Author: Coindesk

Publicly traded BIT Mining (BTCM) will continue its self-hosted mining operations for dogecoin (DOGE) and litecoin (LTC) after the endeavor reaped three times more profit than its bigger bitcoin (BTC) mining operations, per a release.BIT Mining said it had mined 84,485.42 LTC (worth $10 million at current prices) and 227,908,250 DOGE (worth a whopping $100 million) since it started its self-mining business. It reported having over 5,500 active mining machines, representing 1.32% of the global network hash rate in LTC, DOGE and the smaller Belcoin (BEL).Such gains on its DOGE operations came as the token’s prices have more than tripled…

Bitcoin (BTC), Federal Reserve Chair Jerome Powell said yesterday, is not a competitor of the U.S. dollar but to gold. Not only did the largest cryptocurrency by market capitalization soar through $100,000 during Asia trading hours, reaching a record $104,000, it’s also at an all-time high when priced in gold, worth about 39 ounces, breaking through the last remaining resistance level for that trading pair. It has also hit records against silver and the S&P 500.The price action means bitcoin is now an over-$2 trillion asset class, with its sights on overtaking Google (GOOG), whose market cap is $2.14 trillion,…

Bitcoin’s (BTC) price plunged below $94,000 late Thursday in rapid retreat from its newfound all-time high around $100,000.There was no immediately obvious reason for the drop.CoinDesk Indices data, which incorporates prices from several sources, shows bitcoin dropped as low as $93,468.34. Meanwhile, it got to about $90,500 on Binance and $92,000 on Coinbase.The selling did not spread across the rest of crypto — which is unusual. While bitcoin went into freefall, other tokens didn’t really budge.Bitcoin then rebounded back above $96,000. Read the full article here

The Sui blockchain hasn’t yet catapulted into the bull-run conversation. But its DeFi ecosystem is trending up and to the right, creating an opening for one of its biggest protocols to capitalize.Suilend, which facilitates crypto borrowing and lending on Sui, raised $2 million in February and just closed on an additional $4 million, its pseudonymous founder Rooter told CoinDesk. The funding trove will allow Suilend to weather potential market shifts, he said.”It’s the time to do it and make sure that we have capital to last for the next four years, if there’s a long bear market,” Rooter said.The latest…

Memecoins undoubtedly capture a big slice of crypto observers’ attention — even if not everyone is a fan. But data shows they’re gobbling up a growing amount of the crypto economy too.The sector — powered by the likes of dogecoin (DOGE) and Shiba Inu (SHIB) — made up 3.16% of the combined market capitalization of all cryptocurrencies on Dec. 1, up from 1.3% at the beginning of the year, according to a new report from crypto exchange CEX.IO. If you exclude crypto titans bitcoin (BTC) and ether (ETH), memecoin market share jumps to 11.21% from 4.2%.That equates to big dollars:…

The increased size of leveraged MicroStrategy (MSTR) exchange-traded funds (ETFs) and the flows they attract are having a more pronounced effect on the company’s stock and crypto markets than before, JPMorgan (JPM) said in a research report on Wednesday.These ETFs played a significant role in amplifying the stock’s near-60% rise in November, the bank said.November saw a record of almost $11 billion flow into U.S. spot bitcoin (BTC), spot ether (ETH) and leveraged MicroStrategy ETFs combined, the report said, with the leveraged MSTR ETFs accounting for $3.4 billion, or almost a third, of the total.”This highlights the rising impact of…

There were many crypto firsts in 2024: the first spot bitcoin ETF, the first spot ether ETF, the first time a pension fund invested in the asset class.But as the expression goes, they saved the best for last: In the waning days of the year, bitcoin (BTC) hit six digits for the first time.The cryptocurrency surged past the $100,000 mark early Thursday UTC time, mushrooming from zero value into a $2 trillion asset in a little over a decade and a half.It’s a milestone that was difficult to imagine not long ago. Just two years ago, the entire cryptocurrency space…

Stablecoin issuer Circle said on Wednesday it has committed to meet tighter regulations in Canada that allows its $40 billion USDC stablecoin to continue to be listed on exchanges.”USDC is the first stablecoin to achieve this milestone,” the company said in a press statement. “Circle continues to engage with Canadian authorities in their development of a regulated market for global stablecoins, which has the potential to bring significant efficiency gains to Canadian cross-border, retail, and institutional settlement systems.”Circle’s announcement happened as pressure mounts on crypto companies operating in the country to comply with stricter rules by the end of this…

Bitcoin’s (BTC) market cap is consistently in excess of 50% of the size of the total crypto industry, meaning more funds are held in BTC than every other digital asset combined. With bitcoin dominance reaching multiyear highs of over 60% during the current bull market, projects built on other networks have been looking for ways to get a slice of the pie. Now the AI bots are giving it a go.Artificial intelligence-focused Ethereum layer-2 blockchain Mode is the latest to bridge to Bitcoin in an attempt to access the deep wells of liquidity held in BTC.Mode has teamed up with…

The analyst who wrote this piece owns shares of MicroStrategy (MSTR) and Semler Scientific (SMLR). Crypto-related equities jumped before the U.S. market open after bitcoin (BTC) broke through the $100,000 psychological barrier, adding 4% in 24 hours.Medical device company Semler Scientific (SMLR) led gains, adding more than 7% and approaching $70 a share. The company holds 1,570 BTC, according to bitcointreasuries.net.Self-described bitcoin development company MicroStrategy (MSTR), with 402,100 BTC, is up over 6.5%. It holds the most bitcoin among all publicly listed companies. MARA Holdings (MARA), with the second-largest stash, also rose more than 6%. The bitcoin miner completed an…