Kategorie: Crypto Markets

• Canaan Inc. (NASDAQ: CAN) has released its Q2 financial report showing an increase in mining revenue.
• The Bitcoin miner’s total revenue rose to $73.9 million, increasing by 33.7% compared to Q1, 2023.
• Canaan reportedly held 1125 bitcoins as of June 30, 2023.

Canaan Inc. (NASDAQ: CAN), one of the leading Bitcoin mining companies, has reported its unaudited financial results for Q2, 2023. According to the report, revenue from BTC mining jumped 43.3% quarter-on-quarter, from $11.1 million to $15.9 million.  

Meanwhile, total revenues rose to $73.9 million in the quarter, 33.7% up on Q1 revenues of $55.2 million. However, with the crypto market still heaving from the bear market impact, Canaan’s second quarter revenue is significantly lower compared to the $245.9 million reported in Q1, 2022.

Commenting on the financial results, Canaan CEO Nangeng Zhang, said in a press release: 

“We navigated the challenges in the second quarter of 2023, surpassing our topline guidance to achieve $73.9 million in revenue. Despite the relatively stagnant bitcoin price in the second quarter, our endeavor to drive sales across various fronts, including major clients, channels, and retail, yielded encouraging results. This effort propelled our total computing power sold to a remarkable 6.1EH/s, up 44% sequentially.”

Canaan held 1,125 bitcoins

According to Mr. Zhang, the company benefited from its collaboration with channel clients, and saw its online retail store attract new clients from across the globe.  The firm has recently looked to cement its footprint in the sector, setting up mining ventures in Africa and South America.

As noted above, Canaan sold 6.1 million Thash/s – this up from 4.2 million Thash/s in Q1, 2023. The company had sold a total of 5.5 million Thash/s in Q1, 2022.

CFO James Jin Cheng stated: “In the second quarter of 2023, we observed improvement in both our sales and mining activities, which contributed to our better-than-expected revenue performance. Despite a decrease in average selling price, our product sales grew by 31.3% quarter over quarter, driven by increases in total computing power sold.”

While the company expects Q3 revenue to decline to $30 million owing to the market conditions, net loss in Q2 was $110.7 million, compared to $84.4 million in Q1. The company had seen a net income of $90.1 million during the same quarter in 2022.

Per the report, Canaan held 1,125 bitcoins worth $28.8 million as of June 30, 2023. The company owned 747 of these bitcoins, while 378 BTC was from customer deposits. Impairment on the crypto in Q2 was $2.4 million, compared to $0 in Q1 and $4.5 million in Q2, 2022.

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• Digital Currency Group (DCG) moving toward resolving the financial challenges of its crypto lending subsidiary, Genesis.
• The agreement could possibly lead to a fair recovery for creditors.
• The agreement is still subject to several handles, but Genesis expects the agreement to be completed in the coming weeks.

According to a document submitted on Monday to the US bankruptcy court in the Southern District of New York, Digital Currency Group (DCG) and Genesis Global’s creditors have struck an in-principle agreement to settle the claims that surfaced during the crypto lender’s bankruptcy proceedings.

Genesis Global Holdco, LLC, Genesis Global Capital, LLC, and Genesis Asia Pacific Pte. Ltd. voluntarily filed petitions under Chapter 11 of the US Bankruptcy Code in January 2023.

Genesis creditors to get refunds in US dollar

Genesis, the crypto lending subsidiary of Digital Currency Group (DCG), had almost $3.5 billion in debt to its top 50 creditors, one of them being Gemini, according to the bankruptcy documents. Gemini and Genesis collaborated to give its users the option to lend Genesis their cryptocurrency holdings in return for the promise of interest payments through the now-defunct Genesis Earn program.

The recently reached in-principle agreement indicates that unsecured creditors may receive a recovery of between 70% and 90% in US dollar equivalent, potentially settling lingering disputes and securing a fair recovery for creditors.

Depending on the value of the digital assets involved, the recovery on an in-kind basis is anticipated to be between 65% and 90%.

Existing Digital Currency Group liabilities

The resolution of DCG’s current obligations, which total about $630 million in unsecured loans due in May 2023 and $1.1 billion under an unsecured promissory note due in 2032, is one of the agreement’s essential components.

According to the agreement, the payback will take place in two stages: an initial repayment of about $328.8 million with a two-year maturity and a second repayment of $830 million with a seven-year maturity.

DCG has also agreed to make a further $275 million payment, which will be made in four equal installments. These payments, which will take care of the maturing debts connected with the unsecured loans due in May 2023, are scheduled to be made after the partial repayment agreement date.

Notably, neither the Ad Hoc Group of Genesis’ lenders nor Gemini support the in-principle agreement.

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• The price of Akropolis (AKRO) cryptocurrency has risen by 441% over the past year.
• In the past 24 hours, the coin has surged by 30% to trade at $0.0192.
• Akropolis is one of the best-performing cryptocurrencies in 2023.

The native token of Akropolis, a decentralized finance (DeFi) protocol focusing on under-collateralized loans, has been on steroids since the beginning of the year. Akropolis (AKRO) price has risen by 441% since the beginning of the year, marking a splendid growth of the DeFi token.

While those who invested in AKRO early are enjoying their profits, new investors are hesitant since the cryptocurrency could be heading into the overbought region after such a magnificent price surge. However, that can be only determined by understanding what is causing the token to rise.

Here is why the Akropolis (AKRO) price is rising

The main reason why the Akropolis (AKRO) price is going up is the increased activity on Akropolis, especially after the recent update.

The Akropolis Protocol is a collection of Ethereum-based DeFi aggregation and automation initiatives. Akropolis seeks to offer DeFi equivalents of essential financial services like access to credit with lenient terms and insurable savings (variable and fixed rate savings deposits). The platform is integrated with Yearn, MCDEX, Liquity, Maker, Fulcrum, Aave, Compound, Curve, and dYdX.

The Akropolis Protocol team concentrates on and creates a user-friendly portfolio of portable, borderless, trust-minimized DeFi products for financial operations and decision-making. The Sparta product, which focuses on undercollateralized loans, and Delphi, which focuses on automated passive mixed investing/income products, are constructed on top of the AkropolisOS, which is the main building block.

The Delphi beta was carefully placed on the Ethereum mainnet on August 12, 2020, and a bug bounty was run before a full launch on August 24, 2020. With the Akropolis Delphi Token (ADEL) token, the Akropolis Protocol further introduced Sparta v2, the DeFi yield re-balancing module, the crypto/fiat on-off ramp, support for new stablecoins, UI/EX upgrades, and the liquidity mining incentives feature.

Users can now pay in currencies other than ETH through integrations with OpenGSN. The protocol also has insurance protection from Nexus Mutual/Opyn to guard against hacking and programming flaws.

In August 2023, Akropolis made several updates among them the POC-Polkadai bridge, a Parity Substrate Blockchain bridge for self-transfers of DAI Token (ERC20) to sDAI (ERC20 representation).

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• Binance users in Belgium can continue accessing services via its Poland-based unit.
• The exchange had revealed plans to work with the Belgian regulator in June.
• Belgium’s Financial Services and Markets Authority (FSMA) had asked Binance to halt services.

Binance has announced that its users in Belgium will continue to access its services via Binance Poland, the crypto exchange’s Polish-regulated arm.

The crypto behemoth’s announcement read in part:

“Binance Poland sp. z o.o. is now the entity that provides Binance services for Belgian residents. By doing this, Binance ensures that it complies with its regulatory obligations and can continue to provide services to Belgian users.”

Users to resubmit KYC documents

To access services via Binance Poland, users in Belgium will have to accept the Polish platform’s Terms of Use for Belgian users. The exchange may also demand that users resubmit know-your-customer (KYC) documentation as part of the process of ensuring compliance with Polish regulation.

The move came about two months after the Financial Services and Markets Authority of Belgium directed that the exchange stop all of its virtual currency services in the country. Rather than exit the Belgian market as it did in other jurisdictions such as Canada, Binance revealed plans to work with the Belgian market regulator.

According to Binance, allowing its users across Belgium to access services and products via the Poland-regulated subsidiary is key to its commitment to regulatory requirements. Binance announced on Monday that its Polish arm offers crypto exchange and custody services as per the country’s guidelines to virtual assets service providers (VASPs).

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  The dYdX (DYDX) ecosystem is braced for the upcoming $14 million token unlock.

• A bump in DYDX supply could be felt in the price reaction, with DYDX trading around $2.16.

According to Token Unlocks, DYDX is among several altcoins set to add numbers to token supply this week. Others poised for a September supply bump are Optimism, 1inch, and Hedera.

🚨 September Unlocks Activities 🚨

~ $931 million will be unlocked and issued in Sep.

🌟 Highlighted Cliffs ( %Circ. ) 🌟$HBAR – 3.49%$APE – 11.02%$OP – 3.37%

More details on unlocks, and new issuance are ready for you.

More details 🔓https://t.co/Q8cyIRtEbF

— Token Unlocks (@Token_Unlocks) August 25, 2023

On August 29, the dYdX Foundation will unlock 6.52 million DYDX worth about $14.41 at the time of writing. The governance token has a total supply of 1 billion tokens, of which current circulating supply is 173 million DYDX.

Per the token’s allocation and distribution metrics, the entirety of the 1 billion DYDX will be released over five years. The initial distribution occurred on August 3, 2021. Currently, locked coins are for past investors of dYdX Trading, founders, advisors, employees, and consultants of dYdX Foundation.

DYDX token price outlook

The dYdX (DYDX) token traded around $2.16 on Monday, down 1.6% in the past 24 hours but nearly 12% higher this past week.

Ahead of the huge token unlock, the price of the native dYdX exchange token has ranged between $1.18 and $2.23.

 DYDX price chart

The MACD and daily RSI suggest bulls remain in control short term. However, the price might need to strengthen above the horizontal line that marks the range’s base for upside momentum to extend DYDX to next targets at $2.70 and $3.20.

If sell-off pressure mounts amid risk markets slowdown, we could see prices in the region of $1.54-$1.36.

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