Bitcoin Miners Struggle as Hash Rate Reaches New Highs and Revenue Slumps to 2022 Levels
Bitcoin mining revenue has dropped to levels not seen since November 2022, despite the hash rate reaching new highs. The Bitcoin network hash rate has surged 54% from the beginning of 2023 and 80% over the past year, according to Blockchain.com. However, the revenue has fallen sharply to $0.060 per terahash per second per day, around half of what it was in early May. Bitcoin miners have reportedly been relying on funds from stock sales in the second quarter to keep them afloat during the bear market.
Pantera Capital CEO: Bitcoin Has Reached Turning Point, Ready for Bull Market
Dan Morehead, CEO of Pantera Capital, believes that Bitcoin has reached a turning point following a long bear market. He suggests that the industry has experienced enough pain, with the collapse of Terra and crypto exchange FTX, to prepare for a bull market. Morehead notes that digital assets have decoupled from traditional markets, meaning that any future weakness in equities or bonds may not have as much impact on crypto as some analysts believe. He also anticipates that the approval of a BlackRock ETF could have a significant impact on crypto, similar to the launch of BlackRock's iShares Gold ETF in 2005.
KuCoin Clarifies Reports of Layoffs, Claims They are Routine Performance Appraisals
KuCoin, a crypto exchange, has denied reports that it plans to lay off over 300 staff, stating that they are "routine performance appraisals." The bear market has led to significant layoffs in the crypto industry, particularly among exchanges, as companies seek to cut costs and maintain lean teams. Chinese reporter Colin Wu initially claimed that the layoffs at KuCoin were due to a recent decline in profits resulting from stricter KYC rules, but the exchange has since clarified that they are simply performance appraisals. Other crypto exchanges, including Binance, have also reportedly conducted significant layoffs in recent times.
The Opepen Threadition: A Moment of Kindness and Collaboration in the NFT Space
The bear market has been a difficult time for those involved in the NFT space, but there have been moments of renewed interest and excitement. One such event occurred when artist Jack Butcher's act of generosity towards ThreadGuy sparked a wave of enthusiasm.
Bitcoin Cash Enters Bear Market as Investors Take Profits
Bitcoin Cash has entered a bear market after experiencing a significant increase in June. The coin's value has dropped by 22% from its highest point in June due to profit-taking. This decline is also linked to Bitcoin's struggle to move above the bullish flag pattern.
Cardano's Resilience in Bear Market Outpaces Previous Cycle, Says CEO of ITC Crypto
June 27 (Cointime) - Benjamin Cowen, CEO and founder of ITC Crypto, has highlighted Cardano (ADA) for its performance during the current bear market. Cowen's analysis shows that Cardano's resilience in the current bear market is outpacing its performance during the 2018-2020 bearish phase.
Legendary Investor Jim Rogers Issues Global Economic Warning, Says Next Bear Market Will Be the Biggest in His Lifetime
June 26 (Cointime) -Legendary investor Jim Rogers has warned that the next bear market will be the worst in his 80-year life. Rogers said the current economic situation is similar to the one on the eve of the 2008 financial crisis, but worse. This is bound to lead to a severe bear market in risky assets due to the massive amount of debt built up in the system. He also pointed out that during the inflation crisis of the 1980s, the interest rate on US government treasury bills exceeded 21%, and now financial markets are facing a similar situation. Rogers expects trouble ahead for all markets: real estate, stocks, bonds, and currencies.
Cardano's Downtrend Could Last Five More Months, Says Analyst Benjamin Cowen - Here's His Outlook
June 20 (Cointime) - Crypto analyst Benjamin Cowen predicts that Cardano's bear market may continue for the rest of 2023 before hitting bottom. Cowen suggests that monitoring the ADA/BTC pair and its ability to hold at around 0.000004 BTC ($0.11) could signal a bottom for the smart contract protocol.
SUI Crosses $0.7 After Rising Over 15%
In the past 24 hours, SUI has experienced a significant surge, rising over 15% and returning to bullish territory. The altcoin's price rose above $0.7 after dropping to $0.5 on Saturday, making it one of the top gainers for the day.
Bitcoin Supply Shifts from U.S. to Asia, New Research Shows
New research from on-chain analytics firm Glassnode suggests that Bitcoin (BTC) has moved away from the United States during the 2022 bear market. The analysis shows a significant shift in where Bitcoin is held and traded, with a redistribution from west to east.
