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Cryptocurrency

Bitmain company founder decides to buy out troubled miners

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Bitmain CEO

Chinese billionaire and co-founder of Bitmain company Jihan Wu creates a $250 million fund for the purchase of mining devices from financially unstable bitcoin miners. This is reported by Bloomberg, citing representatives from Bitdeer Technologies, which belongs to Wu.

The company intends to raise another $200 million from outside investors such as family offices, venture capital firms and alternative investment funds. Bitdeer CEO Matt Kong says the company sees the current market as an “opportunity” to invest.

As Bloomberg notes, in a market downturn, highly leveraged miners are selling mining devices at a big discount. In some cases, prices for some ASICs are falling by more than 50%, the publication said. However, it remains unclear from which companies Bitdeer plans to buy back the mining equipment.

This is not Bitmain CEO Wu’s only investment this month. Earlier, Bitmain CEO purchased the physical Le Freeport storage facility for $28.4 million on behalf of Bitdeer Technologies. Le Freeport will store artwork, gemstones, and gold and silver bullion.

We previously reported that Galaxy Digital’s Top Crypto Trading Manager left the company.

Cryptocurrency

Will Bitcoin’s (BTC) Price Crash if Kamala Harris Becomes President of the USA (ChatGPT Speculates)

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TL;DR

  • The presidential elections in the United States could severely affect the cryptocurrency market. Trump’s possible victory might boost BTC due to his pro-crypto stance, while his potential loss could have the opposite effect.
  • Biden’s withdrawal has Trump and Harris tied at 44% support each, while Robert Kennedy trails behind.

Bitcoin’s Possible Reaction

The US presidential elections, scheduled for November this year, have been a highly intriguing topic recently due to Joe Biden’s withdrawal from the race.

The current political leader of the States claimed his decision was “in the best interest” of the country, backing Vice President Kamala Harris as the Democratic nominee. Shortly after, she received support from the majority of the party delegates, meaning she has the best chance to oppose the Republican candidate, Donald Trump.

The voting result may trigger enhanced volatility in the cryptocurrency market, particularly bitcoin’s (BTC) price. Over the past several months, Trump has presented himself as a pro-crypto candidate, promising to let the industry thrive. He also claimed America should increase its BTC mining efforts and opposed the idea of launching a central bank digital currency (CBDC). 

This has caused some industry participants to envision a crypto rally in the event of his potential election as the 47th President of the USA.

But what would happen to the market if his opponent wins? We referred to ChatGPT with that specific question. The AI-powered chatbot estimated that BTC’s valuation might be negatively impacted in the short term by such a development, assuming that Harris’ administration follows the steps of the current presidency.

Biden’s cabinet has previously addressed the risks related to the cryptocurrency industry, emphasizing the need to implement strict and comprehensive rules in the space. It also explored the idea of launching a CBDC. 

On the other hand, ChatGPT claimed that Harris’ potential election could benefit BTC investors if her administration enforces “a balanced regulatory framework that promotes innovation while ensuring security.”

Ultimately, the specific policies and regulatory measures implemented by her administration will play a crucial role in shaping Bitcoin’s market response. Market sentiment, global economic conditions, and other external factors will also significantly influence Bitcoin’s price,” the chatbot concluded.

Who Has the Upper Hand?

Recent polls show that Trump collects 43.5% support versus 40.2% for Biden. His lead started increasing at the end of June when the two opponents met for a public debate. The gap became even wider following the unsuccessful assassination attempt on Trump on July 13. Back then, a 20-year-old gunman shot at him, but the bullet only scraped his ear.

Biden’s withdrawal, though, has seemingly changed the distribution of the votes. According to Ipsos, Trump and Harris have equal chances (44% of the total support each) to emerge victorious in less than four months.

Robert Kennedy – the independent candidate – is trailing behind in the third spot. Interestingly, he has also publicly expressed strong support for BTC and voiced opposition to creating a digital dollar. Last year, he pledged to strengthen America’s official currency by backing it with certain precious metals and Bitcoin.

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Multipool Secures Strategic Investment from Industry Giant Kronos Research

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[PRESS RELEASE – Majuro, Marshall Islands, July 23rd, 2024]

Multipool, a leading innovator in the blockchain and cryptocurrency industry, today announces a strategic investment from Kronos Research. This investment solidifies Kronos’s stance of on-chain order books being the future of the industry and marks a significant milestone in strategic cooperation between the two companies and their commitment to decentralized finance.

“We’re absolutely thrilled to be working with Kronos Research, with our expertise in the DeFi sector and the potential of our fully trustless decentralized on-chain orderbook, we envision an eventful future working with some of the best and brightest in the industry at Kronos Research.” Steve Murray, Core Contributor at Multipool.

“At Kronos, we have been leading the charge in liquidity provision, driven by our belief in trustless transactions and their transformative potential. We are thrilled to partner with Multipool to advance the digital asset landscape, providing enhanced solutions for global traders and investors.” Vincent Liu, COO of Kronos Research

The Future of Decentralized Finance

Multipool’s aim of delivering a fully on-chain trustless orderbook to the DeFi industry aligns with Kronos’s vision of democratizing access to compliant advanced financial tools. This marks the first step in a long and fruitful partnership that will bring stability, awareness and access to a suite of full decentralized tools currently in high demand industry wide.

To learn more about Multipool and its features, users can visit:

Websitewww.multipool.finance

Telegramt.me/multipoolfi

Xhttps://x.com/multipoolfi

CMC-Community https://coinmarketcap.com/community/profile/multipool/

About Multipool

Multipool is a cutting-edge decentralized exchange (DEX) transforming the trading landscape for real-world assets (RWAs) and cryptocurrencies. Multipool is designed for fairness and equality, featuring a fully decentralized on-chain order book, deep liquidity through dynamic bracket pools, and seamless trading of RWAs and cryptocurrencies. Utilizing world-class innovations including industry-first FIX APIs, low latency networks, zero price impact auctions, trustless RFQs, peer-to-peer repo lending, and MEV bot protection, Multipool sets a new standard in DeFi trading. Experience unparalleled efficiency and security in the user’s trading journey with Multipool – The DEX with CEX appeal.

Website: https://www.multipool.finance/

About Kronos Research

Kronos Research is a technology and data-driven trading firm transforming the digital asset landscape by cultivating a dynamic financial ecosystem with exceptional trading performance, advanced cryptocurrency investment strategies, and extensive liquidity provision capabilities.

Their advanced machine-learning techniques and state-of-the-art trading infrastructure form the backbone of our quantitative trading operations. These enables them to deliver precise data and insights, bolster risk management, develop effective trading strategies, and empower informed investment decisions.

By leveraging our expertise, they strive to foster strong partnerships and deliver significant value through continuous advancement and innovation.

For further information or media inquiries, users can contact:

Marketing Department

marketing@kronosresearch.com

Website: www.kronosresearch.com

Social Media: [LinkedIn] [Twitter] [Facebook] [Instagram]

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Coinbase Premium Turns Positive in Early July: A Signal of Renewed Institutional Interest?

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The Coinbase premium turned positive in early July after a period of concern following a dip in mid-May

According to research from Kaiko, this could hint at a resurgence of institutional interest in Bitcoin.

Renewed Institutional Interest

The Coinbase premium, which measures the difference between hourly bitcoin prices on Coinbase’s BTC-USD pair and Binance’s BTC-USDT pair, is a key indicator of institutional sentiment in the cryptocurrency market.

On July 1, crypto analyst David Lawant pointed out that the Coinbase premium had fallen to worrying lows. He recalled a similar occurrence where a major crypto rally followed months after the premium had turned negative.

His analysis suggested that this metric could once again signal an upcoming market rally. By July 15, the premium surged to a two-month high, reinforcing Lawant’s bullish outlook.

According to Kaiko, this positive turn in early July followed its lowest level since the Terra collapse in 2022, witnessed at the end of June. Given that institutional trading volume makes up over 80% of activity on Coinbase, the premium is often seen as a measure of institutional sentiment.

Historically, the Coinbase premium has been closely linked with major market events. For instance, the collapses of Terra and FTX significantly reduced institutional demand for Bitcoin, causing the premium to dip into negative territory. However, the recent positive shift in the premium suggests an increase in institutional interest in BTC.

Kaiko also noted that the recent rise in the Coinbase premium may have been influenced by the increased volatility of Tether’s USDT. This volatility coincided with the European Union’s implementation of the Markets in Crypto-Assets Regulation (MiCA), imposing stringent requirements on stablecoin issuers.

Tether, currently non-compliant with these regulations, faced restrictions for European Economic Area (EEA) users by major cryptocurrency exchanges. Consequently, USDT lost its peg to the USD at the end of June but managed to recover by early July on most exchanges despite continued struggles on less liquid platforms like Binance.US.

Spot-Driven Rally

Market analyst HornHairs interprets bitcoin’s largest Coinbase premium in two months as a sign that the current rally is primarily driven by spot buying. This suggests that the rally, if sustained, will be led by altcoins within the Bitcoin and Ethereum blockchains, given their prominence as the first and second-largest networks in the crypto industry.

When bitcoin commands a higher price on the largest U.S. exchange, it indicates significant buying pressure from U.S. investors. This is particularly noteworthy because spot-driven rallies are typically seen as more sustainable and less risky compared to those driven by speculative derivatives products. Spot-driven rallies are considered healthier for the market, providing a more stable foundation for future growth.

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