Cryptocurrency
Celsius is trying to stay afloat by mining
Published
3 weeks agoon
By
letizo News
Celsius Network is launching business restructuring processes. Thus, it has already received permission to launch mining capacity for BTC mining.
Celsius Network has received permission to build a new bitcoin (BTC) mining farm. With it, the troubled company hopes to successfully restructure its business to stay in the game.
Celsius bets on mining
Celsius Network, which has been making front-page news lately, continues to make active attempts to stay afloat. As we learned from recent published documents, it plans to make bitcoin (BTC) mining an important new line of business as part of its financial restructuring.
Celsius plans to allocate $3.7 million to build a new mining facility. The company is also willing to spend another $1.5 million on customs fees and duties for importing mining equipment. Authorities have already been granted permission for these steps.
What do you think about the prospects for Celsius? Share your thoughts with us in the comments and join the discussion on our Telegram Channel.
Mining operations in the U.S. are nothing new for Celsius. The company currently operates more than 43,000 mining farms. According to documents, that number should increase to 112,000 by the 2nd quarter of 2023.
Additionally, the documentation shows that Celsius’ asset value fell from $22.1 billion to $4.3 billion between March 30 and July 14. It also reflects a lot of preventative measures the company has taken to protect and preserve assets, including the termination of customer services.
Further, the company intends to preserve the value of assets through a comprehensive restructuring of operations, which will be discussed with shareholders.
Also, there are high hopes for BTC mining. With its help, Celsius wants to finance further mining operations and replenish its bitcoin holdings. The company’s management is also considering asset sales and investment opportunities.
Customers will be offered – of their choice – either cash compensation or the ability to “maintain a long position in cryptocurrency.”
Earlier, news of this heavyweight’s problems in the cryptocurrency lending segment caused a big stir in the market. Recall, as it became known that the hole in Celsius Network’s corporate account exceeded $1.19 billion.
On July 14, the company filed for bankruptcy under Chapter 11 of the U.S. Code, after which it launched a financial restructuring process.
Nevertheless, many are concerned that customers will have to wait a very long time for reimbursement of losses incurred. Against this backdrop, the number of lawsuits filed against the company is increasing.
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The Balance: Bitcoin bearish trend hasn’t stopped Americans from investing more in cryptocurrencies
Published
18 mins agoon
August 8, 2022By
letizo News
Analytical resource The Balance posted a report stating that 39% of U.S. investors have become more invested in cryptocurrencies, despite the bitcoin bearish trend.
According to the report’s author, these Americans are looking for new investment avenues to preserve their savings amid economic uncertainty.
Meanwhile, 41% of survey participants said they invested more in stocks, and about a third of them invested more in exchange-traded funds and exchange-traded index funds amid market uncertainty. Thirty-four percent of investors reported no change in their investment habits.
Slightly more than a quarter of investors surveyed admitted to investing less in assets. Nearly 20% of those surveyed admitted to investing less in cryptocurrencies this year. The report’s author argues that investing in cryptocurrency in times of uncertainty is more popular among young people.
Nearly half of millennials and Generation Z investors (age 41 and younger) said they prefer cryptocurrency – as opposed to just under a third of Generation X investors and older. The online survey was conducted from June 30 to July 9, 2022, and surveyed 1,200 Americans over the age of 18 who at least partially manage their finances.
However, according to Bank Of America, the number of active cryptocurrency users is down more than 50 percent from its peak last November.
Cryptocurrency
Cumberland: institutional investors give bitcoin growth predictions as high as $32,000 as early as 2022
Published
20 mins agoon
August 8, 2022By
letizo News
US market maker Cumberland conducted a survey of institutional investors and found that most respondents were making bitcoin growth predictions as early as this year.
It is worth emphasizing that most of those surveyed are convinced that the crypto market will continue its decline in the near future. Analysts stress that the value of the main coin in the world of cryptocurrencies can fall to 16000 dollars. After that, Bitcoin should quickly recover the lost positions. At the end of the year, the value of BTC could reach $32,000. Cumberland experts point out that investors remain bullish.
“Even with the current bearish trend, these results are not surprising. After all, those surveyed are trading cryptocurrencies, which means they believe in bitcoin. If they didn’t have this attitude toward BTC, they would continue to trade forex,” Cumberland analysts said.
Respondents do not expect any success in the stock market, despite the significant correlation between the stock and markets in recent months. According to institutional investors, the crypto market, at least in the near term, will depend significantly on the U.S. Federal Reserve’s decisions on prime rates and “other Fed moves.”
Cumberland analysts have previously said that the recovery of the market will be determined by the rate at which assets move from insolvent to solvent companies.
Cryptocurrency
Is dogecoin a good investment? Elon Musk: Dogecoin is much faster than the Bitcoin network
Published
25 mins agoon
August 8, 2022By
letizo News
Is dogecoin a good investment? The CEO of Tesla again spoke out in support of Dogecoin. He stressed that the “meme cryptocurrency” network can process significantly more transactions than the Bitcoin network.
During a conversation with a podcast host, the head of Tesla and SpaceX said that the popularization of DOGE is paying off. The coin is increasingly being used as a full-fledged means of payment. As you know, coins can be used to buy goods and pay for various services of several large companies. The most important advantage is the high speed of transactions. Usually it takes no more than a minute to process a transaction online.
“To be honest, I mostly support DOGE because this cryptocurrency has memes, dogs, the developers have a sense of humor, they don’t take the project too seriously. And with all that being said, it’s strange that though DOGE was invented just as a joke, the actual throughput of the Dogecoin network is much higher than Bitcoin blockchain,” said Tesla’s CEO.
Ilon Musk also reminded that Dogecoin’s inflation model allows it to issue 5 billion coins annually, while Bitcoin’s number is limited to 21 million. And this makes DOGE much more suitable for use as a payment currency.
Recall that Tesla sold most of its bitcoin holdings amid falling cryptocurrency markets.
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