Author: Atis. Sh

Bitcoin miner company Hut 8 has reported a significant downturn in its third-quarter performance. The Toronto-based firm reported a more than doubling of its net loss, coupled with a 46% decline in revenue compared to the same period last year. This downturn is primarily attributed to a decrease in Bitcoin production, stemming from several operational challenges. Hut 8’s net loss expanded to C$53.6 million ($39 million) from C$23.8 million ($17 million) in the previous year, while its revenue plummeted to C$17 million ($12.4 million) from the previous year’s C$31.7 million ($22 million). Notably, the firm mined only 330 Bitcoins in…

The landscape of cryptocurrency trading is set to experience a remarkable transformation. Justin Sun, the influential CEO of Poloniex, recently brought to light a groundbreaking development: the Chicago Board Options Exchange (CBOE), the largest U.S. options exchange, is gearing up to launch Bitcoin (BTC) and Ethereum (ETH) futures with margin options. This January marks the pivotal moment, as reported by the Wall Street Journal, when these innovative financial instruments will become available to traders, potentially amplifying the already buzzing activity within the crypto market. Traditionally, futures contracts necessitate the complete upfront payment by traders. However, the introduction of margined contracts…

Analyst Kevin Svenson has sounded a cautionary note for Bitcoin investors. Amidst Bitcoin’s recent upward trajectory, Svenson, known for his precise market predictions, anticipates a significant correction. According to him, this downturn is not just inevitable but essential for Bitcoin’s long-term growth. Svenson argues that this correction will set the stage for a more robust and sustained rally, potentially leading into 2024. Understanding the Bitcoin Correction Scenario Svenson’s analysis, shared on his social media, points to Bitcoin’s ability to turn its previous resistance level of $31,000 into a support point, suggesting a long-term bullish trend for the cryptocurrency. “This scenario,”…

As the cryptocurrency landscape evolves, the year 2024 is shaping up to be a crucial period for investors and enthusiasts alike. After witnessing the recent Bitcoin rally, many are anticipating the onset of a new bull run, potentially marking a transformative era in the crypto world. This expectation is rooted in the cyclical nature of the market, which historically experiences significant upswings every four years. Intriguingly, the next Bitcoin halving, a critical event reducing the reward for mining new blocks by half, is expected to occur in April 2024. This event has traditionally acted as a catalyst for previous bull…

Poloniex, one of the longstanding pillars of the cryptocurrency exchange market, has suffered a massive security breach. The hack, resulting in a staggering loss of $100 million, has sent ripples through the crypto community. Justin Sun, the CEO of Poloniex, took to Twitter to reassure users, stating, “We are currently investigating the Poloniex hack incident… Poloniex maintains a healthy financial position and will fully reimburse the affected funds.” CZ Binance, the CEO of Binance, in solidarity, quoted Sun’s tweet, underscoring the gravity of the situation and offering support. “Poloniex hacked. Don’t know much details yet… always ready to help if…

BlackRock, the colossus of asset management with over $9 trillion in assets, is making significant strides into the world of Ethereum. Following the recent registration of the “iShares Ethereum Trust” in Delaware, an unmistakable signal of intent has been sent. This strategic maneuver mirrors the prelude to their Bitcoin ETF application, hinting at a similar trajectory for Ethereum. Eric Balchunas, an ETF analyst at Bloomberg, confirmed this direction, noting BlackRock’s initial steps towards an Ethereum spot ETF. This development not only signifies BlackRock’s diversification but also underlines Ethereum’s burgeoning prominence in the crypto market. Ethereum ETF: A Game-Changer The potential…

Peter Schiff, a notorious crypto-skeptic and gold advocate, has once again voiced his dire predictions for Bitcoin. On the cusp of $38K, Schiff points to the speculative frenzy surrounding the anticipated launch of a new Bitcoin ETF. His tweet strikes a cautionary tone: “#Bitcoin is approaching $38K as speculators continue to front run a new #BitcoinETF.” He continues to say that once the launch of the spot Bitcoin ETF happens, profit takes might leave the markets with no buyers to keep buying the ETF. He ends his tweet by warning the community to “get ready for a crash.” This narrative…

SEC Chair Gary Gensler has expressed conditional support for the relaunch of the once-mighty cryptocurrency exchange FTX, providing its resurgence is marked by legal compliance and ethical leadership. This openness to a new chapter for FTX comes in light of interest from Tom Farley, former president of the New York Stock Exchange, who is speculated to be considering the acquisition of the now-defunct platform. Gensler’s sentiments, articulated during an interview at DC Fintech Week, highlight the regulator’s stance on the importance of trust and transparency in the operation of such platforms. “If Tom or anybody else wanted to be in…

The Biden administration is actively seeking to empower regulatory bodies with new legislative authority in regards to crypto. This push for heightened oversight stems from growing concerns regarding the potential exploitation of digital assets by militant groups, such as Hamas, to fund hostile activities. Read More: Hamas Raised Over $40 Million in Crypto From 2021 to 2023 Deputy Treasury Secretary Wally Adeyemo has been at the forefront of discussions with Congress, advocating for legislative measures aimed specifically at disrupting terror financing through cryptocurrencies. The Treasury has highlighted recent incidents, including the October 7 attack on Israel, to underline the urgency…

HSBC Holdings has announced its plans to launch a custody platform specifically designed for digital assets. Targeting institutional clients, this platform will focus on the safekeeping of tokenized securities and other forms of digital assets. The initiative is set to be in collaboration with Metaco, a technology firm owned by Ripple Labs Inc., with the service expected to be operational by 2024. The announcement, released on a Wednesday statement, showcases HSBC’s burgeoning commitment to the field of digital finance. This custody service is poised to work seamlessly alongside HSBC Orion, the bank’s platform for issuing digital assets, augmenting its recent…