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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.

Meta to Slow Hiring in 2022, Hints at Layoffs After Metaverse Pivot

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

High-ranking crime fighter to join UK’s FCA as payments and digital assets director

The Financial Conduct Authority is introducing the post of digital assets director as part of a hiring spree that goes along with its new, more assertive strategy.

UK regulator the Financial Conduct Authority (FCA) has recruited almost 500 additional staff members this year as part of its new three-year strategy. Among the new hires are six directors, whose appointments were announced July 5. Two of them come from backgrounds in policing.

Director of payments and digital assets is newly created position that will oversee the e-money, payment and crypto-asset markets and related policy development. Matthew Long was appointed to that post, moving over from the National Crime Agency, where he is now a director in the National Economic Crime Command. Long has also led the UK Financial Intelligence Unit. He began his career as a detective in the Kent Police and holds a PhD in risk management. Long will start in his new role in October.

In September, Karen Baxter will support FCA enforcement and market oversight activities when she joins the FCA as director of strategy, policy, international and intelligence. She was a commander and national coordinator for economic crime in the City of London Police. She is also is an Office of Communications board member for Northern Ireland.

Two interim directors will receive permanent appointments, and new directors of consumer finance and wholesale buy-side have also been appointed.

Related: Former Chancellor says UK is falling behind on crypto opportunity

The agency’s new strategy seeks to be more innovative, assertive and adaptive, and to:

“proactively shape the digitalization of financial services through developing our regulatory approaches to digital markets.”

On digital markets, the strategy addressed competition among key digital firms and the risks and benefits Big Tech will bring to the sector. It will examine the role of artificial intelligence in finance and will lead investigations “informed by behavioural economics to test digital consumer journeys.”

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

Top Crypto Trader Predicts Rally for Ethereum Rival Solana (SOL), Updates Outlook on ETH and STEPN (GMT)

Top Crypto Trader Predicts Rally for Ethereum Rival Solana (SOL), Updates Outlook on ETH and STEPN (GMT)

A popular analyst is setting price targets for Ethereum challenger Solana (SOL) while forecasting what’s next for ETH and STEPN (GMT). Pseudonymous analyst Altcoin Sherpa tells his 179,900 Twitter followers he’s using the Fibonacci retracement tool to plot out support and resistance levels for Solana, noting things may go south for the smart contract platform […]

The post Top Crypto Trader Predicts Rally for Ethereum Rival Solana (SOL), Updates Outlook on ETH and STEPN (GMT) appeared first on The Daily Hodl.

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

Nexo Looking To Acquire Distressed Crypto Lending Platform Vauld: Report

Nexo Looking To Acquire Distressed Crypto Lending Platform Vauld: Report

Crypto lender Nexo is announcing intentions to buy another lending platform in the industry as markets continue to struggle. According to a Reuters report, a new statement from the London-based Nexo says it will buy all of Vauld, though it did not disclose a price or date. Nexo also plans to “reorganize its future operations with […]

The post Nexo Looking To Acquire Distressed Crypto Lending Platform Vauld: Report appeared first on The Daily Hodl.

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

Bitcoin price swings 7.5% during intraday trading as US recession concerns mount

BTC bounces back to reclaim support at $20,400 after hitting a daily low of $19,309 on July 5, as bulls battle bears for control of the market.

The cryptocurrency market along with the tech-heavy Nasdaq saw a bit of positive price action on July 5 amid a backdrop of rising recession concerns in the United States. 

Data from Cointelegraph Markets Pro and TradingView shows that an early morning onslaught by bears managed to drop Bitcoin (BTC) to a daily low of $19,309 before reinforcements arrived to bid the price back above support at $20,400 during the afternoon.

BTC/USDT 1-day chart. Source: TradingView

Here’s what several analysts are saying comes next for the top cryptocurrency and what support and resistance levels to keep an eye on moving forward.

Looking for a continuation to $23K

A bullish take on the recent Bitcoin price action was offered by independent analyst Michael van de Poppe, who posted the following chart as a follow-up to a previous Tweet that suggested Bitcoin needed to crack the resistance zone at $19,700 to continue higher:

BTC/USD 15-minute chart. Source: Twitter

The analyst said:

“This one did crack the resistance and ran towards the next area of resistance at $20.3K. I'm expecting #Bitcoin to consolidate for a bit here, but breaking the next resistance zone is a trigger for continuation towards $23K and a summer relief rally.”

Possible pullback to $15,800

A decidedly less optimistic take on the recent price action was provided by crypto analyst and pseudonymous Twitter user il Capo of Crypto, who posted the following chart highlighting several “fake pumps” that resulted in lower highs:

BTC/USD 4-hour chart. Source: Twitter

Il Capo of Crypto said:

“Lower highs all the time. Pumps have low volume and they look corrective. Main target remains $15,800-16,200.”

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

Double bottom on the BTC chart

A final bit of hopium was offered by crypto trader and pseudonymous Twitter user Captain Faibik, who posted the following chart and highlighted the importance of a daily close above $20,000:

BTC/USD 1-day chart. Source: Twitter

Captain Faibik said:

“Double Bottom & Bullish Divergence Both in Play… If Bulls Reclaimed the $21.6K Resistance, Expecting +30-40% Relief RALLY.”

For those looking for more reassurance that the market may be nearing its bottom for the current bear cycle, pseudonymous Twitter user Bitcoin Archive posted the following chart of Bitcoin’s MRVR Z-score, which has been a reliable indicator of past market bottoms:

Bitcoin MVRV Z-score. Source: Twitter

Bitcoin Archive explained:

“#Bitcoin is now deep into the "green zone" - which has signaled market bottoms on 4 occasions.”

The overall cryptocurrency market cap now stands at $911 billion and Bitcoin’s dominance rate is 42.7%.

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

Bitcoin exchange outflows surge as ‘not your keys, not your crypto’ comes back into fashion

June saw the worst monthly performance for Bitcoin since 2011, but several metrics indicate that its underlying support base continues to grow stronger.

Bear markets in cryptocurrency are known to be painful, but the month of June was especially trying for the crypto faithful as a confluence of factors resulted in the price of Bitcoin (BTC) falling 37.9%, its worst monthly performance since 2011.

Bitcoin monthly performance. Source: Glassnode.

As a result of the continued widespread weakness, a majority of the so-called Bitcoin “tourists” have now exited the space, leaving only the most dedicated holders remaining, according to blockchain analytics firm Glassnode.

Despite Bitcoin's ongoing struggles and the fact that crypto traders are currently experiencing the worst bear market in the sector's history, several metrics suggest that the outlook isn’t as dire as some are predicting and that the hodler base of the crypto market remains strong.

Dedicated hodlers increase in number

A significant purge of active Bitcoin wallets is a common occurrence during major sell-off events as well as in early bear markets, according to Glassnode. However, the severity of the exodus has been diminishing since the bear market of 2018, indicating that “there is an increasing level of resolve amongst the average Bitcoin participant,” Glassnode said.

During the most recent reduction in the number of addresses with a non-zero balance, only 1% of the Bitcoin addresses purged their holdings entirely as compared to 2.8% between April and May 2021, and the whopping 24% that did the same between January to March of 2018.

Number of Bitcoin addresses with a non-zero balance. Source: Glassnode

While on-chain activity for Bitcoin remains muted and solidly in bear-market territory, the most dedicated Bitcoin holders continue to hold the line, and will likely continue to do so until the market turmoil subsides and a floor in the BTC price is established.

A return to best Bitcoin practices

The ethos of “not your keys, not your crypto” is once again gaining traction in the crypto community as traders have been withdrawing their tokens from exchanges at a frantic pace. The collapse of the Terra ecosystem, potential insolvency of Celsius and the implosion of Three Arrows Capital have all served as a stark reminder that crypto is intended to be stored in cold storage. 

Bitcoin exchange net position change. Source: Glassnode

Since March 2020, the number of Bitcoin held on exchanges has declined from 3.15 million to 2.4 million. That's a total outflow of 750,00 BTC with 142,500 of that total occurring in the past three months.

With platforms like Celsius halting withdrawals and smaller exchanges beginning to put limits on the amount that users can remove, the desire to regain personal control of crypto assets has become a top concern for holders.

This can actually be seen as a positive for prices in the long-term as the likelihood of further capitulation decreases when tokens are locked in cold storage and not readily available to sell on exchanges.

Related: With the bear market in full throttle, crypto derivatives retain their popularity

Retail starts to gain interest

Another encouraging development amid the worst month in Bitcoin history is an increasing interest from wallets holding less than 1 BTC, which are more likely to represent the retail cohort of the crypto market.

These so-called “shrimp” wallets have been eagerly scooping up low-priced Bitcoin to the tune of 60,460 BTC per month according to Glassnode, which is “the most aggressive rate in history.”

Bitcoin shrimp wallet net position change. Source: Glassnode

Even with crypto in a bear market, several underlying metrics, including a dedicated cohort of crypto hodlers and rising interest from smaller retail buyers. suggest that calls for the death of Bitcoin are once again premature.

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

Study Shows Singapore Leads in NFT Searches Worldwide, Researchers Say ‘Poland Is the Most Anti-NFT Country’

Study Shows Singapore Leads in NFT Searches Worldwide, Researchers Say ‘Poland Is the Most Anti-NFT Country’During the past seven days, non-fungible token (NFT) sales have dropped 23.37% and 30-day statistics show NFT sales are down 63.10% from the month prior. While NFT interest has been waning, a recent study indicates that global regions like Singapore and Hong Kong lead the pack in terms of NFT interest. The research further suggests […]

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

Crypto Analyst Predicts Bitcoin (BTC) Triples in Price Based on One Metric – Here’s His Timeframe

Crypto Analyst Predicts Bitcoin (BTC) Triples in Price Based on One Metric – Here’s His Timeframe

One crypto analyst is comparing Bitcoin’s price action to one traditional stock to predict what’s next for BTC after a rocky last two months. In a new strategy session, the anonymous host of InvestAnswers highlights automaker Tesla while telling his 442,000 YouTube subscribers about the significance of mean reversion, a metric that posits an asset’s […]

The post Crypto Analyst Predicts Bitcoin (BTC) Triples in Price Based on One Metric – Here’s His Timeframe appeared first on The Daily Hodl.

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