2023-10-13 16:58

On Friday, despite a slight dip in the global cryptocurrency market cap, several cryptocurrencies including THORChain (RUNE), Trust Wallet Token (TWT), and Filecoin (FIL) registered price increases. RUNE saw a surge of over 12%, trading at around $1.70, though it still needs to recover from a 12.99% weekly loss. In 2022, after transitioning to its own blockchain, RUNE faced challenges and reached a peak of only $2.25 over the past year. This is significantly lower than its all-time high of $21.26 in 2021. Meanwhile, TWT experienced a 4.45% uptick, pushing its value to $0.9638 and marking a positive weekly performance. Its 24-hour trading volume also rose by over 18% to $24,270,279. Despite hitting its highest-ever price of $2.72 in December 2022, TWT's monthly high was only $1.06 this week. However, it managed to strengthen against Bitcoin by approximately 4.89%. FIL, ranked as the 31st largest cryptocurrency with a market cap of $1,472,575,712, saw a minor increase of 1.73%, trading at $3.22, just below its 24-hour high price of $3.24. FIL's value has been bolstered by an increasing demand for secure, decentralized data storage. https://www.investing.com/news/cryptocurrency-news/cryptocurrencies-rune-twt-fil-see-gains-amid-global-market-dip-93CH-3198687

2023-10-13 16:57

XRP, the cryptocurrency that experienced a six-day plunge, is showing early recovery signs with its price rising by 0.83% to $0.483 on Friday. This increase suggests a potential pivot in the market, which has been caught between bullish and bearish trends. The crypto market's overall recovery comes after a sell-off week that coincided with inflation figures surpassing estimates and the Federal Open Market Committee (FOMC) hinting at another rate hike before the end of the monetary tightening cycle. The inclusion of XRP in HKVAC's top five cryptocurrencies, where it replaced USDC, appears to have fueled the bullish momentum. If this momentum continues, XRP is expected to hit resistance at key levels: daily MA 50 ($0.508) and daily MA 200 ($0.529). However, if bearish trends persist, XRP could approach its significant support at $0.459. This shift in market dynamics underscores the volatile nature of cryptocurrencies and their susceptibility to broader economic indicators such as inflation rates and monetary policy decisions. https://www.investing.com/news/cryptocurrency-news/xrp-shows-recovery-signs-after-a-weeklong-plunge-93CH-3198686

2023-10-13 16:33

Copyrighted Image by: Reuters Coinbase (NASDAQ:COIN)'s spot trading volume in Q3 2023 experienced a significant drop of more than 50% from $158 billion in Q3 2022 to approximately $76 billion, marking the lowest level since its NASDAQ listing in April 2021, according to data from CCData. This downturn is particularly notable as trading fees, which are Coinbase's primary revenue source, accounted for 54% of its Q2 earnings. InvestingPro's real-time metrics further illustrate this downturn with a reported revenue growth of -55.34% for LTM2023.Q2. The company's operating income, adjusted for LTM2023.Q2, was also in negative at -1870.44M USD, reflecting the challenging financial landscape for Coinbase. The crypto sector has been grappling with a variety of challenges over the past year, including scandals, bankruptcies, and increased regulatory efforts. These factors have contributed to an 18-month contraction in the crypto market after the industry's boom year. Coinbase, with a market cap of 17.42B USD according to InvestingPro, managed to increase its market share in Q3 despite these challenges. This gain is largely attributed to the regulatory troubles faced by Binance, one of Coinbase's main competitors. Binance has been under regulatory scrutiny, leading to a decrease in its spot market share for the seventh consecutive month. This situation has provided an opportunity for Coinbase and other competitors such as DigiFinex and Bybit to capture more market share. While Bitmart and HTX (formerly Huobi) saw an increase in website traffic in 2023, Coinbase experienced a decrease. This contrasts sharply with 2020 when Coinbase recorded over $400 billion in volume and Bitcoin reached a record high of $64,000 in April 2021. Coinbase is expected to announce a seventh consecutive quarterly loss on November 2, 2023. Predictions indicate that trading volume will fall short of a consensus estimate of $86 billion and revenue is expected to be 10% below forecasts. This aligns with InvestingPro Tips which suggest that the company has been in a declining trend in earnings per share and analysts do not anticipate the company will be profitable this year. Data from CryptoQuant Quicktake on October 9, 2023, showed the Bitcoin Coinbase Premium Index, which measures the percentage difference between Bitcoin prices on Coinbase and Binance, declining towards the neutral zero level. This indicates a balanced buying and selling pressure among global and US investors. For more insights and tips like these, readers can explore InvestingPro, which offers real-time metrics and professional advice on various companies including Coinbase. It currently lists six additional tips for Coinbase that could be valuable for investors. https://www.investing.com/news/cryptocurrency-news/coinbase-trading-volume-hits-low-amid-market-contraction-gains-market-share-93CH-3198672

2023-10-13 16:32

Copyrighted Image by: Reuters. Stronghold Digital Mining (SDIG) Announces Bitcoin Mining Update and Frontier Managed Services Agreement Stronghold Digital Mining, Inc. (SDIG) (“Stronghold”, or the “Company”) today provided the following updates regarding its operations and financial performance: Bitcoin Mining Update Stronghold mined 196 Bitcoin in September 2023 and generated approximately $0.2 million in energy revenue, which represents the equivalent of approximately 7 additional Bitcoin based on the average price of Bitcoin during the month of September. This equates to approximately 203 of Bitcoin-equivalent production in September 2023 compared to approximately 235 in August 2023. The Company experienced an unplanned outage during September 2023 at its Scrubgrass power plant (the “Scrubgrass Plant”) that affected both its plant operations and data center operations. The Company elected to extend the outage at the Scrubgrass Plant due to low power prices in an effort to conduct additional maintenance. The data center located at the Scrubgrass Plant returned to full operations after seven days, importing power from the PJM Interconnection LLC (“PJM”) grid. Once the data center at the Scrubgrass Plant resumed operations, hash rate finished the month at approximately 3.5 exahash per second (“EH/s”), the Company’s all-time-high hash rate, up approximately 15% versus the August 2023 exit hash rate. As the outage at the Scrubgrass Plant continues, PJM recently requested that the Company reduce its imports to 10 to 20 megawatts for an estimated 10-day period starting on October 11, 2023, in order to perform transmission line work in the area. Stronghold intends to cooperate with the PJM import directive. Stronghold plans to start the Scrubgrass Plant imminently in order to resume full data center output while minimizing the impact of the PJM directive. Stronghold expects October 2023 Bitcoin production to be in the range of 205 to 215 Bitcoin, excluding any electricity sales, and the Company continues to expect over 20% average hash rate growth in the fourth quarter of 2023 when compared to the third quarter of 2023. Frontier Managed Services Agreement Stronghold has been focused on the optimization of its data centers following the receipt of the Bitcoin miners to reach its previously announced 4 EH/s target. This has included working with Frontier Mining, an industry-leading Bitcoin mining data center management company, in a temporary consulting capacity regarding a thorough assessment of the opportunity to maximize data center revenue opportunities. On October 13, 2023, Stronghold Digital Mining LLC (“Stronghold LLC”), a wholly owned subsidiary of the Company, and Frontier Outpost 8, LLC (“Frontier”) entered into a Managed Services Agreement (the “MSA”) pursuant to which Frontier is to provide certain services, including monitoring, operating, and maintaining the Company’s wholly owned data centers located at each of the Panther Creek power plant (the “Panther Creek Plant”) and the Scrubgrass Plant. “We are excited to partner with Frontier to enhance all aspects of our data centers and optimize Bitcoin production,” said Greg Beard, the chairman and chief executive officer of Stronghold. “We have known the Frontier team for years and admire their mining expertise, management team, and hands-on approach to operations, and we expect to move closer toward industry-leading uptime in the near term. Part of Frontier’s compensation under the MSA is equity in Stronghold, which we believe aligns Stronghold and Frontier for the foreseeable future while also signaling Frontier’s confidence in our vertically integrated business model, as we head into the Bitcoin halving that is projected to take place in April 2024.” About Stronghold Digital Mining, Inc. Stronghold is a vertically integrated Bitcoin mining company with an emphasis on environmentally beneficial operations. Stronghold houses its miners at its wholly owned and operated Scrubgrass Plant and Panther Creek Plant, both of which are low-cost, environmentally beneficial coal refuse power generation facilities in Pennsylvania. Investor Contact: Matt Glover or Alex Kovtun Gateway Group, Inc. [email protected] 1-949-574-3860 Media Contact [email protected] Cautionary Statement Concerning Forward-Looking Statements: Certain statements contained in this press release, including guidance, constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements because they contain words such as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “approximately,” “intends,” “plans,” “estimates” or “anticipates” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. Forward-looking statements and the business prospects of Stronghold are subject to a number of risks and uncertainties that may cause Stronghold’s actual results in future periods to differ materially from the forward-looking statements. These risks and uncertainties include, among other things: the recent restructuring of the Company’s debt and the performance and satisfaction of various obligations under the agreements entered into in order to effect such restructuring of debt; the hybrid nature of our business model, which is highly dependent on the price of Bitcoin; our dependence on the level of demand and financial performance of the crypto asset industry; our ability to manage growth, business, financial results and results of operations; uncertainty regarding our evolving business model; our ability to retain management and key personnel and the integration of new management; our ability to raise capital to fund business growth; our ability to maintain sufficient liquidity to fund operations, growth and acquisitions; our substantial indebtedness and its effect on our results of operations and our financial condition; uncertainty regarding the outcomes of any investigations or proceedings; our ability to enter into purchase agreements, acquisitions and financing transactions; public health crises, epidemics, and pandemics such as the coronavirus pandemic; our ability to procure and install crypto asset mining equipment, including from foreign-based suppliers; our ability to maintain our relationships with our third party brokers and our dependence on their performance; developments and changes in laws and regulations, including increased regulation of the crypto asset industry through legislative action and revised rules and standards applied by The Financial Crimes Enforcement Network under the authority of the U.S. Bank Secrecy Act and the Investment Company Act; the future acceptance and/or widespread use of, and demand for, Bitcoin and other crypto assets; our ability to respond to price fluctuations and rapidly changing technology; our ability to operate our coal refuse power generation facilities as planned; our ability to remain listed on a stock exchange and maintain an active trading market; our ability to avail ourselves of tax credits for the clean-up of coal refuse piles; and legislative or regulatory changes, and liability under, or any future inability to comply with, existing or future energy regulations or requirements. More information on these risks and other potential factors that could affect our financial results is included in our filings with the Securities and Exchange Commission, including in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of our Annual Report on Form 10-K filed on April 3, 2023 and in our subsequently filed Quarterly Reports on Form 10-Q. Any forward-looking statement or guidance speaks only as of the date as of which such statement is made, and, except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements or guidance, whether because of new information, future events, or otherwise. https://www.investing.com/news/cryptocurrency-news/stronghold-digital-mining-announces-bitcoin-mining-update-and-frontier-managed-services-agreement-432SI-3198667

2023-10-13 14:45

In a recent development, Binance US is considering the inclusion of SUI in its digital asset listings, as disclosed through its Binance US X account on Friday. The decision is being weighed based on market demand, liquidity, community engagement, and compliance with US regulations. Following this announcement, SUI experienced a significant increase in its value, surging to $0.418. The proactive disclosure strategy employed by Binance US appears to have had a direct impact on the digital asset's price. Notably, SUI has been a prominent player in the Residential REITs industry, according to InvestingPro Tips, and has maintained dividend payments for 31 consecutive years, which may have contributed to its appeal among investors. The potential addition of SUI to Binance US's offerings is part of a broader strategy to expand its portfolio of digital assets. The decision-making process involves a careful evaluation of various factors such as market demand and liquidity, which are vital for ensuring the stability and growth of the listed asset. Another key consideration for Binance US is community engagement. The platform seeks to list assets that have strong community support, which can contribute to the overall trading volume and market health. The InvestingPro data indicates that SUI has a market cap of 13.1B USD, with a revenue growth of 20.5% LTM2023.Q2, suggesting a strong market presence. Compliance with US regulations is also a crucial factor in Binance US's decision-making process. The platform is committed to adhering to all relevant regulatory requirements in its operations, ensuring that any listed asset meets the necessary legal standards. The potential listing of SUI on Binance US and the subsequent price surge highlights the influence that major exchanges can have on digital asset values. As more investors turn their attention towards cryptocurrencies, decisions made by prominent platforms like Binance US can significantly affect market dynamics. For investors interested in SUI, it's worth noting that the stock has been trading near its 52-week low, as per InvestingPro Tips. This, coupled with the fact that analysts predict the company will be profitable this year, might make it an attractive option for those looking to diversify their portfolios. For more insights like these, check out InvestingPro, which offers an extensive list of additional tips. https://www.investing.com/news/cryptocurrency-news/binance-us-mulls-sui-listing-triggers-price-surge-93CH-3198630

2023-10-13 14:10

The cryptocurrency XRP, after a period of bearish pressure, has retested its crucial $0.47 support level within a multi-month downward trend, marking a significant drop from its annual high of $0.9380. This development comes in the wake of a broader collapse in the cryptocurrency market. Earlier this year, XRP was consolidating around the $0.62 zone before succumbing to bearish pressure, plummeting to a low of $0.4309 on August 15. The cryptocurrency subsequently rallied back into the $0.50 range and formed a descending trendline. On September 29, XRP broke this trendline with a surge to a high of $0.5491, holding this position for two weeks, as bolstered by a rapid surge on Monday, October 2. However, amid recent turbulence in the broader crypto market, XRP lost key support levels and retested the downward trendline at $0.47. Despite these market conditions, Crypto analyst EGRAG considers XRP's current trading range significant as it has maintained its 2020 support level. This hints that the longer XRP remains within preset targets, the closer it approaches towards a potential rally. To keep recovery hopes alive, XRP needs to stay above the $0.4782 threshold. Should it fall below this level, its next significant support stands at $0.4590 to prevent drops to the August 17 low of $0.4309. https://www.investing.com/news/cryptocurrency-news/xrp-retraces-to-key-support-level-amid-broader-crypto-market-plunge-93CH-3198612