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Musk tweets his support for crypto over fiat currencies

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Tesla and SpaceX CEO Elon Musk made his position clear in a couple tweets early today: He supports crypto over fiat currencies. It began when the world’s richest person tweeted: “Any sufficiently advanced magic is indistinguishable from technology.” This was a riff on science fiction writer Arthur C. Clarke’s famous quote: “Any sufficiently advanced technology is indistinguishable from magic.” Someone then asked what Musk thought of people who were “angry at him because of crypto,” as he has in the …

Waning institutional demand is forcing high-yield crypto accounts to slash rates

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The returns available on crypto holdings have fallen to their lowest levels in more than a year on some platforms as institutional demand to borrow recedes, diminishing one of the market’s most attractive selling points for smaller investors.  Crypto lending platforms such as BlockFi and Celsius have experienced staggering growth since 2020, attracting millions of customers by providing yields to individual investors that have ranged from a few percent to as high as 17%.  These platforms take deposited funds and …

Bitcoin mining stock report: Friday, May 20

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As another week came to a close, most bitcoin miners’ stocks were once again down by the end of Friday’s trading session. Argo, for instance, saw its stock drop by -10.55% on the London Stock Exchange and -9.8% on Nasdaq. On the other side, Stronghold Digital Mining’s stock rose by +12.45%. Bitcoin’s value was close to $29.300 as of press time. Here’s how crypto mining companies performed on Friday, May 20: Trending Stories

Thousands of Bit Digital miners go offline after explosion, fire at NY facility

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An explosion last week at the substation of a bitcoin mining facility in Niagara Falls, New York led to a fire and caused thousands of machines to go offline. The facility where the incident happened, on May 10, is owned by Blockfusion, which offers colocation services to miners. One of their clients, Bit Digital, said Thursday that power was cut off to about 2,515 of their Bitcoin miners and approximately 710 Ethereum miners that had been operating at the site. …

Digital collateral “changes everything,” says Abra CEO Bill Barhydt

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Episode 44 of Season 4 of The Scoop was recorded remotely with The Block’s Frank Chaparro and Bill Barhydt, CEO of Abra. Listen below, and subscribe to The Scoop on Apple, Spotify, Google Podcasts, Stitcher or wherever you listen to podcasts. Email feedback and revision requests to [email protected] As the crypto market matures, owners of “pristine” digital assets will increasingly be able to use their holdings as collateral for an array of financial services, according to Bill Barhydt, CEO of Abra. Founded in 2014, crypto wealth …

Bitcoin mining stock report: Thursday, May 19

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Some bitcoin miners saw their stocks go up on Thursday, while others continued on a slower downwards path. Notably, Iris Energy was up +20.36%, BIT Mining +28.05%  and Argo Blockchain +14.58%. Bitfarms, TeraWulf, and Hut 8 were down slightly by the end of Thursday’s trading session. Here’s how crypto mining companies performed on Thursday, May 19: Trending Stories

Bitcoin mining stock report: Wednesday, May 18

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After bitcoin mining companies recovered in the stock markets Tuesday, most incurred stock price declines on Wednesday. Argo Blockchain, which held its Q1 earnings call on Wednesday, saw its stock drop -5.88% on the London Stock Exchange and -3.91% on the Nasdaq. Riot, Marathon and CleanSpark registered the biggest losses, at -9.06%, -8.39%,  and -8.00%, respectively. BIT Mining, however, ended the day on a positive note, with its stock climbing +15.38%. Here’s how other crypto mining companies performed in the …

Bitso officially launches its app in Colombia

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Latin American cryptocurrency exchange Bitso has officially launched its app in Colombia, allowing its residents to load pesos into their wallets using a widely-used online payment system connected to the country’s major banks. The company announced its expansion into the South American country in February and has been working on a pilot program for cash-in and cash-out operations with Banco de Bogotá. But now, Bitso’s product is officially available to the wider Colombian public. Using a popular online payment method …

Block details expanded Bitcoin efforts at 2022 Investor Day

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Block is no longer just a payments company, according to Block Head Jack Dorsey. But if the firm’s 2022 investor day is any indication, it’s certainly looking to be a Bitcoin company. Dorsey touted Block’s latest approach to its products as an “ecosystem of ecosystems.” Bitcoin is one such ecosystem the firm is pouring resources into. Block Finance lead Amrita Ahuja said the firm sees a $3 billion gross profit opportunity for bitcoin consumer trading. “We think we’ve just scratched …

Wintermute’s CEO on why Terra’s blow up was inevitable, and what happens next

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The demise of the Terra blockchain sent a ripple effect throughout the crypto ecosystem last week, as the market absorbed over 80,000 BTC deployed in a failed attempt to keep the UST “stablecoin” pegged 1:1 with the US dollar. “If you’re a market maker and you don’t make money in those kinds of days, then yeah — you’re doing something wrong,” said Evgeny Gaevoy, CEO of Wintermute — an algorithmic crypto market maker with nearly $2 trillion in cumulative volume, …