Today at Chaintalk News

December 11, 2023

Why Bitcoin Can NEVER Be Replaced

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Bitcoin Starts the Week with a Critical Drop: What Does It Take to Recover?

Bitcoin and altcoins faced significant selling pressure on Monday, leading to a decline: What events could boost prices this week? The post Bitcoin Starts the Week with a Critical Drop: What Does It Take to Recover? appeared first on COINOTAG NEWS .
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Ripple CTO Triggers Unorthodox Bitcoin (BTC) Opinion Poll

Ripple CTO on Bitcoin (BTC): Will you 'Smash or HODL?'
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cointelegraph

Why is Bitcoin price down today?

Bitcoin price is down today due to excessively overbought conditions and miners offloading some BTC.

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Why is Bitcoin price down today?

Bitcoin price is down today due to excessively overbought conditions and miners offloading some BTC.
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As Bitcoin Starts the Week With a Decline, Institutional Investors Are Being Selective in Altcoins! Which Altcoin Is Interested In?

While the decline in Bitcoin and altcoins unnerved investors, CoinShares said there was an inflow of $43 million last week. Continue Reading: As Bitcoin Starts the Week With a Decline, Institutional Investors Are Being Selective in Altcoins! Which Altcoin Is Interested In?
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INJ prices up, Helix gains market share: All before Volan upgrade

Prices of INJ, a native token to the Injective Protocol, were $21.79 at the time of articulating this piece. While it is a drop from the recent high of $23.21, it still marks an interesting event, considering Injective has been experiencing an upward trend for a long time now. Most of it is credited to …
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This is when BNB will begin a bullish breakout

Unlike most other major cryptocurrencies that are decisively above their January values in the final month of 2023, BNB has … Continued The post This is when BNB will begin a bullish breakout appeared first on Finbold .
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Cathie Wood's ARK Invest Sells $49.2M Worth of Coinbase Shares

ARK has been consistently selling Coinbase stock in recent weeks. Friday's is the largest sale since July, when it sold 480,000 shares worth $50.5 million at the time.
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Bitcoin and Ethereum Price Collapse Leads to Liquidations Over $300 Million!

The sudden crash in Bitcoin and Ethereum prices affected the entire crypto market: Liquidations reached gigantic sizes! The post Bitcoin and Ethereum Price Collapse Leads to Liquidations Over $300 Million! appeared first on COINOTAG NEWS .
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cointelegraph

Bitcoin price correction hints start of altseason, trader suggests

BTC price momentum started in October and helped the world’s top cryptocurrency make significant strides, gaining nearly $10,000 in the past month.

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Bitcoin price correction hints start of altseason, trader suggests

BTC price momentum started in October and helped the world’s top cryptocurrency make significant strides, gaining nearly $10,000 in the past month.
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Crypto market shaken as Bitcoin plunges 6.5% in a 20-minute flash crash

Bitcoin, the world’s largest cryptocurrency, experienced a sudden and sharp decline in December, wiping out nearly a week’s worth of gains. In a mere 20 minutes, the price of Bitcoin plummeted by 6.5%, falling from $43,357 to a low of $40,659, before showing some signs of recovery. The unexpected drop in Bitcoin’s value had a ... Read more
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Why Is Ethereum Price Down To $2,200 Today?

The Ethereum price has been among the worst hit in the flash crash that took place on Monday. The crash sent the asset’s price down below $2,200 for the first time in the last week and has continued to trend low around this point. As the market shows a bit of recovery momentum, questions remain about what could have triggered the crash. Ethereum Price Fell Because Whales Have Been Selling One of the most obvious causes of the flash crash that affected the Ethereum price is the fact that large holders have been selling. This month, ETH hit its highest level in the last year and this sent a lot of investors back into profit. Now, since there has not been a complete bullish turnover of the crypto market, there are expectations that the market could crash and investors are trying to secure profits before this happens. Related Reading: Crypto Market Experts Predict When Cardano (ADA) Price Will Cross $7 Crypto analyst Ali Martinez flagged the selling from these large holders in a post on X (formerly Twitter) on Sunday. According to him, these large holders had actually begun selling when the price had first crossed $2,300. This means that the selling pressure had been mounting for a while before being reflected in the price. The whales who hold more than 10,000 ETH in their balances had been reducing their holdings toward the end of November. By December, their holdings had fallen to their lowest point in the last three months, showing proof of massive sell-offs by these whales. ETH price at $2,242 | Source: ETHUSD on Tradingview.com Uncertainty About Macro Factors Macroeconomic uncertainty has also played a role in the crypto crash that sent the Ethereum price to $2,200. One example of this is the CPI data release that is expected to take place on Tuesday. As investors eagerly await the results from the announcement, market fluctuations are expected. Related Reading: Why Is XRP Price Up Today? Ripple’s Massive Buyback May Have The Answer The November inflation data is also expected to be released this week, as well as the Fed’s decision and statement happening on Monday. Ahead of these events, high volatility is always expected as investors move to secure some of their positions. Nevertheless, Ethereum has begun to show some bullish momentum once more. It has since bounced from its lows of $2,170 and is back up above $2,000, where bulls are already providing a lot of support. If Bitcoin’s price continues to rise, Ethereum could reclaim the $2,300 level before the day is over. The price of ETH is sitting at $2,238 at the time of this writing, down 4.50% in the last 24 hours. Featured image from Quora, chart from Tradingview.com
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CEOs Rush to Mention AI in Earnings Calls, but Adoption Lags Behind

In recent times, the term “AI” has become synonymous with innovation and progress in the business world. An NBC News analysis has revealed that approximately 50% of S&P 500 earnings calls have included references to AI since May, placing it on par with mentions of interest rates and the Federal Reserve. While CEOs and corporate ... Read more
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Crypto Markets Plunged $80B Daily as XRP, ADA, DOT, LINK Dropped Hard (Market Watch)

AVAX has defied the market sentiment with a notable 10% surge.
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Ripple (XRP) Price Predictions, Bitcoin (BTC) Volatility, Bonk Inu (BONK) Rollercoaster: Bits Recap Dec 11

BTC plunged below $42K, BONK keeps climbing new peaks, while XRP was predicted to finish 2023 at around $0.80.
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Crypto fund worth $500M eyes Animoca Brands and Chainalysis: Report

The C1 Secondaries Fund, which invests in companies in the digital assets space, is reportedly seeking to invest in crypto firms at discounts of up to nearly 80%.
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cointelegraph

Crypto fund worth $500M eyes Animoca Brands and Chainalysis: Report

The C1 Secondaries Fund, which invests in companies in the digital assets space, is reportedly seeking to invest in crypto firms at discounts of up to nearly 80%.

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iPhone 16: Anticipated AI-Powered Superphone Set to Redefine User Experience

In the ever-evolving landscape of smartphone technology, Apple’s iPhone 16 is generating significant buzz with its potential to deliver a groundbreaking AI-powered user experience. As the tech industry continues to emphasize artificial intelligence (AI) and generative AI in particular, the iPhone 16 is poised to rise to the occasion. With competitors like the Google Pixel ... Read more
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Venus protocol’s DeFi recovery: Addressing the $270K Oracle issue

Decentralized finance (DeFi) platform Venus recently encountered a challenge with one of its price feed oracles, resulting in approximately $270,000 in borrowed funds in December. While some initially described it as an exploit, Venus clarified that the issue was related to an Oracle malfunction and that user funds remained secure. The protocol has pledged to ... Read more
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VanEck highlights Bitcoin’s role in evolving investment norms

In a recent analysis, VanEck, a notable asset management firm, has issued a cautionary stance on the future of Bitcoin (BTC) as an investment, underscoring that past performance does not indicate future results. This statement comes at a critical time when the firm is assessing the implications of incorporating Bitcoin into traditional investment portfolios, thus ... Read more
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M&G Invests $20M in UK Bitcoin Derivatives Platform GFO-X

Source: Pexels UK asset management firm M&G Plc announced it has invested $20 million in the bitcoin derivatives exchange, Global Futures & Options Holdings (GFO-X) looking to support “regulated trading of digital assets” and meet demand from institutional investors. GFO has a partnership with London Clearing House, which is regulated by the Financial Conduct Authority The post M&G Invests $20M in UK Bitcoin Derivatives Platform GFO-X appeared first on Cryptonews .
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Bank of Russia States Digital Ruble Pilot Will Continue Until the End of 2024

The Bank of Russia has offered an update on the future of the digital ruble pilot, the Russian central bank digital currency (CBDC). The bank’s press service clarified that the pilot will continue throughout 2024 and until the massification of the digital ruble usage, estimated to happen in 2025. Digital Ruble Pilot to Run Indefinitely
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Goldman Sachs Sees Fed Delivering First Rate Cut in Q3 2024: Reuters

The Fed's benchmark interest-rate range is currently 5.25% to 5.5%.
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Long liquidations spike to over $320 million today as bitcoin, ether stumble

The crypto market recorded $320 million in long liquidations, contributing to a total of $360 million in liquidations across exchanges.
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Shiba Inu Up 55% in 3 Months: Here is Major Resistance Coming

Shiba Inu (SHIB) has surged 55% in three months, but could face a potential sell wall at the $0.000016 price… The post Shiba Inu Up 55% in 3 Months: Here is Major Resistance Coming first appeared on The Crypto Basic .
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Enterprises Accelerate Adoption of Automation and AI

Automation and AI adoption are rising among enterprises, driven by the need to enhance operations and efficiency. A recent survey conducted by Digitate reveals that 90% of IT leaders plan to deploy more automation and AI solutions in the coming year. While this rapid adoption is promising, companies must address workforce concerns and anxiety associated ... Read more
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Is it Too Late to Invest in Avalanche (AVAX) and THORChain (RUNE)? Could This Token be Ideal for Your Portfolio?

TLDR Avalanche surges 9% in a week, and experts believe its uptrend will continue. THORChain spikes 7% in a week, with more growth coming before year’s end. Rebel Satoshi sees an influx of investors after promising colossal presale gains. The bullish momentum in the crypto market has seen top crypto
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Hong Kong High Court Rules Against Huobi Global in Trademark Infringement Lawsuit

Source: Adobe/piter2121 The High Court of the Hong Kong Special Administrative Region has ruled in favor of X-SPOT GLOBAL LIMITED in a trademark infringement case against Huobi Global Limited. The court issued an interim injunction, prohibiting Huobi Global Limited from using the “Huobi” trademark or any similar name or logo in Hong Kong during the The post Hong Kong High Court Rules Against Huobi Global in Trademark Infringement Lawsuit appeared first on Cryptonews .
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Ethereum (ETH) Biggest Price Wick In 2 Years: What Was That?

Ethereum just reminded everyone why being too leveraged is bad habit
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ATOM at the Forefront as Cosmos Eyes DEX Merger; Investor Enthusiasm Surrounds BorroeFinance Presale

With innovation continuously rocking the crypto sector, the Cosmos (ATOM) network is in high gear to integrate two decentralized exchanges, and this could push its native token’s value to unprecedented heights. On the other hand, BorroeFinance ($ROE) is making waves because experts see it as a game-changer in Web3 financing,
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Cardano chief’s casual tag leads to crypto chaos

Even minor actions can have serious consequences in the lightning-fast world of cryptocurrency. With this context in mind, consider the story of Charles Hoskinson, founder of Cardano, whose latest social media update triggered an ugly event in the cryptocurrency market. Recently, Hosinkson encountered controversy following a post in which he referred to his dog as …
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3 Cryptocurrencies That Can 10x or More Your Investment in 2024

A handful of digital assets are radiating with the promise of yielding substantial returns. Noteworthy cryptocurrencies include Cardano (ADA), PKT Cash (PKT), and 0x Protocol (ZRX) which all have big potential. In this article, we’ll provide an analysis of these three digital assets and the potential they hold for investment multiples. Cardano (ADA) Cardano (ADA), ... Read more
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Bitcoin’s Latest Surge: Correction or Consolidation?

Will Clemente, co-founder of Reflexivity Research, predicts an imminent correction in Bitcoin’s price, anticipating a sharp downturn to shake off “greedy” leveraged positions. Analyzing data from Glassnode, a blockchain data platform, Clemente highlights the historical trend of corrections in Bitcoin’s life cycle. In the 2015-2018 cycle, a 36% correction occurred during the bull run, and … Continue reading "Bitcoin’s Latest Surge: Correction or Consolidation?" The post Bitcoin’s Latest Surge: Correction or Consolidation? appeared first on Cryptoknowmics-Crypto News and Media Platform .
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Lässt Krypto Sexarbeiterinnen im Stich?

Sexarbeiterinnen sind seit langem mit finanzieller Ausgrenzung konfrontiert. Banken und Zahlungsdienstleister verweigern ihnen aufgrund des erwachsenen Charakters ihrer Arbeit häufig ihre Dienste. Das Aufkommen von Kryptowährungen schien eine Lösung zu bieten, da sie Anonymität und eine Möglichkeit zur Umgehung traditioneller Finanzinstitute bieten. Das Versprechen einer Bankalternative steht jedoch vor Herausforderungen, da Krypto-Börsen unter verschärfter behördlicher ... Read more
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Cardano (ADA) Investors Take Note: A New Contender Rises in the Crypto Arena

TLDR Cardano’s (ADA) recent network activity shows strong signs of a potential rally. ADA’s value has also risen impressively since the end of October. NuggetRush (NUGX) has unveiled a mining adventure with several opportunities for earning financial rewards. Cardano (ADA) has capitalized on the recent bullishness in the crypto market
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Bonk (BONK) surges to become third-largest memecoin

In a surprising turn of events, the Solana-based dog-themed memecoin, Bonk (BONK), has climbed the ranks to become the third-largest memecoin by market capitalization. This unexpected surge occurred on December 8th, as Bonk’s recent price growth soared by an impressive 370% in just the last month. CoinGecko data now reveals that Bonk boasts a market ... Read more
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Pudgy Penguins Reveals Details About Upcoming Virtual World

Ethereum-based NFT collection Pudgy Penguins has revealed details about its upcoming Pudgy World, as it plans to make a foray into the gaming industry through its virtual world.
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Binance Ends Bitcoin And Ethereum P2P Trading, But There’s A Catch

The world’s largest crypto exchange Binance on Monday said it will end support for the Russian Ruble (RUB) P2P trading pairs in January-end including Bitcoin and Ethereum. The move comes after Binance entered into an agreement to sell the entirety of its newly established Russia business to CommEx amid rising regulatory pressure. Binance To Discontinue The post Binance Ends Bitcoin And Ethereum P2P Trading, But There’s A Catch appeared first on CoinGape .
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Giant Bitcoin Exchange Partners with Crypto Company Conio to Enter the Italian Banking Sector!

It has been announced that a new partnership has been established between crypto wallet provider Conio and the largest crypto exchange in the USA. Continue Reading: Giant Bitcoin Exchange Partners with Crypto Company Conio to Enter the Italian Banking Sector!
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Worldcoin targets $50M boost with exciting discounted token sale

Worldcoin, a project co-founded by Sam Altman of OpenAI, is reportedly planning a discounted token sale to raise $50 million. According to sources, the sale, managed by Tools for Humanity (TFH), the principal developer firm behind Worldcoin, will offer WLD tokens at $1 each, a notable markdown from their current market price of $2.51. This ... Read more
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KuCoin Labs invests in Dovi: A strategic move in Bitcoin Layer 2 solutions

KuCoin Labs, the investment arm of the KuCoin ecosystem, has announced a significant investment in Dovi, a Bitcoin Layer 2 solution. This move reflects KuCoin Labs’ commitment to blockchain technology and its recognition of the evolving crypto landscape. KuCoin Labs, the investment and incubation arm of the KuCoin ecosystem, has made a strategic investment in ... Read more
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HTX Sees Massive Withdrawals as Users Lose Trust in the Exchange

HTX exchange faces over $256 million withdrawal after a major hack, raising security and trust concerns in the crypto world.
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Nvidia plans Vietnam expansion for AI development

Nvidia CEO said the company has plans to expand its partnership in Vietnam and potentially set up a base to attract local talent in the AI industry.
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Ripple CTO Disproves “Bitcoin is a Ponzi Scheme” Sentiment

Ripple CTO, David Schwartz, has waded into the Bitcoin (BTC) “Decentralized Ponzi Scheme” debate, using the coin’s economic incentivization argument… The post Ripple CTO Disproves “Bitcoin is a Ponzi Scheme” Sentiment first appeared on The Crypto Basic .
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Analyzing BNB and Chainlink price action, Everlodge stage 7 presale sells out

BNB is under pressure after Changpeng Zhao's resignation, Chainlink and Everlodge are being considered. ELDG presale is in progress
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Coinbase backers’ crypto fund C1 Fund eyes Australian deals

Crypto venture capital firm C1 Fund is eyeing new deals in Australia as it looks to expand its presence in the region. C1 Fund, established by Coinbase backers and lawyers, is said to be actively seeking undervalued assets in the…
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cointelegraph

Nvidia plans Vietnam expansion for AI development

Nvidia CEO said the company has plans to expand its partnership in Vietnam and potentially set up a base to attract local talent in the AI industry.

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XRP Lawyer & Dogecoin Founder Slam Wikipedia’s Jimmy Wales Over Bitcoin Comment

In a recent social media post, Wikipedia founder Jimmy Wales sparked a heated debate by comparing the reliability of banks to the functionality of Bitcoin. Meanwhile, prominent figures from the crypto space like XRP Lawyer John Deaton and Dogecoin founder Billy Markus took center stage in this discourse, offering personal anecdotes and insights to counter The post XRP Lawyer & Dogecoin Founder Slam Wikipedia’s Jimmy Wales Over Bitcoin Comment appeared first on CoinGape .
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Bitcoin: Up, down, or sideways? Breaking crypto’s next chapter

Bitcoin’s historic rise can be traced back to how it has gained momentum in the last 12 months. The token is up by 144.69% at the time of drafting this article, with speculation that BTC would soon surpass the $65k mark. However, it is subjected to a volatility factor, which adds worries to investors irrespective …
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A Mindset Shift Is Necessary for Brands to Succeed in Web3

Web3 is a growing niche, but what do brands have to do to prepare for it?
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Will Bitcoin ETFs follow gold ETFs’ path to success?

Will the much-anticipated approval of spot Bitcoin ETFs be the catalyst for widespread adoption, or could it paradoxically hinder Bitcoin's growth?
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SNX Price Rally Eyes An 80% Bull Run If This Barrier Falls!

The post SNX Price Rally Eyes An 80% Bull Run If This Barrier Falls! appeared first on Coinpedia Fintech News Following the long-term consolidation in 2023, Synthetic makes a stellar comeback like a phoenix rising from its ashes. The SNX price bouncing from the $1.44 support challenges the overhead resistance of the consolidation range and teases an upside break in Synthetix. However, with the week starting as a pullback for the entire market, the Synthetix …
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Hut 8: My Top Pick For Capturing The Imminent Bitcoin Bull Run

Summary Bitcoin prices are expected to rise in 2024 due to factors such as the 4th halving event, regulatory transparency for BTC ETFs, and the dwindling supply of BTC. Bitcoin typically embarks on a long-term bull cycle 6 to 12 months after each halving event, with some forecasts predicting prices climbing to over $100,000 by late 2024. Hut 8 Corp. presents a compelling investment opportunity with its balanced business model, material bitcoin exposure, and diversification into other revenue streams. The Investment Thesis In 2024, many uncertainties lie ahead as the United States presidential election process unfolds and the potential for economic recession or slowdown looms. The outcomes of both the election and the economy are far from certain. However, one factor that I anticipate with confidence is the rise of Bitcoin ( BTC-USD ) prices. Although nationwide and worldwide conditions outside of the cryptocurrency sector may become volatile or turbulent, the underlying value of BTC will prove to be resilient. Over time, as institutional adoption of BTC continues increasing and its perception shifts from a niche asset to a recognized store of value, I expect market demand and valuation will ascend accordingly. Amidst pervasive ambiguity in other market, the growth trajectory of BTC will provide an oasis of certainty in 2024. Three Pillars of Support in 2024 There are three foundational factors underpinning my belief that BTC prices will rise meaningfully in 2024: The 4th BTC halving event is scheduled for 17 April 2024. This will reduce the block reward from 6.25 BTC to 3.175 BTC, decreasing new BTC supply entering circulation. In 2024, we may see regulatory transparency regarding BTC exchange-traded funds (ETFs), with over 10 potential ETF filings . This could pave the way for increased institutional investment into BTC. Over 92.8% of BTC has already been mined , with approximately 1.5 million BTC remaining. This exponential dwindling of future supply lends scarcity value. According to basic economic principles of demand and supply dynamics, a notable cut to new supply coupled with incremental demand growth should inherently increase market pricing. Furthermore, as valuations rise post-halving, this fosters a positive feedback loop - higher prices incentivize additional mining to take advantage of network transaction fees, driving further demand for existing circulating coin and putting upward pressure on prices. While immediate post-halving effects may be muted, history demonstrates BTC typically embarks on a long-term bull cycle 6 to 12 months after each halving event. Several analysts forecast prices climbing to over $100,000 or higher by late 2024. For investors seeking exposure, companies most directly leveraged to BTC's success include miners, whose top-line revenues and margins expand dramatically in an appreciating market, as well as cryptocurrency exchanges benefiting from trading volume growth. Of these, I view miners as the purest play, with earnings essentially acting as a proxy for BTC's price performance. Their shares could outperform meaningfully should an expected resurgence in the crypto sector take hold. Evaluating the Risk While BTC mining companies stand to benefit immensely from rising prices in 2024, there are some notable challenges to consider. BTC mining is a highly capital-intensive endeavor that requires significant investment in GPUs to increase hash rate and maximize coin production. However, with each halving event, rewards are cut substantially, meaning miners must exponentially grow their hashing power just to maintain pre-halving output levels. These further drives up electricity costs and maintenance expenses. Additionally, the environmental impact of large-scale BTC mining has garnered significant scrutiny . As the global hash rate climbs, energy consumption also grows exponentially. Some estimates indicate BTC mining currently uses around 150 terawatt-hours of electricity annually - more than many medium-sized countries. Critics argue this threatens decarbonization efforts and climate targets. Transitioning existing operations to renewable energy also presents cost and logistical hurdles. Regulators have taken notice - China previously dominated due to inexpensive coal but has since banned mining over environmental concerns. Other jurisdictions may follow suit without meaningful progress on sustainability. While miners are exploring renewable solutions like solar, scaling green energy infrastructure requires extensive long-term investment. Technical debates also question BTC's ability to properly incentivize sustainability at its current scale. Overall, responsibly managing this growing environmental footprint remains a paramount long-term risk if regulatory restrictions are to be avoided. Mitigation For these reasons, in my opinion miners should diversify beyond solely focusing on BTC extraction. Relying exclusively on a single volatile asset class is risky, as proven during the steep crypto market declines when prices plunged to just slightly above US$16k, rendering mining unprofitable and even causing some firms to become insolvent. During such periods dubbed "crypto winters", miners were often forced to liquidate their holdings just to stay afloat. A better strategy is for companies to develop diverse revenue streams in fiat currencies to weather downturns. Additionally, HODLing some portion of mined BTC according to a set strategy, rather than constant selling, allows benefits from upside appreciation potential. Those able to retain holdings have an opportunity to leverage them for loans or sell during future bull markets. In summary, the ideal miner exposure for investors like myself seeking BTC upside is one with a balanced model featuring both fiat income diversification and a BTC HODLing policy. This mitigates risk while maintaining linkage to BTC price performance over the long term. My Ideal Miner Hut 8 Corp. ( HUT ) presents a compelling investment opportunity premised on a balanced business model and material BTC exposure. Recently merging with US Bitcoin Corp, HUT has strategically expanded beyond sole reliance on mining operations for its revenue with numerous opportunity to earn fiat income. The acquisition of TeraGo's five data center facilities in Toronto in early 2022 introduced a profitable high-performance computing segment into its portfolio. Post-merger, HUT will enter the burgeoning management services division, catering to crypto miners such as Marathon Digital ( MARA ), Foundry, Sphere 3D ( ANY ), Decimal Group, and TeslaWatt. Both segments contributes a steady flow of fiat income to HUT. HUT Dec 2023 Presentation HUT has experienced significant growth in its mining hashrate, effectively tripling it to reach 7.5 exahashes per second (EH/s). While this expansion is noteworthy, HUT's anticipated year-end 2023 rate remains relatively average compared to its peers, such as MARA, Riot Blockchain ( RIOT ), and Core Scientific ( CORZQ ), who are targeting or achieving mining hashrates between 10-17 EH/s. However, the escalation of hashrate appears to be of lesser importance in HUT's future strategy. Instead, the management's focus has shifted towards diversifying revenue sources by generating fiat income. This prudent approach positions the company well for the upcoming BTC block reward halving, scheduled to take place in just five months. In terms of maintaining exposure to the potential growth of BTC price, HUT currently holds an impressive amount of over 9,366 BTC, placing it among the top 20% of global BTC holders. If BTC reaches the projected price target of $100k, the value of this stake alone would increase to $936 million, excluding the core mining operations and diversified fiat revenue streams. During the investor's call on 4 Dec 2023, management indicated that the current net worth of the company is $497 million. The diversified fiat revenue is expected to contribute 30% to the projected 2023 income, amounting to over $45 million out of the total of $152.4 million. With the aforementioned positive factors, HUT solidifies its position as a leading miners play, poised to leverage the anticipated 2024 BTC bull market. HUT Dec 2023 Presentation Other Potential Catalyst Going Into 2024 US Bitcoin Corp has recently secured a deal to acquire mining assets from the bankrupt lender, Celsius. As per the deal, the company will become the “exclusive operator” of the Celsius mining fleet and will receive a $15 million annual management fee for the mining assets, net of operating expenses, for five years. This arrangement positions HUT to garner an additional $15 million in fiat revenue annually for 5 years. On the other hand, HUT is also exploring diversification into the energy sector by placing a “ stalking horse bid ” to acquire certain assets of Validus, its former power supplier to its BTC mining facility in North Bay. If successful, this strategic bid would result in 80% ownership of a new power business and put an end to all litigation claims and counterclaims between HUT and Validus. Risk Relating to Investment Into HUT Beyond the risks associated with investing in a BTC mining firm discussed previously, a primary concern for an investment in HUT at the present juncture relates to post-merger management alignment and strategic cohesion. It is important to note that this merger combined two distinct companies, resulting in a sizeable leadership contingent comprising 5 C-level executives, 7 senior managers, and 7 Board of Directors. Potential challenges arise in unifying strategic vision and decision-making if behaviors such as clashing of ego and differing visions appears. At the extremes, irreconcilable discord could potentially lead to a disruptive breakup of the combined company. More likely, moderate dissonance might slow the pace of initiative development as competing agendas vie for prioritization. Therefore, attentiveness to cohesive team-building and unitary strategic communication will be paramount to mitigate the threats to integration and performance inherent in fusing multiple established organizational cultures under joint leadership. Successful alignment of this expanded management system remains a prominent risk factor warranting ongoing monitoring. Valuation Valuing BTC mining companies presents challenges due to historical volatility across crypto market cycles. To establish more robust valuation benchmarks, I will analyze HUT with a peer group of established miners with stable business profiles spanning multiple years - ( HIVE ), ( MARA ), ( BITF ), and ( RIOT ). Taking the median price-to-sales ((PS)) and price-to-book ((PB)) ratios across this peer cohort over time yields more representative benchmarks. Based on HUT's stated $152.4 million pro forma revenue and $497 million net worth post-merger, applying these multiples provides target valuation ranges. Using information from Macrotrend's website , the median PS ratio was 8.71x. At 8.71x HUT's $152.4 million revenue points to a market cap of $1.327 billion. Meanwhile, the median PB of 2.16x applied to its $497 million book value equates to a market cap of $1.073 billion. As revealed by Sue Ennis, the Investor Relations executive of HUT, in her X account, that HUT currently has 88 million shares outstanding post-merger, this implies a per share value between $12.19 - $15.08 currently - representing upside of 19%-47% (against $10.25 as of 12 Oct 2023). Sue Ennis X Account It is important to note this does not incorporate potential synergies from integration, additional income streams such as managing Celsius assets, or prospective energy segment revenues. Moreover, the valuation excludes the enormous appreciation possible if BTC reaches $100k, equating to $936 million in value from HUT's 9,366 BTC reserves alone. Adopting peer-derived, multi-year valuation metrics provides a foundation for HUT's potential in 2024. Upside drivers leave significant room for outperformance as the mining sector prepares to capture BTC's anticipated bull market in 2024. Closing Thoughts All evidence points to 2024 being a watershed year for BTC, as the 4th halving is programmed to constrict new supply entering circulation amid burgeoning institutional adoption propelling prices to new heights. Miners afford the most direct play on the coin's returns, though navigating industry volatility, capital intensity and sustainability necessitates balance. HUT stands out through acquisitions expanding businesses and holdings, positioning itself at the vanguard of resilient miners poised to maximally leverage the anticipated bull market. Therefore, with its diversified revenue streams buttressing pure-play exposure, HUT represents my highest conviction investment to profit from BTC forecasted price appreciation through 2024 and beyond. Finally, compared to solely holding BTC, HUT offers a preferable risk-adjusted opportunity in my view. Its diversified business model provides ongoing revenue and upside even if BTC does not move as expected post-halving or regulatory clarity is delayed. Furthermore, as per the comparison below, HUT remains comparatively undervalued versus peers that have appreciated substantially since 22 Oct 2023 (when BTC prices goes above 30k) as one of the premier miners yet to fully participate in the crypto sector's recent momentum. Yahoo Finance For prudent investors seeking leverage while balancing risks, HUT presents advantages over investing on BTC in isolation. Editor's Note : This article was submitted as part of Seeking Alpha's Top 2024 Long/Short Pick investment competition , which runs through December 31. With cash prizes, this competition -- open to all contributors -- is one you don't want to miss. If you are interested in becoming a contributor and taking part in the competition, click here to find out more and submit your article today!
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cointelegraph

$300M crypto long liquidations — 5 things to know in Bitcoin this week

BTC price action obliterates latecomers betting on continued upside as Bitcoin analysts and miners breathe a sigh of relief.

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cointelegraph

South Korea excludes NFTs, CBDCs from crypto interest mandate

Users who deposit digital assets to exchanges in South Korea will be eligible to receive interest on their deposits.

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Crypto exchange HTX sees outflows top $258M following exploit

The Justin Sun-linked crypto exchange HTX had $258 million in outflows after a $30 million exploit in November.

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Google policy update allows ads for US crypto trusts

Google will allow ads for U.S. based-crypto trusts from January, with the change seemingly coming in the same month that spot Bitcoin ETFs are predicted to be approved.

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DeFi protocol Venus seeks to patch $270K hole from oracle incident

The DeFi lending and borrowing protocol has confirmed it was affected by a malfunctioning Binance price oracle but confirmed user funds were safe.

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cointelegraph

Google’s Gemini demo accused of being ‘fake’

Onlookers praised the Gemini tech demo from Google upon its release on Dec. 7, but the tech firm admits some of it was jazzed up for “brevity.”

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Bitcoin wipes nearly a week of gains in 20 minutes, falling under $41K

The price of Bitcoin suddenly dropped 6.5% to fall below $41,000 on Dec. 11, wiping out around five days of gains.

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Solana memecoin Bonk flips Pepe following 370% monthly gain

The dog-themed token has surged to become the third-largest memecoin overall.

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Celeb NFTs and cringy ads — Analysts share their signs of a Bitcoin peak

With a major rally expected sometime in 2024, industry watchers have shared the top signals they look for to indicate when crypto has reached peak euphoria.

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cointelegraph

Blockchain is fueling this emerging tech hub in Portugal: Madeira Blockchain 2023

The Madeira Blockchain Conference 2023 showcased startups exploring blockchain solutions for real-world problems across different industries.

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Bitcoin bulls’ run toward $45K could produce tailwinds for UNI, OP, TIA and STX

Bitcoin bulls could make a strong push to get BTC through the $45,000 resistance this week. Will UNI, OP, TIA and STX follow?

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cointelegraph

Bitcoin inscriptions added to US National Vulnerability Database

The United States National Vulnerability Database (NVD) flagged Bitcoin’s inscriptions as a cybersecurity risk.

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cointelegraph

Block size and scalability, explained

Block size and scalability trade-off involves optimizing transaction capacity while ensuring network performance amid increasing demand.

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cointelegraph

AI deepfake nude services skyrocket in popularity: Report

Social media analytics company Graphika noted a stark increase in offerings of synthetic NCII services.

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KyberSwap exploiter linked to $50M HXA token movement

Blockchain security firm Cyvers said the KyberSwap exploiter’s acquired funds were spread across various externally owned accounts now recognized as the top HXA tokenholders.

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cointelegraph

UK FCA crypto skills gap is causing slow enforcement

The National Audit Office said it took nearly three years for the U.K. Financial Conduct Authority to address illicit activity in crypto ATMs nationwide.

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US gov’t removes two crypto AML rules from national defense bill

The two provisions abolished from the National Defense Authorization Act centered around Anti-Money Laundering issues linked to cryptocurrency.

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DOJ unveils extensive monitorship of Binance operations

Binance’s new compliance obligations include cooperation to grant U.S. authorities access to all documents, records and resources upon request.

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Tether announces wallet-freezing policy for OFAC-sanctioned persons

Tether is expanding control sanctions to the secondary market in an effort to cooperate with regulators in the United States.

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Lifinity USDC pool drained by arbitrage bot

A bug on an Immediate-or-Cancel order led to the drainage of nearly $700,000 from Lifnity’s LFNTY-USDC pool.

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cointelegraph

Why is Cardano price up today?

Cardano price continues its rebound move in December, with ADA price up 75% already as altcoins catch up to Bitcoin's rally.

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cointelegraph

Bitcoin dominance threatens ‘likely top’ despite BTC price eyeing $45K

Bitcoin analysis suggests that all may not be well for BTC price strength as altcoins make their move.

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cointelegraph

How blockchain transforms Christmas giving

Unwrap the magic of how blockchain reshapes the landscape of Christmas giving, bringing innovation and efficiency to the age-old tradition.

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cointelegraph

FTX and Alameda move $23.59M in assets to Binance, Coinbase, OKX

The latest transfer of $23.59 million was spread across 19 tokens, including ETH, ALEPH, CRV, AVAX, LINK, DOGE, MATIC, UNI and SOL.

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cointelegraph

VanEck files 5th amendment to spot Bitcoin ETF under ‘HODL’

Analysts say the ticker code could help avoid negative attention on adviser statements.

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Binance’s CZ must stay in US, Elon Musk seeks $1B for AI, and other news: Hodler’s Digest, Dec. 3-9

Binance’s CZ will have to wait for his sentencing in the United States, the U.S. Congress passed a bill supporting blockchain, and Elon Musk’s xAI seeks $1 billion in capital.

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