Bitcoin News News

Bitcoin Miner Makes Bold Statement About ‘Bright’ Future After Market Rout

single-image

Bitcoin miner Argo Blockchain, a UK-listed company, has today sought to soothe shareholder unrest following a steep decline over the last month in the price of bitcoin and other cryptocurrencies, including Ripple’s XRP, ethereum’s ether, and stellar lumens.

Bitcoin is down some 38% over the last month as sell-off sparked by a fork in the bitcoin cash cryptocurrency led to investors bailing out of their crypto holdings and a raft of warnings the bitcoin price could be headed far lower.

Bitcoin companies around the world, including cryptocurrency miners and software developers, have come under severe pressure since early last month after a sudden sell-off looks set to cap a turbulent year for bitcoin and the wider cryptocurrency market.

Bitcoin miner (Bitcoin Mining Machines)
Bitcoin miners around the world have been hard hit by a near-40% decline in the bitcoin price over the last month.
Photo credit: AFP/Getty Images

Despite the downward trend for the bitcoin price, which has dragged the cryptocurrency market down by some $700 billion since the beginning of 2018, Argo has said demand for its products and services has remained robust.

Our mining packages are being snapped up as quickly as we make these available and demand continues to exceed supply,” said Argo co-founder and director Mike Edwards in a trading update to the market. “Despite a recent downturn in the cryptocurrency market, we are continuing to experience a strong ramp-up in revenues due to good execution of our growth strategy.

Argo’s share price has plummeted since it listed on the London Stock Exchange in August, tracking the falling price of bitcoin. Shares in early August were valued at £0.131 and fell to lows of £0.043 late last month. Shares in the company rallied some 25% this morning as investors cheered the bullish statement but are still far from their list price of £0.16.

Argo Blockchain

Argo’s share price has fallen as the price of bitcoin and other cryptocurrencies has dropped.

Argo’s long-term prospects remain bright and we look to the future with confidence,” Edwards added

Argo today revealed it has now sold 10,325 crypto mining packages, up from 4,200 on October 1.

Since bitcoin sudden sell-off last month, many have warned the short term future is going to difficult for bitcoin miners, many of which have reportedly already switched off their machines as they await an uptick in the price. To make a profit bitcoin miners are thought to need bitcoin to be trading at over $4,500.

Canaan Creative, the world’s second-biggest maker of cryptocurrency mining rigs, last week revealed it had put all its Avalon-brand equipment on sale at $200 per unit—down from over $700.

Bitcoin Price Bitcoin Graph
The bitcoin price took a steep dive last month after a period of relative calm. (CoinDesk)

The bitcoin price fell as low as $3,600 yesterday, down from an all-time high of almost $20,000 in December last year and over $6,500 at the start of last month.

The market has been fretting for months that the long-promised institutional investment surge may not transpire, as global banks and financial institutions delay or put on hold their plans to launch bitcoin and cryptocurrency investment products.

Continue Reading

You may also like

Bitcoin News News

UK Financial Regulator FCA Won’t Regulate Bitcoin and Ether

single-image

Major British regulator, the Financial Conduct Authority (FCA), will not regulate Bitcoin (BTC) as a part of its recent guidance on crypto assets.

FCA finalizes its statement on crypto after a public consultation released in January

On July 31, the FCA issued its finalized policy statement on cryptocurrencies in a document titled “PS19/22: Guidance on Cryptoassets.” The document represents an updated version of a consultation paper on crypto assets that was first released for public comment in January 2019, and intends to bring more regulatory clarity to the existing types of digital assets.

In the document, the FCA considered major cryptocurrencies such as Bitcoin and Ether (ETH) as “exchange tokens,” describing them as types of crypto assets that are “usually decentralized and primarily used as a means of exchange.” The regulator emphasized that such digital currencies do not fall under the regulatory scope of the FCA and is outside its…

View More Article
News

Bitcoin’s 3 Day Price Charts Point to an Impending ‘Golden Cross’

single-image

A bitcoin price indicator is about to turn bullish for the first time since the early stages of the 2016-17 bull market.

The 50-candle moving average (MA) on bitcoin’s three-day chart is in a solid upward trajectory and looks set to cross above the 200-candle MA in the next few days.

That would be the first golden crossover on the three-day chart since early February 2016. CoinDesk reported on a golden cross for bitcoin’s daily chart back in April.

Seasoned traders often refer to that long-term bull market signal as a lagging indicator. After all, the MA studies are based on historical data and tend to lag prices, which also means they have limited predictive abilities at best.

While that is true for most crossovers, the one that is about to happen on the three-day chart has proved its mettle as a reliable bull market indicator in the past.

3 day chart (2016-2017)

View More Article
Bitcoin News News

Garrick Hileman Explains Why Bitcoin (BTC) is on The Rise This Year!

single-image

Garrick Hileman, head of research at Blockchain, explains what’s behind the cryptocurrency’s near-200% year-to-date rally (watch the interview above)

 

Dr Garrick Hileman is head of research at Blockchain and research associate at the London School of Economics

Garrick is best known for his research on monetary and distributed systems innovation, particularly cryptocurrencies and blockchain technology.

Hileman Garrick was ranked as one of the 100 most influential economists in the UK & Ireland. He is regularly invited to speak and share his research and perspective with public sector institutions, including the CIA, US Army and Naval War Colleges, Federal Reserve, Bank of England, Bank of International Settlements, and the Financial Stability Board, as well as media, including the BBCCNBCFTWSJ, and NPR.

View More Article
Bitcoin News News

Bitcoin Price Passes $10,000 as Cryptocurrency’s Spectacular Recovery Continues

single-image

The price of bitcoin has broken above $10,000 (£7,855) for the first time since March 2018, as the cryptocurrency’s remarkable surge in value continues.

Bitcoin passed the milestone after experiencing gains of more than 10 per cent over the last 24 hours.

The price jump saw the world’s largest cryptocurrency reach as high as $10,831, according to the CoinMarketCap price index, taking its overall market capitalisation close to $200 billion.

Bitcoin’s most recent run of good form began in early February, when it was trading at well below $4,000.

It had reached this price after more than a year of steady declines saw its price withdraw dramatically from its late 2017 peak of close to $20,000.

Bitcoin’s recent run has drawn comparisons from some with bitcoin’s run in 2017, with some hoping it can go beyond its previous record high.

“This really is amazing,” one crypto enthusiast wrote on Twitter. “It has 2017 written…

View More Article
Blockchain News Press Releases

Satoshi Studio Launches First Ever Blockchain-Certified Sneakers

single-image

Paris, 30th of May 2019. French brand Satoshi Studio announces the launch of their first sneakers. The Satoshi_one is the first pair of shoes certified on the Ethereum blockchain. More high-end products will come from Satoshi Studio thanks to their innovative financing campaigns.

Satoshi Studio was founded in 2018. The Parisian brand is influenced by the Tech industry and Crypto culture. It aims to create a place for itself as a reasonably priced high-end brand. To reach that goal, it will not use traditional channels of communication, striving instead to connect directly with its young and tech-focused community.

To be able to regularly offer new products and avoid traditional seasonality, the brand will launch several crowdfunding campaigns per year. Satoshi Studio believes in responsible shopping habits: they will only produce the right amount, no more, no less. The sneakers will be offered at a reasonable price, without compromising on quality.

Authors Name
Lucas Goldlust
Company Name
Satoshi Studio
View More Article
Bitcoin News News

Why We Could See The Price of Bitcoin Quadruple Within Just a Few Months

single-image

Bitcoin is ballooning to new highs… but can it last?

Compound interest might be the most powerful force in the universe, but FOMO can’t be far behind, especially as it relates to bitcoin.

We’ve seen the “fear of missing out” contribute to a nosebleed rise in the price of bitcoin BTCUSD, before, and Fundstrat’s Thomas Lee believes we’re about to see it play out again — but even more pronounced.

The outspoken bitcoin backer told clients this week the world’s top cryptocurrency could ride a wave of FOMO all the way up to $40,000 “within a few months,” thanks to better transparency and a breach of the psychological $10,000 barrier.

He pointed to Grayscale Bitcoin Trust GBTC, as a great way to partake in a rally that would be most welcomed by the crypto bulls who had to suffer through a 74% drop in the price of bitcoin last year.

“Bottom line: Crypto winter looks over,” Lee said….

View More Article