Bitcoin reached $30,382.10 early on Tuesday, and everything points out that the surge isn’t over. This is the first time since June 2022 that Bitcoin was worth more than $30K. Its price increased more than 80 percent year-to-date. 

Other cryptocurrencies benefited from Bitcoin’s surge as well. For example, Ethereum jumped more than 2 percent and is heading toward the $2K mark for the first time since May, while Ripple, Cardano, and Dogecoin are also trending.

According to analysts, the reason why investors are jumping on the cryptocurrency train again has a lot to do with expectations that the Federal Reserve is ready to walk back on its aggressive interest rate hikes. With the recent banking crisis that resulted in the collapse of several banks, many believe that the Fed will not want to put added pressure on the banking sector.

“The reason behind the broad-based rally in crypto is traders’ optimism toward central banks’ monetary policy,” Tina Teng, markets analyst at CMC Markets, told Reuters.

The post Bitcoin Surges Past $30K for The First Time in 10 Months appeared first on theprimarymarket.com.

Wu is known as the founder of Bitmain, a Beijing, China, based company specializing in the production of crypto-mining equipment. He recently left the company, which had close to $6 billion in revenue in 2021, and is now in charge of Bitdeer. 

Bloomberg reported on Tuesday that Wu is in the process of setting up a fund to “buy distressed Bitcoin mining assets.” Bitdeer will put in $50 million in the fund in the form of a junior tranche, taking over the risk in case of an unsuccessful venture, with hopes of attracting an additional $200 million from other investors.

Bitdeer’s CEO Matt Kong confirmed the news to Bloomberg, saying that the goal of the venture is to acquire “cheaper machines” and then run them in their facilities, located in the US and Norway, with “stable and cost-effective power purchase agreements.”

“There are opportunities in every cycle,” Kong added. “If you can time the market and enter at the bottom, come out at the top, then you will make money. It works especially well for mining.”

After a short uptick in mid-September, Bitcoin is now going through another rough stretch. It is currently trading for $18,972.70 per coin, down from this month’s high of $22,402.60.

The post Crypto Billionaire Jihan Wu Setting Up Fund to Buy Distressed Bitcoin Mining Assets appeared first on theprimarymarket.com.

Compiling the data from Coin Metrics, Compass Mining found that Bitcoin miners transferred 195,663 tokens to exchanges in May alone. This marks the biggest monthly increase since January. The total value of the transferred coins is $6.3 billion taking into consideration that Bitcoin hovered around $32,000 last month.

The increased transfer of coins to exchanges indicates that miners are more open to selling their token reserves despite slumping prices. The most obvious reasons are the rising costs of mining operations and shrinking profit margins.

Many miners, including publicly traded companies, were previously more than ready to hold onto their tokens in hopes that the crypto would bounce back at one point. However, that now doesn’t seem like a viable outcome, at least not anytime soon. As a result, the miners are selling coins to keep their operations running.

“I think miners are just talking about the macro environment and think it is probably prudent to sell Bitcoin in these levels in order to keep the operations safe,” Compass Mining’s director of content Will Foxley explains.

The post Bitcoin Miners are Selling Stockpiled Tokens to Cover Increasing Costs appeared first on theprimarymarket.com.

Bitcoin reached $30,382.10 early on Tuesday, and everything points out that the surge isn’t over. This is the first time since June 2022 that Bitcoin was worth more than $30K. Its price increased more than 80 percent year-to-date. 

Other cryptocurrencies benefited from Bitcoin’s surge as well. For example, Ethereum jumped more than 2 percent and is heading toward the $2K mark for the first time since May, while Ripple, Cardano, and Dogecoin are also trending.

According to analysts, the reason why investors are jumping on the cryptocurrency train again has a lot to do with expectations that the Federal Reserve is ready to walk back on its aggressive interest rate hikes. With the recent banking crisis that resulted in the collapse of several banks, many believe that the Fed will not want to put added pressure on the banking sector.

“The reason behind the broad-based rally in crypto is traders’ optimism toward central banks’ monetary policy,” Tina Teng, markets analyst at CMC Markets, told Reuters.

The post Bitcoin Surges Past $30K for The First Time in 10 Months appeared first on theprimarymarket.com.

Wu is known as the founder of Bitmain, a Beijing, China, based company specializing in the production of crypto-mining equipment. He recently left the company, which had close to $6 billion in revenue in 2021, and is now in charge of Bitdeer. 

Bloomberg reported on Tuesday that Wu is in the process of setting up a fund to “buy distressed Bitcoin mining assets.” Bitdeer will put in $50 million in the fund in the form of a junior tranche, taking over the risk in case of an unsuccessful venture, with hopes of attracting an additional $200 million from other investors.

Bitdeer’s CEO Matt Kong confirmed the news to Bloomberg, saying that the goal of the venture is to acquire “cheaper machines” and then run them in their facilities, located in the US and Norway, with “stable and cost-effective power purchase agreements.”

“There are opportunities in every cycle,” Kong added. “If you can time the market and enter at the bottom, come out at the top, then you will make money. It works especially well for mining.”

After a short uptick in mid-September, Bitcoin is now going through another rough stretch. It is currently trading for $18,972.70 per coin, down from this month’s high of $22,402.60.

The post Crypto Billionaire Jihan Wu Setting Up Fund to Buy Distressed Bitcoin Mining Assets appeared first on theprimarymarket.com.

Compiling the data from Coin Metrics, Compass Mining found that Bitcoin miners transferred 195,663 tokens to exchanges in May alone. This marks the biggest monthly increase since January. The total value of the transferred coins is $6.3 billion taking into consideration that Bitcoin hovered around $32,000 last month.

The increased transfer of coins to exchanges indicates that miners are more open to selling their token reserves despite slumping prices. The most obvious reasons are the rising costs of mining operations and shrinking profit margins.

Many miners, including publicly traded companies, were previously more than ready to hold onto their tokens in hopes that the crypto would bounce back at one point. However, that now doesn’t seem like a viable outcome, at least not anytime soon. As a result, the miners are selling coins to keep their operations running.

“I think miners are just talking about the macro environment and think it is probably prudent to sell Bitcoin in these levels in order to keep the operations safe,” Compass Mining’s director of content Will Foxley explains.

The post Bitcoin Miners are Selling Stockpiled Tokens to Cover Increasing Costs appeared first on theprimarymarket.com.