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Why bitcoin's pullback could be 'healthy' for a run to $100,000 – Yahoo Finance

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Bitcoin may have tumbled nearly 20% from an all-time high of nearly $65,000 it hit just 10 days ago, but that might not make $100,000 by the end of the year any less likely. 
In fact, according to one forecaster who has a $100,000 year-end price target for bitcoin, a "healthy" pullback might actually strengthen the bull case.
"We don't see this necessarily as something that's taking us to … a 2017-type market top," Fundstrat Lead Digital Asset Strategist David Grider told Yahoo Finance on Friday, harkening back to the 2017 top that proceeded an 80% collapse. "But more so as something where the market needs to have a healthy cooling off period before the market can continue forward."
Among fellow bulls who share Grider's opinion in predicting significant upside to come, many point to bitcoin's boom-and-bust cycles tied back to the mechanics of bitcoin's code which automatically cuts the price paid to miners confirming transactions on the network in half roughly every four years in an event dubbed a "halving." In May 2020, bitcoin experienced its third "halving" when the miner reward was automatically reduced from 12.5 bitcoin to 6.25. Historically, bitcoin's price has rallied after those events, as most recently marked by the nearly 3,000% rally that followed in the 18 months after the second "halving."
On top of that, other technical traders have increasingly pointed out how well another model tied to bitcoin's halving has tracked bitcoin's price rise over the years. Referred to as the "stock-to-flow" model, it measures existing supplies, usually of commodities, against the flow at which new inventory is produced. In the case of bitcoin, halving events, by definition, cut that flow in half. When applying the measure to bitcoin, the founder of crypto investment firm Pantera Capital, Dan Morehead, expressed his surprise at how bitcoin's price has moved in lockstep with projections.
This is getting ridiculous. A year ago we predicted Bitcoin hitting $62,968 this week. It just did.

This Bitcoin rally is EXACTLY like previous halvings. Likely to reach $115k by August.

April 2020 Investor Letter: https://t.co/RMwSbqlS8m pic.twitter.com/2vwuDb91qQ
— Dan Morehead (@dan_pantera) April 13, 2021
Another widely-followed technical analyst pointed out on Twitter that a longer trend chart showed a similarly predictive path for bitcoin's price dating back to 2012 and actually expressed relief at the recent dip back down to bring it closer to the model.
Astonishing indeed, even to me. Btw I am sort of relieved btc price is now under s2f model value again. For a moment I thought that people were front running the model and that the supercycle had started. Now we are back to normal .. like clockwork. pic.twitter.com/BRHs30MPvJ
— PlanB (@100trillionUSD) April 23, 2021
Looking past bitcoin, Grider says the volatility — or lack thereof — seen in other cryptocurrencies also points to continued strength rather than a top. The second-largest crypto by market cap, ether (ETH-USD), has only retreated about 5% from its most recent high. 
"I think one of the things that does give us a bit of confidence in where we're at with the longer-term cycle is that if you look at other large digital assets like Ethereum, which has held up pretty well in relative terms even during this pullback bitcoin has had, it's been, on a relative basis, kind of actually making newer, recent highs over the last few years," he said. "So I think that that's a strong indication that big segments of the market really are just seeing capital kind of move around within it, and we're not necessarily seeing a super flee of capital."
If anything, we've seen the opposite among larger players as of late. This week, Morgan Stanley unveiled that it raised nearly $30 million from more than 320 investors for its new crypto fund in just 14 days, according to new filings. Goldman Sachs is also said to be working at rolling out investment access to bitcoin and other digital assets for wealth management clients relatively soon. And from a regulatory perspective, the SEC officially acknowledged a third active bitcoin ETF filing the agency is now reviewing. It's due to weigh in on VanEck's filing first, by April 29, to either deny, delay, or finally green light the first U.S. bitcoin ETF.
Given that progress, Grider reaffirmed his $100,000 price target, but conceded short term volatility could continue. 
"I think, you know, if you're a trader, maybe you can think about that. But I think if you're an investor with a longer-term time horizon, I think there are still reasons that folks should still be involved in crypto," he said.
Zack Guzman is an anchor for Yahoo Finance Live as well as a senior writer covering entrepreneurship, crypto, cannabis, startups, and breaking news at Yahoo Finance. Follow him on Twitter @zGuz.
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Eurozone trade data underwhelmed today. ECB chatter later in the day could have a greater influence, however…
Investors welcomed the summit between President Joe Biden and China's Xi Jinping Monday—though there looks to be little progress on tariffs just yet.
It’s a busier day ahead, with employment figures from the UK and U.S retail sales figures key stats. 2nd estimate GDP numbers for the Eurozone will also be in focus, however.
EUR/USD received support near 1.1430 and is trying to rebound.
The direction of the EUR/USD on Monday will be determined by trader reaction to 1.1449.
The Euro has initially tried to rally during the trading session on Monday but has given back quite a bit of gains. Ultimately, we ended up falling.
A consortium led by top executives of Razer Inc plans to value the Hong Kong-listed maker of gaming hardware at up to HK$35 billion ($4.5 billion) in a deal to take it private, said two people with direct knowledge of the matter. Chairman Min-Liang Tan and non-executive director Kaling Lim, with a combined stake of nearly 60% in Razer, lead the group offering up to HK$4 a share, the two sources said, or almost double its average price of HK$2.1 over the past month. The move comes as the consortium believes Razer, based in the United States and Singapore, has been undervalued in Hong Kong, where investors typically pay more attention to tech firms from mainland China, they added.
The two leading crypto assets are still up by a staggering amount over the last year, with Bitcoin having climbed around 250% and Ether up 800%.
FEATURE Shares of Home Depot rose slightly in premarket trading Tuesday after the company reported third-quarter earnings that beat earnings expectations thanks to a continued demand for home improvement amid a strong housing market.
(Bloomberg) — Cryptocurrencies fell on Tuesday, with Bitcoin sliding below $60,000 and Ether at its lowest levels this month.Most Read from BloombergAmazon Sued Over Crashes by Drivers Rushing to Make DeliveriesWhat Designers of Video Game Cities Understand About Real CitiesBiden Plan Funds New Bridges That Locals May Not WantHong Kong's New Museum Tries to Please Art World — and BeijingThe largest digital token dipped as much as 8.2% to $58,661. Second-ranked Ether tumbled more than 10%. Globa
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(Bloomberg) — Michael Burry has deleted his Twitter account once again, shortly after “The Big Short” investor disclosed he ditched some of his biggest bearish bets.Most Read from BloombergAmazon Sued Over Crashes by Drivers Rushing to Make DeliveriesWhat Designers of Video Game Cities Understand About Real CitiesBiden Plan Funds New Bridges That Locals May Not WantHong Kong's New Museum Tries to Please Art World — and BeijingA search for Burry’s account, @michaeljburry, on the Twitter.com webs
Bitcoin was trading at around $59,425 as Twitter’s chief finance officer ruled out the company currently investing in the market, souring the recent bullish mood.
Take for example both Lemonade (NYSE: LMND) and Upstart Holdings (NASDAQ: UPST). Lemonade posted a mostly outstanding quarter. In force premium, which has the complicated definition of "average aggregate annual premium," and is calculated by multiplying total customer count by average premium per customer, increased 84% year over year.
Strategists at Morgan Stanley say investors should resist buying U.S. stocks as part of their 2022 preview, in which they argue that the "hotter, faster" cycle advances.
We’re starting the week with a serious divergence in some important economic indicators. At a macro level, the stock market is doing well. The three main indexes are all poised just below their all-time high levels. Clearly, investors are in a buying mood. But what about the average consumer? The scene here may not be so salutary. The University of Michigan consumer confidence survey came out on Friday, and it registered a dismal figure of 66.8. This was down from 71.7 the month before, and even
Many predict this asset will be a great hedge against inflation.
Many stocks in the electric vehicle (EV) sector had big gains last week, and solid-state battery developer QuantumScape (NYSE: QS) was no exception, with a jump of more than 25%. QuantumScape co-founder and CEO Jagdeep Singh said of the test results: "With the publication of this report, we will continue to focus on our product roadmap goals and delivering cells to our customers."
GameStop's Cohen tweeted backwardly about his size early Monday morning, and Reddit's Ape army is bullish.
Bitcoin, ether, and other major coins face selling pressure as anti-crypto comments from Twitter’s chief financial officer soured the market mood. Bitcoin was trading 4.3% lower on the day near $60,800, while ether was nursing a 5.3% loss at $4,320 at press time, according to CoinDesk data. The selling began during early Asia hours after Wall Street Journal quoted social media giant Twitter’s CFO Ned Segal saying that investing cash holdings into crypto assets like bitcoin “doesn’t make sense” right now.

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0.2 Zettahash: Bitcoin's Hashrate Taps New Lifetime High, Mining Difficulty Nears ATH – Mining Bitcoin News – Bitcoin News

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by Jamie Redman
Bitcoin’s hashrate tapped a lifetime high on the first day of 2022 reaching 209.39 exahash per second (EH/s). During the last 12 months, Bitcoin’s hashrate has increased by 47.92% from the 141.55 EH/s recorded on January 3, 2021.
The processing power and security dedicated to the Bitcoin (BTC) network has never been higher, and the network tapped a milestone in 2022. According to the one-year hashrate chart hosted on coinwarz.com, BTC’s hashrate tapped a high of 209.39 EH/s on January 1, 2022. At the time of writing, the hashrate is still coasting along the two hundred three quintillion hashes per second (H/s) zone, and 30-day statistics indicate the network briefly tapped 224.32 EH/s on Saturday.
Bitcoin.com News recently reported on the BTC network reaching 194.95 EH/s not too long ago on December 8, 2021. It’s also worth noting that the Ethereum (ETH) network also reached an all-time high tapping 1 petahash per second (PH/s).
On December 22, 2021, the Ethereum network reached 1.0122 PH/s and today’s metrics show ETH’s hashrate is still above the 1 PH/s on Sunday. On January 3, 2021, Bitcoin’s hashrate was 141.55 EH/s or 47.92% lower than today’s BTC hashpower statistics.
Moreover, on June 28, 2021, China’s crackdown against BTC miners caused the hashrate to plummet to 69.11 EH/s. The network’s hashrate has grown ​​202.98% since that day as a great majority of mining operations relocated to other countries. At the time of writing, the largest bitcoin mining pool is Foundry USA with 19.45% of the global hashpower or 34.79 EH/s. The second-largest mining pool in terms of global hashrate is Antpool with 16.91% of the hashrate or 30.25 EH/s.
There’s only 11 known mining pools mining BTC today and 3.81% of the global hashrate stems from unknown hash or stealth miners. BTC miners have faced two bitcoin mining difficulty increases during the last two epochs. On December 11, the difficulty jumped 8.33% and on the 25th of December, it increased by 0.32%. Bitcoin’s next mining difficulty change will bring it awfully close to the difficulty’s all-time high at 25 trillion. In just over five days, the difficulty is expected to increase by 2.90% to 24.98 trillion.
What do you think about Bitcoin’s global hashrate growing 47% during the last 12 months and tapping an all-time hashrate high on January 1, 2022? Let us know what you think about this subject in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Mad Money’s Jim Cramer Warns About Dogecoin — Says DOGE Is a Security, SEC Will Regulate
The host of Mad Money, Jim Cramer, has warned about dogecoin (DOGE). He said that the meme cryptocurrency is a security and will be regulated. He also questioned the supply of dogecoin. Jim Cramer’s Dogecoin Warning Jim Cramer, the host … read more.
Joe Biden Claims Inflationary Pressure ‘Rests With the Federal Reserve,’ Praises the Fed’s ‘Extraordinary Support’ 
On Wednesday, U.S. president Joe Biden explained that the country’s central bank was dealing with a large share of the inflationary pressures the American economy is dealing with today. Biden welcomes the possibility of tightening monetary easing and noted that … read more.
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This Tesla owner says he mines up to $800 a month in cryptocurrency with his car – CNBC

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This Tesla owner says he mines up to $800 a month in cryptocurrency with his car  CNBC
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North America’s Largest Bitcoin Miner Goes Public With a SPAC Merger (Report) – CryptoPotato

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Core Scientific Inc. started trading on Nasdaq through an estimated $4.3 billion merger with Power & Digital Infrastructure Acquisition Corp.
Investors of Core Scientific Inc. (a leading US bitcoin mining company) have reportedly approved a plan to get listed on Nasdaq. The firm started trading under the symbol CORZ.
According to a recent report by Bloomberg, the blockchain infrastructure provider – Core Scientific Inc. – will proceed through an estimated $4.3 billion merger with the special-purpose acquisition company Power & Digital Infrastructure Acquisition Corp. (ticker XPDI).
The latter’s price shares have been on a downtrend after peaking to an all-time high of nearly $15 in November 2021. Since then, it has lost approximately 32% of its valuation.
Speaking on the partnership was Mike Levitt – Co-Founder and CEO of Core Scientific Inc.:
“We’ve worked hard to lay the groundwork that will enable us to achieve our 2022 projections. Our objective is to be the best. Being the best means doing all that we can for our business, the industry in which we participate, and for the bitcoin network.”
The Texas-based company assured it is the largest in the USA in terms of processing power as its combined mining capacity of 6.6 exahash at the end of last year significantly surpassed its rivals. In comparison, Marathon Digital Holdings had a 3.5 exahash in December 2021, while Riot Blockchain was third with 3.1 exahash.
It is also worth noting that Core Scientific mines for itself and provides Internet hosting services for other large-scale miners. Currently, the entity has a stockpile of nearly 5,300 BTC.
A month ago, the American bitcoin miner – TerraWulf – raised $200 million in debt and equity financing from a group of individual and institutional investors to expand its mining capacity. Furthermore, the firm revealed plans to become a Nasdaq-listed public company through a business combination with IKONICS Corporation (IKNX).
In turn, Marathon Digital, which is already a publicly-traded entity, spent almost $900 million to acquire 78,000 Antminer S-19 XP Miners from the Chinese manufacturer – Bitmain. The organization will receive the machinery in the second half of 2022.
Riot Blockchain was also active in the space. In December last year, it purchased the electrical equipment provider – Ferrie Franzmann Industries (known as ESS Metron) for $50 million. As a result, the latter started providing a steady infrastructure supply for Riot’s new mining machines.
Dimitar got interested in cryptocurrencies back in 2018 amid the prolonged bear market. His biggest passion in the field is Bitcoin and he was fascinated with its journey. With a flair for producing high-quality content, he started covering the cryptocurrency space in late 2018. His hobby is football.

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