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Public Bitcoin mining companies strengthened their balance sheets in anticipation of the latest halving event, which occurred in April.

According to BlocksBridge Consultings analysis of financial earnings from 12 public miners, ten of them raised a combined $2 billion in gross proceeds from equity financing activities, anticipating a post-halving slump in profitability. The same group of companies raised $1.25 billion in the last quarter of 2023.

Marathon Digital, CleanSpark and Riot Platforms led the pack of companies raising capital in the previous quarter, accounting for 73% of the funds secured. At the end of March, Marathon, CleanSpark, and Riot together held $1.33 billion in cash and over 32,200 Bitcoin (BTC) worth more than $2.2 billion.

The second quarter of 2024 is likely to see lower funding activity. According to BlocksBridge Consulting, less than $500 million of investment was poured into subscribing major public mining stocks as of May 15. The report notes:

Equity financing involves raising capital by selling shares of the company to investors. This tool can be used at various stages of a companys lifecycle. Once a company is public, it can issue additional shares to raise more funds from investors.

Bitcoin mining companies using this approach usually seek to fund infrastructure, technological upgrades and operational costs, especially in preparation for the Bitcoin halving event, which reduces mining rewards by half roughly every four years.

Miners reported mixed financial results for the first three months of 2024 as BTC prices and mining costs climbed. Riot Platforms posted a record net income of $211.8 million, marking a 1,000% increase from the same period last year. The strong results came even as Riot missed analysts forecasts due to higher mining costs and reduced Bitcoin production.

Core Scientific, which emerged from bankruptcy, reported $179.3 million in revenue over the period. Digital asset mining revenue exceeded mining costs of $68.4 million, resulting in a gross margin of 46%.

Marathon Digital also missed Wall Street analysts revenue estimates, citing bad weather and equipment failures. The companys revenues increased 223% year-on-year to $165.2 million, according to its earnings report.

Magazine: What do crypto market makers actually do? Liquidity, or manipulation

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Public Bitcoin miners secured $2B in financing ahead of halving - Cointelegraph

Last updated: May 21, 2024 05:26 EDT | 3 min read

Bitcoin price predictions are gaining significant attention as the cryptocurrencys value approaches its all-time high. Recent surges have propelled Bitcoin to $71,000, fueled by strong inflows into Bitcoin spot ETFs and renewed interest from institutional investors like Morgan Stanley and JPMorgan.

The overall positive market sentiment, bolstered by the potential approval of Ethereum ETFs, further supports the bullish outlook. As Bitcoin nears its peak, speculation about its future performance intensifies among investors and analysts alike.

Recent data shows a notable rise in investments in digital asset products, despite lower overall trading volumes. Total inflows reached $932 million for the second consecutive week, primarily driven by an unexpected Consumer Price Index (CPI) report.

This report spurred a surge in investment, with 89% of inflows occurring in the last three trading days. Bitcoin saw substantial inflows of $942 million, indicating growing investor confidence.

The increased investment in digital asset products, particularly Bitcoin, highlights the markets positive sentiment and confidence in its future performance.

Ethereums price jumped over 16% as Bloomberg analysts raised the likelihood of spot Ethereum ETF approval to 75%, citing potential political pressure on the SEC.

However, Grayscales CEO stepping down complicates the situation ahead of the SECs decisions on VanEcks and Ark 21Shares ETF applications, expected on May 23 and 24.

Nate Geraci outlined the SECs ETF approval process, indicating that approval of 19b-4 filings could lead to eventual S-1 approvals. Despite initial doubts due to the CEOs resignation, the improved ETF approval odds suggest a positive outlook for Ethereum.

The potential approval of Ethereum ETFs is likely to boost market sentiment, which could also positively influence Bitcoins price due to the correlation between major cryptocurrencies.

Bitcoin (BTC/USD) currently trades at $71,254, down 0.75% amid correction, yet Bitcoin price prediction remains bullish. The 4-hour chart indicates several key price levels to monitor. T

he pivot point is set at $71,995, with immediate resistance at $73,306, followed by further resistance levels at $74,567 and $75,656. On the downside, immediate support is at $70,560, with additional support levels at $69,695 and $68,263.

Technical indicators suggest a cautious outlook. The Relative Strength Index (RSI) stands at 80, indicating overbought conditions that often precede a pullback. The 50-day Exponential Moving Average (EMA) is positioned at $65,588, underscoring the underlying bullish trend despite recent volatility.

Bitcoin has recently closed a Doji candle, followed by solid bullish engulfing candles, which typically signal a potential bearish correction. On the downside, BTC could drop to the 38.2% Fibonacci retracement level around $69,500.

Conversely, a bullish breakout above $72,000 could pave the way for further gains towards $73,275 or even $74,500.

Current Trend: Bitcoins technical outlook is bearish below $72,000. A break above this level could shift sentiment to a more bullish bias, targeting $73,275 and beyond.

Conversely, failure to hold above immediate support at $70,560 may lead to further declines towards $69,695 and $68,263.

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Bitcoin Price Prediction as BTC Blasts Toward All-Time High Are Whales Buying Again? - Cryptonews

Bitcoin (BTC) price rallied to the coveted $70,000 mark amid a noticeable surge in spot buying and spot BTC exchange-traded fund (ETF) purchasing, with the cryptocurrency community pondering whether the bull market is just beginning or nearing its peak.

Analyst ELI5 of TLDR suggested that the majority of on-chain indicators point to a nascent bull market, despite some showing topping patterns. The recent support bounce near $60,000 has sparked increased interest, with Farside Investors reporting approximately $950 million in inflows last week, a figure not seen since March.

Should this trend continue, BTC could potentially exceed expectations. Currently, BTC is trading within a few hundred dollars of $70,000, with the 20-day EMA at $64,371 and a positive RSI indicating that an upward breakout is more likely. Overcoming the $68,000 resistance suggests that BTC price is on the path to $73,777, though this level may trigger a strong bearish response.

Conversely, a break below the moving averages could signal a bearish downturn, with potential drops to $59,600 and $56,552.

In the broader economic context, Bitcoins 51% year-to-date gain is reflective of investors' anticipation of U.S. monetary expansion, which saw the M2 monetary base surpass $21.0 trillion in April 2024.

This increase in circulating money hints at rising inflationary pressures despite a period of spending hesitancy by companies and individuals. The United States Federal Reserves strategies to manage inflation and avoid a recession could impact the liquidity and, consequently, the attractiveness of scarce assets like Bitcoin.

Related:ETFs buy 3X new BTC supply 5 Things to know in Bitcoin this week

Adding to the bullish sentiment, exchange BTC reserves have plummeted to a seven-year low, with CryptoQuant data showing only 1,918,417 BTC available on major trading platforms as of May 19, a significant decrease from the previous year.

This scarcity, coupled with the recent halving event that has halved the potential new supply from miners, makes a bearish stance on Bitcoin increasingly difficult to justify.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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Bitcoin price hits $70K as spot and BTC ETF buying surges - Cointelegraph

A British judge slapped down an Australian computer scientist who claimed to be the enigmatic bitcoin inventor Satoshi Nakamoto, saying he has extensively and repeatedly lied about his identity.

Judge James Mellor of Londons High Court determined that Craig Wright who has insisted for years that he authored the 2008 white paper that spawned bitcoin had also committed forgery on a grand scale to convince the world he was Satoshi in a scathing ruling issued Monday.

The judge had already determined in March that there was overwhelming evidence against Wrights claim that he was Satoshi.

Dr. Wright presents himself as an extremely clever person. However, in my judgment, he is not nearly as clever as he thinks he is, Mellor wrote as he gave the reasons for his conclusions.

All his lies and forged documents were in support of his biggest lie: his claim to be Satoshi Nakamoto.

Wright faced trial in connection to a lawsuit filed by the Crypto Open Patent Alliance, which was attempting to halt his bid to sue bitcoin developers for allegedly violating his intellectual property rights.

COPA whose members include Twitter founder Jack Dorseys payments firm Block described Mondays ruling as a watershed moment for the open-source community.

Developers can now continue their important work maintaining, iterating on, and improving the bitcoin network without risking their personal livelihoods or fearing costly and time-consuming litigation from Craig Wright,a COPA spokesperson said in a statement.

Wright was specifically asked about the forgery allegations during the trial and denied wrongdoing.

If I forged that document, it would be perfect, Wright said when presented with one alleged forgery.

COPA said it may askUK prosecutors to bring perjury chargesagainst Wright.

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Dr Wrights attempts to prove he was/is Satoshi Nakamoto represent a most serious abuse of this Courts process, Mellor said in his ruling.

Despite the harsh rebuke, Wright said Monday in a post on X that he intends to challenge the court ruling.

I fully intend to appeal the decision of the court on the matter of the identity issue, the post said. I would like to acknowledge and thank all my supporters for their unwavering encouragement and support.

The person or persons behind the Satoshi Nakamoto pseudonym are known to possess a stash of up to 1.1 million bitcoins valued at more than $78 billion at present.

A single bitcoin was worth more than $71,000 as of Tuesday, with prices surging more than 60% since the start of the year.

Bitcoins market cap is more than $1.4 trillion, far higher than any other digital currency on the market.

With Post wires

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Craig Wright forged documents 'on a grand scale' in false claim to be bitcoin inventor Satoshi Nakamoto: judge - New York Post

Bitcoinnotched all-time highs in several countries across Asia and South America following a 7% surge on the day pushing the cryptocurrency ever closer to its United States dollar peak.

Bitcoin (BTC)prices hit an intraday and six-week high of $71,650 on May 21, following a gain of more than 7% over the past 24 hours.

The asset has returned to within 3.4% of its March 14 all-time high in U.S. dollar terms of $73,738, according to CoinGecko.

However, the big move pushed Bitcoin to new peaks against several other fiat currencies.

According to CoinMarketCap, in Japan, BTC hit an all-time high of 11.2 million yen in early trading on May 21.

It is the first time the asset has been worth more than 11 million yen. The local currency has weakened against the U.S. dollar in recent months, losing 10% against the greenback since January.

Bitcoin prices also peaked in Argentina when the asset tapped 63.8 million Argentine pesoson May 21, slightly higher than the March high.

The South American nation has been battling inflation currently at a whopping 290% and currency devaluation in recent years.

Similarly, 1 Bitcoin was briefly worth a record 4.18 million pesos in the Philippines on May 21, beating mid-March highs.

Other nations where BTC prices have equaled or come very close to their mid-March peak prices include Britain, Australia, Canada, Chile, Colombia, Egypt, Israel, Norway, India, South Korea, Taiwan and Turkey, as noted by industry observer Thomas Fahrer on X.

Related: Bitcoin price hits $70K as spot and BTC ETF buying surges

Hours earlier, crypto analyst Willy Woo observed that a months worth of Bitcoin short position buildup was just liquidated.

One more layer to go in order to short-squeeze past all-time highs, he added.

Meanwhile, Coinglass reportedthat over the past 24 hours, 79,010 traders were liquidated, with total crypto liquidations at $345 million and 78.5% being short positions.

In a market update earlier this week, 10x Researchs head of research, Markus Thielen, predicted a breakthrough above $67,500 could potentially lead to new all-time highs.

BTC is trading at $70,945 at the time of writing, just $2,500 shy of a new all-time high in U.S. dollars.

Magazine:What do crypto market makers actually do? Liquidity, or manipulation

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Bitcoin hits record in Japan, Argentina and Philippines' local currency - Cointelegraph