumberland, which says that volumes, while off the highs of the year, “remain absolutely massive.” Roughly $50 billion worth of Bitcoin derivatives -- excluding spot and on-chain, as well as non-Bitcoin related activity -- are cleared on exchanges each day, prompting the firm to posit that daily activity in crypto may be more than $100 billion, about one-fifth the figure for US stocks. “Recent volatility-driven concerns about the health o...

Crypto’s Justin Sun Says He Owns ‘Tens of Millions’ Huobi Tokens

14Oct

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Crypto’s Justin Sun Says He Owns ‘Tens of Millions’ Huobi Tokens

[ad_1] Tron founder Justin Sun said he owns “tens of millions” of Huobi Tokens. Tron founder Justin Sun said he owns “tens of millions” of Huobi Tokens and that he intends to try and boost the latter now that he's an adviser to its linked crypto exchange. “I would see myself as one of the biggest holders” of Huobi Tokens in the world, Sun said in a Bloomberg Television interview with Emily Chang on Thursday. He added that he began accumulating the token associated with the Huobi crypto exchange in 2013. The coin has rallied about 80% in the last week after Sun became an adviser for the exchange. Huobi is a top-10 crypto exchange globally, according to tracker CoinMarketCap, with about $879.5 million in volume in the last 24 hours. Sun said he hasn't purchased a stake in the bus...

Bitcoin Becoming Less Volatile Than Stocks Raises Warning Flag

13Oct

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Bitcoin Becoming Less Volatile Than Stocks Raises Warning Flag

[ad_1] Crypto traders are warning that in a low-volume environment, that might not be a great thing. At first blush, Bitcoin becoming less volatile than stocks might appear like a positive development. But crypto traders are warning that in a low-volume environment, that might not be a great thing. The coin's 30-day realized volatility has “dropped sharply” in recent days, according to Noelle Acheson, author of the “Crypto is Macro Now” newsletter. It's currently at around 52% after spending the past month above 64% on an annualized basis, according to Coin Metrics data compiled by Acheson. Meanwhile, Jake Gordon at Bespoke Investment Group points to a volatility gauge called BitVol, which has “begun to break down,” falling to near its lowest levels since the spring. The index curr...

Bitcoin Cowboys Are the Ultimate Stress Test for Texas’ Power Grid

13Oct

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Bitcoin Cowboys Are the Ultimate Stress Test for Texas’ Power Grid

[ad_1] As crypto miners flock to the state, they’re piling massive extra electricity demand on an already shaky power system. One scorching hot afternoon, Justin Ballard drives a Nissan Frontier pickup across a stretch of West Texas oil country. For years, Ballard worked these mesquite-covered expanses like any good oil landman, trying to persuade people to let the drill rigs come in and do their work. But he left that search early last year. Now he's scouring the same barren landscapes for a different sort of fuel: natural gas that's being burned off and wasted. This lost gas can be harnessed to power huge arrays of computers that create, or mine, Bitcoin and validate transactions on its ledger, the blockchain. “It's all about stranded energy—searching for it, finding it, mining ...

Bitcoiners Hunker Down for ‘Storms Ahead’ as Retail Stays Away

3Oct

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Bitcoiners Hunker Down for ‘Storms Ahead’ as Retail Stays Away

[ad_1] Crypto investors found something to cheer about amid the recent downturn in digital tokens: the asset class held up better than just about everything else in the third quarter. Crypto investors found something to cheer about amid the recent downturn in digital tokens: the asset class held up better than just about everything else in the third quarter. Yet the hunt for a bottom continues as long-term holders cling on with expectations that there's more pain to come -- and retail investors stay on the sidelines. Even with the narrative going around that crypto hung tough in the July-September stretch, the mood has remained sour. While around 83,500 new digital wallets are coming online daily, that's a low for the 202...

Bitcoin Price Today Slips as a Wave of Investor Angst Saps Global Markets

28Sep

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Bitcoin Price Today Slips as a Wave of Investor Angst Saps Global Markets

[ad_1] The gloom enveloping global markets pushed cryptocurrencies including Bitcoin price lower today. The gloom enveloping global markets pushed cryptocurrencies including Bitcoin price lower on today.The largest token fell as much as 3.1% to a near one-week low and was trading around $18,700 as of 12:45 p.m. in Tokyo. Ether and most other major coins also posted losses. Stocks, bonds and commodities are swooning under a noxious mix of sharp interest-rate hikes, high inflation and a dim economic outlook. A dollar gauge is at a record amid demand for a haven from the maelstrom. If there's any consolation for crypto investors, it's that other assets are breaching major markers whereas Bitcoin is still roughly 6% above June lo...

Bitcoin Jump Past $20,000 Helps Crypto Scale $1 Trillion Mark

27Sep

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Bitcoin Jump Past $20,000 Helps Crypto Scale $1 Trillion Mark

[ad_1] Bitcoin jumped past the $20,000 level and cryptocurrencies as a whole climbed back above $1 tn in market value. Bitcoin jumped past the $20,000 level on Tuesday and cryptocurrencies as a whole climbed back above $1 trillion in market value, helped by a hiatus in the turmoil that gripped global markets this week. The largest token added as much as 6.1% as of 12:30 p.m. in Tokyo, reaching the highest in more than a week. Ether, Solana and Avalanche also rose. The gains came amid a bout of relative calm in global markets after bruising selloffs for stocks, bonds and commodities in the face of rapidly tightening monetary policy to fight inflation and concerns about a recession. Over the past month digital tokens ha...