The wariness is evident in the way Ether, the network’s native token, is lagging Bitcoin of late: the second-largest digital asset is down about 13% in the past month, compared with an 9% drop in Bitcoin. The gap between a gauge of expected volatility in Ether and a similar index for Bitcoin is also elevated.
“It’s too early to predict that we are approaching another bull run, but if Bitcoin regains a higher support level between $22,000-$25,000 then it may boost investor confidence and ease off the selling pressure across crypto assets,” said Tarusha Mittal, co-founder of crypto staking platform UniFarm. “Given the fact that central banks around the world … Read more
Core Scientific Inc., Marathon Digital Holdings Inc. and Riot Blockchain Inc. posted net losses of $862 million, $192 million and $366 million, respectively, in the three months ended June 30, recent quarterly earnings reports show. Other significant miners such as Bitfarms Ltd. and Greenidge Generation Holdings Inc., which reported results Monday, were also forced to … Read more
Meanwhile, the Ethereum blockchain is due to move to a more energy-efficient so-called proof-of-stake system. That’s been a tailwind of late for its native token, Ether. The virtual coin could push towards $1,915 to $2,000 in the days ahead, according to Mark Newton, head of technical strategy at Fundstrat.
It’s difficult to call a bottom, even more so “with this one, because its rally was fueled so much by young people who had never invested in anything before,” said Matt Maley, chief market strategist at Miller Tabak + Co. “Crypto is a liquidity asset right now, so as long as the Fed is tightening, … Read more
This is what we know, based on the company’s shareholder letter: The sale added $936 million in cash to its balance sheet, but impairments impacted the company’s income. The company’s remaining pot of digital assets as of June 30 was worth $218 million, a reduction of more than one billion dollars from the previous quarter. … Read more