FTX addresses transferred $8.3M one day before amended proposal deadline
The transfer occurred a day before FTX debtors were set to release a new restructuring plan for the exchange.
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The transfer occurred a day before FTX debtors were set to release a new restructuring plan for the exchange.
Following the announcement of significant job cuts by Binance, KuCoin was expected to join the ranks of major cryptocurrency exchanges reducing their workforce. According to reports by Wu Blockchain yesterday (Tuesday), the company was preparing to lay off about 30% of its staff, or 300 people.
However, the exchange's CEO, Johnny Lyu, denied these reports on the same day, dismissing them as mere rumors. He admitted that while the exchange continues to grow, any potential cuts are part of everyday business in the rapidly changing crypto industry.
KuCoin Denies Mass Layoffs
The cryptocurrency winter of 2022 significantly impacted the digital asset space. After the pandemic boom and achieving record prices in 2021, user activity began to decline along with the decreasing value of Bitcoin (BTC) and altcoins. As a result, several cryptocurrency exchanges had to start cutting costs and reducing the workforce that had expanded since 2020.
For example, the Winklevoss billionaire brothers' exchange, Gemini, has made cuts to its staff three times already. Mass layoffs exceeding 1,000 people were also reported at Binance. The information about cuts at KuCoin cited three different company employees and seemed to fit into recent cost-saving trends.
"The main reason is that the strict KYC policy was launched after being sued by the United States, which led to a decline in the exchange's profits," Wu Blockchain explained the move.
SCOOP: Following Binance, cryptocurrency exchange KuCoin will lay off 30% of its workforce. Confirmed by more than three internal employees. KuCoin has nearly 1,000 employees. The main reason is that the strict KYC policy was launched after being sued by the United States, which…
— Wu Blockchain (@WuBlockchain) July 25, 2023KuCoin's CEO commented on the reports in less than two hours, stating that these were rumors and that the exchange "is operating smoothly." In the first half of 2023, it increased the number of users and listings and focused on gradual staff expansion.
However, Lyu admitted that the cryptocurrency industry is changing rapidly. Therefore, the exchange regularly assesses its organizational structure based on employees' performance.
"So it is not layoffs, and it is all about making the organization more dynamic and competitive," Lyu commented.
3/ The crypto world changes fast. To stay on top, we regularly evaluate our org structure based on employee performance and company development. So it is not layoffs, and it is all about making the organization more dynamic and competitive.
— Johnny_KuCoin (@lyu_johnny) July 25, 2023It should be noted that KuCoin's CEO did not deny that the exchange is indeed letting people go. He simply didn't call the current actions mass layoffs.
The Cryptocurrency Industry Faces Problems
Although KuCoin claims not to be terminating 30% of its staff, such moves have become commonplace in the cryptocurrency industry in recent times. Not long ago, ConsenSys, a company involved in cryptocurrency software, confirmed its plans to reduce 11% of its current workforce, which numbered at nearly 100 positions.
Similar plans were announced by Coinbase, intending to lay off about 20%, or 950 people. Last year, Blockchain.com, a cryptocurrency exchange based in Luxembourg, decided to reduce its workforce by 25%.
In 2023, the value of Bitcoin increased by over 60%, and the total market capitalization of this digital asset exceeded $1 billion. However, the question remains whether this will be enough for the industry to forget about the shock caused by the collapse of FTX and the Terra ecosystem last year. Especially since user activity and market depth currently remain low.
This article was written by Damian Chmiel at www.financemagnates.com.
Nasdaq intends to launch its custody services for digital assets like bitcoin by the end of this year’s second quarter. The exchange operator is among those traditional financial firms that want to play a role as intermediaries in the crypto sector which saw the collapse of some major players. Stock Exchange Nasdaq Seeks Regulatory Approval [...]
The post Nasdaq Aims to Launch Crypto Custody Services in Second Quarter appeared first on Crypto Breaking News.
Copy trading has disrupted the crypto industry and is increasingly the trading strategy preferred by less experienced traders says Gracy Chen, managing director of the crypto trading platform Bitget. While copy trading is gaining popularity globally, traders and prospective users from Africa appear more interested in the strategy than those from other regions. Africa-Based Users [...]
The post Copy Trading Has ‘Disrupted the Crypto Industry’ Says Bitget’s Gracy Chen appeared first on Crypto Breaking News.
<p>Hut 8 Mining Corp., one of North America's largest publicly-listed mining companies, recently announced its financial results for the year and quarter that ended 31 December 2022. Despite the challenging times that the digital asset mining industry experienced, Hut 8 managed to maintain stable revenues. However, the total net loss widened significantly to CAD 242.81 million, showing how cryptocurrency winter made crypto miners' life miserable in 2022.</p><p>Hut 8 Doubles Net Loss in 2022</p><p>Hut 8 revenue decreased by CAD 23.1 million to CAD 150.7 million during the year ended 31 December 2022, compared to CAD 173.8 million reported a year earlier. However, the company mined 3,568 <a href="https://www.financemagnates.com/terms/b/bitcoin/" class="terms__main-term" id="261088a9-0f41-4202-a73c-31f75ba6bd93" target="_blank">Bitcoin</a> (BTC) in 2022, which was a 28.1% increase compared to 2021 due to the rise in hashrate from the expansion of the company's fleet of miners and mining activities. Hut 8 installed an aggregate of 21,455 new MicroBT miners at its three mining sites during a period of twelve reported months.</p><p>However, the increasing number of Bitcoin mined and the relatively small decrease in revenue did not translate positively into a net result. The company was already reporting a net loss of CAD 72.7 million in 2021, and the value has more than doubled to CAD 242.8 million ($176 million). Net loss per share came in at CAD 1.29 compared to CAD 0.54 reported in the same period a year earlier.</p><p>According to Hut 8, the decrease in Bitcoin price during 2022 resulted in a net loss of CAD 134.8 million. This was due to a combination of factors, including lower revenue from digital asset mining operations, higher cost of revenue, and CAD 113.9 million of impairment on digital asset mining CGUs and GPU mining group of assets.</p><p>Despite the poor results, the company's CEO, Jaime Leverton, is optimistic about the future and thanks the team for their commitment to building a diversified business to deliver future revenue growth.</p><p>"As we look ahead, we will continue to uphold these operating principles as we work to close our business combination with USBTC and begin operating as a US-domiciled, digital asset mining, hosting, managed infrastructure operations, and high performance computing organization," Leverton added.</p><p>Troubled Bitcoin Miners Feel the Crypto Winter</p><p>Although the first gusts of warmer March winds and the coming spring can be felt outside the windows, winter in the crypto market does not seem to be melting. Before Hut 8, several other BTC miners and mining-related companies had already published their results for the fourth quarter and full year of 2022, which also showed abysmal results.</p><p>Canaan Inc. (NASDAQ:CAN), a cryptocurrency mining hardware manufacturer, <a href="https://www.financemagnates.com/cryptocurrency/canaan-reports-82-lower-revenue-in-tough-q4-2022/" target="_blank" rel="follow">reported the fourth quarter revenues at $56.8 million</a>, translating to 59.9% quarterly and 82.1% yearly decreases. As a result, Canaan reported a significant decrease in the gross profit for the entire year of 2022, to $253.4 million from $411.2 million reported in 2021.</p><p>HIVE Blockchain Technologies Ltd. (TSX:HIVE), another publicly-listed <a href="https://www.financemagnates.com/terms/c/crypto-mining/" class="terms__secondary-term" id="b7de0d78-81b9-460d-b33d-311d7d0dff0e" target="_blank">crypto mining</a> company, <a href="https://www.financemagnates.com/cryptocurrency/hive-blockchain-reports-90m-loss-in-q4-2022-amid-lower-bitcoin-prices/" target="_blank" rel="follow">lost $90 million in the fourth quarter</a> compared to the $37 million loss reported in the third quarter of the calendar year 2022.</p><p>Northern Data (XETR:NB2), a publicly-listed provider of High-Performance Computing (HPC) solutions from Germany, <a href="https://www.financemagnates.com/cryptocurrency/btc-miner-northern-data-increases-its-crypto-production-by-315-in-2022/" target="_blank" rel="follow">published its own BTC production report</a> showing a 315% boost in crypto production during 2022. The company was able to mine 2,798 tokens and forecasted an annual revenue in the range of EUR 190-194 million. Although the increase is significant, it is still lower than the result for 2021 in revenue expressed in traditional currency.</p><p>According to Glassnode data, mining revenues reached a record-breaking $15.3 billion in 2021 and were significantly reduced in 2022 <a href="https://www.financemagnates.com/cryptocurrency/why-bitcoin-miners-made-6-billion-less-in-2022/" target="_blank" rel="follow">by $6 billion</a>.</p> This article was written by Damian Chmiel at www.financemagnates.com.
Crypto winter won't stop Web3 or DeFi adoption, marketing expert says.
The USDT issuer announced that it ended 2022 with excess reserves of at least $960 million.
Ethereum co-founder and ConsenSys founder Joe Lubin says ETH’s relatively stable value through crypto winter is reason to be bullish about Ethereum’s future.
January has been a rough month for Silvergate, with the dividend halts coming just a few weeks after it announced a Q4 2022 loss of $1B and laid off 200 employees.
<p>Luno, the digital assets <a href="https://www.financemagnates.com/terms/e/exchange/" class="terms__main-term" id="b5da6e64-2afe-421d-9b81-16404b7d59d6" target="_blank">exchange</a> based in London, announced a massive workforce reduction yesterday, feeling the harmful effects of the prolonged crypto winter and turbulence in the technology industries.</p><p>Luno Cuts Massive Part of Its Team</p><p>According to Wednesday's statement, Luno decided to lay off 35% of its current staff, translating to more than 300 professionals in all regions where the crypto exchange is currently operating. The London-based company runs other offices in Cape Town, Johannesburg, Lagos, Singapore and Sydney.</p><p>"2022 has been an incredibly tough year for the broader tech industry and, in particular, the crypto market. Luno, unfortunately, hasn't been immune to this turbulence, which has affected our overall growth and revenue numbers," Marcus Swanepoel, the Co-Founder and CEO of Luno, wrote in a statement on the company's blog.</p><p>Luno says it anticipated the industry downturn and was adjusting its business model to make it resilient to unfavourable factors. However, the speed of negative changes has put considerable strain on the original plan and proved inadequate. Consequently, the company has been forced to reduce the cost base and focus on the core business. Luno reassures that there is no impact on the liquidity of the existing business and the exchange's customers.</p><p>"Thanks to those who have helped us get this far, and also to those who will continue to drive forward our critical mission of putting the power of crypto into everyone's hands," Swanepoel concluded.</p><p>Watch the recent FMLS22 panel on crypto market structure.</p><p>Digital Currency Group Says Goodbye to 500 People</p><p>Cryptocurrency exchange Luno is part of the Digital Currency Group (DCG) portfolio, which includes CoinDesk, a cryptocurrency website, HQ Digital, an asset management company and Genesis, a failed cryptocurrency lender. </p><p>DCG slashed its workforce by 13% at the beginning of the year, cutting 66 full-time positions. Another 115 jobs were slashed in two rounds of layoffs at Genesis Global Trading. Subsequently, <a href="https://www.financemagnates.com/cryptocurrency/crypto-lender-genesis-files-for-bankruptcy-in-new-york/" target="_blank" rel="follow">the company filed for</a> <a href="https://www.financemagnates.com/terms/b/bankruptcy/" class="terms__secondary-term" id="41b3ef0d-d805-441d-8443-121890264e94" target="_blank">bankruptcy</a> protection.</p><p>HQ Digital ceased operations in January 2023, which could affect the position of at least 26 people, according to LinkedIn data.</p><p>In the meantime, Coindesk is reportedly for sale, which would help DCG raise additional funds to survive the current cryptocurrency winter, which was reported by The Wall Street Journal on January 18. Interest in buying the portal was confirmed by its CEO, Kevin Worth.</p><p>Luno Joins the Crypto Layoff Wagon</p><p>The problems of Luno and DCG as a whole are not isolated. Finance Magnates has repeatedly reported about plans of a number of digital asset companies to downsize over the past few weeks.</p><p>Gemini exchange <a href="https://www.financemagnates.com/cryptocurrency/third-times-the-charm-gemini-cuts-its-workforce-once-again/" target="_blank" rel="follow">announced its third round of job cuts</a>, in which it wants to reduce its workforce by 10%. Previously, the workforce was shed in June and July when Gemini laid off roughly 17% of its professionals.</p><p>Last week, a cryptocurrency software company ConsenSys <a href="https://www.financemagnates.com/cryptocurrency/consensys-joins-crypto-layoffs-with-11-workforce-cut/" target="_blank" rel="follow">announced a similar decision</a>. It confirmed its intention to reduce its current workforce by 11%, which translates into 100 full-time positions. Earlier, Coinbase, one of the largest cryptocurrency exchanges by volume, <a href="https://www.financemagnates.com/cryptocurrency/binance-hires-when-coinbase-cuts-employment-amidst-crypto-winter/" target="_blank" rel="follow">shared plans to lay off 20%, or 950 people</a>.</p><p>The reason for cost-reducing and job-cutting is usually the same: a prolonged cryptocurrency winter, falling prices of major assets, and declining confidence in the industry after the collapse of <a href="https://www.financemagnates.com/cryptocurrency/ftx-the-rise-the-fall-and-the-reaction/" target="_blank" rel="follow">FTX in November</a> and the failure of <a href="https://www.financemagnates.com/cryptocurrency/where-is-bitcoin-heading-following-terra-luna-turmoil/" target="_blank" rel="follow">Terra in May</a>.</p> This article was written by Damian Chmiel at www.financemagnates.com.
<p> Binance, one of the biggest crypto exchanges, wants to continue its hiring spree in 2023 and boost employment by 15-30% in 2023, according to Changpeng Zhao (CZ), the company's CEO. The declaration comes just a few days after reports that Coinbase, the exchange's largest competitor, plans to cut its workforce by 20% and stop the bulk of its operations in Japan.</p><p class="MsoNormal">Binance Wants to Continue Headcount Increase</p><p class="MsoNormal">Speaking at a cryptocurrency conference in Switzerland, CZ said that Binance had increased its workforce to around 8,000 in 2022, having previously employed 3,000 people. However, the <a href="https://www.financemagnates.com/terms/e/exchange/" target="_blank" id="b5da6e64-2afe-421d-9b81-16404b7d59d6_2" class="terms__main-term">exchange</a> has no intention of stopping there and wants to add another 15-30% to its workforce in 2023. It means that Binance is targeting to hire another 1,200 to 2,400 people.</p><p class="MsoNormal">"We will continue to build and hopefully we will ramp up again before the next bull market," Zhao said during the Crypto Finance Conference in St. Moritz. CZ admitted that his crypto exchange is currently "not super efficient" and must prepare better for the next crypto upward cycle.</p><p class="MsoNormal">Binance is looking to build its headcount when other major cryptocurrency firms, including its main rival Coinbase, are reporting significant cuts. It comes in the wake of the collapse of the cryptocurrency exchange FTX.</p><p class="MsoNormal">However, CZ seems to downplay the problem, to which its exchange might contribute. Binance sold its native FTX tokens, FTT, last November, exacerbating the platform's liquidity crisis. CZ admits that FTX caused some damage to the crypto market, but not enough to be permanent.</p><p class="MsoNormal">Coinbase Lays Off 950 People, Stops Operations in Japan</p><p class="MsoNormal">Earlier this week, <a href="https://www.financemagnates.com/terms/c/cryptocurrency-exchange/" target="_blank" id="601e2e5f-0c28-4253-9ad4-5e6b251ba2fa_2" class="terms__secondary-term">cryptocurrency exchange</a> Coinbase announced its plans to reduce its current workforce by 20%, or about 950 positions. This is part of the restructuring campaign, expected to be completed by the end of the second quarter. The reorganization may cost the company $149-164 million but is expected to reduce costs in the longer term. </p><p class="MsoNormal">Cessation of the operations in Japan is another part of the current headcount reduction and cost-effective cuts. The move comes despite the loosening of cryptocurrency regulations in the country, which has prompted rival Binance to re-apply for licenses in that Asian state.</p><p class="MsoNormal">Coinbase's problems triggered by the prolonged crypto winter, falling Bitcoin prices and the FTX collapse are not isolated cases. In November, another major cryptocurrency exchange <a href="https://www.financemagnates.com/cryptocurrency/crypto-exchange-kraken-cuts-global-workforce-by-30/" target="_blank" rel="follow">Kraken announced that it was laying off 30% of its staff</a>. This year, <a href="https://www.financemagnates.com/cryptocurrency/crypto-downzing-continues-as-huobi-plans-to-prune-workforce-by-20/" target="_blank" rel="follow">Huobi made a similar announcement</a>, looking to reduce its headcount by 20%.</p><p class="MsoNormal">Although these moves look harsh for the industry, they are not a complete surprise. The cryptocurrency market in 2022 wiped off $1.4 trillion in value, and the high-profile collapses of FTX and Terra caused a significant drop in investor confidence in centralized exchanges. More people choose to hold their cryptocurrencies in self-custody or hardware wallets.</p><p> Coinbase forecasted in December that <a href="https://www.financemagnates.com/cryptocurrency/coinbase-expects-2022-revenue-to-tank-by-over-50/" target="_blank" rel="follow">revenue for 2022 could shrink by 50%</a>. In the third quarter, it fell 29% to $576 million. Additionally, the exchange is facing legal challenges; in early 2023, it <a href="https://www.financemagnates.com/cryptocurrency/coinbase-reaches-100m-settlement-with-new-york-regulator-for-aml-failure/" target="_blank" rel="follow">agreed to pay $100 million</a> to settle the lapses that the New York Department of Financial Services (NYDFS) found in its anti-money laundering (AML), customer due diligence (CDD) and suspicious activity reporting systems.</p> This article was written by Damian Chmiel at www.financemagnates.com.
<p> Northern Data (XETR:NB2), a publicly-listed provider of High-Performance Computing (HPC) solutions from Germany, has published its mining division <a href="https://www.financemagnates.com/terms/b/bitcoin/" target="_blank" id="261088a9-0f41-4202-a73c-31f75ba6bd93_1" class="terms__main-term">Bitcoin</a> (BTC) production numbers for December and 2022. Additionally, the company forecasted an annual revenue in the range of EUR 190-194 million.</p><p class="MsoNormal">Northern Data Boosts Bitcoin Production</p><p class="MsoNormal">Although December was one of the worst months for Nothern Data mining operations, with only 177 produced BTC, 2022 brought a record-breaking number of 2,798 mined tokens, translating to a 315% increase year over year (YoY). </p><p class="MsoNormal">According to the press release published on Wednesday, revenue from BTC mining operations came in at EUR 77.7 million. The publicly-listed company expects adjusted EBITDA in the range of EUR 40-50 and fiscal year 2022 <a href="https://www.financemagnates.com/cryptocurrency/btc-miner-northern-data-forecasts-204m-in-revenue-despite-industry-crisis/" target="_blank" rel="follow">revenue around EUR 190-194 million</a>. </p><p class="MsoNormal">"Bitcoin mining in 2022 was challenged by a sharp drop in Bitcoin prices, especially in the middle of the year (Jan 1-Dec 31: -58%). In addition, extreme increases in energy prices as well as in the hashrate (Jan 1-Dec 31: +164%) caused further downward pressure. Northern Data nevertheless managed to grow its Bitcoin mining business in this challenging environment and consistently operates profitably due to its efficient mining practices and favorably structured power contracts," the company commented in a written statement.</p><p class="MsoNormal">Time to Move BTC Mining Rigs</p><p class="MsoNormal">Like many other companies in the mining industry, December proved to be one of the worse months for Norther Data. HPC provider explains the drop in output was caused by high energy prices in Europe, which affected ASIC machines' downtime.</p><p class="MsoNormal">As a result, the company is currently working to relocate its specialized mining rigs to jurisdictions where energy prices are more favorable. It should guarantee better use of production capacity and allow the company to produce up to 350 BTC per month.</p><p class="MsoNormal">"We have prioritized stabilizing our cash reserves by shifting investments. With these measures, we have started 2023 securely and free of any financial debt. Simultaneously we have cut costs, ensuring stable operations even if the Bitcoin price continues to fall. We are watching the market very closely, in anticipation of taking advantage of the opportunities that every crisis brings," Aroosh Thillainathan, the CEO and Founder of Northern Data, said.</p><p class="MsoNormal">By comparison, Northern Data produced 324 BTC in April, its best month in 2022. In other months during 2022, the company failed to break through the 300 BTC mark.</p><p class="MsoNormal">Slow December, but Good 2022 for BTC Miners</p><p class="MsoNormal">Although December's high energy prices and harsh winter caused a slowdown in production, BTC miners had no reason to complain throughout 2022. At least when it comes to the number of <a href="https://www.financemagnates.com/terms/c/cryptocurrencies/" target="_blank" id="b091101e-6e02-4b36-aa0e-7c972dfdd6ed_1" class="terms__secondary-term">cryptocurrencies</a> produced.</p><p class="MsoNormal">Earlier this week, Argo Blockchain (NASDAQ:ARBK), another publicly-listed crypto mining company, <a href="https://www.financemagnates.com/cryptocurrency/argo-blockchain-reports-35-lower-bitcoin-production-in-december/" target="_blank" rel="follow">published its December 2022 operational update</a>, showing a significantly lower BTC production amidst the mining operations halt at the Helios facility in Dickens County, Texas. However, the overall 2022 numbers exceeded the output from 2021.</p><p class="MsoNormal">HIVE Blockchain Technologies <a href="https://www.financemagnates.com/cryptocurrency/hive-blockchain-increases-its-bitcoin-production-mines-4752-btc-in-2022/" target="_blank" rel="follow">showed an increase in BTC production</a> of 18% to 4,752 BTC in the last year, while Bitfarms <a href="https://www.financemagnates.com/cryptocurrency/bitfarms-ends-2022-with-50-increase-in-btc-mining/" target="_blank" rel="follow">acquired 5,167 BTC</a>, growing 49,6% YoY. Although the production numbers are higher, revenues are falling drastically. As <a href="https://www.financemagnates.com/cryptocurrency/why-bitcoin-miners-made-6-billion-less-in-2022/" target="_blank" rel="follow">reported </a>by Finance Magnates Intelligence, crypto miners' profits in 2022 were $6 billion lower than in record-breaking 2021.</p> This article was written by Damian Chmiel at www.financemagnates.com.
<p class="MsoNormal">HIVE Blockchain Technologies (<a href="https://www.financemagnates.com/tag/hive-blockchain-technologies/" target="_blank" rel="follow">HIVE</a>), a publicly-listed <a href="https://www.financemagnates.com/terms/c/crypto-mining/" target="_blank" id="b7de0d78-81b9-460d-b33d-311d7d0dff0e_1" class="terms__main-term">crypto mining</a> firm, has reported its yearly Bitcoin (BTC) production statistics, showing an increase of 18% to 4,752 BTC. However, the company underscores the growing difficulty of mining and declining profitability amid a prolonged cryptocurrency winter.</p><p>HIVE Blockchain Technologies Summarizes 2022 Mining Operations</p><p class="MsoNormal">According to the press release, HIVE produced 4,032 BTC last calendar year. Although the increase was described as "modest," the company points out that the mining difficulty over the past 12 months has jumped significantly by 46%. Thus, if the company had kept its mining potential unchanged, the amount of mined BTC would have fallen almost twice as much.</p><p class="MsoNormal">"Notwithstanding the foregoing, as HIVE's global fleet of ASIC and GPU miners expanded, HIVE's output of crypto mined with green energy, outpaced the Bitcoin Network Difficulty increase," the company commented in the press release.</p><p class="MsoNormal">In an effort to combat the increasing difficulty of mining, which along with falling BTC prices is significantly reducing profitability, HIVE is investing in new mining equipment. In 2022, the company acquired 3,570 Bitmain S19j Pro miners and 1,879 HIVE BuzzMiners. </p><p class="MsoNormal">In December, the miner's production potential reached 2.06 Exahash of BTC Hashrate.</p><p>December Figures from HIVE Blockchain</p><p class="MsoNormal">In addition to the figures for the entire year, HIVE Blockchain published separate stats for the month of December. In December 2022, the company produced 213.8 BTC, representing an average of 113.2 BTC per Exahash. </p><p class="MsoNormal">In addition, the company earned $3.15 million through its energy price hedging strategy. In terms of average BTC prices for December 2022, the income from balancing the energy network is comparable to mining approximately 184 Bitcoins.</p><p class="MsoNormal">HIVE has 2,348 BTC in its vault, currently valued at $38 million. Last quarter, the company sold some of its inventory to increase its cash reserve and fund some of its investments during the bear market.</p><p class="MsoNormal">"We have seen a great opportunity to expand in this depressed market, where ASIC prices are down almost 90%, whereas Bitcoin price is down approximately 70%," Frank Holmes, the Executive Chairman of HIVE, stated.</p><p>Another Company with Increased BTC Production</p><p class="MsoNormal">Last week, <a href="https://www.financemagnates.com/terms/b/bitcoin/" target="_blank" id="261088a9-0f41-4202-a73c-31f75ba6bd93_4" class="terms__secondary-term">Bitcoin</a> production data for 2022 <a href="https://www.financemagnates.com/cryptocurrency/bitfarms-ends-2022-with-50-increase-in-btc-mining/" target="_blank" rel="follow">was published by another publicly traded company</a>, Bitfarms. For the entire of 2022, the number of BTC mined reached 5,167, growing 49.6% compared to the 3,453 reported for 2021. </p><p class="MsoNormal">Although the publicly-listed miner was able to increase its Bitcoin production significantly, the overall financials seemed to deteriorate in 2022. This problem affects the entire industry due to falling BTC prices and the increasing difficulty of <a href="https://www.financemagnates.com/tag/bitcoin-mining/" target="_blank" rel="follow">mining</a>.</p><p class="MsoNormal">The mining industry suffered from BTC's sharp price declines and revenues fell by 37.5% in 2022 to $9.55 billion. <a href="https://www.financemagnates.com/cryptocurrency/why-bitcoin-miners-made-6-billion-less-in-2022/" target="_blank" rel="follow">The number was $6 billion lower than in record-breaking 2021. </a></p><p class="MsoNormal">"There are more miners than ever now, some are even publicly listed companies, so there is less bounty for each miner since the pot size is limited," Doug Brooks, a Senior Advisor at XinFin Foundation, commented.</p> This article was written by Damian Chmiel at www.financemagnates.com.
Recent data shows that only 20% of all staked Ethereum (stETH) are in profit at ETH’s current price of $1,200.
Bitcoin and the broader crypto market rapidly reversed course in response to the U.S. Federal Reserve’s announcement of a 50-basis-point increase in interest rates, erasing any gains made before the disclosure. The Federal Reserve has been steadily raising interest rates in an effort to ease the economy and rein in inflation, which has driven prices of basic commodities to record highs. Yesterday, Bitcoin’s price reached a one-month high and had a brief recovery of positive momentum, but a conservative report from the Federal Open Market Committee (FOMC) and remarks from Fed chair Jerome Powell drove BTC to an intraday low of $17,659. Related Reading: LINK Still On ETH Whales’ Shopping Cart Despite Dismal Performance In Last 7 Days A Whipsaw For Bitcoin After Fed Disclosure According to TradingView data, the BTC price saw a bit of a whipsaw in response to the central bank announcement, rising to an intraday high of $18,377 before falling to a low of $17,663 in a few of hours before bulls pushed it back up above the $17,800 support. Prior to Powell’s announcement, the key indexes were in the green zone; however, they plunged into the red zone afterwards. At the close of trading, the Dow Jones, Nasdaq, and S&P were all in painted in crimson. Powell told members of the press on Wednesday afternoon that “we have more work to do” and that “inflation risks are on the upside.” Coingecko statistics indicates at the time of writing that Bitcoin (BTC) and Ethereum (ETH) values have fallen by more than 2.7% in the last hour and are presently trading at $17,717 and $1,292 apiece. In the past 24 hours, the market capitalization of all cryptocurrencies declined 1.42 percent to $857.98 billion, representing a decline of $85.72 billion. The overall crypto market volume during this timeframe has decreased by 14.40%, reaching $45.67 billion, based on latest data. BTC total market cap at $341 billion. Chart: TradingView.com Related Reading: How Litecoin (LTC) Outperforms Other Top Cryptocurrencies In This Department The Experts’ Crystal Ball: BTC Price For 2023 In its Crypto Outlook For 2023 report by Forbes Advisor, it predicts that Bitcoin’s price could decline to $13,560 in 2023, given that the crypto’s reputation has been severely damaged by the problems and scandals of 2022 and that broader markets are suffering. Jim Wyckoff, a senior technical analyst at Kitco, has a different take: he said that Bitcoin’s surge to $18,377 indicates a five-week high, which actually signals optimism in the crypto’s price trajectory. The markets fell from $20K to $15.6K due to the FTX collapse. We’re currently trading at $18K, slightly higher than the low in June. I understand the bearish thesis, but this is honestly a sign of strength for #Bitcoin. — Michaël van de Poppe (@CryptoMichNL) December 14, 2022 According to Wyckoff, this week’s price action has created a bullish “upside breakout” from a “choppy and sideways trading range” on the daily chart, indicating the emergence of a price upswing. For his part, renowned analyst like Michael van de Poppe says that the market has already reached its bottom and that a Bitcoin relief bounce is in the offing. Meanwhile, the question that arises now is whether the current market turmoil will persist into the new year, and if so — when the crypto winter’s frozen edges might begin to thaw.
The former CEO of BitMEX, Arthur Hayes thinks Bitcoin (BTC) has hit its bottom, saying, “The main part of careless companies has run out of [...]
Some cryptocurrencies have managed to overcome difficulties generated by crypto winter and are struggling to maintain parity against the dollar.
Continue reading Tether Supply Drops $2B While USD Coin Rises at DailyCoin.com.
EY’s global blockchain leader says that for the first time ever, crypto’s price swings do not have that big of an impact on the long-term growth of the industry. Nonetheless, he stressed: “It is also important that regulators crack down on obvious Ponzi schemes faster and with more severity.” EY’s Brody on Crypto Winter Paul
The post Crypto Winter No Longer Has Big Impact on Long-Term Industry Growth, EY Executive Says appeared first on BTC Ethereum Crypto Currency Blog.
Operating as the third largest crypto exchange, FTX is now at zero level due to its highly-spoken liquidity crunch. Moreover,
Protocol Ventures is another major crypto hedge fund falling into liquidation crisis after Three Arrows Capital. (Read More)
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