Kategorie: Crypto News

Daily crypto headlines and news about bitcoin, ether, ripple, solana, altcoins, nft, market, business, analysis, nft, metaverse, minting and mining.
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Bitcoin miner Marathon Digital is mining Kaspa (KAS)

  • Marathon Digital (MARA) has disclosed its mined 93 million KAS worth $15 million.
  • The Bitcoin miner says the operation is part of its diversification of its revenue streams.
  • Marathon to deploy full 60 petahash of KAS power in Q3, 2024.

Bitcoin (BTC) mining firm Marathon Digital has announced that it now mines Kaspa (KAS), a layer-1 proof-of-work (PoW) coin.

In a press release published today, Marathon Digital said the mining operations had seen the company mine 93 million KAS as of June 25. The value of the mined Kaspa tokens was around $15 million at the time.

Marathon diversifies with Kaspa (KAS) mining

According to Marathon Digital, the move to launch KAS mining is part of the company’s quest to diversify its revenue streams. Adam Swick, Marathon’s chief growth officer, said:

“By mining Kaspa, we are able to create a stream of revenue that is diversified from Bitcoin, and that is directly tied to our core competencies in digital asset compute,”

Swick commented further on the decision, noting:

“Because of our existing infrastructure, our unique relationships with hardware manufacturers, our strong balance sheet, and the expertise of our team, Marathon was uniquely positioned to mine Kaspa and to capitalize on the higher margins that exist for those who can deploy Kaspa ASICs today.

Kaspa is 5th-largest proof-of-work coin

Kaspa currently ranks as the world’s fifth-largest PoW coin by market cap with over $4.1 billion.

According to CoinMarketCap, top PoW coins above Kaspa by market cap are Litecoin, Bitcoin Cash, Dogecoin and Bitcoin.

As of writing, the cryptocurrency ranks 28th overall by market cap and was seeing over $56 million in daily trading volume. Kaspa has a maximum supply of 28.7 billion KAS, with circulating supply currently at 24 billion KAS. The network’s block reward is currently 103.83 KAS.

While Bitcoin produces one block every 10 minutes, Kaspa’s BlockDAG mechanism allows for one block per second, which means faster transactions.

Marathon’s Kaspa mining power

Marathon first looked into Kaspa mining in May 2023, and deployed its first ASICs for the altcoin in September. Scaling of this new mining operation followed and the company has acquired 60 petahash of Kaspa ASICs.

ASIC Miner Value estimates that these machines can generate profits of up to 95% margins based on the current KAS price and network difficulty.

Marathon currently has 50% of its Kaspa mining capacity (30 petahash) in operation at the company’s facilities in Texas. Meanwhile, it expects to have the remaining capacity fully operational in Q3 2024.

The price of KAS was 9% up in 24 hours, trading around $0.175 on Wednesday at 5:13 pm ET.

The post Bitcoin miner Marathon Digital is mining Kaspa (KAS) appeared first on CoinJournal.

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Cryptocurrencies waver as focus shifts to BitBot token claim

  • Cryptocurrency prices have crashed hard in the past few weeks.

  • The crash happened as Bitcoin supply increases and as hopes of a Fed cut increases.

  • BitBot will start its token claim event on Thursday.

Bitcoin and other cryptocurrency prices remained under pressure on Wednesday as investors waited for the next important catalyst. After rising to $62,000, Bitcoin dropped to $60,000, triggering a reversal among most altcoins. Some of the top laggards were the likes of Blur, Mother Iggy, Turbo, and Apu Apustaja.

Why cryptocurrencies are crashing

There are three main reasons why cryptocurrencies are retreating. First, the drop is mostly because there have been no major catalyst to push the coins higher in the past few months. The most important events have already happened this year.

The Securities and Exchange Commission (SEC) has already approved spot Bitcoin ETFs while the halving event has already happened. There are signs that the agency will approve spot Ethereum ETFs soon. 

Second, they have dived because of the ongoing Bitcoin selling pressure. The German government has dumped substantial amounts of Bitcoin in the past few days. Similarly, many exchanges and Mt. Gox have started selling coins. Moves in the Bitcoin market tend to have an impact on other altcoins.

Finally, there are signs that the Fed will be among the last central banks to slash interest rates because US inflation has held quite steady in the past few months. The headline Consumer Price Index (CPI) has remained above 3% and has struggled to move to the Fed’s target of 2%.

There are other reasons why these coins have crashed. Technically, Bitcoin has formed a death cross, which is a popular bearish sign while the volume of Tether transactions has retreated. 

Attention turns to BitBot

Amidst this gloom, investors have turned to BitBot, one of the most popular pre-sale coins in the industry. The developers raised over $4.3 million in its token sale as hopes of its rally continued. 

BitBot will be in the spotlight on Thursday as the developers open the network for claiming. Those who participated in the token sale will be required to first connect their wallets from the BitBot website. They will need to use the wallet they used to purchase the BitBot tokens.

https://x.com/Official_Bitbot/status/1805902031997075804

After that, one will need to click the claim token in BitBot token and then verify their Telegram account. Finally, one will need to complete the claim process by clicking the verification button.

Analysts believe that BitBot has a great future because of what the network promises to do. For starters, BitBot aims to be the biggest Telegram trading bot in the industry. Users will be able to receive quality trading signals and alerts in a non custodial manner. You can find more about BitBot here.

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US government transfers 3,940 BTC worth $241 million to Coinbase

  • US government moved 3,940 Bitcoin (BTC), which was worth over $241 million at the time, to Coinbase.
  • This comes amid another sell-off by the German government, which has sold BTC since last week.
  • Bitcoin price slipped 1.6% after the news, trading below $61k.

The latest crypto news is that the US government has moved 3,940 bitcoins worth over $241 million onto crypto exchange Coinbase.

Specifically, Lookonchain noted that US government-linked wallets had deposited the BTC into Coinbase Prime. Per the blockchain analytics account, the said wallets still hold 213,546 BTC currently worth over $13 billion.

According to blockchain security firm Arkham, the 3,940 bitcoins the US sent to Coinbase was originally seized from Banmeet Singh, an Indian narcotics trafficker. Singh forfeited the BTC in January this year after pleading guilty to drug trafficking and money laundering charges.

Germany, US selling Bitcoin

The news saw Bitcoin price slip below $61k again, shedding about 1.6% of its value to reach lows of $60,822. With the market still largely in downward momentum, its likely BTC could extend losses as the market reacts. 

Notably, the US government’s BTC transfer to a crypto exchange, probably to sell, comes amid a selling spree by wallets linked to the German government.

Earlier in the day, Lookonchain shared on-chain data that showed the German government’s wallets moved 750 bitcoins worth over $46 million to Bitstamp and Kraken exchanges. These transfers on Wednesday followed the more than 2150 BTC the said wallets had already sent to exchanges.

While the US government reportedly holds $13 billion more of BTC, today’s sales sees Germany remain with 45,609 BTC worth $2.81 billion.

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German’s BKA transfers more Bitcoin to exchanges including Kraken and Bitstamp

  • German Government transferred 250 Bitcoin worth approx. $15.4M to Kraken and Bitstamp on June 26.
  • The government has transferred a total of $150M in BTC to various addresses.
  • The German Government BTC transfers and Mt. Gox repayments pile pressure on Bitcoin price.

The German Federal Criminal Police Office (BKA) has made additional Bitcoin transfers to different addresses, including Kraken and Bitstamp.

These moves have sparked considerable market speculation and concerns about their potential impact on Bitcoin’s price.

Recent Bitcoin transfers by the German Government

On June 26, a wallet reportedly controlled by the BKA transferred 750 BTC, valued at $46.35 million, to different adresses, marking another instance of the German government engaging in Bitcoin transactions.

These transfers are part of a larger series of activities following the seizure of 50,000 BTC from the film piracy site Movie2k in January.

According to Lookonchain, the German authorities sent 250 BTC, worth $15.41 million, to both Bitstamp and Kraken. Additionally, they transferred 500 BTC, valued at $30.9 million, to an unidentified address labeled “139Po,” which is potentially another exchange.

Today’s transfers come just a day after German authorities moved 400 BTC, valued at $24.3 million, to Coinbase and Kraken on June 25.

This activity is part of a broader trend observed over the past week, with the German government transferring approximately $150 million worth of seized Bitcoin to known exchange addresses, in addition to $147 million sent to the “139Po” address.

Despite these substantial transfers, the government still holds a significant amount of 45,609 BTC, valued at approximately $2.8 billion.

Earlier in June, the German authorities received 310 BTC, worth $20.1 million, from Kraken and smaller amounts totaling 90 BTC, worth $5.5 million, from Robinhood, Bitstamp, and Coinbase.

Potential impact on the crypto market

The large movements of bitcoins by the German government have had a noticeable effect on the market.

Notably, Bitcoin’s price has dropped about 6% during this period, reflecting market reactions to these substantial transfers.

Analysts are concerned that the government’s liquidation of its seized Bitcoin might push Bitcoin’s price below the critical $60,000 threshold. Recent market trends support this view, as Bitcoin has experienced an 11% decrease on the monthly chart and over 6% on the weekly chart, with its price standing at $61,065 per coin at the time of writing.

Market analyst Willy Woo suggests that Bitcoin might go through a correction phase lasting up to four weeks before resuming its price rally. He emphasizes the potential for a “cooling down” period in Bitcoin’s price action. Additionally, there might be further selling pressure in July as Mt. Gox plans to distribute repayments in Bitcoin and Bitcoin Cash to its creditors.

With over $9.4 billion worth of Bitcoin owed to approximately 127,000 Mt. Gox creditors, who have been waiting for over a decade, this repayment could substantially impact Bitcoin’s price.

The crypto community is closely monitoring these developments, particularly the sell-off pressure that might be triggered by the German government’s Bitcoin transfers and the upcoming Mt. Gox repayments.

Both events could significantly influence the Bitcoin market dynamics in the coming months.

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Bitwise CIO says Ethereum ETPs will attract $15B net flows in first 18 months

  • Bitwise CIO Matt Hougan says Ethereum ETPs could see $15 billion in net flows in the first 18 months.
  • Hougan suggests that a comparison with Bitcoin puts Ether ETFs net inflows at this AUM by end of 2025

The Ethereum spot ETFs are a matter of when, not if, in terms of their trading debut.

Ahead of the SEC’s approval for trading – analysts say it could be next week – Bitwise chief investment officer Matt Hougan has shared a bullish project on potential net inflows.

Bitwise CIO says Ethereum ETFs to see $15 billion in net inflows in 18 months

According to Hougan, the Ethereum ETPs market is set to attract net inflows of $15 billion in the first 18 months.

On how this pans out, the Bitwise CIO shares a scenario comparing the market size of Bitcoin and Ethereum. In this case, BTC currently accounts for 74% of the market share at $1.2 trillion while Ether is at 26% with $400 billion.

“Absent other information, I’d expect investors to allocate to BTC and ETH ETPs roughly in-line with their market caps,” Hougan wrote in a report.

Hougan also noted that US investors have poured about $56 billion into spot Bitcoin ETFs so far and this number could reach $100 billion by the end of 2025. In that case, the debut of Ether spot ETFs would mean an injection of $35 billion in assets for them to reach a comparative level of adoption.

“Using this $100 billion figure as a reference, spot Ethereum ETPs would need to attract $35 billion in assets to reach parity, a process I expect will take about 18 months,” he wrote.

BTC, ETH prices

Spot Bitcoin ETFs launched in January this year, sparking massive demand as new investors sought exposure to the benchmark cryptocurrency. BTC price rose as this and other factors buoyed sentiment to reach the all-time high above $73,000.

Ether also surged to above $4,000, although both coins are back to support levels around $61k and $3.3k respectively.

Despite the bearish flip, analysts are bullish on the two cryptocurrencies, including Standard Chartered who see BTC reaching $250,000 by end of 2025. SEC’s reported ending of probe into Ethereum 2.0 also lifted the Ether market.

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