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Bitcoin SV price drops after Robinhood news

  • Bitcoin SV dropped from highs near $45 to lows of $37 on major crypto exchanges.
  • The BSV price fell as the market reacted to news from online trading app Robinhood, which will remove the coin from its crypto offerings later this month.
  • BSV is a cryptocurrency forked from Bitcoin Cash in 2018.

Bitcoin SV price fell more than 15% on Wednesday, trading down from highs near $45 to hit lows of $37 on major cryptocurrency exchanges.

According to data from CoinGecko, the price of the native Bitcoin SV blockchain token had risen over the past week as crypto began 2023 with a relief rally.

But on Wednesday, the Bitcoin fork token plummeted amid news from online trading app Robinhood. Per a crypto update the platform provided on its website, support for BSV will end on 25 January 2023 at 06:59 pm ET.

What does this mean for users?

According to Robinhood, customers can still buy, sell, hold or transfer BSV up to the indicated deadline. But while this is possible until then, the trading app will sell any BSV still held in Robinhood Crypto accounts at market value, the statement warned customers. 

Once this step is taken, any proceeds from BSV sales will be credited to customers’ accounts.

Robinhood explained its delisting of the BSV coin as a result of a regular review of the platform’s crypto offerings. As of the announcement, the decision did not impact any other coins, with the statement emphasizing that users’ crypto remained safe on Robinhood.

Bitcoin SV, or Bitcoin Satoshi Vision at the time of its fork from the Bitcoin Cash (BCH) coin in 2018, was trading around $40 at 13:02 pm ET. It remains more than 10% down in the past 24 hours and is over 91% down from its all-time high of $489 reached in April 2021.

The post Bitcoin SV price drops after Robinhood news appeared first on CoinJournal.

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Argo Blockchain mined 28% fewer bitcoins in December

  • Argo Blockchain mined 147 bitcoins in December 2022, down from 198 in November.
  • Mining revenue was $2.49 million, compared to $3.46 million during the previous month.
  • Argo sold its Helios facility to Galaxy Digital for $65 million as it looked to avoid nose-diving into bankruptcy.

Argo Blockchain, a leading Bitcoin miner that endured a terrible run in 2022 and came close to bankruptcy, has announced it mined 147 BTC only in December.

The publicly-traded company’s total mined bitcoins for the month were lower than the 198 BTC mined in November — nearly 28% lower than its mining output in November.

Mining revenue came in at $2.49 million (£2.07 million), down from $3.46 million (£2.94 million) in the previous month.  The firm’s mining margin in December 2022 was 48%, compared to 29% in November.

As of 31 December, the miner held 141 bitcoins.

Argo CEO on reduced mining results

According to details provided in the miner’s operational update published on 11 January, the decline in mining revenue (decreased mined coins) was mainly a result of the reduced mining operations following the winter storm that hit the United States in December.

Argo, like many other Texas Bitcoin miners, contributed to the stability of Texas’ power grid by cutting power usage during the storm.

“While our mining results for December were lower than anticipated, the primary driver was the winter storm which led us to curtail operations at Helios. We made this decision in order to not only reduce power usage on the grid, but also to prioritise the needs of the local community and safety of our Helios employees, Argo CEO Peter Wall said in a statement.

Notably, Argo sold its Helios facility for $65 million to Galaxy Digital and also agreed a $35 million loan as it sought to firm its balance sheet. But despite mining fewer BTC in December, and the sale of the Helios facility, Argo’s total hashrate remains around 2.5 exahashes per second (EH/s).

The post Argo Blockchain mined 28% fewer bitcoins in December appeared first on CoinJournal.

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FTX has recovered over $5B in assets: report

  • A bankruptcy attorney for crypto exchange FTX revealed on Wednesday that the platform had located over $5 billion in assets.
  • The new assets includes cash and liquid crypto, adding to the $1 billion initially announced in December.
  • FTX filed for bankruptcy in November 2022.

In cryptocurrency news related to collapsed crypto exchange FTX, a bankruptcy attorney has revealed the recovery of over $5 billion worth of assets tied to the platform.

According to the latest report on the matter, the recovered assets do not include roughly $425 million in digital assets being held by Bahamian regulator the Securities Commission of the Bahamas (SCB).

FTX ‘finds’ more assets

FTX filed for bankruptcy in November 2022, with the exchange’s new leadership stating in December that they could only locate $1 billion or so worth of assets.

However, on Wednesday, FTX bankruptcy attorney noted the team had managed to find more than $5 billion. The amount includes cash, liquid crypto assets and investment securities whose value is pegged at prices when the petition was filed.

While the find adds to the claim holdings, it is yet to be established just how much the company owes creditors. When it filed for bankruptcy protection, it indicated an amount between $1 billion and $10 billion.

The post FTX has recovered over $5B in assets: report appeared first on CoinJournal.

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Fireblocks, Collider and MarketAcross to host Web3 startups event

  • Fireblocks, Collider and MarketAcross will host the Building Blocks 23 event in Tel Aviv on 7 February 2023.
  • The ETH TLV event will feature speakers such as blockchain sceptic Udi Wertheimer and SSV Network CEO Alon Muroch.
  • The one-day event seeks to boost Web3 entreprenuership.

Building Blocks 23, a one-day web3-focused event set to bring top together developers and community members in the Ethereum ecosystem, will happen in Tel Aviv.

Details on the 7 February, 2023 ETH TLV event highlight three major Israeli companies as the hosts.

Accordingly, the Building Blocks 23 event will be organised by digital assets focused venture capital fund Collider, blockchain PR and marketing firm MarketAcross, and enterprise-grade crypto platform Fireblocks.

The hosts will collaborate with Israeli-based zero knowledge proof technology provider StarkWare, a press release shared with CoinJournal revealed.

The Who and what of Building Blocks 23

Building Blocks 23 is targeted at forming the foundations of Web3 entrepreneurship and will offer participants access to a series of events – including workshops and panel discussions. The organisers will look to guide representatives of various projects through the process of building successful Web3 businesses.

Among the topics to be covered are fundraising, product marketing, creating a security-first organisation and building teams and communities around projects. Valuable lessons on offer will be the art of building in Web3, mastery of leading protocols, and how to navigate the inevitable market turbulence.

Delegates will also learn from industry leaders on issues such as treasury management, sustainable tokenomics and effective branding.

Udi Wertheimer, a blockchain sceptic and Ethereum expert is on the confirmed list of guest speakers, as is Alon Muroch, CEO of SSV Network. There will also be speakers from across the industry, including from The Graph, Aave, Safe, Avalanche, and Solidus Labs.

The post Fireblocks, Collider and MarketAcross to host Web3 startups event appeared first on CoinJournal.