2024-03-12 12:58

Copyrighted Image by: Reuters. ATLANTA - Bitcoin Depot Inc. (NASDAQ: BTM), a prominent Bitcoin ATM operator in the United States, has announced a partnership with Sopris Capital to install 50 new Bitcoin ATM (BTM) kiosks across Canada. The deployment is part of Bitcoin Depot's franchise program, which was initiated in 2023 to extend its North American presence. Bitcoin Depot will oversee the operation of these kiosks for Sopris Capital, a seasoned investment firm with two decades of experience. The program aims to leverage Bitcoin Depot's operational expertise and integrate with BitAccess software, which offers features such as remote management, security, and compliance tools. Since its inception, the franchise program has facilitated the addition of over 100 BTM kiosk locations. Bitcoin Depot's CEO, Brandon Mintz, expressed enthusiasm about the partnership, emphasizing the company's goal to have the largest fleet of Bitcoin ATMs ever installed by the end of the year. The company's services are designed to provide a seamless transition from cash to Bitcoin, allowing users to engage with the digital financial system for various transactions such as payments, remittances, online purchases, and investments. Bitcoin Depot currently boasts a significant market share in North America, with roughly 6,400 kiosk locations as of September 30, 2023. The information for this report is based on a press release statement from Bitcoin Depot Inc. InvestingPro Insights As Bitcoin Depot Inc. (NASDAQ: BTM) expands its footprint in North America with new Bitcoin ATM installations, investors and stakeholders are closely monitoring the company's financial health and stock performance. According to InvestingPro data, Bitcoin Depot has a market capitalization of $142.81 million, which reflects the current valuation of the company in the market. Despite the ambitious growth plans, the company's stock has experienced high volatility, as indicated by an InvestingPro Tip, which could be a point of consideration for investors with a lower risk tolerance. Additionally, another InvestingPro Tip points out that Bitcoin Depot has been struggling with weak gross profit margins, with the last twelve months as of Q3 2023 showing a margin of 13.68%. The company's revenue has seen a modest growth of 6.32% over the last twelve months as of Q3 2023, reaching $690.22 million. However, the price of the stock has decreased significantly over the past year, with a 1-year price total return of -75.71%, which could signal a potential buying opportunity for value investors, especially considering the InvestingPro Fair Value estimate of $3.64 USD, above the previous close price of $2.4 USD. For those interested in a deeper analysis, InvestingPro offers additional insights and tips on Bitcoin Depot. By using the coupon code PRONEWS24, readers can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, which includes access to comprehensive metrics and expert recommendations. There are 9 more InvestingPro Tips available, which could further guide investment decisions regarding Bitcoin Depot. https://www.investing.com/news/cryptocurrency-news/bitcoin-depot-expands-with-50-new-canadian-btm-kiosks-93CH-3334211

2024-03-12 12:51

Copyrighted Image by: Reuters Grayscale Bitcoin Mini Trust (BTC) Files to List on NYSE Grayscale Bitcoin Mini Trust (BTC) has filed to list on NYSE under the ticker BTC. https://www.investing.com/news/cryptocurrency-news/grayscale-bitcoin-mini-trust-files-to-list-on-nyse-432SI-3334128

2024-03-12 11:24

Copyrighted Image by: Reuters Bernstein increasingly convinced Bitcoin price is heading towards $150,000 Bernstein sees Bitcoin's price hitting $150,000. In a note to clients this week, the firm told investors to buy Bitcoin miners as the recent underperformance "is probably the last window before halving." As the cryptocurrency continues to rally, currently trading above the $72,000 mark, the firm recalled the words of Satoshi Nakamoto, who told another forum member debating Bitcoin in 2010, "If you don't get it, I don't have the time to try to convince you." According to analysts at Bernstein, Bitcoin miners remain the best equity proxy to participate in the rally. "We are now more convinced about our $150K price for Bitcoin," they said. "Bitcoin today is at $71K, we expected this to break out post halving. We built Bitcoin institutional flows in our estimates to arrive at Bitcoin price. We estimated $10Bn inflows for 2024 and another $60Bn for 2025. In the last 40 trading days since ETF launch on Jan 10, Bitcoin ETF inflows have crossed $9.5Bn already." Analysts believe these are still the early days of Bitcoin's integration into traditional asset portfolios. When it comes to miners, the firm prefers Riot Platforms (NASDAQ:RIOT) and CleanSpark (NASDAQ:CLSK) based on the fact they are the "largest 'self-mining' miners," growing hash rate capacity into halving, they have the lowest cost of production within Bernstein's listed universe, and as Bitcoin is held on their balance sheets with no debt. "Investors merely look at daily correlation of Bitcoin miners, only during days when they see Bitcoin rallying," they added. "This selective periodic view is incomplete. Through cycle Bitcoin miners almost always outperform Bitcoin during bull-markets and almost always underperform Bitcoin during bear markets." "Investors have to take a through-cycle view, and for us, we are still mid-way into the 2024-25 cycle and see every window of miner weakness as a buying opportunity," the analysts added. Bernstein also believes that Bitcoin prices and transaction fees provide a cushion to miners into the halving event, while Bitcoin mining stocks are cheap. https://www.investing.com/news/cryptocurrency-news/bernstein-increasingly-convinced-bitcoin-price-is-heading-towards-150000-3333849

2024-03-12 10:33

Copyrighted Image by: Reuters Ault Alliance's (AULT) Sentinum Mined 103 BTC in February 2024 Ault Alliance, Inc. (NYSE American: AULT), a diversified holding company (“Ault Alliance,” or the “Company”), announced today that its wholly owned subsidiary, Sentinum, Inc. (“Sentinum”) mined approximately 103 Bitcoin in February 2024. Of this total, approximately 52 Bitcoin were mined at Sentinum’s data center in Michigan, with the remaining approximately 51 Bitcoin from mining machines hosted with Core Scientific, Inc. The February 2024 mining run rate of approximately $7.4 million represents the highest single monthly run rate for Bitcoin miners in the Company’s history. The February mining operations represent a current Bitcoin mining operations annual run rate of approximately $89 million worth of Bitcoin. The run rate is based upon a current Bitcoin price of $72,000 per coin. William B. Horne, Chief Executive Officer of Ault Alliance, stated, “Sentinum continues to work on improving operations and will begin transferring machines from its Michigan site to its Montana site, which is expected to occur this month. A shift of machines to our Montana site will allow us to focus on expansion at our Michigan site. This expansion is expected to support the rapid growth of High-Performance Computing and Artificial Intelligence use cases. Obviously, if the recent uptick in Bitcoin prices holds, Sentinum expects to achieve a new monthly run rate record for March 2024.” Ault Alliance notes that all estimates and other projections are subject to the volatility in Bitcoin market price, the fluctuation in the mining difficulty level, the ability to build out and provide the necessary power for miners, and other factors that may impact the results of Bitcoin mining production or operations. The Company also notes the upcoming halving of Bitcoin and with that, the halving of the block reward for miners. The Company makes no prediction on the price of Bitcoin prior to or after the upcoming halving but is prepared to adjust its mining operations accordingly. For more information on Ault Alliance and its subsidiaries, Ault Alliance recommends that stockholders, investors, and any other interested parties read Ault Alliance’s public filings and press releases available under the Investor Relations section at www.Ault.com or at www.sec.gov. https://www.investing.com/news/cryptocurrency-news/ault-alliances-sentinum-mined-103-btc-in-february-2024-432SI-3333697

2024-03-12 06:07

Copyrighted Image by: Reuters. Investing.com-- Gold prices fell in Asian trade on Tuesday, retreating from record highs as traders lock-in some profits ahead of key U.S. inflation data that is widely expected to factor into the path of interest rates. Growing bets on interest rate cuts by as soon as June, coupled with increased safe haven demand, saw bullion prices surge to new record highs in March, with spot prices coming close to breaching $2,200 an ounce. But this rally cooled in recent sessions, especially after somewhat hawkish signals from the Federal Reserve and mixed labor market data. The dollar steadied from recent losses, also pressuring metal markets. Spot gold fell 0.2% to $2,178.43 an ounce, while gold futures expiring in April fell 0.2% to $2,184.65 an ounce by 01:24 ET (05:24 GMT). Both instruments were trading about $15 below record highs hit last week. CPI data awaited for rate cut cues Focus was now squarely on key U.S. consumer price index (CPI) data, due later on Tuesday, for more cues on the potential path of interest rates. The reading is expected to show inflation remained sticky in February, and well above the Fed’s 2% annual target. The inflation reading will also be in close focus after a slew of Fed officials- most notably Fed Chair Jerome Powell- said that the timing and scale of any rate cuts this year will be closely tied to the path of inflation. The inflation data is also expected to offer more direction to markets after largely mixed signals from nonfarm payrolls data last week. Gold is expected to benefit from any major reductions in interest rates this year- a notion which has been a key driver of the yellow metal’s rally in recent sessions. Other precious metals fell on Tuesday after also clocking strong gains in recent sessions. Platinum futures fell 0.5% to $938.0 an ounce, while silver futures fell 0.1% to $24.685 an ounce. Copper sits on some gains amid China hopes Among industrial metals, copper prices fell on Tuesday, but were sitting on some gains over the past week amid some hopes for more stimulus measures in top importer China. Copper futures expiring in May fell 0.3% to $3.9218 a pound, after rising about 0.8% last week. Positive import data from China also showed that demand remained steady in the country despite broadly weak economic conditions. https://www.investing.com/news/commodities-news/gold-prices-retreat-from-record-highs-with-cpi-data-in-focus-3333404

2024-03-12 04:45

Copyrighted Image by: Reuters. Investing.com-- Most Asian currencies moved little on Tuesday, while the dollar steadied as markets awaited key U.S. inflation data for more cues on when the Federal Reserve could begin cutting interest rates. The Japanese yen was the worst performer among its regional peers, retreating sharply from an over one-month high after comments from top Bank of Japan officials somewhat cooled bets on an immediate rate hike from the central bank. Yen sinks as BOJ’s Ueda tempers optimism over economy The yen weakened about 0.3% against the dollar, retreating from an over one-month high hit on Monday. A reversal in the currency came largely after BOJ Governor Kazuo Ueda said that while the Japanese economy was recovering, it was also showing signs of weakness, particularly in consumption. He struck a somewhat less optimistic tone over the economy than markets were expecting. Ueda’s comments came just days before a BOJ meeting, where the central bank is widely expected to signal, or even enact an end to its yield curve control and negative interest rate regime. Stronger-than-expected producer inflation data, as well as an upward revision in fourth quarter GDP, had furthered this notion in recent sessions, given that economic resilience gives the BOJ more headroom to tighten policy. Broader Asian currencies moved in a flat-to-low range. The Australian dollar steadied near two-month highs, while the Indian rupee hovered near a six-month high. The Singapore dollar fell about 0.1%, while the South Korean won moved little. The Chinese yuan rose 0.1% following a stronger-than-expected midpoint fix by the People's Bank, although the outlook for the currency still remained glum in the face of a muted economic recovery. Dollar steadies from recent losses with CPI data on tap The dollar index and dollar index futures fell slightly in Asian trade on Tuesday, but steadied from steep losses last week. Focus was now squarely on upcoming U.S. consumer price index data, which is likely to factor into the Federal Reserve’s plans for interest rates in 2024. The CPI data is expected to show inflation remaining sticky and well above the Fed’s 2% annual target through February- a trend that is likely to elicit a hawkish outlook from the central bank. Tuesday’s CPI reading will also be in close focus after several Fed officials, most notably Chair Jerome Powell, warned that the central bank’s stance on interest rate cuts will be largely determined by the path of inflation. Still, markets maintained their bets on a 25 basis point cut in June, according to the CME Fedwatch tool. https://www.investing.com/news/forex-news/asia-fx-muted-as-dollar-steadies-before-cpi-data-yen-retreats-3333380