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- Bitcoin's Return to $50K
Bitcoin's Return to $50K
Plus Mining Surge: Profits Soar with Bitcoin's Rise
The Breakdown First Five - Tuesday, February 13, 2024
Welcome back to The Breakdown First Five — the 5 most interesting and/or important stories in bitcoin, crypto, and markets to start your day.
5. Templeton Joins the ETH Race
Franklin Templeton has applied to launch a spot Ethereum ETF, joining seven other asset managers with active filings. Templeton’s product will seek to offer ETH staking, similar to the ARK product. There is no real indication that the SEC is leaning towards approving ETH products yet, but another asset manager spending the time to lodge an application adds some weight to the probability. First final deadline is May 24, when the SEC must make a decision.
Have to admit, I'm surprised staking is being included in the applications. Thought maybe it would be a one-off with Ark/21
— Scott Johnsson (@SGJohnsson)
9:55 PM • Feb 12, 2024
4. DCG Reports Strong Earnings
Troubled crypto conglomerate Digital Currency Group reported a return to strength last year. The private firm told shareholders that it had grown revenues by 59% in 2023. The firm made $99M in Q4 profit, a long way from a 7% quarterly loss in Q4 of 2022. Grayscale accounted for three quarters of revenue, recording 24% quarterly growth on the back of growing asset prices. The firm shrugged off a $3B restitution claim in the NYAG fraud case, saying they will fight.
DCG has turned the page on its ghastly 2023, settling most of its lawsuits and turning a nice profit
Is Barry Silbert the luckiest man in crypto? Or can the New York AG still drag him down?
— Jeff Roberts (@jeffjohnroberts)
6:56 PM • Feb 12, 2024
3. Ethiopia Courting Chinese Miners
With the opening of Africa’s largest hydroelectric power plant, Ethiopia is opening the door to Chinese mining firms. The state power monopoly has signed electricity deals with 21 mining firms, 19 of them Chinese, offering plentiful fixed rate power cheaper than Texas. Chinese miners have been somewhat homeless after being thrown out of the mainland and then Kazakhstan the following year. Ethiopia might become the new mining powerhouse.
Ethiopia has already risen to become one of the world’s top recipients of Bitcoin mining machines. The state power monopoly says it has struck power supply deals with 21 Bitcoin miners. All but two of them are Chinese. The African country’s capacity to supply electricity for… twitter.com/i/web/status/1…
— Wu Blockchain (@WuBlockchain)
1:53 PM • Feb 10, 2024
2. Miners Outperform
Although Monday was a big day for Bitcoin, it was an even bigger day for Bitcoin miners. Alongside Bitcoin’s 5% pump since the Friday close, Riot Platforms shot up 9.4%. Marathon is now up 64% since last Monday. Bitcoin above $50,000 means almost all large miners will remain profitable after the halving, so maybe the massive jump was justified.
#Bitcoin Miners on FIRE - even after doubling last week
— InvestAnswers (@invest_answers)
3:21 PM • Feb 12, 2024
1. 50K
$50,000 dollar Bitcoin. The last time we were here was December 2021. Bloomberg was touting Binance as the big winner, recording a 1300% gain for BNB on the year. Luna was yet to hit its all time high. Zero firms had declared bankruptcy. This time around there’s nothing but a relentless spot bid and Michael Saylor memes. Futures Open Interest is high but liquidations continue to be mild. Bitcoin has only spent 143 days above $50,000. Price Discovery time.
all of wall street saw this on their screens today
the striking juxtapositions will only accelerate
— Alex Thorn (@intangiblecoins)
9:21 PM • Feb 12, 2024
Thanks for reading -NLW
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