Bitcoin faced a notable resurgence, surging by 5% after a critical test of the $25,000 support level on September 11th.
Nonetheless, this upward swing should not be hailed as an unequivocal triumph for bullish investors.
To provide context for this recent price action, it’s crucial to acknowledge that Bitcoin has weathered a harsh 15% decline since July, a performance contrasted by the stability observed in the S&P 500 index and gold during the same period.
This underperformance exposes Bitcoin’s struggle to gain momentum, despite substantial catalysts like MicroStrategy’s intent to acquire an additional $750 million worth of BTC and the persistent requests for Bitcoin spot exchange-traded funds (ETFs) from trillion-dollar asset management firms.
Yet, in the realm of Bitcoin derivatives, the bullish camp appears confident, viewing the $25,000 level as a significant bottom and a gateway to further price hikes.
Some proponents argue that Bitcoin’s primary drivers for 2024 remain in force, particularly the anticipation of a spot ETF and the reduction in new supply after the April 2024 halving.
Furthermore, immediate risks in the cryptocurrency markets have diminished, partly due to the United States Securities and Exchange Commission experiencing partial losses in cases involving Grayscale, Ripple, and decentralized exchange Uniswap.
Conversely, bears have their own advantages, including ongoing legal disputes involving prominent exchanges like Binance and Coinbase.
Additionally, Digital Currency Group’s precarious financial position after a subsidiary’s January 2023 bankruptcy declaration, bearing debts exceeding $3.5 billion, could potentially lead to the sale of Grayscale-managed funds, including the Grayscale Bitcoin Trust.
A closer examination of derivatives metrics sheds light on the stance of professional traders in the current market conditions.
Bitcoin monthly futures typically maintain a slight premium over spot markets, signaling that sellers demand more money to postpone settlement.
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Consequently, BTC futures contracts usually exhibit a 5 to 10% annualized premium, known as contango, a phenomenon not unique to crypto markets.
While the demand for leveraged BTC long and short positions through futures contracts had minimal impact on the drop below $25,000 on September 11th, the BTC futures premium remains below the 5% neutral threshold, signaling a lack of enthusiasm for leveraged long positions.
To delve further into market sentiment, observing the options markets, particularly the 25% delta skew, provides insight into investor optimism.
Previously, a 9% premium on protective put options implied an anticipation of correction.
However, this metric has now stabilized at zero, indicating balanced pricing between call and put options, suggesting equal odds for both bullish and bearish price movements.
In light of macroeconomic uncertainty, including the impending release of the Consumer Price Index report on September 13th and retail sales data on September 14th, crypto traders are likely to proceed cautiously, aiming for a “return to the mean” within the trading range of $25,500 to $26,200 observed over the past weeks.
Ultimately, both bullish and bearish forces possess influential triggers that could sway Bitcoin’s price.
However, the timing of events such as court decisions and ETF rulings remains elusive.
This dual uncertainty likely explains the resilience of derivatives metrics, with both sides exercising caution to mitigate excessive exposure.
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According to Ripple CEO Brad Garlinghouse, the United States is currently one of the least favorable places to launch a cryptocurrency startup in the world.
His assertion comes amidst a legal battle between Ripple and the U.S. Securities and Exchange Commission (SEC).
Speaking at the Token 2049 conference in Singapore on September 12, Garlinghouse expressed his concerns, stating that he would not encourage anyone to start a crypto company in the U.S. at this time.
Garlinghouse emphasized that the U.S. needs to take a cue from countries like Singapore, the United Kingdom, the United Arab Emirates, and Switzerland, which have implemented policies that foster cryptocurrency innovation while ensuring consumer protection.
He firmly placed the blame on the SEC, accusing the regulatory body of waging a political war against the crypto industry through its lawsuits.
Garlinghouse contended that the SEC’s lawsuit strategy was ineffective and pointed to recent court victories by Ripple and Grayscale as indicators that the tide might be turning in favor of the crypto industry.
Although these court decisions are not legally binding, he argued that they offer some much-needed clarity to crypto exchanges and custody providers operating in the U.S., at least temporarily.
READ MORE: Bitcoin Rebounds from Three-Month Lows Amid Traders’ Doubts
Hong Fang, President of OKX, acknowledged the political aspects of the situation but urged crypto firms to concentrate on what they can control – building the right products, focusing on technology, and supporting responsible regulations.
Despite the U.S. being a significant market for Ripple, Garlinghouse disclosed that the company is expanding its services to countries that he believes have a more progressive outlook and a better understanding of blockchain technology’s potential benefits.
During the panel discussion, Hong Fang expressed reservations about the readiness of investors for custody solutions built around a potential spot Bitcoin exchange-traded fund (ETF).
He highlighted concerns about the untested nature of much of the new blockchain-based infrastructure, suggesting that the industry might not be prepared for such developments.
Fang noted that while a spot Bitcoin ETF could attract more institutional investments, he doubted whether investors were prepared to handle the volatility of Bitcoin.
He also questioned the industry’s readiness to continue building more applications on top of Bitcoin, emphasizing the need for a stable infrastructure to support these endeavors.
In conclusion, Ripple’s CEO Brad Garlinghouse’s comments underscore the challenges faced by cryptocurrency startups in the U.S. due to regulatory uncertainty, while also highlighting the need for responsible regulation and a stable infrastructure in the crypto space.
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The United States and Vietnam have entered into groundbreaking business agreements worth billions of dollars, aimed at fostering collaboration in cutting-edge technologies, most notably artificial intelligence (AI).
The announcement was made during a joint press conference on September 11, underscoring the significance of this move.
U.S. President Joe Biden described this as a formal “upgrading” of the bilateral relationship between the two nations, highlighting key sectors like cloud computing, semiconductors, and AI.
He emphasized the deepening cooperation in critical and emerging technologies, particularly in building a resilient semiconductor supply chain.
President Biden also expressed optimism that this economic partnership would catalyze increased trade and investment between the two countries.
Importantly, he clarified that this initiative is not aimed at containing China but rather at establishing a stable foundation in the region.
Dignitaries from major tech companies, including Google, Intel, Boeing, Amkor, Microsoft, and Nvidia, were present at the conference.
Boeing and Amkor, in particular, announced additional deals, with Amkor planning to establish a new factory near Hanoi, Vietnam’s capital, starting in October of this year.
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This facility will be dedicated to assembling, packaging, and testing AI chips.
Vietnam has emerged as one of the world’s fastest-growing economies, ranking 34th globally with a GDP of $450 billion, as per data from Acclime, a regional corporate services provider in Asia.
Vietnam’s transition from centralized economic control to a more open approach has enabled the United States to become one of its largest export markets.
This AI-centric agreement has reportedly elevated the United States by two levels in Vietnam’s bilateral hierarchy, a position traditionally held by China, Russia, India, and South Korea.
Historically, the U.S.-Vietnam relationship had been restrained due to concerns about upsetting China and the remnants of a tumultuous past stemming from the Vietnam War.
These developments come at a time when governments worldwide are actively competing to develop and deploy advanced AI systems, particularly in the ongoing rivalry between the U.S. and China.
In October 2022, the Biden administration imposed an export ban on the latest and most potent semiconductor chips to China, a policy that is under consideration for further tightening.
China, on the other hand, introduced new AI regulations in August, resulting in the release of more than 70 AI models with over a billion parameters.
The AI landscape is rapidly evolving, and partnerships like the one between the U.S. and Vietnam are pivotal in shaping the global AI landscape.
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The world of cryptocurrencies is evolving, creating more efficient and practical technologies. Top crypto platforms focus not only on multi-currency but also on adding various networks. In this context, the BetFury platform launches Arbitrum and Optimism, two popular networks with their native ARB and OP tokens. Why is this a great opportunity for Ether holders and fans of cheap transactions?
New Networks – Great Profit
The introduction of Arbitrum and Optimism to the BetFury platform is, first of all, adding variability in the use of networks and their native tokens. For example, each Arbitrum user can transfer a supported currency (ETH, USDT, USDC, DAI, or ARB) to their account balance to play and earn more. It is a kind of another iGaming utility for all supported tokens. In turn, experienced BetFury players can use the networks to transfer assets easily and cheaply.
Over three years ago, BetFury created a native BFG token with many utilities. The most profitable of them is BetFury Staking, with up to 50% APY and the possibility of daily withdrawals. Anyone with at least 100 BFG can withdraw daily Staking payouts in five popular cryptocurrencies: BTC, ETH, USDT, BNB, and TRX. In conjunction with the new Arbitrum and Optimism networks, we receive excellent passive income with the possibility of cheap and fast transfers for most of the above currencies. Therefore, BetFury’s collaboration with Arbitrum and Optimism creates a symbiosis in the entire crypto ecosystem.
Why are Arbitrum and Optimism Top Networks?
For those unfamiliar with the networks, they are an Ethereum Layer 2 solution and work with Optimistic Rollups. They reduce the load on the main network and help its scalability. Compared to the Ethereum network, they are more practical and very cheap. To withdraw currency from BetFury through the Arbitrum network, you should pay 1 ARB (about $0.76) and through the Optimism network – 0.6 OP (about $0.77).
If we compare Arbitrum and Optimism, the latter is almost twice as inferior in Total Value Locked (TVL). Arbitrum also has a larger number of protocols. Optimism uses single-stage proofs of fraud, while Artibrum uses multi-stage off-chain proofs. Arbitrum protection is more effective, but the sequencer is responsible for the proof, and Optimism offers this function to anyone. Therefore, you should rely on your preferences when choosing one of them.
New ARB and OP Tokens on BetFury
Over three years, the ecosystem collaborated with many well-known crypto platforms. Users can place bets in games using over 50 cryptocurrencies: BTC, ETH, BNB, AVAX, DOGE, SHIB, etc. Partnership with Arbitrum and Optimism allows earning ARB and OP by playing games. It is an excellent opportunity for investors and ARB and OP holders to try a new type of income and discover the world of iGaming. In addition to cheap transactions, BetFury provides excellent conditions for deposits and withdrawals. For ARB: min deposit – 0.7 ARB, min withdrawal – 0.7 ARB, for OP: min deposit – 0.5 OP, min withdrawal – 0.5 OP.
About BetFury
BetFury is an ecosystem of crypto products for entertainment and additional income. The platform has over 8,000 Slots and In-House games with one of the highest RTPs on the market (up to 99.02%). The ecosystem also offers lucrative bonuses (Cashback up to 25%, Rakeback, and FuryCharge) and more than 80 sports for true fans.
In conclusion, the emergence of new networks on BetFury expands opportunities for players and opens up new ones for Arbitrum and Optimism users. This partnership demonstrates the strong potential of the ecosystem and influences future connections between the gaming and crypto universes. In addition, the platform plans to hold various events and activities in honor of the new collaboration. Therefore, subscribe to BetFury social media and follow the novelties and updates!
Binance.US has firmly responded to the United States Securities and Exchange Commission’s (SEC) recent motion to compel and reply, characterizing most of the SEC’s demands as “unreasonable” and “unduly burdensome.”
In a legal move made on September 12, attorneys representing BAM Trading Services, the entity operating the Binance.US cryptocurrency exchange, submitted confidential documents contesting the SEC’s request for additional information from Binance.US.
The defendants contended that the SEC’s requests for production and interrogatories were excessively broad, imposing an undue burden and extending beyond the scope defined in the consent order.
They further criticized the SEC’s pursuit of certainty and their requests for depositions of BAM CEO Brian Shroder and CFO Jasmine Lee, deeming them “unreasonable.”
BAM’s legal representatives emphasized that the SEC’s motion failed to identify any evidence implicating Shroder and Lee in the day-to-day management details related to the custody and transfer of customer assets at Binance.US.
The attorneys argued, “BAM’s CEO and CFO have no unique knowledge regarding facts relevant to the limited topics identified in the consent order’s expedited discovery provision.”
They also highlighted that BAM had presented alternative witnesses, like BAM’s Chief Information Security Officer, Erik Kellogg, who possessed more pertinent insights into BAM’s operations.
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The lawyers contended that the burden imposed by the requested depositions far outweighed any potential benefits and that the discovery sought was disproportionate to the needs outlined in the consent order.
Moreover, BAM’s legal team contended that the SEC had failed to provide any substantive evidence to support its allegations of asset diversion, characterizing these allegations as “misleading and mistaken.”
The attorneys pointed out a “complete disconnect” between the SEC’s “overbroad and abusive approach” and the limited expedited discovery framework to which the SEC had previously agreed in the consent order.
BAM’s response came shortly after both the SEC and Binance reached an agreement on a protective motion.
This motion mandated the filing of confidential information under seal, with restricted access only to specific parties including the judge, attorneys, plaintiffs, and defendants.
This joint motion was submitted on September 11, ensuring the confidentiality of protected materials in the ongoing legal proceedings.
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SINGAPORE, SINGAPORE, September 14th, 2023, Chainwire
McLaren Racing and OKX, a leading Web3 technology company and Official Primary Partner of the McLaren Formula 1 Team, today revealed a limited-edition Stealth Mode livery design to be carried on the McLaren MCL60 F1 cars at the 2023 Singapore Grand Prix (15-17 September) and the 2023 Japanese Grand Prix (22-24 September).
The Stealth Mode livery was co-designed by OKX and McLaren, and will switch McLaren’s livery colourway, augmenting black against the team’s classic papaya trim. The sleek and understated design represents the two brands’ belief in putting in hard work behind the scenes to strive for excellence, while embracing change and innovation.
The MCL60 was revealed in Stealth Mode on Wednesday 13 September at an exclusive media event in Singapore at Lantern, Fullerton Bay Hotel. The event was attended by OKX Chief Marketing Officer Haider Rafique, McLaren F1 Team drivers Lando Norris and Oscar Piastri, and McLaren Racing Executive Director, Partnerships & Accelerator, Matt Dennington.
A limited-edition t-shirt will be made available through the McLaren Store, and at a limited giveaway for attendees of Token2049, the Web3 conference taking place in Singapore prior to the race.
To bring fans closer to Stealth Mode, OKX will host a McLaren-themed fan zone, OKX Race Club, at Chijmes, Singapore. The OKX Race Club will run from Thursday 14 September to Sunday 17 September, featuring a Stealth Mode show car, racing simulators, giveaways and surprise guests over the race weekend. This will be officially opened at 14:00 SGT on Thursday 14 September, and free tickets are available here.
Zak Brown, CEO, McLaren Racing, said: “Our partnership with OKX goes from strength to strength, and it’s fantastic to celebrate it with this incredible livery. Stealth Mode flips our race car’s colours, bringing something exciting and different to these two great races in Singapore and Japan. We hope fans will love it as much as we do and get a chance to enjoy the fan zone to connect with our team. OKX are a dedicated supporter of McLaren’s journey, and in turn we’re proud to bring our partnership to life on track through the global platform of Formula 1.”
Haider Rafique, Chief Marketing Officer, OKX, said: “Success on the track, and in the Web3 world, is only possible through teamwork, creativity and innovation. Stealth Mode is inspired by these common principles. It’s also a way for us to celebrate the return of F1 to the Asia Pacific region, which is the epicentre of Web3 in many ways. As Stealth Mode hits the track this weekend we wish the best of luck to Lando and Oscar in what we hope will be a strong performing MCL60.”
For further information, please contact:
- Steve Atkins, Chief Communications Officer, McLaren Racing
[email protected] / +44 (0) 7590 771 849
- Saskia Wirth, Director, Corporate Communications, McLaren Racing
[email protected] / +44 (0) 7442 934 149
- Curtis Nice, Communications Manager, McLaren Racing
[email protected] / +44 (0) 7765 742 300
- Fran Campbell, Communications Executive, McLaren Racing
[email protected] / +44 (0) 7442 692 253
About McLaren Racing
McLaren Racing was founded by racing driver Bruce McLaren 60 years ago in 1963. The team entered its first Formula 1 race in 1966. McLaren has since won 20 Formula 1 world championships, 183 Formula 1 grands prix, the Indianapolis 500 three times, and the Le Mans 24 Hours at its first attempt.
McLaren Racing competes across five racing series. In 2023, the team will compete in the FIA Formula 1 World Championship with McLaren F1 drivers Lando Norris and Oscar Piastri, the NTT INDYCAR SERIES with Arrow McLaren drivers Pato O’Ward, Felix Rosenqvist and Alexander Rossi, the ABB FIA Formula E World Championship with NEOM McLaren Formula E Team drivers René Rast and Jake Hughes, and the Extreme E Championship with NEOM McLaren Extreme E Team drivers Emma Gilmour and Tanner Foust. The team also competes in the F1 Esports Pro Championship as McLaren Shadow, having won the 2022 Constructors’ and Drivers’ Championships.
McLaren is a champion for sustainability in the sport and a signatory to the UN Sports for Climate Action Commitment. It is committed to achieving net zero by 2040 and fostering a diverse and inclusive culture in the motorsport industry.
McLaren Racing – Official Website
About OKX
OKX is a leading Web3 ecosystem.
As a top partner of English Premier League champions Manchester City FC, McLaren Formula 1, Olympian Scotty James, and F1 driver Daniel Ricciardo, OKX aims to supercharge the fan experience with new engagement opportunities. OKX is also the top partner of the Tribeca Festival as part of an initiative to bring more creators into Web3.
The OKX Wallet is the platform’s latest offering for people looking to explore the world of NFTs and the metaverse while trading GameFi and DeFi tokens.
OKX is committed to transparency and security and publishes its Proof of Reserves on a monthly basis. To learn more about OKX, download our app or visit: okx.com
Disclaimer
This announcement is provided for informational purposes only. It is not intended to provide any investment, tax, or legal advice, nor should it be considered an offer to purchase, sell, hold or offer any services relating to digital assets. Digital assets, including stablecoins, involve a high degree of risk, can fluctuate greatly, and can even become worthless. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition and risk tolerance. OKX does not provide investment or asset recommendations. You are solely responsible for your investment decisions, and OKX is not responsible for any potential losses. Past performance is not indicative of future results. Please consult your legal/tax/investment professional for questions about your specific circumstances.
Contact
Monaco, Monaco, September 14th, 2023, Chainwire
Emerging project Bitcoin BSC (BTCBSC) is proud to announce that it has raised over $1,700,000 surpassing 50% of the presale stage, leading up to its soft cap goal.
The project has gained traction for combining Bitcoin’s branding with staking rewards and the speed of the Binance Smart Chain.
Bitcoin BSC Promises New Era of Crypto with High-Yield Staking
Bitcoin BSC has become one of the most talked-about new crypto projects in recent weeks, aiming to blend the nostalgia of Bitcoin with passive income opportunities.
As noted in Bitcoin BSC’s whitepaper, the token includes a high-yield staking setup, with staking rewards of up to 320% per year.
At the time of writing, over 821,000 BTCBSC tokens have been staked, a noteworthy figure considering the project is still in its presale phase.
Early investors can purchase BTCBSC tokens for $0.99 during the presale stage, which is divided into two phases, with the initial phase already exceeding 50% of its $3.96 million soft cap.
The project is backed by a stringent audit from Coinsult, and recently got featured by YouTube influencer Jacob Bury, who described it as a “new 10x potential crypto presale”, since then the Bitcoin BSC’s official Telegram channel has been growing steadily.
Bitcoin Clones & BTCBSC’s Unique Path to Success
In the past few months, so-called “Bitcoin clones” that draw inspiration from Bitcoin’s name and ethos have started to appear in he market.
With two notable ones being BTC20 (BTC20), a stake-to-earn cryptocurrency hosted on the Ethereum blockchain, and memecoin HarryPotterObamaSonic10Inu (BITCOIN), currently ranked eighth in CoinMarketCap’s list of the biggest meme coins in the world (as measured by market cap).
The Bitcoin BSC team believes a combination of strong branding with their proprietary staking rewards coupled with a comprehensive roadmap will help the project grow and achieve traction from the crypto community.
There’s no guarantee that Bitcoin BSC will follow in the footsteps of these projects. The Bitcoin BSC’s future will depend on whether the development team can execute the roadmap and capture community momentum and interest.
About Bitcoin BSC
Bitcoin BSC is a Proof of Staked based, greener version of Bitcoin which was created on the BNB chain infrastructure.
To learn more, visit the Bitcoin BSC Presale
Contact
Bitcoin BSC
[email protected]
In 2023, the crypto space has experienced a stark contrast to the booming venture capital (VC) funding it witnessed in 2022.
Last year, the first and second quarters together witnessed an influx of a substantial $20.3 billion in VC funding. However, this year has been notably deficient in comparison.
VC funding in the crypto sector has noticeably dwindled throughout 2023. In the initial quarter, approximately $2.6 billion worth of crypto VC deals transpired.
The second quarter fared even worse, with approximately $2.1 billion distributed across 292 funding rounds, marking one of the weakest performances in the realm of crypto fundraising.
Amidst this VC funding slump, Tony Cheng, a partner at the crypto investment firm Foresight Ventures, shared insights during an interview with Cointelegraph’s Zhiyuan Sun.
Cheng discussed the factors contributing to the decreased interest from venture capital firms, strategies for founders to weather the bear market, and the ongoing debate between user growth and profitability for crypto companies.
Cheng noted that many of the prevailing narratives in the crypto space, such as layer-2 solutions, zero-knowledge proofs, and nonfungible tokens (NFTs), have plateaued.
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These once-prominent trends have seen reduced trading volumes on exchanges and in decentralized finance (DeFi), leading Cheng to remark that they have “kind of died down.”
He identified the lack of new innovations as a major hindrance to confidence and investment in the crypto sector.
While acknowledging the limited market activity and user base, Cheng remained cautiously optimistic, anticipating a potential turnaround with improved market conditions and increased enthusiasm for the next crypto cycle.
In response to whether founders should accept less favorable funding terms, Cheng emphasized the paramount importance of survival.
He urged struggling projects to secure capital to ensure their viability in the coming months, as future funding availability remains uncertain.
Cheng stressed that, given the prevailing bear market conditions, pursuing a “growth at all costs” strategy may no longer be viable. Instead, he advised crypto companies to prioritize profitability and financial stability.
In times of economic downturn, survival takes precedence above all else, safeguarding the progress achieved in the crypto space over recent years.
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Former PayPal president, David Marcus, has raised concerns about the outdated nature of global payments despite the ease of transferring information online.
He argues that while we can send emails or texts instantaneously, international money transfers remain stuck in the “fax era.”
According to Marcus, the lack of a universal protocol for online money transfers poses a significant challenge.
If you want to communicate with someone, you can simply ask for their email address and connect with them within minutes.
However, when it comes to sending money, the process is far from seamless. Marcus illustrated this by highlighting the difficulty of sending money to someone outside the U.S. who doesn’t use the same fintech apps.
In such cases, one would need the recipient’s bank account number and often resort to expensive international wire transfers costing as much as $50.
To address this issue, Marcus is leading the charge with his Bitcoin Lightning-focused payment service, Lightspark, which he co-founded in May 2022.
He believes that the Bitcoin Lightning Network has the potential to revolutionize the cumbersome process of sending money across borders.
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While Marcus acknowledges that Bitcoin’s Lightning Network may not become the go-to currency for everyday purchases, he sees its primary utility in facilitating international transfers.
Rather than being used for buying goods and services directly, Bitcoin could serve as a bridge currency, allowing users to send U.S. dollars that are seamlessly converted into other currencies, such as Japanese yen or euros, on the recipient’s end.
The key advantage of this approach is the speed and cost-effectiveness of Bitcoin Lightning’s settlement layer.
It enables near-instantaneous and low-cost cash finality, making it a promising solution for cross-border transactions.
In essence, Marcus envisions Bitcoin’s Lightning Network as the remedy to the outdated and expensive global payment systems that continue to prevail in today’s interconnected world.
In conclusion, David Marcus, the former PayPal executive and co-founder of Lightspark, believes that Bitcoin’s Lightning Network holds the key to modernizing international money transfers and bringing them out of the “fax era.”
With its potential to revolutionize cross-border payments, Bitcoin Lightning could pave the way for a more efficient and cost-effective global financial system.
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Key figures from leading mining and manufacturing firms are anticipating that the fourth Bitcoin halving, scheduled for 2024, could propel the price of Bitcoin (BTC) beyond the $100,000 mark.
This intriguing insight was shared by Canaan’s Vice President, Davis Hui, during a panel discussion at Canaan’s Avalon Bitcoin and Crypto Day (ABCD) in Singapore.
This panel included prominent Bitcoin mining executives from Singapore, Kazakhstan, and the United Arab Emirates, all of whom offered similar BTC price predictions for 2024, citing the profound impact of the upcoming Bitcoin mining reward halving.
Hui emphasized the impending reduction in Bitcoin’s supply, which will drop to 6.25 BTC per block after the reward halving.
Simultaneously, traditional financial institutions are displaying an increasingly keen interest in investing in the cryptocurrency sector.
Hui pointed out that industry giants like BlackRock, managing a staggering $10 trillion in assets, hold five times more value than the entire cryptocurrency market capitalization, currently standing at $2 trillion.
This surge in institutional interest, coupled with the halving’s supply reduction, is expected to drive BTC’s price upward.
Furthermore, Hui underscored the significance of several Bitcoin exchange-traded fund (ETF) applications pending with the United States Securities and Exchange Commission (SEC), submitted by some of the world’s largest asset managers.
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These applications, once approved, are anticipated to inject substantial capital into the cryptocurrency market, further fueling the demand for BTC and contributing to its price surge.
Hui also shed light on the challenging environment faced by most miners in the fiercely competitive market, where all-time high hash rates and network difficulties are eroding miner profitability.
In response, miners who cannot cover their electricity costs with their mining rewards are shutting down their operations.
However, those continuing to mine are doing so with an eye on the potential gains following the 2024 halving.
He also noted that miners capable of upgrading to more efficient and powerful machines are likely to maintain better profitability.
Hui speculated that mining companies in the United States might face particular challenges due to high electricity and administrative costs.
In a candid admission, Hui revealed that Canaan, like other industry players, reported a financial loss in the first quarter of 2023, underscoring the prolonged impact of the cryptocurrency bear market.
Despite these challenges, the industry remains optimistic about the future, driven by the potential market dynamics set to unfold as a result of the fourth Bitcoin halving.
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