Bitcoin Surges Past $80K While US Stocks Dodge Black Monday Collapse

Bitcoin Price Surges above $80K as US Stocks Steer Clear of Black Monday Catastrophe The price of Bitcoin has bounced back above $80,000 as US stocks manage to avoid a potential Black Monday crash. This positive movement in both the cryptocurrency and traditional financial markets comes as a relief to investors worldwide. Following a period [...]

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Bitcoin Plummeted Below $80K while Stocks Mirror 1987 Black Monday Decline

Bitcoin’s value has plummeted below $80,000, causing concern among investors. This drop in price is reminiscent of the stock market crash of 1987, known as Black Monday. The cryptocurrency market is experiencing significant fluctuations, with Bitcoin leading the way in terms of volatility. Investors are closely monitoring the situation as fear of a potential market [...]

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US Inflation Data Eases Concerns; Crypto Economy Jumps 11% Higher While Market Analysts Anticipate Fed’s Next Decision

The U.S. Labor Department released the consumer price index (CPI) report on Tuesday. Although inflation increased in February year-over-year, the rise was expected, and the annual inflation rate for all items was 6%. The cooling inflation has eased some concerns, but fears of financial contagion have spread. Market strategists are further anticipating the U.S. central [...]

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Report: Silicon Valley Bank Under FDIC Auction as Calls for Bailout Grow

The U.S. Federal Deposit Insurance Corporation (FDIC) began an auction process for Silicon Valley Bank (SVB) late Saturday night, according to reports. Final bids are due by Sunday afternoon. Unnamed sources indicate that the FDIC is seeking to close the deal promptly after California regulators closed the bank and placed it into FDIC receivership on [...]

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This bitcoin mining stock is up big on Monday

Shares of Bitfarms Ltd (NASDAQ: BITF) are up more than 15% on Monday after the bitcoin mining company reported its financial results for the second quarter.

• Net loss printed at $142 million versus the year-ago $4.0 million
• Per-share loss climbed sharply from 2.0 cents to 70 cents
• Revenue jumped 14% year-over-year to $41.82 million
• Consensus was 5 cents of loss on $48.03 million in revenue
• Mined 1,257 bitcoins at $9,900 per BTC on average
• Costs surged 142.4% to contract gross margin by 4,100 bps

Corporate hashrate more than doubled YoY to 3.6 exahash per second EH/s. In the earnings press release, COO Geoff Morphy said:

Entering the second half of 2022, we’re focused on executing our growth and maximising our profitability. By bringing online our first warehouse in Argentina and Phase 3 of The Bunker buildout, we’re targeting 4.2 EH/s and 6.0 EH/s by the end of Q3 and year-end, respectively.

Bitfarms reported positive cash flow from operations (adjusted EBITDA of $19 million) in the second quarter even though the price of Bitcoin was down significantly. CFO Jeff Lucas wrote in the earnings report:

By deleveraging our balance sheet and increasing financial flexibility, we’re better positioned to execute our growth initiatives to drive market share gains and increased production. We optimised resources, deferring $39 million in CAPEX from Q4 of 2022 into 2023.

The Toronto-headquartered firm ended the quarter with $46 million in cash and roughly $62 million worth of bitcoin. H.C. Wainwright strongly recommends that you buy Bitfarms shares down over 50% for the year.

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Cyber Monday Discount or Rugpull? CryptoMines Token Just Tanked Over 80%

ETERNAL, the native token of play-to-earn platform CryptoMines got crashed, and the token holders are yet to understand what led to the sudden drop of the cryptocurrency, which has been on the rally since the beginning of the month.  https://t.co/0R6R5xWKqX #CryptoMines pic.twitter.com/2C83RyS8cG — NFT world (@bkk2day) November 29, 2021 CryptoMines Token Plummets to $123 Since […]

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