💰Tether Helps Binance Move 3 Billion USDT From Tron To Ethereum
The issuer of the stablecoin #Tether assisted the Binance bitcoin exchange in a cross-chain transfer of 3 billion USDT from Tron to Ethereum.
The cumulative stablecoin supply across all networks remained unchanged, Tether stressed.
The CTO of the issuer, Paolo Ardoino, told The Block that, technically, the exchange sent TRC-20 stablecoins to the company’s treasury wallet. After that, Tether performed a reverse operation in favor of Binance in the ERC-20 format.
The transactions took place during a period of significant flow of withdrawal requests in various cryptocurrencies from Binance. This forced the platform management to suspend withdrawals in USDC on the Tron, BNB Chain and Ethereum networks. The restrictions did not affect USDT and BUSD.
The issuer of the stablecoin #Tether assisted the Binance bitcoin exchange in a cross-chain transfer of 3 billion USDT from Tron to Ethereum.
The cumulative stablecoin supply across all networks remained unchanged, Tether stressed.
The CTO of the issuer, Paolo Ardoino, told The Block that, technically, the exchange sent TRC-20 stablecoins to the company’s treasury wallet. After that, Tether performed a reverse operation in favor of Binance in the ERC-20 format.
The transactions took place during a period of significant flow of withdrawal requests in various cryptocurrencies from Binance. This forced the platform management to suspend withdrawals in USDC on the Tron, BNB Chain and Ethereum networks. The restrictions did not affect USDT and BUSD.
Tether CTO Denies USDT Decoupling and Points to CoinGecko Problems
📈 The 3% deviation of USDT from $1 observed on CoinGecko was due to a glitch, not the real state of affairs. This was stated by the CTO of the stablecoin issuer Paolo Ardoino.
According to the top manager, quotes on Binance, Bitfinex, Coinbase were within 10 bps. p. from parity.
He urged not to panic, to remember the obligations of Tether Limited to redeem USDT at the rate of $1 per token, which had never been violated before.
Subsequent messages from Ardoino indicated that CoinGecko was having problems with data flows from the Coinbase exchange. They were removed from the calculation of the weighted average rate, and after the errors were eliminated, they were returned again.
Data aggregator CEO Bobby Ong acknowledged the incorrect display of the USDT rate and apologized. He attributed this to API connectivity issues on several exchanges. Ong promised to monitor the situation after troubleshooting.
📈 The 3% deviation of USDT from $1 observed on CoinGecko was due to a glitch, not the real state of affairs. This was stated by the CTO of the stablecoin issuer Paolo Ardoino.
According to the top manager, quotes on Binance, Bitfinex, Coinbase were within 10 bps. p. from parity.
He urged not to panic, to remember the obligations of Tether Limited to redeem USDT at the rate of $1 per token, which had never been violated before.
Subsequent messages from Ardoino indicated that CoinGecko was having problems with data flows from the Coinbase exchange. They were removed from the calculation of the weighted average rate, and after the errors were eliminated, they were returned again.
Data aggregator CEO Bobby Ong acknowledged the incorrect display of the USDT rate and apologized. He attributed this to API connectivity issues on several exchanges. Ong promised to monitor the situation after troubleshooting.
Biggest Bitcoin Miner Files for Bankruptcy📈
One of the largest US cryptocurrency mining companies, Core Scientific, has filed for bankruptcy, according to CNBC. This move is prompted by falling cryptocurrency prices and rising energy prices.
The company mines cryptocurrencies using the Proof-of-Work method. It owns data centers equipped with highly specialized computers that solve mathematical equations to validate transactions and create new tokens at the same time.
The market capitalization of Core fell from $4.3 billion in July 2021 to $78 million in December 2022. The company is still generating positive cash flow, but these funds are not enough to pay off payments for leased equipment, a source familiar with the situation at the company said.
One of the largest US cryptocurrency mining companies, Core Scientific, has filed for bankruptcy, according to CNBC. This move is prompted by falling cryptocurrency prices and rising energy prices.
The company mines cryptocurrencies using the Proof-of-Work method. It owns data centers equipped with highly specialized computers that solve mathematical equations to validate transactions and create new tokens at the same time.
The market capitalization of Core fell from $4.3 billion in July 2021 to $78 million in December 2022. The company is still generating positive cash flow, but these funds are not enough to pay off payments for leased equipment, a source familiar with the situation at the company said.
Cryptocurrency exchange Binance has joined the executive committee of the US Chamber of Digital Commerce, the largest US lobbying group for the blockchain industry.
Binance stated that it intends to "help establish policies that benefit and protect users." The exchange will facilitate research, potentially influence the shape of cryptocurrency legislation, and engage in discussions with US legislators and regulators.
In addition to Binance, the traditional financial companies Citi, Visa and MasterCard, as well as leading crypto industry players such as Dapper Labs, Ripple and Circle, participate in the work of the US Chamber of Digital Commerce. Recall that the US authorities are currently considering the possibility of initiating criminal cases against Binance and its administration. The potential accusations from regulators stem from an investigation launched in 2018 that focused on Binance's failure to comply with US anti-money laundering laws and sanctions.
Binance stated that it intends to "help establish policies that benefit and protect users." The exchange will facilitate research, potentially influence the shape of cryptocurrency legislation, and engage in discussions with US legislators and regulators.
In addition to Binance, the traditional financial companies Citi, Visa and MasterCard, as well as leading crypto industry players such as Dapper Labs, Ripple and Circle, participate in the work of the US Chamber of Digital Commerce. Recall that the US authorities are currently considering the possibility of initiating criminal cases against Binance and its administration. The potential accusations from regulators stem from an investigation launched in 2018 that focused on Binance's failure to comply with US anti-money laundering laws and sanctions.
Gary Gensler: Crypto companies should be regulated like the stock market
The chairman of the US Securities and Exchange Commission (SEC), speaking before the US Department of the Treasury's Financial Stability Oversight Board (FSOC), said that the cryptocurrency market could well operate under the rules that apply to the securities market.
Gary Gensler stressed that he believes digital assets are too volatile and speculative, which puts investors at great risk:
“It is important that cryptocurrency issuers, as well as other intermediaries, operate in accordance with clear rules. While the industry generally does not pose a threat to the traditional financial sector, we must be vigilant to prevent this from happening.”
Gensler noted that the FSOC was able to effectively identify gaps in the regulation of the crypto industry and take into account the recommendations that the council published in its annual report.
The chairman of the US Securities and Exchange Commission (SEC), speaking before the US Department of the Treasury's Financial Stability Oversight Board (FSOC), said that the cryptocurrency market could well operate under the rules that apply to the securities market.
Gary Gensler stressed that he believes digital assets are too volatile and speculative, which puts investors at great risk:
“It is important that cryptocurrency issuers, as well as other intermediaries, operate in accordance with clear rules. While the industry generally does not pose a threat to the traditional financial sector, we must be vigilant to prevent this from happening.”
Gensler noted that the FSOC was able to effectively identify gaps in the regulation of the crypto industry and take into account the recommendations that the council published in its annual report.
Tether vows to exclude issuance of loans secured by USDT
The world's largest issuer of stablecoins has promised to stop the practice of issuing funds from its reserves
USDT stablecoin issuer Tether intends to remove all collateralized loans from its support in 2023.
Tether made the relevant statement after The Wall Street Journal stated that the stablecoin operator's growing list of loans could make it unable to repay debts in the event of a crisis. Tether reiterated that the collateralized loans held in its reserves are over-collateralized and covered by extremely liquid assets.
In addition, the company told the WSJ that its loans reached $6.1 billion, or 9% of Tether's total assets, as of September 30. The group's consolidated total assets reached over $68 billion in the third quarter. Tether claimed that borrowers offer "extremely liquid" collateral for these loans, but the operator now plans to phase them out entirely.
The world's largest issuer of stablecoins has promised to stop the practice of issuing funds from its reserves
USDT stablecoin issuer Tether intends to remove all collateralized loans from its support in 2023.
Tether made the relevant statement after The Wall Street Journal stated that the stablecoin operator's growing list of loans could make it unable to repay debts in the event of a crisis. Tether reiterated that the collateralized loans held in its reserves are over-collateralized and covered by extremely liquid assets.
In addition, the company told the WSJ that its loans reached $6.1 billion, or 9% of Tether's total assets, as of September 30. The group's consolidated total assets reached over $68 billion in the third quarter. Tether claimed that borrowers offer "extremely liquid" collateral for these loans, but the operator now plans to phase them out entirely.
Bloomberg learned about the investigation by the US Department of Justice of the withdrawal of funds from FTX
The US Department of Justice has opened a criminal investigation into the withdrawal of funds from the FTX cryptocurrency exchange. Bloomberg writes about this , citing sources.
According to the agency, the new process was initiated separately from the case of the former head of the company, Sam Bankman-Fried. In December, prosecutors charged him with eight criminal offenses. Lawsuits have also come from the SEC and the CFTC .
On November 11, FTX Group filed for Chapter 11 Bankruptcy. The next day, suspicious transactions became known - an unknown person transferred more than $400 million from the accounts of the bitcoin exchange to third-party addresses.
Elliptic calculated that the total damage from the attacker's actions amounted to $477 million . Bloomberg announced a smaller amount - $372 million. According to the agency, the authorities managed to freeze part of the withdrawn funds.
The US Department of Justice has opened a criminal investigation into the withdrawal of funds from the FTX cryptocurrency exchange. Bloomberg writes about this , citing sources.
According to the agency, the new process was initiated separately from the case of the former head of the company, Sam Bankman-Fried. In December, prosecutors charged him with eight criminal offenses. Lawsuits have also come from the SEC and the CFTC .
On November 11, FTX Group filed for Chapter 11 Bankruptcy. The next day, suspicious transactions became known - an unknown person transferred more than $400 million from the accounts of the bitcoin exchange to third-party addresses.
Elliptic calculated that the total damage from the attacker's actions amounted to $477 million . Bloomberg announced a smaller amount - $372 million. According to the agency, the authorities managed to freeze part of the withdrawn funds.
Twitter launches Bitcoin and Ethereum chart widgets
Twitter developers have added a feature that displays the price charts of the most popular cryptocurrencies for relevant search queries.
Ticker support for other cryptocurrencies, including Dogecoin, has not been implemented at the time of writing. But the function works in relation to their full names.
The initiative develops so-called $Cashtags - combinations of the $ icon and the ticker or name of a public company or ETF. In response to such a search query, the platform will display a chart and a link to Robinhood, where you can get a summary of the asset. The parties did not disclose the details of possible cooperation.
Elon Musk has promised additional improvements with a focus on finance, and the team will expand its coverage of cryptocurrencies “in the coming weeks.”
Earlier, the owner and CEO of the social platform shared slides of the presentation of the Twitter 2.0 update, which generated expectations about the integration of cryptocurrencies.
Twitter developers have added a feature that displays the price charts of the most popular cryptocurrencies for relevant search queries.
Ticker support for other cryptocurrencies, including Dogecoin, has not been implemented at the time of writing. But the function works in relation to their full names.
The initiative develops so-called $Cashtags - combinations of the $ icon and the ticker or name of a public company or ETF. In response to such a search query, the platform will display a chart and a link to Robinhood, where you can get a summary of the asset. The parties did not disclose the details of possible cooperation.
Elon Musk has promised additional improvements with a focus on finance, and the team will expand its coverage of cryptocurrencies “in the coming weeks.”
Earlier, the owner and CEO of the social platform shared slides of the presentation of the Twitter 2.0 update, which generated expectations about the integration of cryptocurrencies.
Fragment sold the most expensive anonymous number for 300,000 TON
On Tuesday, December 20, an unknown person purchased an anonymous number +888 8 888 on the Fragment blockchain platform for 300,000 TON (more than $730,000 at the exchange rate at the time of the transaction).
The lot has become the most expensive on the site since its launch on October 27. The previous record belonged to +888 0123 4567 — 30,211 TON (about $74,000).
Fragment was originally created to sell account IDs. In early November, the first Telegram username, @auto, was bought on the platform. Its cost was 900,000 TON (about $1.4 million).
On December 6, the messenger added the ability to register using an anonymous number instead of a SIM card. The Telegram team called this decision "a new era of privacy."
Recall that last week Toncoin (TON) quotes grew by 20% per day and reached $2.85.
Earlier, Telegram founder Pavel Durov announced a non-custodial wallet and decentralized applications, including DEX , from the messenger team.
On Tuesday, December 20, an unknown person purchased an anonymous number +888 8 888 on the Fragment blockchain platform for 300,000 TON (more than $730,000 at the exchange rate at the time of the transaction).
The lot has become the most expensive on the site since its launch on October 27. The previous record belonged to +888 0123 4567 — 30,211 TON (about $74,000).
Fragment was originally created to sell account IDs. In early November, the first Telegram username, @auto, was bought on the platform. Its cost was 900,000 TON (about $1.4 million).
On December 6, the messenger added the ability to register using an anonymous number instead of a SIM card. The Telegram team called this decision "a new era of privacy."
Recall that last week Toncoin (TON) quotes grew by 20% per day and reached $2.85.
Earlier, Telegram founder Pavel Durov announced a non-custodial wallet and decentralized applications, including DEX , from the messenger team.
Paxful CEO criticizes Ethereum and announces asset delisting
Paxful CEO Ray Yousef told customers in an email that the platform will delist Ethereum on December 22 at 15:00 (UTC).
Yousef also listed the specific reasons behind the delisting of Ethereum:
1️⃣ changing the algorithm from Proof-of-Work to Proof-of-Stake, due to which the second largest cryptocurrency by capitalization lost its uniqueness and became similar to the digital form of fiat;
2️⃣ lack of decentralization and control of Ethereum by a small group of people;
3️⃣ many billions of dollars of scams despite some successful ecosystem use cases.
According to the CEO of Paxful, the scam projects created by the possibility of tokenization “stole a valuable moment from bitcoin” and cost digital gold advocates “several years of travel”.
Recall that in December, Yousef called on bitcoin owners to independently store cryptocurrency instead of using centralized exchanges.
Paxful CEO Ray Yousef told customers in an email that the platform will delist Ethereum on December 22 at 15:00 (UTC).
Yousef also listed the specific reasons behind the delisting of Ethereum:
1️⃣ changing the algorithm from Proof-of-Work to Proof-of-Stake, due to which the second largest cryptocurrency by capitalization lost its uniqueness and became similar to the digital form of fiat;
2️⃣ lack of decentralization and control of Ethereum by a small group of people;
3️⃣ many billions of dollars of scams despite some successful ecosystem use cases.
According to the CEO of Paxful, the scam projects created by the possibility of tokenization “stole a valuable moment from bitcoin” and cost digital gold advocates “several years of travel”.
Recall that in December, Yousef called on bitcoin owners to independently store cryptocurrency instead of using centralized exchanges.
🇧🇷Brazil recognizes bitcoin as a means of payment🔥
In Brazil, bitcoin can be used as a means of payment and an investment asset. The law that secured this status for him was signed by President Jair Bolsonaro.
The head of state approved the document proposed by the Congress without changes. It will enter into force 180 days after signing. In the law, bitcoin is characterized as a digital representation of value.
The Bank of Brazil is expected to be responsible for using the first cryptocurrency as a payment. The Securities and Exchange Commission will take responsibility for overseeing digital gold as an investment asset.
Bitcoin Magazine did not rule out that the Central Bank of the country will not contribute to the formation of a favorable regime for the popularization of bitcoin as a means of payment.
Earlier, the regulator promised to issue a CBDC in 2024 after a closed pilot program with financial institutions.
In Brazil, bitcoin can be used as a means of payment and an investment asset. The law that secured this status for him was signed by President Jair Bolsonaro.
The head of state approved the document proposed by the Congress without changes. It will enter into force 180 days after signing. In the law, bitcoin is characterized as a digital representation of value.
The Bank of Brazil is expected to be responsible for using the first cryptocurrency as a payment. The Securities and Exchange Commission will take responsibility for overseeing digital gold as an investment asset.
Bitcoin Magazine did not rule out that the Central Bank of the country will not contribute to the formation of a favorable regime for the popularization of bitcoin as a means of payment.
Earlier, the regulator promised to issue a CBDC in 2024 after a closed pilot program with financial institutions.
The Waves team presented a plan to recapitalize USDN algostablecoin
The Waves Platform team has unveiled a “priority” recapitalization plan for the Neutrino USD (USDN) algorithmic stablecoin.
In early December, the Digital Asset eXchange Alliance, an association of South Korean cryptocurrency exchanges, issued a warning to investors about the risks associated with the Waves platform amid the loss of USDN parity against the US dollar.
The asset has not been able to re-link since August. At the time of writing, it is trading near $0.51. According to CoinGecko , the circulating offer is valued at $99 million.
According to Waves, the developers need to “restore the trust of arbitrageurs to participate in maintaining the USDN peg.” To do this, it is planned to increase the reserve provision of the asset and increase its price stability.
The Waves Platform team has unveiled a “priority” recapitalization plan for the Neutrino USD (USDN) algorithmic stablecoin.
In early December, the Digital Asset eXchange Alliance, an association of South Korean cryptocurrency exchanges, issued a warning to investors about the risks associated with the Waves platform amid the loss of USDN parity against the US dollar.
The asset has not been able to re-link since August. At the time of writing, it is trading near $0.51. According to CoinGecko , the circulating offer is valued at $99 million.
According to Waves, the developers need to “restore the trust of arbitrageurs to participate in maintaining the USDN peg.” To do this, it is planned to increase the reserve provision of the asset and increase its price stability.
Is it safe to transfer funds to Tether and stablecoins?
The precipitous collapse of UST and the stress test for many other stablecoins has raised serious concerns about the sustainability of the main stablecoin, Tether.
However, a detailed analysis of the main arguments against USDT confirms their failure. The reserves and liquidity of Tether assets are increasing, and the security of liabilities is confirmed by state and independent audits. Most importantly, however, is its ability to regain parity with the dollar despite the short-term depreciation immediately following the Terra crisis. Therefore, most realistic scenario for Tether is loss of leadership in favor of its competitor USDC.
However, the realization or non-realization of this scenario will depend on the dynamics of trading and the DeFi segment in the coming months. According to our estimates, all five leading stablecoins - USDT, USDC, BUSD, DAI and MIM - will successfully maintain parity with the US dollar for at least the next 2-3 years.
The precipitous collapse of UST and the stress test for many other stablecoins has raised serious concerns about the sustainability of the main stablecoin, Tether.
However, a detailed analysis of the main arguments against USDT confirms their failure. The reserves and liquidity of Tether assets are increasing, and the security of liabilities is confirmed by state and independent audits. Most importantly, however, is its ability to regain parity with the dollar despite the short-term depreciation immediately following the Terra crisis. Therefore, most realistic scenario for Tether is loss of leadership in favor of its competitor USDC.
However, the realization or non-realization of this scenario will depend on the dynamics of trading and the DeFi segment in the coming months. According to our estimates, all five leading stablecoins - USDT, USDC, BUSD, DAI and MIM - will successfully maintain parity with the US dollar for at least the next 2-3 years.
🇺🇸US exchange regulator fines Tether auditor $1.5 million
The Securities and Exchange Commission today charged accounting firm Friedman LLP with professional misconduct for failing to comply with Public Company Accounting Oversight Board standards in its audits of two public companies from 2017 to 2020. Friedman agreed to settle the costs and pay approximately $1.5 million in total cash assistance.
Without acknowledging or denying the Securities and Exchange Commission's findings, Friedman agreed to face conviction, honor his staff's training obligations, and pay $524,138 in damages, $40,574 in pending judgment, and a $1,000,000 monetary penalty. dollars.
The Securities and Exchange Commission today charged accounting firm Friedman LLP with professional misconduct for failing to comply with Public Company Accounting Oversight Board standards in its audits of two public companies from 2017 to 2020. Friedman agreed to settle the costs and pay approximately $1.5 million in total cash assistance.
Without acknowledging or denying the Securities and Exchange Commission's findings, Friedman agreed to face conviction, honor his staff's training obligations, and pay $524,138 in damages, $40,574 in pending judgment, and a $1,000,000 monetary penalty. dollars.
🚀 Tether, City of Lugano Announce Second Plan ₿ Forum in 2023
Tether Operations Limited (Tether), the company operating the blockchain-enabled platform tether.to that powers the first and most widely used stablecoin, and the Swiss city of Lugano announced today that the second annual Plan ₿ forum has been scheduled and will be held on Friday, October 20 through Saturday, October 21, 2023. The announcement comes just weeks after the conclusion of the massively successful, first-ever Plan ₿ forum, which attracted nearly 2,000 attendees. The first wave of tickets are on sale now at https://planb.lugano.ch/planb-forum at a special discounted rate that runs until January 31, 2023 or until they sell out.
The plan will scale blockchain and Bitcoin throughout the city to positively impact all facets of daily life for the residents of Lugano. From small transactions with local merchants to larger efforts – such as paying annual taxes – blockchain will serve as the foundation for the city’s financial exchanges.
Tether Operations Limited (Tether), the company operating the blockchain-enabled platform tether.to that powers the first and most widely used stablecoin, and the Swiss city of Lugano announced today that the second annual Plan ₿ forum has been scheduled and will be held on Friday, October 20 through Saturday, October 21, 2023. The announcement comes just weeks after the conclusion of the massively successful, first-ever Plan ₿ forum, which attracted nearly 2,000 attendees. The first wave of tickets are on sale now at https://planb.lugano.ch/planb-forum at a special discounted rate that runs until January 31, 2023 or until they sell out.
The plan will scale blockchain and Bitcoin throughout the city to positively impact all facets of daily life for the residents of Lugano. From small transactions with local merchants to larger efforts – such as paying annual taxes – blockchain will serve as the foundation for the city’s financial exchanges.
Tether blocks USDT for more than $8 million
USDT stablecoin issuer blacklisted three crypto addresses that tried to withdraw over $8 million via Bitfinex
Tether , the issuer of the stablecoin USDT, blacklisted three cryptocurrency addresses on the Ethereum network that tried to withdraw $8.2 million through the Bitfinex crypto exchange, according to Whale Alert.
Why the addresses are blocked is unclear. Who may be their owner is also not reported. Prior to blocking, the addresses successfully contacted the Tether smart contract to buy USDT in amounts from several hundred thousand US dollars, according to the transaction history.
This is not the first operation to block funds. At the end of August, the BeInCrypto editors wrote that Tether Limited blocked over 700 addresses where assets worth over $420 million were stored. At the same time, August 2022 became the company’s record blocking month, when the stablecoin issuer froze 716 addresses.
USDT stablecoin issuer blacklisted three crypto addresses that tried to withdraw over $8 million via Bitfinex
Tether , the issuer of the stablecoin USDT, blacklisted three cryptocurrency addresses on the Ethereum network that tried to withdraw $8.2 million through the Bitfinex crypto exchange, according to Whale Alert.
Why the addresses are blocked is unclear. Who may be their owner is also not reported. Prior to blocking, the addresses successfully contacted the Tether smart contract to buy USDT in amounts from several hundred thousand US dollars, according to the transaction history.
This is not the first operation to block funds. At the end of August, the BeInCrypto editors wrote that Tether Limited blocked over 700 addresses where assets worth over $420 million were stored. At the same time, August 2022 became the company’s record blocking month, when the stablecoin issuer froze 716 addresses.
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Tether freezes 46 million USDT owned by FTX
Tether freezes 46,360,701 USDT ($46.3 million) wallet address on Tron network
The stablecoin issuer Tether has frozen $46 million in USDT at the request of law enforcement. This is reported by Whale Alert . The wallet was frozen at 14:11 UTC on November 10th. Presumably it belongs to the FTX crypto exchange.
The crypto community has criticized Tether's decision, which does not comply with the principles of decentralization. However, this is not the first time that the stablecoin issuer has blocked wallets, including at the request of the authorities. For example, in October of this year, Tether froze three addresses that were trying to withdraw $8.2 million through Bitfinex. And in August, the stablecoin issuer froze 716 addresses.
Tether freezes 46,360,701 USDT ($46.3 million) wallet address on Tron network
The stablecoin issuer Tether has frozen $46 million in USDT at the request of law enforcement. This is reported by Whale Alert . The wallet was frozen at 14:11 UTC on November 10th. Presumably it belongs to the FTX crypto exchange.
The crypto community has criticized Tether's decision, which does not comply with the principles of decentralization. However, this is not the first time that the stablecoin issuer has blocked wallets, including at the request of the authorities. For example, in October of this year, Tether froze three addresses that were trying to withdraw $8.2 million through Bitfinex. And in August, the stablecoin issuer froze 716 addresses.
⁉️ What happened to the mining industry in 2022
According to Hashrate Index experts, the current crypto winter has not become a more difficult test for bitcoin miners than the previous ones. For example, during the bearish phase of 2020, revenue per kWh dropped to $0.083. Now the minimum is fixed at $0.108 (with half the duration of the incomplete cycle).
Analysts believe that North American miners will further increase their share in the hash rate of the first cryptocurrency.
The weight of public companies in the total is also likely to grow. However, this process will slow down - since the beginning of the year, the shares of companies traded on the stock exchange have lost up to 90% of their value. This will make it difficult for them to access additional funding.
According to many experts, the bear market will end in the spring of 2023. This is also indicated by the duration of similar previous periods. The industry will have time to prepare for the next Bitcoin halving, which will take place in 2024.
According to Hashrate Index experts, the current crypto winter has not become a more difficult test for bitcoin miners than the previous ones. For example, during the bearish phase of 2020, revenue per kWh dropped to $0.083. Now the minimum is fixed at $0.108 (with half the duration of the incomplete cycle).
Analysts believe that North American miners will further increase their share in the hash rate of the first cryptocurrency.
The weight of public companies in the total is also likely to grow. However, this process will slow down - since the beginning of the year, the shares of companies traded on the stock exchange have lost up to 90% of their value. This will make it difficult for them to access additional funding.
According to many experts, the bear market will end in the spring of 2023. This is also indicated by the duration of similar previous periods. The industry will have time to prepare for the next Bitcoin halving, which will take place in 2024.