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Latest News

Matrixport: Underperforming Mining Stocks Highlight Bitcoin Spot ETFs as the Best Investment Strategy

Matrixport released a chart indicating that investors in leveraged mining stocks are facing challenging conditions in 2024. The poor performance of publicly listed Bitcoin mining stocks is largely due to the halving of miner rewards. In contrast, a simpler and more efficient investment strategy is to hold Bitcoin spot ETFs, such as the iShares IBIT launched by BlackRock in mid-January.

Even Bitcoin-related companies like Coinbase have seen their stock prices underperform compared to Bitcoin itself this year. However, MicroStrategy, with its strategy of borrowing to purchase Bitcoin, has significantly outperformed other crypto assets. This positive trend may continue to provide support for Bitcoin prices.


Jefferies: Bitcoin Mining Profitability Declined in September, October Expected to Remain Challenging

In a research report published on Sunday, Jefferies noted that Bitcoin mining profitability decreased in September compared to the previous month. The decline was attributed to the relatively stable average Bitcoin price and a 1.7% increase in the network hash rate. The investment bank highlighted that the average daily revenue per exahash dropped by 2.6% month-over-month.

Analysts Jonathan Petersen and Joe Dickstein wrote, “October appears to be an even more challenging month as Bitcoin prices have only risen by about 5%, while the network hash rate has surged by 11%, more than offsetting that price gain.”


U.S. SEC Delays Decision on Spot Ethereum ETF Options Again

According to an October 11 filing, the U.S. Securities and Exchange Commission (SEC) has once again delayed its decision on the spot Ethereum ETF options.

The document states that the SEC has postponed its ruling on the proposed rule change, which would allow the Cboe Exchange to list options tied to several popular spot Ethereum ETFs. The deadline for the SEC’s decision has been extended from October 19 to December 3.


Trader Peter Brandt: Bitcoin Could Drop 75% If It Fails to Reach All-Time High

Renowned trader and chart analyst Peter Brandt has warned Bitcoin investors of potential downside risks, citing market trends that suggest possible price declines. He noted that Bitcoin has failed to hit a new all-time high for 30 consecutive weeks, and historically, similar patterns have often led to a price drop of more than 75%.

Brandt remains optimistic, forecasting that Bitcoin could reach $135,000 by August or September 2025. However, he cautioned that if Bitcoin falls below $48,000, his analysis would no longer hold, and a reassessment of the market would be necessary.

Brandt also emphasized that Bitcoin’s significant price surges typically occur in the latter half of its four-year halving cycle.


Binance to Support Stablecoins on Scroll Soon

Scroll co-founder Sandy Peng recently announced that Binance is not just a listing platform for Scroll, but also the best channel for reaching global distribution. Binance will open deposit and withdrawal channels, helping Scroll move to the next phase, especially in emerging markets.

The deposit and withdrawal features for Scroll ETH are now live on Binance, and soon Binance will directly support stablecoins on Scroll. Scroll will be the first zkRollup to receive this level of support.

Peng noted that this has been a repeated request from developers in emerging markets, and Scroll is doing its best to support them. “We love and appreciate our community, but broader distribution will benefit everyone, allowing us to welcome more members in the future,” Peng said.


Michael Saylor: MicroStrategy Aims to Become a Leading Bitcoin Bank

In a recent interview with analysts from the research and brokerage firm Bernstein, MicroStrategy founder and executive chairman Michael Saylor stated that the company’s ultimate goal is to become a leading Bitcoin bank.

Saylor views Bitcoin as a revolutionary form of digital capital that effectively hedges against inflation and serves as an excellent long-term store of value.

He believes that Bitcoin’s volatility attracts investors seeking high returns, and over time, it will become an indispensable asset in both institutional and retail investment portfolios.

Saylor envisions MicroStrategy as a Bitcoin bank, with its core business focused on creating Bitcoin capital market instruments across equities, convertible bonds, fixed income, and preferred stock. Unlike traditional banks, MicroStrategy will not lend out funds; instead, it aims to borrow at low interest rates, offer slightly higher rates to lenders, and invest these funds in Bitcoin—estimating an “underlying case” annual return of 29%.


Bitcoin Price Volatility Driven Mainly by Sentiment Rather Than Fundamentals

According to analysts at GSR, the unpredictable fluctuations in Bitcoin prices are primarily driven by sentiment rather than fundamental factors. Market observers are now focusing on four key factors that could influence Bitcoin’s price: the U.S. presidential election, central bank monetary policies, the U.S. economy, and the sale of Bitcoin seized by the U.S. government in the Silk Road case.


Cryptocurrency Market Cap Drops to $2.27 Trillion

Data shows that the total cryptocurrency market capitalization has dropped to $2.27 trillion, currently standing at $2,271,617,983,941, reflecting a 2.9% decline over the past 24 hours. Bitcoin’s dominance is 54.3%, while Ethereum accounts for 12.9%.


Infinex Raises $65.3 Million Through NFT Sales, Partners with Wormhole for Cross-Chain Capabilities

DeFi platform Infinex has announced a partnership with Wormhole to offer cross-chain functionality. The platform successfully raised $65.3 million through the sale of “Patron NFTs,” with a total of 41,252 NFTs sold. Buyers included retail investors, Solana Ventures, Breyer Capital, and notable individual investors such as Solana founder Anatoly Yakovenko and Aave founder Stani Kulechov. Founded by Synthetix creator Kain Warwick, Infinex aims to simplify the use of multi-chain DeFi protocols by eliminating complexities such as managing multiple wallets and paying gas fees. The platform’s total value locked (TVL) has exceeded $125 million.


Analysis: Bitcoin and Asian Stock Market Funds May Be Flowing into Chinese Equities

On October 7, reports indicate that despite the 3-5% cost of converting stablecoins like USDT into stocks, the potential for a 50-70% rise in Chinese equities makes this strategy appealing. According to observers, while Chinese stocks have surged by 20% since late September due to government stimulus policies, Bitcoin has remained relatively stable. This rally in Chinese equities may be drawing funds away from cryptocurrencies and other Asian stock markets.

Danny Chong, co-founder of the Digital Asset Association of Singapore, noted that even with the 3-5% conversion cost, the anticipated 50-70% potential upside presents a strategic choice for savvy investors. Funds from other Asian markets could also be flowing into Chinese equities. Since September 24, the Shanghai Composite Index has climbed more than 20%, reaching its highest level since May 2023, while the Hang Seng China Enterprises Index has risen over 25%.