Why, you ask? Well, fear, darling, is once again the coquettish mistress of the crypto bazaar. As the government declares a timeout, traders are hurriedly retreating from riskier pleasures, clutching their pearls and purses.
In a move that screams “We’re not just miners, we’re visionaries!”, CleanSpark announced on October 29 that they’re diving headfirst into the AI data center game. Apparently, Bitcoin mining profits are as stable as a house of cards in a wind tunnel, so they’re pivoting to the next big thing. Smart? Maybe. Desperate? Probably. But hey, at least they’re in Texas, where everything’s bigger, including their fiber backbone and natural gas pipelines. 🌪️🔥
It’s Tuesday, and the crypto market has painted everything red. Just a few days into November and the mood is already as grim as an overcast sky. After an underwhelming October, here we are-staring at a full-on panic attack, as every major cryptocurrency gets dragged down, BNB included. From highs of $1,000, it’s now flirting with $910. Sweet, right?
The chart data, rendered in graphs more dramatic than a Molière soliloquy, reveals a surge of wallets holding BTC for a decade or more. Since the dawn of 2024, when Bitcoin pranced above $50,000 like a peacock in a gilded cage, these ancient coins have been shuffled on-chain. One might infer that the OGs, weary of their digital treasure, are cashing in their chips-or at least their mining rigs.
An additional $47.5 million is reserved for continued Bitcoin buying under a DCA model.
According to the Sequans’ (NYSE: SQNS) proclamation on the fourth day of November, this sacrifice of Bitcoin funded the redemption of half their convertible debt from the seventh day of July. Thus, their debt shrank from $189 million to a mere $94.5 million, while their Bitcoin reserves dwindled from 3,234 BTC to 2,264 BTC. At the current market price, their Bitcoin net asset value (NAV) standeth at $240 million, reducing their debt-to-NAV ratio from 55% to 39%. A victory, they claim, yet the crowd doth murmur with skepticism.
Amid the ongoing price drawdown, Solana Founder Anatoly Yakovenko has named the most important focus for the blockchain. 🤯
In an exclusive chat with BeInCrypto, Varoufakis warned that this legislation might spark a financial crisis even worse than the one that wrecked the world over a decade ago. Meanwhile, he argues China is playing the long game with its tightly controlled economic approach-could they actually have the better plan here?
Bitnomial, a Chicago-based derivatives exchange and clearinghouse regulated by the Commodity Futures Trading Commission (CFTC), has become the first U.S. registered derivatives clearing organization to accept stablecoins as margin collateral, the company said in a press release Tuesday. Because nothing says “regulation” like letting your margin be backed by a cryptocurrency that’s probably just a meme at this point. 🤡
