Bitcoin miner profitability under threat as hash rate hits new all-time high

The Bitcoin hash rate hit a new all-time high above 245 EH/s on Oct. 3, but at the same time, BTC miner profitability is near the lowest levels on record.  With prices in the low $20,000 range and the estimated network-wide cost of production at $12,140, Glassnode analysis suggests “that miners are somewhat on the cusp of acute income distress.” Bitcoin network hash rate. Source: Hashrate Index Generally, difficulty, a measure of how “difficult” it is to mine a block, is a component of determining the production cost of mining…

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NYDIG raises $720M as Bitcoin balance hits all-time high

The bear market has not deterred one of the biggest Bitcoin (BTC) bulls. The balances of the New York Digital Investment Group, or NYDIG, hit record highs in Q3 of this year. Plus, a United States Securities and Exchange (SEC) filing could reveal the group’s intent to add more Bitcoin to its balance sheet.  According to a press release, NYDIG’s Bitcoin balances are “up almost 100% year-over-year, and revenue is up 130% through Q2, with another increase when the firm closes its books on Q3.” The company HODLs more Bitcoin…

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Enter the afterlife in style, Solana NFT game demo hits Epic store and more

The company behind the Spartan Race has released a nonfungible token (NFT) collection which will immortalize the names of the initial holders in stone, with plans to build a 35-foot (10.5 meter) statue in Ancient Sparta encircled with 15,000 name-engraved stones. Spartan founder and CEO Joe De Sena plans to bury his ashes under his stone at the site dubbed the “Spartan 300 Memorial” which will pay homage to the ancient Battle of Thermopylae in which 300 Spartans were said to h fought and were killed. Of the 15,000 NFTs,…

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The pound-dollar rate hits all-time low

The Great British pound sterling has fallen to the lowest level ever against the United States dollar. In a flurry of overnight trading activity, the pound reached lows of 1 pound = $1.04. It lost 5% of its value in a spiral. The United Kingdom’s sovereign currency, the pound sterling, is the world’s oldest currency that is still in use today. It is currently clinging above USD-pound parity, since regaining $.03 cents, bouncing to 1 pound = $1.07. Source: Google The pound has been on a steady decline against the…

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XRP hits 13-month high versus Bitcoin with 35% daily surge — But is a correction inevitable?

XRP price posted a sharp rally against Bitcoin (BTC) on continued optimism about a potential settlement between Ripple, a San Francisco-based blockchain payment firm, and the U.S. Securities and Exchange Commission (SEC). Settlement rumors fuel XRP price boom  On Sep. 23, the XRP/BTC pair surged to 0.00002877 — its best level in 13 months — from 0.00002132, a 35% price rally versus Bitcoin in one day. Meanwhile, the same timeframe saw XRP rising as much as 42% against the U.S. dollar. XRP/BTC and XRP/USD daily price chart. Source: TradingView The big…

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Bitcoin ‘nuke’ warning as Fed rate hike decision looms — dollar index hits 20-year high

Bitcoin (BTC) underwent a weak rebound on Sep. 21, and the U.S. dollar jumped to a new yearly high as investors await today’s Federal Open Market Committee’s interest rate decision. BTC price hold $19K ahead of Fed decision BTC’s price has managed to cling on to $19,000 with a modest daily gain of 1.33% . Meanwhile, the U.S. dollar index (DXY), which measures the greenback’s strength versus a pool of top foreign currencies, rose to 110.86, the highest level in twenty years. BTC/USD vs. DXY daily price chart. Source: TradingView…

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Bitcoin hits 3-week high as trader says ‘all signs there’ to short BTC

Bitcoin (BTC) kept grinding higher at the Sep. 12 Wall Street open as traders called for an imminent correction. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView $23,000 proves essential to flip Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting $22,481 on Bitstamp, its highest since Aug. 19. The pair had preserved existing gains over the weekend, with a declining U.S. dollar providing a catalyst for risk assets as the week began. The S&P 500 and Nasdaq Composite Index both traded up 1.1% after the first two hours’ trading.…

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Bitcoin price hits 10-week low amid ‘painful’ US dollar rally warning

Bitcoin (BTC) provided a long awaited breakout into Sept. 7 as BTC price action dashed bulls’ hopes of a recovery. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView $23,000 relief bounce “still likely” says trader Data from Cointelegraph Markets Pro and TradingView captured snap losses for BTC/USD later on Sept. 6, with overnight lows coming in at $18,540 on Bitstamp. The pair put in its lowest levels since June 30, taking liquidity from the July floor and only marginally recovering on the day. BTC/USD 1-day candle chart (Bitstamp). Source: TradingView Downside…

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Bitcoin ‘bear flag’ breakdown targets $15K as US dollar hits 20-year high

On Sept. 6, Bitcoin (BTC) price crumbled below $20,000 and the asset looks ready to undergo further decline in September due to a strong U.S. dollar and an ominous technical analysis pattern. Bitcoin eyes $15,000 next From a technical perspective, Bitcoin risks dropping to $15,000 or below in the coming weeks after breaking out of its prevailing “bear flag” pattern. For the unversed, bear flags form when the price consolidates higher inside a parallel, ascending range after a strong downtrend. They typically resolve after the price breaks below the lower…

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