Bitcoin

Bull Market

<div>
 Bitfarms has reported a notable 21% increase in Bitcoin production despite a challenging market environment, while Michael Saylor of MicroStrategy continues to champion Bitcoin as a key investment, urging investors to capitalize on recent price surges. Meanwhile, CryptoQuant&amp;#39;s CEO Ki Young Ju affirms that Bitcoin remains in a bull market, presenting an opportunity for strategic accumulation.&nbsp;
 <h2 id="bitfarms-surges-in-bitcoin-production-amid-takeover-attempt-by-riot-platforms">Bitfarms Surges in Bitcoin Production Amid Takeover Attempt by Riot Platforms</h2>
 Bitfarms, a Canadian-based <a href="https://coinpaper.com/4665/weekend-bitcoin-trading-hits-record-low-in-2024" target="_self" rel="noopener noreferrer nofollow">Bitcoin</a> mining company, increased its Bitcoin production by 21% in June. Despite facing significant challenges, including a hostile takeover attempt by one of its largest competitors, Riot Platforms, <a href="https://investor.bitfarms.com/news-events/press-releases/detail/252/bitfarms-provides-june-2024-productionand-operations" target="_self" rel="noopener noreferrer nofollow">Bitfarms</a> continues to thrive and expand its operations.
 Bitfarms successfully mined 189 Bitcoin in June, marking a substantial increase in production compared to previous months. The company sold 134 of these Bitcoins, generating $8.8 million in revenue. As of July 1, Bitfarms holds 905 Bitcoin in its treasury, valued at approximately $57 million.
 However, it&amp;#39;s worth noting that the company&amp;#39;s production has decreased by 51% compared to June 2023. This decline is primarily attributed to the most recent Bitcoin halving event, which reduced the block subsidy by 50%, thereby impacting the overall output of Bitcoin miners globally.
 June was a significant month for Bitfarms in terms of enhancing its mining capabilities. The company increased its installed hashrate to 11.4 exahashes per second (EH/s), with 10.4 EH/s already operational. This marks a staggering 96% year-on-year increase and a 39% month-on-month increase in its hashrate. Bitfarms remains confident in reaching its ambitious target of 21 EH/s by the end of 2024.
 The firm has also been proactive in upgrading its mining fleet throughout 2024. According to Ben Gagnon, Bitfarms&amp;#39; Chief Mining Officer, the company has installed approximately 39,000 new miners and decommissioned an equal number of older, less-efficient units. This strategic move has significantly boosted Bitfarms&amp;#39; hashrate, improved energy efficiency, and enhanced gross mining margins across its portfolio.
 In addition to these upgrades, Bitfarms has expanded its operations in the United States with a new 120 Megawatt site in Sharon, Pennsylvania. This facility is expected to support an additional 8 EH/s once fully operational.
 Despite the progress, Bitfarms faced some operational challenges in June. Severe weather conditions in Paraguay led to a curtailment of <a href="https://coinpaper.com/4625/environmental-impact-cryptocurrency-mining-myths-reality" target="_self" rel="noopener noreferrer nofollow">mining</a> activities at the Paso Pe facility. However, this setback was somewhat mitigated by a 0.8% decrease in network difficulty compared to May, allowing Bitfarms to maintain a steady level of production.
 In mid-June, Riot Platforms made a bold attempt to acquire Bitfarms with a $950 million buyout offer. However, the bid was met with resistance from Bitfarms&amp;#39; board of directors. Riot Platforms, undeterred, managed to acquire a 14.9% stake in Bitfarms by June 24. Attempts to increase this stake to 15% or more were blocked, as were efforts to replace three members of Bitfarms&amp;#39; board of directors.
 Riot Platforms admitted defeat in a statement released on June 24, acknowledging that engaging with Bitfarms&amp;#39; incumbent board on a potential merger was not feasible. In response to Riot&amp;#39;s aggressive takeover attempts, Bitfarms added a new board member, further solidifying its defense against the acquisition.
 These developments at Bitfarms demonstrate the dynamic and often volatile nature of the crypto mining industry. Despite the challenges posed by Bitcoin&amp;#39;s halving events and external takeover attempts, Bitfarms has demonstrated its ability to adapt and grow. The company&amp;#39;s strategic upgrades, expansion plans, and strong financial performance position it well for future success.
 <h2 id="michael-saylor-champions-bitcoin-surge-amid-market-dynamics-and-upcoming-mt-gox-payouts">Michael Saylor Champions Bitcoin Surge Amid Market Dynamics and Upcoming Mt. Gox Payouts</h2>
 Meanwhile, Michael Saylor, co-founder and executive chairman of MicroStrategy, has once again taken to social media to rally the crypto community. Posting on the X platform (formerly known as Twitter), Saylor highlighted the impressive nearly 5% surge in Bitcoin&amp;#39;s price. The leading crypto managed to regain the $63,000 level, briefly surpassing $63,560 before stabilizing around $63,200.
 Saylor, who is a renowned Bitcoin evangelist, responded to the sudden price increase with a succinct yet powerful message. He tweeted two words: &amp;quot;Sell&amp;quot; and &amp;quot;Buy,&amp;quot; which not only encapsulate his investment strategy but also cleverly symbolize the U.S. dollar (&amp;quot;S&amp;quot;) and Bitcoin (&amp;quot;B&amp;quot;). This message urges the global Bitcoin community to convert their U.S. dollars into Bitcoin, reinforcing his long-standing belief in the cryptocurrency&amp;#39;s superior value proposition.
 Saylor&amp;#39;s tweet comes in the wake of a volatile week for Bitcoin. The cryptocurrency experienced a sharp decline from $64,470, dropping by 7%. However, it began to recover on Friday, rebounding by 3.35% and reaching $61,980 by Sunday. The momentum continued, pushing Bitcoin above $63,000 and peaking over $63,500 before a slight pullback.
 While Saylor&amp;#39;s message has invigorated bullish sentiment, the market is bracing for significant events that could impact Bitcoin&amp;#39;s trajectory. Notably, the beleaguered Mt. Gox crypto exchange is set to start repaying investors this week, with a payout amounting to $9 billion worth of Bitcoin. Analysts at JP Morgan predict that this could trigger a massive sell-off, as recipients may opt to liquidate their holdings.
 Amidst these developments, Bitcoin exchange-traded funds (ETFs) have been experiencing substantial inflows. According to the @lookonchain analytics account, spot Bitcoin ETFs saw a cumulative inflow of over $36.5 million on June 28, adding approximately 596 BTC across nine ETFs. The Invesco Galaxy ETF led the pack with an inflow of 152 BTC, followed by Bitwise Bitcoin ETF with 131 BTC, and the Fidelity ETF with 109 BTC. The lowest inflow was reported by Ark Invest, which added 30 BTC.
 Bitcoin ETFs have been a dominant force in the market since the U.S. Securities and Exchange Commission (SEC) approved spot BTC funds in January. These ETFs have consistently accumulated Bitcoin, particularly ramping up purchases before the halving event in April, at times scooping up more than 10,000 BTC per day.
 Michael Saylor&amp;#39;s unwavering support for Bitcoin and his call to &amp;quot;Sell&amp;quot; and &amp;quot;Buy&amp;quot; has resonated with many in the cryptocurrency community. His advocacy indicates a broader trend of institutional interest and investment in Bitcoin, which continues to bolster its position as a leading digital asset.
 However, the impending Mt. Gox payouts and potential market sell-offs pose challenges that could temper short-term bullishness. The actions of large holders and institutional investors will be closely watched as they navigate these market dynamics.
 Despite these uncertainties, the influx of capital into Bitcoin ETFs and the ongoing support from influential figures like Saylor suggest a robust foundation for Bitcoin&amp;#39;s long-term growth. As the market continues to evolve, the interplay between institutional investments, regulatory developments, and community sentiment will shape Bitcoin&amp;#39;s trajectory.
 <h2 id="bitcoin-remains-in-bull-market-despite-corrections-says-cryptoquant-ceo-ki-young-ju">Bitcoin Remains in Bull Market Despite Corrections, Says CryptoQuant CEO Ki Young Ju</h2>
 In a related development, Bitcoin continues to capture the attention of investors, analysts, and enthusiasts alike. According to Ki Young Ju, founder and CEO of cryptocurrency analytics firm CryptoQuant, Bitcoin remains firmly in a bull market despite enduring several significant corrections. This assertion comes as the <a href="https://coinpaper.com/4619/crypto-regulation-governments-shaping-blockchain-s-future" target="_self" rel="noopener noreferrer nofollow">crypto</a> trades 14% below its all-time high of $73,737, a peak reached in March following the successful launch of multiple ETFs.
 Ju described the current market conditions as &amp;quot;boring,&amp;quot; a term he used to highlight the subdued price action Bitcoin has exhibited recently. Despite this lackluster performance, Ju sees it as an opportune moment for investors, particularly whales, to accumulate Bitcoin. His analysis is supported by a chart showing that the leading cryptocurrency is experiencing extremely low market activity, as indicated by the Garman-Klass Realized Volatility indicators.
 Travis Kling, Chief Investment Officer at Ikigai Asset Management, recently weighed in on the situation as well, noting that the recent correction is understandable due to supply overhang fears. Such concerns are not uncommon in the cryptocurrency market, where sudden influxes of supply can lead to temporary price drops.
 Despite the current price correction, some prominent analysts remain optimistic about Bitcoin&amp;#39;s long-term potential. Tom Lee of Fundstrat continues to stand by his bold prediction that Bitcoin could reach $150,000 during this cycle.&nbsp;
 Similarly, Peter Brandt, a well-known commodity trader, has echoed Lee&amp;#39;s sentiments, suggesting that Bitcoin could peak at $150,000. However, Brandt also cautioned that there remains a significant possibility that Bitcoin might not achieve a new peak and could potentially drop to the $55,000 level.&nbsp;
 The current market sentiment is a blend of cautious optimism and strategic accumulation. While the subdued price action might deter some investors, seasoned market participants view it as a strategic opportunity. Ju&amp;#39;s emphasis on the &amp;quot;boring&amp;quot; nature of the market as a positive indicator for accumulation aligns with the strategies employed by many institutional investors who seek to build positions during periods of low volatility.
 The introduction of Bitcoin ETFs has played a pivotal role in the cryptocurrency&amp;#39;s recent market dynamics. These financial instruments have made it easier for institutional and retail investors to gain exposure to Bitcoin, thereby driving up demand.&nbsp;
 The successful launch of these ETFs in March was a significant milestone, propelling Bitcoin to its all-time high. Despite the subsequent correction, the long-term impact of ETFs on Bitcoin&amp;#39;s market structure remains positive, providing a more accessible and regulated avenue for investment.
 While Bitcoin navigates through its current market phase, the insights from industry experts like Ki Young Ju, Tom Lee, and Peter Brandt offer valuable perspectives for investors. While short-term corrections and volatility are par for the course, the underlying bullish sentiment suggests that Bitcoin&amp;#39;s long-term trajectory remains upward.
</div>

Bitfarms Reports 21% Production Increase, Fends Off Riot Platforms

Mục lục

Coinpaper.com

Các bài viết khác được xuất bản trên 2 thg 7, 2024

Ripple’s Japan and Korea Fund Opens Applications to Drive Innovation

US spot bitcoin ETFs report $130 million in net inflows, largest influx in three weeks

MoonBag Referral Programme Lets You Compete in Monthly Leaderboards for Prizes and Tax-Free Benef...

Crypto ‘relief rally’ may be just beginning, with sellers exhausted

Breaking: German Govt. Dumps Another 832 BTC, 13% Bitcoin Holdings Eroded

Turkey Implements New Crypto Law Affecting Investors and Exchanges

Tham gia bản tin miễn phí của chúng tôi để cập nhật tin tức về tiền điện tử hàng ngày!