Bitcoin tumbled more than 10% this morning after China broadened its clampdown on the cryptocurrency mining industry.
Last week, the hydropower-rich province of Sichuan reportedly instructed power companies to by Sunday. shows that pretty much all the largest 15 bitcoin mining pools by real-time computing power are seeing a notable hash rate drop over the past 24 hours as of writing, with some as much as 26%...
Given that China accounts for of global Bitcoin production, the country's current crackdown could dramatically reshape the Bitcoin mining industry as we know it. The mayor of Miami, Francis Suarez, last week invited Bitcoin miners to , stating that the region has an abundance of clean and cheap electricity thanks to nuclear energy. Some mining operations are flocking next door to Kazakhstan, and the Chinese ASIC manufacturer recently established an overseas after-sales centre in the region. One thing is for sure. The race to capture ousted Chinese Bitcoin miners is well and truly on.
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Crypto asset manager Grayscale announced Thursday that it is exploring 13 more investment products, including ones tied to Solana (SOL) and Polygon (MATIC) tokens. The new list comes a few months after Grayscale said in February that it was considering launching 23 new products, including those tied to Uniswap (UNI), Chainlink (LINK), and Polkadot (DOT) tokens. From those 23 products, Grayscale launched five.
Galaxy Digital will serve as a liquidity provider on Bitcoin futures for Goldman Sachs, as the securities firm re-enters the cryptocurrency markets. The digital-asset firm started by billionaire investor Michael Novogratz, a former Goldman partner, will provide futures block liquidity on CME Group Inc. for the Bitcoin cash-settled products. "Our goal is to equip our clients with best execution pricing and secure access to the assets they want to trade,” Max Minton, head of digital assets for Goldman Sachs’ Asia-Pacific division, said in a statement. “In 2021, this now includes crypto.”
So far in 2021, venture capital funds have poured $17bn into companies that operate in the crypto space, according to data provider PitchBook. That’s by far the most in any single year and nearly equal to the total amount raised in all previous years combined.
Ethereum supply on exchanges continues to dwindle in comparison to Bitcoin. With ETH 2 and staking around the corner, can this trend continue? The likelihood is quite high. Only 4% of the supply of Ether has been staked in comparison to other blockchains that have average 60% and over. This can potentially break correlations as fundamentals take centre stage. Learn more in our June Analyst Retrospective .
To say that the past year has been one of the most important in crypto’s history would be a severe understatement. Speaking to Institutional Asset Manager, our Head of Strategy says that even though digital assets have successfully catapulted into the mainstream investment arena, navigating this nascent asset class continues to throw up challenges for investors. .