2024-03-12 03:10

Copyrighted Image by: Reuters Investing.com-- Bitcoin traded just below record highs in Asian trade on Tuesday, seeing continued support from steady inflows into the spot exchange-traded funds that were approved earlier this year. The world’s largest cryptocurrency traded up 5.6% at $72,156.6 by 22:51 ET (02:51 GMT), remaining close to a record high of $72,771 hit on Monday. Bitcoin’s latest record highs come as an extension of a rally triggered by the approval of the spot ETFs in January, which invited a heavy amount of institutional capital into the token. The token was also boosted by MicroStrategy Incorporated (NASDAQ:MSTR), the biggest corporate holder of Bitcoin, buying 12,000 tokens on Monday using debt. Bitcoin ETFs see $2.7 bln weekly inflows A report from digital asset manager CoinShares showed on Monday that investment products tracking Bitcoin saw capital inflows of about $2.7 billion in the week to March 10. BlackRock Inc's (NYSE:BLK) iShares Bitcoin ETF (NASDAQ:IBIT) commanded the lion’s share of these inflows, seeing nearly $2.1 billion, while Fidelity (NYSE:FBTC) saw an inflow of $1.34 billion. Bitcoin remained the sole driver of capital inflows into crypto markets, with other major tokens, such as Ethereum and Solana, either seeing minimal inflows or outflows. Digital assets manager Grayscale (NYSE:GBTC) also saw sustained outflows from its Bitcoin ETF, of $1.7 billion in the past week, as it continued to struggle with increased competition in the crypto ETFs sector. The Bitcoin ETF approvals earlier in 2024 triggered a mad rush of institutional capital into the world’s largest cryptocurrency, given that they allow for exposure to the token without having to directly invest in crypto. But even as Bitcoin’s price surpassed 2021 highs, trading volumes in the token, especially in the retail sphere, remained at a fraction of those seen during the 2021 bull run, according to Investing.com data. The trend raised questions about just how sustainable Bitcoin’s recent rally remained, while also drawing accusations of market manipulation by exchanges and stablecoin operators. Retail interest had largely dwindled in crypto over the past two years, following a sharp price decline marked by rising interest rates and a string of high-profile frauds and bankruptcies. Crypto stocks had a mixed performance on Monday. While Microstrategy, which is largely seen as a Bitcoin proxy, rose 4%, exchange operator Coinbase Global Inc (NASDAQ:COIN) and miner Marathon Digital Holdings Inc (NASDAQ:MARA) fell 1% and 12%, respectively. Coinbase in particular is still squaring off against the Securities and Exchange Commission over the nature of cryptocurrencies. https://www.investing.com/news/cryptocurrency-news/bitcoin-keeps-record-highs-in-sight-as-etf-inflows-persist-3333352

2024-03-12 02:24

Copyrighted Image by: Reuters. Investing.com -- Oil prices settled lower on Tuesday, as investors weighed up a hotter-than-expected U.S inflation report and a still-upbeat OPEC outlook on crude demand. At 14:30 ET (18:30 GMT), the West Texas Intermediate crude futures fell 0.3% to trade at $77.62 per barrel and the Brent oil futures expiring in May fell by 0.3% to $81.97 a barrel. OPEC maintains demand outlook In its monthly report, released Tuesday, OPEC maintained to its forecast for oil demand to grow by 2.2 million barrels per day in 2024. The forecast continues to suggest that oil demand will outstrip supply. Still, rising non-OPEC, which the oil cartel's forecast to grow by 1.1M barrels per day, has diluted the output cuts by OPEC and its allies, or OPEC+. Beyond supply, however, the demand picture has been muddied by weaker growth in China and concerns that higher for longer interest rate could weigh on global growth amid stubborn inflation. Dollar rise keeps oil prices in check as inflation comes in hot again The dollar climbed slightly on a rise in Treasury yields following data showing that the pace of inflation was faster than economists had expected last month. As oil is priced in U.S. dollars, a rise in the greenback makes oil more expensive and less attractive for foreign buyers. The annualized reading of the closely-watched U.S. consumer price index increased by 3.2% last month, quicker than estimates that it would stay at a pace of 3.1% notched in January. Fresh U.S. crude inventory data eyed Investors are also eyeing up fresh U.S. petroleum data this week, with the American Petroleum Institute's petroleum report due later on Tuesday and the Energy Information Administration report due Wednesday. The API report is expected to show domestic crude supplies increase by 400,000 barrels last week. https://www.investing.com/news/commodities-news/oil-prices-creep-higher-with-cpi-data-opec-report-on-tap-3333340

2024-03-11 22:38

Investing.com - Cardano was trading at $0.7824 by 18:38 (22:38 GMT) on the Investing.com Index on Monday, up 11.05% on the day. It was the largest one-day percentage gain since December 13, 2023. The move upwards pushed Cardano's market cap up to $27.8703B, or 1.02% of the total cryptocurrency market cap. At its highest, Cardano's market cap was $94.8001B. Cardano had traded in a range of $0.6880 to $0.7876 in the previous twenty-four hours. Over the past seven days, Cardano has seen a rise in value, as it gained 2.15%. The volume of Cardano traded in the twenty-four hours to time of writing was $1.3225B or 0.77% of the total volume of all cryptocurrencies. It has traded in a range of $0.5861 to $0.7876 in the past 7 days. At its current price, Cardano is still down 74.75% from its all-time high of $3.10 set on September 2, 2021. Elsewhere in cryptocurrency trading Bitcoin was last at $72,592.3 on the Investing.com Index, up 6.03% on the day. Ethereum was trading at $4,061.77 on the Investing.com Index, a gain of 6.32%. Bitcoin's market cap was last at $1,428.8674B or 52.30% of the total cryptocurrency market cap, while Ethereum's market cap totaled $487.8678B or 17.86% of the total cryptocurrency market value. https://www.investing.com/news/cryptocurrency-news/cardano-climbs-11-in-bullish-trade-3333264

2024-03-11 22:33

Investing.com - EOS was trading at $1.2418 by 18:32 (22:32 GMT) on the Investing.com Index on Monday, up 10.34% on the day. It was the largest one-day percentage gain since March 7. The move upwards pushed EOS's market cap up to $1.3962B, or 0.05% of the total cryptocurrency market cap. At its highest, EOS's market cap was $17.5290B. EOS had traded in a range of $1.0990 to $1.2638 in the previous twenty-four hours. Over the past seven days, EOS has seen a rise in value, as it gained 12.01%. The volume of EOS traded in the twenty-four hours to time of writing was $332.8507M or 0.19% of the total volume of all cryptocurrencies. It has traded in a range of $0.9257 to $1.3571 in the past 7 days. At its current price, EOS is still down 94.60% from its all-time high of $22.98 set on April 29, 2018. Elsewhere in cryptocurrency trading Bitcoin was last at $72,519.0 on the Investing.com Index, up 5.92% on the day. Ethereum was trading at $4,054.01 on the Investing.com Index, a gain of 4.50%. Bitcoin's market cap was last at $1,428.8674B or 52.30% of the total cryptocurrency market cap, while Ethereum's market cap totaled $487.8678B or 17.86% of the total cryptocurrency market value. https://www.investing.com/news/cryptocurrency-news/eos-climbs-10-in-bullish-trade-3333261

2024-03-11 15:04

Copyrighted Image by: Reuters. TORONTO, Ontario and BROSSARD, Quebec - Bitfarms Ltd. (NASDAQ/TSX: BITF), a prominent player in the Bitcoin mining industry, has announced a significant expansion of its mining operations. The company has exercised an option to acquire 28,000 Bitmain T21 miners and has further purchased an additional 19,280 Bitmain T21 miners, along with 3,888 Bitmain S21 miners and 740 Bitmain S21 Hydro miners. The acquisition, priced at US$14/TH for the T21 miners and US$17.50/TH for the S21 variants, comes as the company prepares for what it anticipates to be a bullish market for Bitcoin. Geoff Morphy, President and CEO of Bitfarms, stated that securing these miners is a strategic move aimed at rapidly improving the company’s operating metrics, including hashrate, energy efficiency, and operating costs per terahash. The newly acquired miners are expected to be delivered within the year and are projected to enable Bitfarms to achieve a target hashrate of 21 EH/s in 2024. The company also plans to liquidate its older miners to offset the cost of the new equipment. Bitfarms, founded in 2017, operates 11 Bitcoin mining facilities across Canada, the United States, Paraguay, and Argentina, with two additional sites under development. The company is known for its commitment to sustainability, primarily using hydroelectric power and long-term power contracts to minimize its environmental footprint. This news is based on a press release statement from Bitfarms Ltd. InvestingPro Insights As Bitfarms Ltd. (NASDAQ/TSX: BITF) gears up for a bullish Bitcoin market with its recent expansion in mining operations, investors are closely monitoring the company's financial health and market performance. According to recent data from InvestingPro, Bitfarms holds a market capitalization of 807.81 million USD. Despite the company's aggressive growth strategy, it is important to note that Bitfarms has been trading with a negative price-to-earnings (P/E) ratio of -9.64 for the last twelve months as of Q4 2023, which highlights the company's current lack of profitability. InvestingPro Tips reveal that Bitfarms has experienced strong returns over the last year, with a 276.06% price total return. This performance is complemented by a large price uptick over the last six months, boasting a 142.73% return. However, the company does not pay a dividend to shareholders, which may influence investment decisions for those seeking regular income. Additional insights from InvestingPro indicate that Bitfarms has a high EBITDA valuation multiple and is trading at a price/book ratio of 3.07. These metrics suggest that the stock may be valued richly relative to its book value and earnings before interest, taxes, depreciation, and amortization. For investors looking for more in-depth analysis and tips, there are 11 additional InvestingPro Tips available for Bitfarms at https://www.investing.com/pro/BITF. To access these tips and further enrich your investment strategy, use the coupon code PRONEWS24 for an additional 10% off a yearly or biyearly Pro and Pro+ subscription. https://www.investing.com/news/cryptocurrency-news/bitfarms-expands-bitcoin-mining-capacity-with-new-miner-purchases-93CH-3332692

2024-03-11 14:27

Copyrighted Image by: Reuters Dogecoin, the cryptocurrency originally started as a joke, has experienced a significant resurgence in the crypto market. Dogecoin price is up 2% on Monday. Its trading volume for February exceeded $100 billion, marking a dramatic increase from previous months, according to AltIndex, which is using data from CoinMarketCap. This surge in activity has made Dogecoin the seventh most-traded cryptocurrency for the month. The meme coin's price jumped by 94% month-over-month, a notable rebound after a period of subdued performance throughout 2023. Last week, the coin's 24-hour trading volume saw an astonishing 2,300% increase from the beginning of February, rising from approximately $280 million to over $5 billion. This growth has propelled Dogecoin up the ranks of the most traded coins in the crypto space. In February, Dogecoin's monthly trading volume reached $105 billion, placing it just behind Shiba Inu, which had a volume of $108.8 billion. The top five spots were occupied by Tether, Bitcoin, Ethereum, First Digital USD, and USDC. Despite trading at $0.161 last week, 70% below its all-time high from April 2021, Dogecoin has doubled its market cap in just one month, increasing from $11.3 billion to $22.8 billion. This leap has moved Dogecoin up to the ninth position in the ranking of the top ten cryptocurrencies by market cap. The overall market performance of Dogecoin suggests a growing investor interest in meme coins. CoinMarketCap data indicates that the largest meme coins by market cap, including Dogecoin, Shiba Inu, Pepe, and Bonk, all experienced four-digit growth in trading volume last month. Shiba Inu's daily trading volume surged by 4,800%, Pepe's by 3,500%, and Bonk's by 2,400%, with Dogwifhat also showing significant growth. Meme coins have made a notable impact on the trading volume rankings, with three meme-based cryptocurrencies featuring in the top ten most-traded list for February. Shiba Inu took the sixth spot, Dogecoin the seventh, and Pepe rounded out the list, highlighting the sector's increasing prominence in the digital asset market. https://www.investing.com/news/cryptocurrency-news/dogecoin-trading-volume-soars-ranks-7th-in-february-93CH-3332637