Hut 8 Mining stock down on a big hit to Q1 revenue: buy the dip?

  • Hut 8 Mining reports a 64% year-on-year hit to revenue in its Q1.
  • Craig-Hallum analyst sees downside in “HUT” to C$2.0 a share.
  • Hut 8 Mining stock is now down nearly 30% versus its YTD high.

Hut 8 Mining Corp is trading down on Thursday after reporting a massive year-on-year decline in its first-quarter revenue.

Notable figures in Hut 8 Mining Q1 report

  • Earned C$0.47 a share versus C$0.15 a share loss expected
  • Revenue tanked a more than expected 64% to C$19 million
  • Mined 475 bitcoin – down roughly 50% versus a year ago
  • Increased its installed hashrate in the quarter to 2.6 EH/s

At its Ontario facility, Hut 8 Mining had to switch off roughly 8,000 machines because of a dispute with Validus Power Corp. In the press release, CEO Jamie Leverton also said:

In early 2023, we experienced a confluence of events: electrical issues at our Drumheller site caused equipment failures, fluctuating energy prices and increased network difficulty.

Versus its year-to-date high, Hut 8 Mining stock is down nearly 30% at writing.

Is Hut 8 Mining stock worth buying?

So far, only 1,000 of those machines in its Ontario facility are back online and its Alberta mine is running at just 15% of its installed hashrate.

Hut 8 Mining is currently in the process of merging with USBTC or U.S. Bitcoin Corp. According to the Chief Executive:

We have made progress on key regulatory files required to complete the transaction. We also reached an all-time operational high of 1.72 EH/s at our Medicine Hat facility.

Despite underperformance, it may not be the best of ideas to take a position in this Canadian company today considering a Craig-Hallum analyst reiterated his “hold” rating on Hut 8 Mining stock this week. His C$2.0 price target suggests another 10% downside from here.

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LADYS memecoin craze: what to know as Milady skyrockets

  • Milady (LADYS) price jumped more than 10,000% in a few hours after an Elon Musk tweet of a meme image. 
  • LADYS price was up over 3,200% at the time of writing as major exchanges listed the meme token.
  • Milady is ranked 238th by market cap on CoinGecko, with $122 million in MC.

The memecoin carnival just got another trendy token as the price of Milady (LADYS), which has no particular association with the NFT project Milady, soared more than 50x in 24 hours.

Recent dominance of the meme token trend by Pepe (PEPE) took a backseat as Crypto Twitter reacted to developments around the token.

As of writing, the LADYS token was trading around $0.000000133704, roughly 3800% up with a trading volume of over $221 million (up 11,914% in the past 24 hours).

 According to data on CoinGecko, Milady has a maximum supply of 888 trillion LADYS.

What’s behind the Milady (LADYS) price explosion?

The massive price gains early 11 May, 2023 pushed the value of the new meme coin up over 18,000% from its all-time low reached just 24 hours earlier on 10 May.

Milady price took to the moon on Wednesday, with the reaction to a tweet by Elon Musk that highlighted the Milady NFT, jumpstarting a flurry of buy activity. The Musk tweet aside, multiple exchanges, including Bybit, Bitget, Huobi, Gate.io and MEXC Global have listed or announced listing support LADYS.

But on what Milady is and looks to offer, details on the memecoin’s website states:

“$LADYS coin has no association with Charlotte Fang or her creation Milady Maker. This token is simply paying homage to a NFT collection we all love and recognize. $LADYS is a meme coin with no intrinsic value or expectation of financial return. There is no formal team or roadmap. The coin is completely useless and for entertainment purposes only.”

Milady price outlook

In terms of price performance, whether LADYS price can sustain the upside momentum remains to be seen. But one thing likely to happen is for price to dump as people take profits. 

Small investors wil have to be wary of the potential sell-off likely to be triggered by large holders, the so-called whales. These entities hold trillions of LADYS tokens and could look to dump on retail. PEPE dumped earlier this week as a whale sent trillions of tokens to a major crypto exchange.

Crypto news alert and smartmoney on-chain account Lookonchain highlights one such whale as DWF Labs.

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AltSignals attracts more investors even as Google goes all-in on AI

  • The AI trend and why it could be a great catalyst for AltSignals and ASI as Google takes the lead.
  • The ASI token presale continues to attract more investors, with the current stage nearly 70% sold out.
  • Is ASI the coin to buy for investors looking to tap into a promising AI-powered cryptocurrency?

Artificial Intelligence (AI) is the biggest narrative today, a trend that’s unlikely to cool down any time soon given the traction the likes of Google, HuggingFace, and Synthesia have given the sector. Amid the global AI push, including in cryptocurrency and blockchain, a new platform is quietly gaining traction as a potential game-changer for the trading industry.

That project is AltSignals (ASI), whose presale is quickly gathering pace as more people look to make an early investment in its upcoming AI-powered platform.

The AI narrative for AltSignals – Google leads the charge

The past few months have been wildly insane in the Artificial Intelligence sector, with massive interest in OpenAI’s ChatGPT seeing a flurry of activity from the likes of Google, Microsoft, and others. 

Palantir, a company known for its military contracts with the US government, recently highlighted its revenue projections for 2023 where the main driver is expected to be its new AI driven platform.

Going back to the Google news, AI is coming to Gmail, Docs, Google Maps, and Photos. Google Search is set to be interactive as ChatGPT and PaLM 2 has added Bard, removed the waitlist and been made accessible in nearly 180 countries, according to a company blog.

Google’s products serve billions of people and businesses, and AI could drive these numbers even higher. Growing its business to cater to more people could be what drives projects like AltSignals amid the revolutionary innovations that are changing how people tap into the markets.

Here’s what to know about AltSignals and ActualizeAI?

AltSignals is a trading company that launched in 2017, and offers access to multiple market and trading signals via its AltAlgo trading tool.

Traders leveraging the signals get insights into when to buy or sell. The AltSignals team has taken the trading algorithm and integrated it with artificial intelligence, machine learning and natural language processing capabilities, an upgrade that is set to go live to the public in coming months.

The AI trading platform is called ActualizeAI, which will incorporate the power of artificial intelligence and blockchain technology to bring more accurate trading signals to its users.  And as it is clear the integration of AI into everything tech will continue into the future, projects such as AltSignals that have an established business model do have an edge.

Already a successful platform, new powerful capabilities via an AI layer can only help strengthen its pull as an investment opportunity.

What is the ASI token?

ActualizeAI will have a native cryptocurrency dubbed ASI that will give holders access to the new trading toolkit. The ASI token will also power various activities in the new ActualizeAI ecosystem, giving holders further opportunities to earn passive income from their initial investment.

Also beneficial to holders is the governance rights that will come with ASI when the upgrade goes live, with traders on the platform having greater say in how the project develops and such.

The initial sale of the ASI token is ongoing and is proving quite successful with the current presale stage nearly 70% sold out just days after the previous phase ended.  

AltSignals price today?

The ASI token’s value is currently at $0.015, up from $0.012 during the first presale stage. 

As highlighted in the AltSignals website, the price of ASI is expected to rise to $0.02274 by the end of the presale. Potential investors will want to note that ASI supply is capped at 500 million tokens, and 290 million, or 58% of them are available across 5 stages of the token sale.

Is ASI worth adding to an investment portfolio?

AltSignals’s market presence is now nearly six years in. Details on their website suggest the platform has quickly grown into a project that over 50,000 traders around the world trust. 

No doubt every investment has risks, and cryptocurrencies can be even riskier as the market grows. That’s why people are encouraged to do their own research before investing in a project.

For ActualizeAI, the strength could be in its growth towards potentially becoming the leading trading signals provider across the cryptocurrency, stocks and forex markets. As an investment, demand for the ASI token (as seen in the presale) will certainly help in price appreciation.

ASI token price prediction

Once the presale is over, the token will list on leading cryptocurrency exchanges. The project’s roadmap gives a timeline of when this will happen, beginning with Uniswap. 

There will also be OTC partnerships, private sale for members and listing on CoinGecko and CoinMarketCap. Multiple projects have exploded on listin on major exchanges, including the recently lauched meme coins Pepe (PEPE) and Floki Inu (FLOKI).

With more traders being onboarded as the age of the AI shines a spotlight on its future capabilities, the outlook for ASI is one where artificial intelligence, blockchain technology and investment demand could combine to catapult the token’s value higher. Price targets in 2023 could include $0.05 and $0.1.

If you wish to learn more about ActualizeAI or buy the ASI token, you can visit the presale page.

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Why is the crypto market down today? BTC briefly slips below $27k

Key takeaways

  • The cryptocurrency market is down by roughly 1% over the past 24 hours.

  • Bitcoin briefly dropped to $26,990 earlier today before recovering to now trade above $27,500.

  • The dump came due to reports that there was a transaction with the United States government’s BTC wallet.

Why the crypto market is down today

The cryptocurrency market recorded a sharp spike in movement a few hours ago. Bitcoin, the world’s leading cryptocurrency by market cap, was trading just above $28k earlier today.

However, BTC fell below the $27k level for the first time in more than a week, briefly touching the $26,990 mark before retracing its movement.

According to market experts, the sharp decline in Bitcoin’s price came as a result of a transaction from the United States government’s BTC wallet. 

Data obtained from Blockstream showed that 9819.01814463 bitcoins were on the move from the wallet. This large transaction was reflected in the market, with Bitcoin dropping below the $27k mark for the first time in a month. 

Bitcoin recovers to trade above $27,500

The dump didn’t last long, as Bitcoin is now trading above the $27k level once again. At press time, the price of Bitcoin stands at $27,502, down by more than 2% in the last hour.

Bitcoin is not the only cryptocurrency that recorded losses. Ether, the second-largest cryptocurrency by market cap, also dropped below the $1,800 mark earlier today before retracing to now trade at $18,36 per coin.

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Crypto price prediction: Bitcoin, Ethereum and KAVA after CPI data

  • Bitcoin price broke to $28,200 while Ethereum hovered above $1,800 as stocks climbed on US CPI data.
  • KAVA price also rose, jumping 11% amid the positive sentiment and increased network activity.
  • BTC, ETH and KAVA are trading near key technical levels.

The global cryptocurrency market rose 1.8% on Wednesday to $1.2 trillion as investors reacted to the latest US inflation data. The price of Bitcoin (BTC) was up 3% to $28,270 while Ethereum retested levels above $1,800 following recent dumps for the top two coins by market cap.

Elsewhere, US stocks turned green as Consumer Price Index (CPI) data showed inflation continued to cool, with the annual rate now at its slowest pace in two years.

Gains across equities and in the crypto major caps were also replicated in the medium and small cap altcoins. A notable upside was with the price of Kava (KAVA), which was up more than 11% as of 12:20 ET.

BTC, ETH, KAVA price prediction: what next after CPI bump?

BTC/USD

Bitcoin price had fallen below $28k this week following the large transaction volumes that hit the network and saw fees skyrocket. The congestion, attributable to the rise in BTC-20 tokens, forced crypto exchange Binance to halt BTC withdrawals on two occasions. The ensuing FUD pushed Bitcoin price lower.

Although prices are above $28k again, market experts and analysts suggest bulls are not in control yet. This is because the price remains below the key technical level of $30,000. Crypto analyst Rekt Capital noted via a tweet:

ETH/USD

Ethereum is hovering above a key support level after this week’s weakness. The ETH/USD pair fell to lows of $1,800 on Monday and saw four consecutive red candles on the daily timeframe before today’s uptick.

The RSI and MACD suggest bears are still strong and bulls are likely to struggle for support at current prices. This means the $2,000 remains a key technical level and moving further off it could spell more bloodbath for ETH price. Here’s an analyst’s Ethereum price prediction?

KAVA/USD

KAVA is the native token of layer-1 blockchain Kava, which ranks as the 98th largest cryptocurrency by market. The price of KAVA hit the all-time high of $9.12 in August 2021. At current prices, its value is more than 90% down.

However, increased ecosystem activity around DeFi on the Kava blockchain has aided the double digit gains seen in the past 24 hours. It’s what pushed KAVA/USD towards the psychological $1. 

The main barrier for KAVA remains the $1.12 zone, while bears could enjoy some bloodbath to $0.52.

Kava price daily chart outlook. Source: TradingView

 

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