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Bitcoin mining stock report: Friday, May 20

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

Goldman Sachs says crypto decline should have limited impact on US spending

Anxieties about broader market conditions and the meltdown of TerraUSD (UST) have sent traders fleeing from the cryptocurrency space, triggering fears that the decline in prices in the nascent market could have a spillover impact on the US economy.  Those fears are overblown — at least, according to one research note sent out to clients by Goldman Sachs.  A group of the bank’s researchers, led by Joseph Briggs, said that any impact of the crypto markets slide on US spending …

Bitcoin mining stock report: Thursday, May 19

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

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 …

Block details expanded Bitcoin efforts at 2022 Investor Day

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 …

Gensler tells Congress that the SEC is ‘really out-personed’ on crypto

Securities and Exchange Commission chair Gary Gensler told a Congressional subcommittee Wednesday that his agency needs more human resources as it looks to regulate the US crypto space. “I wish we had more to dedicate to this,” he said in response to questioning from Rep. Steve Womack about the SEC’s crypto work to date. Congress is weighing a budget request from the SEC, which has sought $240 million for FY 2023 above the previous year’s appropriation. Part of that push …

SEC seeks additional comments on WisdomTree’s Bitcoin ETF proposal

The Securities and Exchange Commission has asked for additional comments on issuer WisdomTree’s proposal to list a spot bitcoin exchange-traded fund (ETF). WisdomTree refiled for a spot-bitcoin product in February of this year after receiving a rejection in December 2021. At the time, the SEC cited a lack of surveillance sharing agreements and the subsequent inability to curb fraudulent or manipulative practices in the spot market. The December rejection was the second in a wave of denials from the US …

Terra network halt leaves LUNA-based ETPs unable to trade

VanEck, Valour and 21Shares have been forced to halt their LUNA-based exchange-traded products (ETPs) as the Terra Network remains halted.  All three products trade in the European markets, offering exposure to the Terra network. Those products have crashed with the de-pegging of LUNA, as their shares are tied to the underlying asset price.  Issuer VanEck announced today that it would suspend creations and redemptions for its VanEck Terra ETN given the halts in the Terra Network. Terra halted its blockchain …

Yellen says the stablecoin market is still too small to pose systemic risk

US Treasury Secretary Janet Yellen said Thursday that the stablecoin market has not yet reached a size that would pose a systemic risk to the US financial system. In a hearing before the House Financial Services Committee, Rep. Jim Himes pressed Yellen on where the systemic risk would truly begin. At two trillion in market cap, Himes said he didn’t think the space had broken the threshold. Yellen agreed, though she pointed out that the potential for risk remains: “Although …

Terra blockchain halted to protect against possible attack

Quick Take Terraform Labs has said the Terra blockchain has been halted. This is due to concerns that the network could be attacked for a relatively low cost. The Terra blockchain has been halted to protect against a possible attack, according to a statement by Terraform Labs. “Terra validators have decided to halt the Terra chain to prevent governance attacks following severe $LUNA inflation and a significantly reduced cost of attack,” said the official Terra account on Twitter. This comes …