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Jack Dorsey’s Block Boosts Bitcoin Mining Plans Amid Trump Win
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2 months agoon
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adminBlock Inc., formerly known as Square, led by Jack Dorsey is redirecting its strategy to Bitcoin mining and self-custody wallets as it reduces its funding on the decentralized web projects and the music streaming app, Tidal. This strategic shift was made shortly after Trump’s win in the recent U.S. presidential election, which has positive sentiment in the cryptocurrency industry.
Trump supported the digital asset industry during his presidential campaign, and the struggling Bitcoin mining sector, which has been unprofitable since the halving in the first half of this year.
Block Prioritizes Bitcoin Mining and Wallet Development
According to Block’s third-quarter shareholder letter, the company decided to shift resources from Web5 and Tidal toBTC products. Block, which has been constructing mining equipment instead of mining the Bitcoin, plans to increase its impact within the industry through the manufacturing of mining equipment. This comes after Bitcoin Maxi Michael Saylor invited Microsoft CEO Satya Nadella to consider adding Bitcoin to the company’s investment portfolio.
The company disclosed that it had found a 3-nanometer mining chip in April 2024, which proved that the company is working towards enhancing mining technology for business use. In July this year, Core Scientific, one of the largest Bitcoin mining companies, said it would employ Block’s miners for its operations, suggesting high interest in Block’s products.
Furthermore, Block has also announced the intention to increase investment in Bitkey, a recently launched self-custody Bitcoin wallet introduced in March. Bitkey enables users to buy, sell, and hold Bitcoin with the ability to connect to Block’s Cash App and Coinbase platform. The emphasis on Bitkey is in line with Block’s vision of offering safer storage and transaction solutions for cryptocurrencies.
Decision to Wind Down Web5 and Tidal Investments
Block’s decision to shut down the Web5 project marks the end of an ambitious attempt to develop a decentralized internet framework. Web5, introduced in 2022, aimed to create technologies that support decentralized identity, personal data storage, and verifiable data exchange.
However, with limited progress and mounting competition in the blockchain-based internet space, Block has chosen to discontinue the project and allocate its resources to areas with stronger demand and clearer revenue prospects.
The company is also scaling back its investment in Tidal, the music streaming platform it acquired in 2021 for nearly $300 million. Tidal has undergone staff reductions in recent years, and Block’s leadership acknowledged that the platform had not met expectations for user growth and revenue. By reallocating funds from Tidal, Block aims to strengthen its financial position and channel resources toward its cryptocurrency initiatives.
Financial Performance and Market Reaction
Block’s third-quarter financial report revealed revenue of $5.98 billion, below analysts’ expectations of $6.24 billion, according to FactSet. This miss, coupled with the restructuring announcement, led to an initial 10% drop in Block’s share price in after-hours trading.
Although the stock recovered some losses, Block remains under pressure to demonstrate growth, especially as it faces competition from payment companies like PayPal and Stripe.
Revenue from Bitcoin and Cash App also fell short of projections, reporting $2.43 billion and $3.93 billion, respectively. Block attributed some of these results to a challenging market environment for digital assets. Despite these challenges, the company reported a 6% year-over-year revenue increase, reflecting steady growth in its core business.
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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BTC Risks Falling To $20K If This Happens
Published
3 minutes agoon
December 23, 2024By
adminBitcoin News: A recent report from The Kobeissi Letter hints at a potential BTC crash to $20,000 in the coming few weeks. The report cited Bitcoin’s relation with the global monetary supply, saying that if the crypto continues to move in tandem, it could witness a massive dip ahead. Besides, it also comes amid highly volatile trading noted in the broader crypto market, with the flagship crypto falling below the $100K mark recently.
Bitcoin News: Why BTC Can Crash To $20K?
In the latest Bitcoin news, the crypto could face a significant correction, potentially dropping to $20,000 in the coming weeks, The Kobeissi Letter said. The report highlights Bitcoin’s historical tendency to mirror global money supply trends, suggesting a steep decline might be on the horizon. The analysis revealed a close relationship between Bitcoin prices and global monetary supply, with BTC often reacting with a 10-week lag.
As global money supply peaked at $108.5 trillion in October, Bitcoin hit an all-time high of $108,000 recently. However, a subsequent $4.1 trillion drop in money supply to $104.4 trillion, its lowest since August, raises concerns about Bitcoin’s near-term trajectory.
Meanwhile, The Kobeissi Letter raised concerns over the potential crash ahead. They noted, “If the relationship still holds, this suggests that Bitcoin prices could fall as much as $20,000 over the next few weeks.” Notably, this prediction comes amid heightened market volatility, with BTC recently slipping below the psychological $100K mark. Such movements have amplified fears of a broader selloff in the crypto market, which has already faced pressure from global economic uncertainties.
What’s Next For BTC Amid Bearish Sentiment?
The latest positive Bitcoin news and strong rally this year showcased its resilience but this potential correction could pause its bullish momentum. Traders and investors are now closely monitoring macroeconomic factors, including shifts in monetary supply, which could significantly impact BTC’s performance. However, the question remains whether Bitcoin will defy this predicted trend or align with historical patterns.
If the BTC crash occurs, it would mark a critical juncture for the cryptocurrency market, testing Bitcoin’s role as a safe haven in uncertain times. For context, Robert Kiyosaki has recently hinted towards a looming economic depression, while urging investors to buy Bitcoin amid the economic turmoil.
However, popular crypto market expert Rekt Capital also said that the crypto “has confirmed a Bearish Engulfing Candlestick formation”, highlighting the bearish momentum in the market.
In a separate post, the analyst said that BTC has lost its weekly support and its 5-week technical uptrend is over. Considering that, the expert warned about a potential multi-week correction for the crypto ahead.
However, despite that, the institutional interest remained strong for the crypto. For context, Matador has recently revealed its plan to buy $4.5 million in BTC this month. On the other hand, MicroStrategy also continued its buying trend, indicating strong market interest.
Meanwhile, BTC price today was down more than 1% to $94,430, while its one-day trading volume jumped nearly 34% to $54.39 billion. Notably, the crypto has touched a high of $97,217 over the last 24 hours. In addition, a recent Bitcoin price analysis highlights three potential reasons that could help in ending the bearish momentum ahead.
Rupam Roy
Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Robert Kiyosaki Hints At Economic Depression Ahead, What It Means For BTC?
Published
6 hours agoon
December 23, 2024By
adminRich Dad Poor Dad author Robert Kiyosaki has issued a stark warning while hinting towards an economic depression ahead. In a recent X post, the renowned author said that the global market crash has already started, as he predicted earlier, which indicates that the financial market might enter a “depression” phase. Notably, this comes as the crypto market records immense volatility, sparking concerns over what’s next for Bitcoin (BTC).
Robert Kiyosaki Hints At Economic Depression Ahead
Robert Kiyosaki, in a recent X post, has revealed a stark warning of a looming economic depression. The Rich Dad Poor Dad author warned that a global market crash has already begun, citing Europe, China, and the U.S. as regions facing significant downturns.
In his post, Kiyosaki urged caution, advising individuals to safeguard their finances and maintain their jobs. “Global crash has started. Europe, China, USA going down. Depression ahead?” he asked while emphasizing the enduring value of assets like gold, silver, and Bitcoin. He added, “For many people, crashes are the best times to get rich.”
This warning aligns with Kiyosaki’s earlier prediction of what he called the “biggest crash in history.” Earlier this month, he encouraged his followers to prepare for financial turmoil, stating, “Please be proactive and get rich… before the BOOMER’s go BUST.”
However, this recent comment from Robert Kiyosaki indicates his sustained confidence in BTC. As the crypto market faces heightened volatility, Bitcoin could emerge as a hedge against traditional market instability, he noted. Besides, it also indicates that the flagship crypto, alongside gold and silver, might continue to gain traction amid this economic turmoil.
What’s Next For BTC?
Bitcoin price today has continued its volatile trading, losing nearly 1.5% over the last 24 hours to $95,323. The crypto touched a high and low of $97,260 and $93,690 in the last 24 hours, showcasing the highly volatile scenario in the market.
In addition, the US Spot Bitcoin ETF also recorded significant outflow, with BlackRock Bitcoin ETF witnessing its largest outflux since its launch. This has weighed on the investors’ sentiment, sparking concerns over a waning institutional interest.
However, despite that, many experts remained confident on the asset’s future trajectory. For context, in a recent X post, Peter Brandt shared a new BTC price target, indicating his confidence in the digital asset.
On the other hand, institutions like Metaplanet have also continued to boost their BTC holdings. These moves indicates that the institutions, as well as many investors, are bullish towards the long-term potential of the crypto. Besides, as Robert Kiyosaki said, the recent dip also provides a buying opportunity to investors, which might further boost Bitcoin to its new ATH ahead.
Rupam Roy
Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam’s expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news.
Rupam’s career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Tron’s Justin Sun Offloads 50% ETH Holdings, Ethereum Price Crash Imminent?
Published
9 hours agoon
December 23, 2024By
adminTron founder Justin Sun has been heavily offloading his ETH holdings with Ethereum price crashing 17% following the rejection at $4,000. Over the past 7 days, Sun has offloaded another 50% of his holdings worth $143 million. Market analysts predict that ETH price could further take a dip below $3,000 once again before resuming upside momentum.
Tron’s Justin Sun on ETH Selling Spree
Justin Sun is on a massive Ethereum selling spree since the coin resumed its upward journey after Donald Trump’s election win. This continued even until last week, when Tron founder offloaded $143 million worth of ETH causing Ethereum price to tank over 15% amid the crypto market crash.
Blockchain analytics firm Spot On Chain reported that Justin Sun redeemed 39,999 ETH (valued at $143 million) from liquid staking platforms Lido Finance and EtherFi. He subsequently deposited the entire amount into HTX.
Since November 10, as Ethereum price has trended upward, Sun has deposited a total of 108,919 ETH (worth $400 million) to HTX at an average price of $3,674. Notably, many of these deposits occurred near local price peaks.
Spot On Chain also revealed that Justin Sun currently has 42,904 ETH (valued at $139 million) in the process of unstaking from Lido Finance. The Tron founder might potentially send this funds to HTX later.
Ethereum Price Drop Below $3,000 Coming?
With Ethereum price losing its crucial support of $3,500, the market sentiment for the world’s largest altcoin has turned bearish. Last week, crypto market analysts turned bearish on Ethereum expecting the ETH price to drop $2,800 on selloff by whales.
Popular market analyst IncomeSharks stated that it was a “low-volume weekend,” for Ethereum following a volatile week for stocks. The analysts added that it won’t be the right time to sell.
The On-Balance Volume (OBV) indicator, a tool used to gauge buying and selling pressure, remains steady, oscillating within a channel. Recent Ethereum buyers are still in profit, providing some support for the market. However, the below chart shows that there’s still scope for Ethereum to take a dip to $3,000.
Prominent crypto analyst “I am Crypto Wolf” also highlighted a bullish outlook with a potential inverse head-and-shoulders (iHS) pattern. According to the analyst, Ethereum price chart is currently forming the “right shoulder” of the iHS continuation pattern.
This setup could provide the momentum needed to surpass the $4,000 resistance and aim for a $10,000 target by May. A breakout is anticipated by the end of January, though a retest of the $3,000 level remains a possibility before the rally takes off, he noted.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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