Amplify ETF Sees Opportunity in Crypto Despite Regulatory Pressure and Sues Against Binance and Coinbase
Despite regulatory crackdowns on the crypto industry, institutional investors still have hope for more exposure to digital assets. Portfolio managers at Amplify ETF, Dan Weiskopf and Mike Venuto, believe that disruptor companies are currently on sale and long-term investors who fail to capture the transformational change from blockchain and digital assets are missing out on a fundamental paradigm shift.
BREAKING: Bitcoin Mining Industry Spared From 30% Tax In US Debt Ceiling Deal
Ohio Rep. Warren Davidson has revealed that a tentative deal to prevent the US government from defaulting on its debts may bring relief to cryptocurrency miners by scrapping a proposed tax on their energy consumption.
Bitcoin Miners’ Transaction Fee Revenue Hits Two-Year High
Bitcoin miners collected the highest percentage of mining revenue from transaction fees in over two years, according to The Block's Data Dashboard.
Nvidia's Rosy Financial Forecast Sparks Interest in AI for Bitcoin Miners
Nvidia's financial forecast is optimistic due to the increasing demand for hardware to power the AI revolution. This news caused the company's stock price to soar and may encourage more mining companies to diversify into AI applications.
Energy Web Launches Free Sustainability Registry for Bitcoin Miners
Energy Web, a non-profit organization, has launched a free sustainability registry for bitcoin miners called Green Proofs of Bitcoin (GP4BTC). The registry will score miners on two metrics that take into account the mix of energy they use: their purchases of renewable energy credits (RECs) and their participation in demand response programs.
Bitcoin Miners Moving Assets May Lead to Selling Pressure
Bitcoin miners are moving their assets, which could lead to more selling pressure if they are liquidated. On-chain analytics platform CryptoQuant reported a decrease in Bitcoin miner reserves, indicating selling pressure from the miners' side.
US Proposal To Tax Bitcoin Miners Will Drive Them Out of the Country
The Biden administration's proposal to tax American bitcoin miners is likely to drive them out of the country and will not raise the intended funds, according to Marathon Digital's CEO, Fred Thiel. He believes that a mining tax would not result in more available renewable power and would actually create less. Thiel also stated that the banking lobby and gas-fired power plants are hostile towards the crypto industry and bitcoin mining, respectively. Marathon is already looking to expand outside of the US, with new projects in Abu Dhabi and Paraguay. Despite a period of financial stress and consolidation in the bitcoin mining sector, Thiel is optimistic about the future.
Bitcoin Miners Sell Off Holdings, Causing Selling Pressure on Price
On Thursday, the global digital asset market cap increased by 2% to reach $1.14 trillion. Bitcoin, the largest cryptocurrency, saw a surge of almost 3% in its price over the past day. However, data suggests that miners may be selling some of their holdings on crypto exchanges, as a wallet address deposited $48 million worth of BTC to Binance.
Cryptocurrency Market Sees $17.6 Billion in Net Outflows, Bitcoin and Ethereum Market Caps Fall
In the past 24 hours, the cryptocurrency market saw a net outflow of $17.6 billion, leading to a decrease in the total market cap to $1.13 trillion, down 1.5% from $1.14 trillion. Bitcoin and Ethereum market caps both fell, while TRON and Litecoin were the only assets in the top 10 to post gains.
Bitcoin Withdrawal of $800 Million from Coinbase Driven by Large Whale
Yesterday, a large whale withdrew 26,000 Bitcoin from Coinbase, resulting in roughly $800 million worth of Bitcoin being taken off exchanges.
