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Here’s why Bitcoin mining stocks have been outperforming BTC price in 2021
Bitcoin (BTC) might have outperformed traditional financial markets regarding investment returns, but the cryptocurrency still fell behind Bitcoin-related companies. The price of BTC climbed by about 290% year-over-year, wherein it surged from $10,695 to a little over $42,000. In comparison, shares of Marathon Digital Holdings (MARA), one of the largest North American crypto mining companies, rose by 1,641% in the same period. MARA stock weekly price chart. Source: TradingView.com Institutions-led pump More crypto mining firms outran spot BTC prices in terms of YoY returns. For instance, Canada-based Bitfarms (BITF) surged 1,736%, while Hut 8 Mining (HUT) and Riot Blockchain (RIOT) rallied by 1,010% and 913% in a year. The performance of spot Bitcoin versus crypto-focused stocks in a ...
IMVU to integrate Immutable X for NFT gaming
Immutable X, the scaling solution for layer-2 NFT protocol Immutable, has penned an agreement with Together Labs to integrate into the platform’s native social metaverse IMVU. The partnership will foster the creation and distribution of NFTs within the game’s virtual ecosystem. IMVU, pronounced “imm-view,” is a blockchain simulation game akin to The Sims or Second Life in which players can design, inhabit and interact with virtual worlds. Parented by Silicon valley-based firm Together Labs — a technological architecture working on the social media experience with the implementation of the crypto and all its ecosystem facets — IMVU has 200,000 active creators and 1 million daily active players. Immutable X is an NFT-centric blockchain protocol built upon the Ethereum...
Solar trade woes cast a pall over Biden’s climate goals
The trade dilemma presents Biden with the difficult choice of either making good on his promises to prop up domestic manufacturing, including good-paying jobs making solar panels, or his other campaign pledge to go full speed ahead on moving the United States’ energy away from fossil fuels. Even the mere prospect of new trade restrictions has prompted solar installers, who are already facing supply issues and higher labor costs, to pull back on some projects. At the same time, Biden wants to avoid being seen to be weak on China — another centerpiece of his campaign pitch and early policy agenda. The conflict pits parts of the solar industry against each other. American solar panel manufacturers are petitioning to expand existing tariffs on Chinese products to those coming from Malays...
Chart Rewind: In 1991, Garth Brooks Lassoed History With ‘Ropin’ the Wind’
After moving 300,000 in its first week, Ropin’ the Wind has sold 9.6 million to date. Remarkably, Brooks, then 29, achieved these feats without the benefit of pop crossover airplay. Rather, it was his electric live concerts and a string of modern country classics from his first two albums, Garth Brooks and No Fences, that helped rocket his third album to a No. 1 launch and propel country radio to new ratings highs in the early ’90s. Ropin’ the Wind, which yielded five Hot Country Songs top 10 singles, including the No. 1s “Shameless” (written by Billy Joel), “What She’s Doing Now” and “The River,” became the first of nine No. 1 albums that Brooks has landed on the Billboard 200. With 73.2 million albums sold in the U.S. since 1991...
Sparkpool suspends operations as China intensifies crypto crackdown
The real-time Ethereum hash rate connected to Sparkpool drops as the mining pool decides to cease all operations Hangzhou-based mining pool Sparkpool has officially announced that it will be shutting down operations both within China and abroad in order to protect users’ assets amid the regulatory crackdown in China. The announcement comes days after popular crypto exchanges Binance and Huobi suspended services to mainland Chinese users in light of China’s openly hostile stance towards crypto mining and adoption. Sparkpool suspended access to new users in mainland China yesterday after initial restrictions were imposed last week. According to its latest announcement, Sparkpool will continue to shut down services and plans to cease all domestic and international operations by Thursda...
Alchemy Pay price prediction: ACH dips as crypto market retreats
The cryptocurrency market has retreated after starting the week strongly, and most cryptos are now trading in the red zone The cryptocurrency market isn’t catching a break. The prices of most cryptocurrencies are down again after performing well at the start of the week. Bitcoin’s price is down by more than 4%, reversing the earlier gains it had recorded. Bitcoin is now trading just below $42,000 and could easily lose more ground in the coming hours. Ether is down by more than 6%, dropping below the $3,000 mark again after a weekend rally saw it surpass the $3,100 resistance point. Alchemy Pay (ACH) isn’t any different. The cryptocurrency has been underperforming over the past 24 hours as the broader crypto market undergoes yet another correction. ACH could experience further losses in the...
Coinbase to introduce direct paycheck deposit feature in the US
Cryptocurrency exchanges want to make it easier for people to invest in Bitcoin and several other cryptocurrencies Leading cryptocurrency exchange Coinbase has announced that it will launch direct deposits for its users in the United States. This feature will allow its US customers to get their paycheck deposited directly into their Coinbase wallets. The NASDAQ-listed cryptocurrency exchange announced this latest development via a blog post yesterday. According to Coinbase, it will be rolling out the feature to its US customers over the next few weeks, allowing them to deposit their paycheck into Coinbase. By doing so, users can make regular crypto trades and enjoy other services such as spending their coins via the Coinbase card, earning cryptocurrency rewards and more. Once the feature i...
Biden’s solar dilemma: Promote domestic manufacturing — or climate goals
The trade dilemma presents Biden with the difficult choice of either making good on his promises to prop up domestic manufacturing, including good-paying jobs making solar panels, or his other campaign pledge to go full speed ahead on moving the United States’ energy away from fossil fuels. Even the mere prospect of new trade restrictions has prompted solar installers, who are already facing supply issues and higher labor costs, to pull back on some projects. At the same time, Biden wants to avoid being seen to be weak on China — another centerpiece of his campaign pitch and early policy agenda. The conflict pits parts of the solar industry against each other. American solar panel manufacturers are petitioning to expand existing tariffs on Chinese products to those coming from Malays...
DeFi farmers boast about gaming dYdX airdrop as prices surge
As dYdX’s governance token gains amid speculation that Chinese traders could be migrating to the derivatives DEX, savvy DeFi farmers are claiming to be sitting on six-figure stashes after gaming the protocol’s recent airdrop. DYDX has gained 85% in two days as reports claim that China’s crypto traders are converging on the decentralized margin trading protocol as Beijing moves to further crack down on digital assets. DYDX/USD: CoinGecko The exchange’s governance token was airdropped to users on Sept. 8. As the number of tokens received by users was determined by historic trading activity on the exchange, news of the airdrop drove a flurry of activity as farmers flocked to the platform to capitalize on the free tokens. With DYDX tokens currently trading at $21 and its market capitalization ...
Northern Data to obtain 33K ASIC miners through Bitfield acquisition
Blockchain and high performance computing firm Northern Data has announced it will acquire Bitcoin miner Bitfield. According to a Sept. 27 press release, all major shareholders signed a binding purchase agreement for the entire Bitfield enterprise to be sold at a value of roughly $460 million. Northern Data will acquire an equity interest of between 86% and 100% in Bitfield as per the agreement. Northern Data claims it has become “a leading global Bitcoin mining company” through the acquisition, with the firm gaining immediate access to 6,600 operational ASIC miners. A further 26,000 brand-new miners are expected to be deployed primarily at sites in Canada and the U.S. by the start of Q2 2022. “With this acquisition, we add Bitcoin mining to our three existing businesses – Bitcoin hosting ...
BTC price loses $42K after fresh rejection puts focus on ‘worst case’ Bitcoin monthly close
Bitcoin (BTC) fell below $42,000 on Sept. 28 as the largest cryptocurrency worsened overnight losses. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView BTC bulls run out of steam at $44,000 Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reaching local lows of $41,670 on Bitstamp. The fall followed a $1,000 hourly loss late Monday, which firmly halted any bullish hopes from the weekend’s high of $44,400. The turnaround was broadly expected. As Cointelegraph reported, analysts were already eyeing levels even below $40,000 as potential floors. On Monday, one trader likewise refused to believe Bitcoin’s strength going into the new week, arguing that levels above $44,000 were simply a liquidity grab before heading lower again. #bitcoin Probably flushing out the lat...
Alibaba to ban crypto miner sales amid Chinese crackdown
Chinese e-commerce giant Alibaba is the next company to wrap its cryptocurrency-related services in response to the ongoing crypto crackdown in China. Alibaba officially announced Monday that its platform will prohibit sales of cryptocurrency miners and suspend categories for blockchain miners and accessories from its website on Oct. 8. In addition to stopping sales of crypto mining devices, Alibaba will impose a ban on using its platforms to sell major cryptocurrencies like Bitcoin (BTC), Ether (ETH), Litecoin (LTC), as well as smaller coins like Quark (QRK). The new restrictions involve but are not limited to crypto mining-related hardware and software, as well as relevant tutorials, guides and strategies, the announcement notes. Any sellers that continue listing crypto miners or relevan...
