Crypto2Cash at World Blockchain Summit Dubai with Robert Doornbos
Crypto2Cash will feature a Formula 1 Simulator and former Formula 1 driver Robert Doornbos, where people can race against him.
Crypto2Cash is a Gold Sponsor at World Blockchain Summit Dubai. This amazing blockchain event is taking place on April 22 and 23. Together with their partner Anbruggen Capital, Crypto2Cash will have a booth at the conference.
We are excited to meet all of you at the event and explain our business!
Bitcoin miner stocks decline, analyst dismisses fears
Mitchell Askew, an analyst at Blockware Solutions, has dismissed fears regarding the profitability of Bitcoin mining after the cryptocurrency’s halving event as baseless.
This comes as Bitcoin miner stocks, including major firms like Marathon Digital and Riot Platforms, experienced significant declines — up to 53% and 54% respectively from their year-to-date highs.
CleanSpark also saw a notable drop but remains substantially up for the year. Askew attributes these declines to unfounded concerns about post-halving profitability and a recent 7.5% decrease in Bitcoin’s price, suggesting that investor fears are mostly unsubstantiated.
Bitcoin miners, including non-U.S. companies like Singapore’s Bitdeer Technologies and Australia’s Iris Energy listed on the Nasdaq, have seen significant declines in their stock prices, falling 40.8% and 47.6% respectively since mid-February. These price drops are occurring as the Bitcoin community anticipates the cryptocurrency’s fourth halving on April 20, which will reduce mining rewards to 3.125 BTC per block.
Mitchell Askew from Blockware Solutions highlighted that fears about post-halving profitability are evident in the market performance, notably in the Valkyrie Bitcoin Miners ETF, which has shown almost no correlation with Bitcoin in 2024. Despite the current market trends, Askew predicts a rebound in mining stocks soon after the halving.
Concerns about profitability were also reported by Cantor Fitzgerald in late January, noting that if Bitcoin’s price remains around $40,000, eleven publicly-listed Bitcoin miners would not be profitable post-halving. According to Jaran Mellerud from Hashlabs Mining, if Bitcoin’s price doesn’t increase post-halving, some U.S. miners might need to relocate or expand internationally to areas with lower electricity costs to maintain profitability.
Source: Cointelegraph
GBTC Outflows Surpass Inflows of Other Bitcoin Spot ETFs
Spot bitcoin exchange-traded funds (ETFs) in the United States have recorded net outflows for three consecutive days, with over $58 million exiting these products yesterday. This has reduced the total net inflow to around $12.43 billion. Grayscale’s converted bitcoin trust, GBTC, was primarily responsible for these outflows, losing nearly $79.4 million. The Ark 21Shares Bitcoin ETF also experienced significant outflows, totaling approximately $12.88 million.
In contrast, most other spot bitcoin ETFs saw modest inflows, with the iShares Bitcoin Trust leading by bringing in $25.78 million. Despite these fluctuations, overall spot bitcoin ETF trading volumes have stabilized in April after declining from an early March high, with cumulative volumes surpassing $215 billion as of Monday.
The market for spot bitcoin ETFs has seen a tightening of inflows and outflows since March. Meanwhile, bitcoin’s price remains strong, trading above $64,300 and showing a recent increase of more than 2.6%. The cryptocurrency is approaching its anticipated block-reward halving, set to occur on Friday.
Source: The Block