Monat: April 2024

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Thailand’s Bitkub laying the ground for its IPO

  • Bitkub, Thailand’s top crypto exchange, plans IPO in 2025 to boost its profile and raise funds.
  • IPO preparation includes hiring advisors.
  • Bitkub eyes global expansion amidst rising competition & regulatory scrutiny.

Bitkub Capital Group Holdings, the parent company of Bitkub Online, Thailand’s largest cryptocurrency exchange, is laying the groundwork for a monumental step forward — their Initial Public Offering (IPO) slated for 2025.

CEO Jirayut Srupsrisopa, also known as Topp, has indicated that the IPO aims to elevate Bitkub’s presence and secure vital funding for future endeavours.

Bitkub is currently in the process of enlisting financial advisors to facilitate the IPO listing, reflecting a strategic move towards enhancing its market standing amidst intensifying competition.

Bitkub Online, the exchange platform, is valued at approximately $165 million, a figure expected to surge as trading volumes surpass previous records. The company’s commitment to expansion extends beyond Thailand, with plans to explore listing opportunities in global financial hubs like Hong Kong, signalling ambitions for broader market penetration and enhanced visibility.

Bitkub’s proactive approach underscores its determination to navigate evolving market dynamics while capitalizing on emerging opportunities in the crypto landscape.

Navigating challenges amidst growth trajectory

Despite its promising trajectory, Bitkub faces challenges on multiple fronts.

The emergence of competitors such as Binance Thailand poses a formidable threat, intensifying the battle for market dominance. Moreover, regulatory scrutiny and setbacks such as the cancellation of a potential acquisition deal with Siam Commercial Bank (SCB) in 2022 underscore the complexities inherent in Bitkub’s journey towards sustained growth.

Nonetheless, Bitkub remains undeterred in its pursuit of market leadership and innovation. The exchange’s recent trading volume, exemplified by approximately $81.5 million in spot trading within 24 hours, reflects its active participation and influence in the crypto market.

With meticulous planning and strategic initiatives, Bitkub aims to leverage its IPO as a catalyst for transformative growth, solidifying its position as a prominent player in the global cryptocurrency landscape.

The post Thailand’s Bitkub laying the ground for its IPO appeared first on CoinJournal.

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Bitfarms mines less BTC in March despite expanding its mining Fleet

  • Bitfarms mined 286 BTC in March, down from 300 in February.
  • Bitfarms’ fleet upgrade aims for 21 EH/s and 21w/TH efficiency.
  • Bitfarms sold 284 BTC increasing treasury holdings to 806 BTC.

Bitfarms Ltd. (BITF), a prominent global Bitcoin mining company, experienced a slight dip in its Bitcoin (BTC) production for the month of March 2024, despite its ongoing efforts to expand and upgrade its mining fleet.

Bitfarms mined a total of 286 BTC in March 2024, down from the 300 BTC mined in February.

This decline in production can be attributed to various factors, including participation in grid-stabilizing curtailment programs and power plant maintenance activities in Argentina.

Additionally, a temporarily lower average operating EH/s and a 4.8% increase in network difficulty compared to the previous month also contributed to the decrease in BTC production.

Bitfarms’ fleet upgrade and expansion plan

Despite the decrease in BTC production, Bitfarms seems to be very committed to enhancing its mining capabilities.

The company has been actively pursuing its fleet upgrade and expansion plan, aiming to reach 21 EH/s and 21w/TH in 2024.

To achieve this goal, Bitfarms has made significant investments, including the purchase of 28,000 Bitmain T21 miners, along with additional S21 miners and S21 hydro miners.

These acquisitions are part of Bitfarms’ strategy to improve operational efficiency and capitalize on the potential for increased mining margins amid rising Bitcoin prices.

Current financial standing and future outlook of Bitfarms

Bitfarms sold 284 out of the 286 BTC earned in March, generating total proceeds of $19.2 million.

Furthermore, Bitfarms increased its BTC treasury holdings to 806, valued at $56.7 million, and held Synthetic HODL™ of 85 long-dated BTC call options, along with $66 million in cash, resulting in total liquidity of $123 million.

Looking ahead, Bitfarms remains optimistic about its growth prospects.

The company is set to participate in several upcoming conferences and events, including DigitalABC’s First Annual Canadian Crypto Asset and Blockchain Policy Conference and the Bitcoin Policy Summit.

With its ongoing fleet expansion efforts and a focus on operational efficiency, Bitfarms is well-positioned to navigate the evolving cryptocurrency landscape and capitalize on opportunities in the market.

By diligently expanding its mining fleet and adapting to market conditions, Bitfarms continues to solidify its position as a key player in the Bitcoin mining industry.

The post Bitfarms mines less BTC in March despite expanding its mining Fleet appeared first on CoinJournal.

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Core DAO’s CORE surges 200%: here’s what’s driving the price rally

  • CORE DAO’s token, CORE, sees a 67% surge reaching $2.75.
  • Several institutional investment funds have shown interest in CORE.
  • Technical indicators signal a bullish trend for CORE, despite the high RSI suggesting potential overvaluation.

The price of Core DAO’s native token, CORE, has experienced a staggering surge of over 200% within a week, capturing the attention of cryptocurrency investors.

This surge prompts an investigation into the factors fueling CORE’s rapid growth and its implications for the broader cryptocurrency industry.

CORE price performance

CORE DAO operates as an L1 blockchain supporting Ethereum Virtual Machine (EVM), enabling the execution of Ethereum smart contracts and decentralized applications (dApps). Its native token is referred to as CORE.

With its “Satoshi Plus” consensus mechanism, CORE combines delegated Bitcoin mining hash with delegated Proof-of-Stake (DPoS) for security. CORE serves as both the utility token and governance token of the Core network, facilitating various functions such as paying transaction fees, staking on the Core network, and participating in on-chain governance.

CORE’s recent price surge has astonished market observers, with the token’s value soaring by an impressive 67.25% in just one day, reaching $2.75.

CORE price chart

 

This surge has propelled CORE to the 54th position in market cap rankings, showcasing its significant market influence. Moreover, trading volume for CORE has surged by 148.07% in the last day alone, indicating heightened investor engagement and liquidity in the market.

CORE’s supply dynamics reveal that 875,161,702 tokens are currently in circulation, representing approximately 41.67% of its total supply of 2.1 billion tokens. With a fully diluted market cap of $5.78 billion, CORE’s potential market reach is substantial, enhancing investor confidence and interest in the project.

Technical indicators further support the bullish sentiment surrounding CORE. Exponential moving averages (EMAs) for 50, 100, and 200 days signal a bullish trend, acting as crucial support levels for price movements.

The MACD line indicates a positive sentiment, strengthening the bullish momentum for CORE. However, the high RSI suggests that the asset may be overvalued, potentially leading to significant price fluctuations.

Why is the CORE price rallying?

The recent surge in CORE’s price can be attributed to various factors, notably the endorsement from Coretoshis Lab. This endorsement highlighted the involvement of over 100 crypto institutional investment funds planning to purchase and hold CORE in the current year, instilling confidence in investors and attracting attention to the project.

Coretoshis Lab’s optimism about CORE’s future trajectory, coupled with references to “going to the Moon” and promising prospects for CoreDAO in 2024, has fueled FOMO among investors eager to capitalize on its upward momentum.

The Core Chain x Multibit/Bitstable: Core Journey Campaign also kicked off today (April 1, 2024) further fuelling the positive sentiment around CORE cryptocurrency. 

The post Core DAO’s CORE surges 200%: here’s what’s driving the price rally appeared first on CoinJournal.