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Core Scientific sold $167M worth of Bitcoin holdings in June

The sale left the firm with ​​1,959 BTC at the end of the second quarter, a more than 75% drop when compared with its reported 8,058 BTC holdings as of May 31.

United States-based cryptocurrency mining firm Core Scientific sold more than 7,000 Bitcoin in June to pay for servers, increase its data capacity, and settle debts.

In a Tuesday announcement, Core Scientific said it had sold roughly $167 million worth of Bitcoin (BTC) in June at an average price of $23,000 — 7,202 BTC. The sale left the firm with ​​1,959 BTC — roughly 21% of its holdings — and $132 million in cash as of June 30, a more than 75% drop when compared with its reported 8,058 BTC holdings as of May 31.

According to the firm, it used proceeds from the crypto sale to pay for ASIC servers, schedule debt repayments, and invest in additional data center capacity. The company reported it had produced 1,106 BTC in June, with self-mining accounting for 57% of its data center capacity and crypto mining operations as of June 30 — more than 180,000 servers.

“Our industry is enduring tremendous stress as capital markets have weakened, interest rates are rising and the economy deals with historic inflation,” said CEO Mike Levitt. “Our company has successfully endured downturns in the past, and we are confident in our ability to navigate the current market turmoil.”

Amid a market downturn and extreme price volatility in cryptocurrencies, many crypto miners have reportedly sold their self-mined coins and in some cases liquidated holdings. In June, Canadian crypto mining firm Bitfarms sold 3,000 BTC — roughly 47% of its holdings at the time — for $62 million as part of a strategy to improve liquidity and pay debts.

Related: Bitcoin miner Mawson to defer all major capital expenditures until market conditions normalize

Levitt said Core Scientific aimed to expand its capacity to 30 exahashes/second by the end of 2022 while “taking advantage of distressed opportunities that may arise.” The company plans to release its earnings report from Q2 2022 on Aug. 11.

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Core Scientific sold $167M worth of Bitcoin holdings in June

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Core Scientific sold $167M worth of Bitcoin holdings in June

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Core Scientific sold $167M worth of Bitcoin holdings in June

Bitcoin faces fresh pressure as US dollar crushes gold, risk assets

BTC/USD falls $1,000 while spot gold gives up 2% as USD strength intensifies, beating the year's previous peaks.

Bitcoin (BTC) hit daily lows on the July 5 Wall Street open as the U.S. dollar saw a violent surge higher. 

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

USD sets yet another 20-year record

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD retreating to $19,281 on Bitstamp as the Independence Day long weekend concluded with a bump.

The pair had seen last-minute gains the day prior, these fizzling as the return of Wall Street trading was accompanied by USD strength laying waste to gains across risk assets and safe havens.

Bitcoin traded down $1,000 on the day, while spot gold shed over 2% and U.S. equities markets also fell. The S&P 500 was down 2.2% at the time of writing, while the Nasdaq Composite Index lost 1.7%.

XAU/USD 1-hour candle chart. Source: TradingView

The U.S. dollar index (DXY), on the contrary, hit 106.59, a level not seen since December 2002 and above previous breakouts from Q2 this year.

Bitcoin analysts thus waited for signs of a trend reversal to provide some relief to crypto markets.

"Euro hitting record levels, $1.033 at this point. Last seen in the years 2002-2003 and $DXY, of course, shooting up like a rocket," Cointelegraph contributor Michaël van de Poppe commented, noting that the euro was heading towards USD parity.

In additional commentary, Caleb Franzen, senior market analyst at Cubic Analytics, pointed to how the DXY shed light on investor sentiment over the health of the economy.

"Over the past week, yields are falling but the dollar keeps rising. This dynamic proves that investors are rushing to safety, with heightened fears of recession," part of a tweet read.

The U.S. dollar index (DXY) 1-month candle chart. Source: TradingView

Crypto Fear & Greed Index hits 2-month high

While volatility edged back into crypto markets, sentiment was yet to reflect the impact of a rampant dollar.

Related: ‘Wild ride’ lower for BTC? 5 things to know in Bitcoin this week

The Crypto Fear & Greed Index stood at 19/100 on the day, still indicative of "extreme fear" but nonetheless its highest reading since before the Terra LUNA debacle in May.

Crypto Fear & Greed Index (screenshot). Source: Alternative.me

As Cointelegraph additionally reported, investment manager ARK Invest revealed that it was still "neutral to positive" on BTC under current circumstances.

Analyzing Bitcoin futures market sentiment, meanwhile, Edris, a contributor to on-chain analytics platform CryptoQuant, voiced caution about making conclusions over any form of recovery.

The taker buy/ sell ratio, which indicates whether buyers or sellers are in control, saw some relief on the day, Edris showed, but the move should be taken with a pinch of salt.

"However, note that it could just be a consolidation or a bullish pullback before another continuation lower," a blog post read.

"So, many other factors should be considered closely in the coming weeks in order to determine if a bullish reversal or another bull trap could be expected."
Bitcoin taker buy/ sell ratio annotated chart. Source: Edris/ Twitter

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Core Scientific sold $167M worth of Bitcoin holdings in June

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Core Scientific sold $167M worth of Bitcoin holdings in June

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Core Scientific sold $167M worth of Bitcoin holdings in June

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Core Scientific sold $167M worth of Bitcoin holdings in June

ARK Invest ‘neutral to positive’ on Bitcoin price as analysts await capitulation

ARK argues that bearish continuation has limited room left to run, as on-chain indicators bottom out.

Bitcoin (BTC) has a “neutral to positive” outlook despite staying below $20,000, according to ARK Investment Management.

In its latest "Bitcoin Monthly" report, the American asset management giant flagged signs that BTC price action is close to bottoming.

Wood: "We're waiting for more capitulation signals"

One of Bitcoin’s most vocal supporters, ARK and CEO, Cathie Wood, have stuck with BTC exposure as the market continues to fall from all-time highs.

The latest Bitcoin Monthly release confirms that conviction, with Wood, analysts and research associate David Puell suggesting that little ground remains to be covered before BTC/USD reverses.

“Down 70% from its all-time high, bitcoin is trading at or below some of its most important levels: its 200-week moving average, the general cost basis of the market (realized price), the cost bases of long-term (LTH) and short-term holders (STH), and its 2017 peak,” the report reads.

“Trading below these levels is atypical and suggests extremely oversold conditions. Only four times in history has bitcoin traded below price levels relative to these means.”

As such, most of the losses should have already come, if history is a guide. Among indicators yet to see absolute lows are the MVRV ratio — the ratio of realized cap and the cost basis of entities hodling for different lengths of time.

“Historically, global bottoms occur when the MVRV of short term holders exceeds the MVRV of long term holders,” ARK explained.

“That condition has not been met, suggesting the potential for more downside.”

Generally, however, Wood in particular sees little cause for concern as Bitcoin markets weather a macro storm of significant historical proportions.

In the latest edition of ARK’s podcast, “In the Know,” released July 1, she described the firm’s attitude to BTC as “neutral to positive” overall.

“We’re waiting for a few more capitulation signals and, of course, time will tell on the systemic side here. We haven’t heard of another stress signal in the last few days, so that’s good as well,” Wood said.

Price downside still tipped to continue

ARK’s position meanwhile echoes those of various market commentators.

Related: ‘Wild ride’ lower for BTC? 5 things to know in Bitcoin this week

As Cointelegraph continues to report, consensus is building around a drop to around $16,000, with the majority of on-chain indicators already at lows seen either rarely or never before.

“Historically, the 200-week MA has figured as a bottom indicator for BTC. In this cycle, things may be a bit different,” popular trader and analyst Rekt Capital told Twitter followers late last week, continuing the theme touched on by ARK.

“Instead of $BTC bottoming at the 200MA, it may form a macro range below it. Anything below the 200MA will likely represent peak opportunity.”

The 200-week MA currently sits at just above $22,550, data from Cointelegraph Markets Pro and TradingView shows, and has never stopped rising.

BTC/USD 1-week candle chart (Bitstamp) with 200MA. Source: TradingView

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Core Scientific sold $167M worth of Bitcoin holdings in June

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Core Scientific sold $167M worth of Bitcoin holdings in June