bitcoin / 326 posts found
Bitcoin Might Finally Be Collapsing, and That’s a Good Thing
Bitcoin David Sandron/Shutterstock.com Bitcoin was the first mainstream cryptocurrency, but its high price has ensured it remains popular, even as the technology behind it became more outdated and inefficient. Now, Bitcoin might finally in a death spiral. One Bitcoin is still worth around $17,000, as of when this article was published, but that’s a significant drop from where the currency was valued a year ago. The currency was at an all-time high of around $68,000 in November 2021, so if you bought some then, you would have lost over 70% of your money. Bitcoin’s value is based entirely on its […]
Grayscale’s Bitcoin Trust Shares Hit Record Discount of 36.7%
As bitcoin (BTC) continues to hit record low prices, the shares in Grayscale Investment’s bitcoin trust (GBTC) have hit a record low. The discount in GBTC shares relative to the value of the underlying asset held in the fund widened to a record 36.7% on November 7. Bitcoin has dropped by nearly 20% during the past two weeks as the bear market shows its ugly claws. Analysts say that a continued widening of the GBTC discount shows a weakening institutional demand for bitcoin, combined with the ready availability of bitcoin ETFs for retail. In a note to CoinDesk, Henry Liu, […]
Bitcoin Mining Major Riot Blockchain Misses Analyst Estimates for Q3 Earnings
Eliza Gkritsi is CoinDesk’s crypto mining reporter based in Asia. CORRECTION (Nov. 8, 01:02 UTC): A previous version of this story incorrectly stated that Riot’s consensus analyst estimate was for adjusted net earnings of $1 per share, instead of $0.01. Bitcoin mining heavyweight Riot Blockchain (RIOT) disappointed average analysts’ expectations in its third quarter. The miner generated $46.3 million in revenues, lower than the average estimate of $56.3 million, bringing net loss to $0.24, compared to a consensus estimate of adjusted net earnings per share of $0.01, according to FactSet. Riot’s revenues were lower than the previous quarter’s $72.9 million, […]
Bitcoin (Magic Internet Money!) Again Proves Less Volatile Than Stocks
Cryptocurrency George Kaloudis is a research analyst for CoinDesk Research. After the smattering of U.S. central bankers who set the Federal Reserve’s interest-rate benchmark met last week, the smattering issued a press release that outlines their new monetary policy (raising rates by 75 basis points). Then Powell, who leads the smattering, speaks at a press conference, giving introductory remarks before he answers questions from financial journalists. In our modern era of information overload, the market tends to react to the press release and then to the introductory statement and then to the answers to the financial journalists’ questions. You’re reading […]
Bitcoin To Face A Major Price Drop By Next Week! Analyst Maps Potential Bottom Levels For BTC Price
Cryptocurrency The last month brought a bullish recovery for several cryptocurrencies, including Bitcoin, as it held its price in positive territory by gaining 5.89% in its value. However, the Federal Reserve’s decision to increase interest rate by 75 basis points to control inflation ignited a fresh bearish start for BTC price by the beginning of November. Several traders and investors are now wondering about Bitcoin’s future price movement amid negative market sentiments. Cryptocurrency Bitcoin Reaches The Final Resistance Zone! As November begins, crypto analysts and strategists around the space have become busy giving their opinions and predictions on the future […]