Bitcoin miner Marathon Digital reported a 223% year-over-year increase in Q1 2024 revenue to $165.2 million, but missed Wall Street analysts’ estimates of $193.9 million due to unexpected equipment failures and worse-than-predicted weather conditions at multiple mining sites.
The cryptocurrency market witnessed a bearish downturn, with Bitcoin (BTC) dropping below $62,000 and Ethereum (ETH) extending below $3,000. While major altcoins like Solana (SOL) also plunged, XRP and Cardano (ADA) defied the trend with slight gains.
Grayscale’s Bitcoin Trust (GBTC) has seen inflows for the second consecutive day, breaking a four-month streak of outflows that resulted in over $17.5 billion in withdrawals. Despite GBTC’s net outflow, the overall spot Bitcoin ETF market in the U.S. maintains a positive balance sheet with significant inflows from other providers.
The fierce rivalry between crypto titans Changpeng Zhao (CZ) of Binance and Sam Bankman-Fried (SBF) of FTX came to an anticlimactic end, with CZ receiving a four-month prison sentence and SBF a 25-year term for their respective roles in the downfall of the crypto industry.
Bitcoin (BTC) is trading around $63,000, showing muted anticipation for the upcoming debut of Hong Kong’s spot cryptocurrency exchange-traded funds (ETFs). Despite the lack of excitement, an executive from one of the issuers expects the first-day issuance to surpass the U.S. debut in January.
The Depository Trust and Clearing Corporation (DTCC) has ruled out assigning any collateral value to exchange-traded funds (ETFs) and similar investment instruments with Bitcoin or other cryptocurrencies as underlying assets, effectively excluding them from collateral eligibility.
A massive $1.3 billion USD Coin (USDC) transfer from whale addresses to the Coinbase cryptocurrency exchange is being viewed by analysts as a potential “giant buy signal” for Bitcoin and Ethereum, sparking speculation of significant capital deployment into these leading cryptocurrencies.
In a remarkable event, the first satoshi (the smallest unit of Bitcoin) mined from the fourth Bitcoin halving block has been auctioned off for a staggering 33.3 BTC, worth approximately $2.13 million, on the CoinEx Global cryptocurrency exchange.
A recent report by Fortune, citing data from Chainalysis, reveals that approximately 1.8 million Bitcoin (worth $121 billion) is stored in wallets that have been inactive for more than a decade, accounting for 8.5% of Bitcoin’s circulating supply.
A recent report by CoinShares revealed that crypto investment products experienced $206 million in outflows last week, with Bitcoin and Ethereum accounting for the majority of the outflows, while altcoins like Litecoin and Chainlink saw substantial inflows during the same period.
