Riot Platforms, an American Bitcoin mining firm, recorded a significant net loss of $84.4 million in the second quarter of this year. This loss represents a stark contrast to the $27.4 million loss reported in the same quarter of the previous year. The widened losses can be attributed to the ongoing impact of April’s Bitcoin
Crypto
Senator Cynthia Lummis of Wyoming has introduced a groundbreaking bill that could potentially change the landscape of the United States’ financial assets. The proposed ‘Bitcoin Act’ aims to secure a strategic Bitcoin reserve for the US government, with plans to acquire 1 million BTC over a five-year period. Senator Lummis justified the choice of Bitcoin
In July, the total stablecoin market capitalization experienced a 2.11% increase, reaching a total of $164 billion. This growth trend has been ongoing for the past ten months, with major stablecoins steadily gaining market dominance, which now sits at 6.93%. Tether, the leading stablecoin in terms of market cap, saw a significant 1.61% increase, surpassing
The past week has been a rollercoaster ride for Bitcoin and the entire cryptocurrency market. It all started with a promising note as Bitcoin’s price surged by $3,000 on Monday, reaching $70,000 for the first time in months. This price jump came on the heels of former President Donald Trump’s pro-crypto statements at a BTC
Bitcoin has experienced a significant price drop in the past few hours, falling below the $60,000 mark for the first time in several weeks. This downward trend has not only affected Bitcoin but also altcoins like ETH, SOL, DOGE, and BCH, which have seen drops of 6-7%. Last weekend, the cryptocurrency market was also volatile,
Nader Al-Naji, the CEO of BitClout, a social media platform, has found himself in legal hot water. The US Securities and Exchange Commission (SEC) and the Department of Justice (DOJ) have jointly charged him with orchestrating a fraudulent crypto asset scheme. The allegations suggest that Al-Naji raised a staggering $257 million through unregistered offers and
California’s Department of Motor Vehicles (DMV) has recently taken a huge step towards modernization by digitizing 42 million car titles through the innovative Avalanche (AVAX) network. This move is part of a broader effort to streamline the state’s title transfer process in collaboration with Oxhead Alpha, a software development firm. The implementation of a new
Bitcoin’s price took a hit recently as it broke down below the $64K support level, signaling a potential change in market sentiment. The double top pattern formed at the $68K resistance level led to a downward trend, with the price now testing the 200-day moving average. The critical juncture at $64K will determine whether the
Bitcoin (BTC) miners could experience a reduction in selling pressure in the near future due to a combination of factors that have led to an increase in their profitability and the recovery of their hashrate. Despite the recent rally of Bitcoin to the $69,000 range, the network’s hashrate has shown signs of recovery, with only
The recent uncovering of evidence by on-chain investigator ZachXBT has shed light on the involvement of convicted UK hacker Gurvinder Bhangu in the high-profile compromises of American actress Sydney Sweeney’s and ‘Breaking Bad’ actor Bob Odenkirk’s X accounts. These incidents resulted in over $530,000 being stolen through Solana meme coin scams, marking a significant breach
The recent economic uncertainty in the United States has had a significant impact on the cryptocurrency market, with Bitcoin experiencing a tumultuous journey in the past few days. The digital asset saw its price plummet to $60,500, marking its lowest point in nearly three weeks. This sudden drop was accompanied by a similar downturn in
Bitfarms, a Toronto-based Bitcoin mining company, announced a remarkable increase in its operational hash rate by the end of July. The company reported a 109% year-over-year growth, reaching 11.1 EH/s. Additionally, there was a 7% rise in the hash rate from the previous month, with an average of 10.3 EH/s for July. Despite a slight
Futu Securities International, the largest online broker in Hong Kong, has recently ventured into retail cryptocurrency trading in the city-state. This move involves attractive incentives for investors, such as shares in Alibaba Group Holding and Nvidia. Residents of Hong Kong now have the opportunity to trade bitcoin and ether on the brokerage platform using either
MicroStrategy, the leading public Bitcoin holder, recently announced its intention to raise up to $2 billion by selling its class A shares. This move is part of the company’s strategy to acquire more Bitcoin and strengthen its position in the cryptocurrency market. The company made this announcement in a regulatory filing with the U.S. Securities