Marathon Digital Holdings announces Bitcoin production

Marina Meza
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<strong>Marathon Digital Holdings announces Bitcoin production</strong>

Marathon digital holdings, inc (NASDAQ:MARA) (“Marathon” or “Company”)a leader in supporting and securing the Bitcoin ecosystem, today released unaudited bitcoin (“BTC”) mining and production facility updates for May 2023.

Management Explanation

We produced a record 1245 bitcoins in May, up 77% from last month and up 366% from May 2022,” said Fred Thiel, president and chief executive officer of Marathon. “The increase in production was due to a higher hash rate and a significant increase in transaction fees, which accounted for approximately 11.8 % of the total bitcoin we earned in the last month. The emergence of Ordinals significantly increased transaction fees in May, which in some cases were so high that they exceeded the per block reward of 6.25 BTC. With our scale and improved uptime during the month, we were able to capitalize on this opportunity. While such abnormally high transaction fees are historically rare, we believe these events can serve as a positive sign for the future of the mining economy.

In May, we increased our operating hash rate by 9% per month to 15.2 exahashes, and increased our installed hash rate by 13% per month to 20.1 exahashes. With the construction progress at Applied Digital’s Ellendale, ND facility and continued optimizations to our fleet, we believe we are on track to reach our target of 23 EH/s by the middle of this year.

Also in May, we announced that we would join forces with Brink to raise up to $1 million to support Bitcoin Core developers. In less than four days, we collectively raised nearly $800,000 for Bitcoin Core developers, $500,000 of which is Marathon’s contribution. We are incredibly grateful to the Bitcoin community for supporting this initiative to support the volunteers who maintain the open source protocol we all depend on. We encourage all Bitcoiner and Bitcoin-related companies to support Bitcoin Core developers and join us in closing the gap and raising $1 million for Bitcoin Core developers.”

Operational Highlights and Updates

In May, approximately 5500 of Marathon’s Bitcoin miners (c. 0.75 EH/s) were newly energized at Applied Digital’s North Dakota facility. Approximately 5300 S19 XP (c. 0.72 EH/s) were recently energized in Ellendale, ND. The remaining units were energized at the Jamestown, ND facility, where Marathon’s first national deployment of immersion mining is underway.

As a result, the Company’s operating fleet increased to approximately 133,600 Bitcoin 600 Bitcoin miners, theoretically capable of producing approximately 15.2 EH/s, according to the manufacturer’s specifications, as of June 1, 2023.

Once all of Marathon’s previously purchased miners are installed, approximately 66% of the company’s hash rate is expected to be generated by S19 XP, which are approximately 30% more energy efficient than the previous generation of mining rigs.

Financial Highlights and Upgrades

As of June 1, Marathon holds a total of 12 259 BTC, all of which are unrestricted. The Company elected to sell 554 BTC during the month of May and intends to sell a portion of its bitcoin holdings in future periods to support monthly operations, manage its treasury and for general corporate purposes. The Company ended the month with $97.3 million in unrestricted cash and cash equivalents on its balance sheet.

By Marina Meza

5x, 10x, or 25x: How High Does the Bitcoin Price Go in the Bull Market?

Audy Castañeda
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5x, 10x, or 25x: How High Does the Bitcoin Price Go in the Bull Market?

The Bitcoin price has not been able to break above the $28,000 mark in the past few days. The current price development indicates that Bitcoin is still in the bear market.

The Bitcoin price fell sharply last year, due to a brutal bear market. After the FTX crisis, the price of BTC was only $15,000. In 2023, the price was able to recover significantly. From $15,500 at the beginning of the year, it rose to over $31,000 in March.

In recent weeks the rise has slowed significantly and there has been further consolidation. The Bitcoin price first fell below $30,000 and then even went back to $26,000. However, most of the time in the second quarter there is lateral movement.

How Much Can Bitcoin Price Rise in the Next Bull Market?

The Bitcoin price repeatedly sees particularly strong increases in a bull market. Generally, the bull market is supposed to start after the Bitcoin halving, as that is when a supply shock occurs.

In recent bull markets, an interesting phenomenon has occurred. The percentage increase in the price of Bitcoin, between the bear market and the bull market, continued to decrease with each cycle, as more bitcoins come into circulation, the fluctuations are less frequent.

Below are three possible scenarios that illustrate how much the price of Bitcoin could rise.

Scenario 1: 5x Increase

It is assumed that the price of Bitcoin will rise much less than in previous bull markets. The bottom of the bear market is $15,000, right after the FTX bankruptcy. Since this was an extraordinarily negative event, a “normal” low of $20,000 can be expected. A 5x rise would take Bitcoin to $100,000 in the bull market.

The probability of such a low all-time high in the next bull market is very low. Bitcoin adaptation continues to grow strongly, and the potential price in the next bull market is huge, thanks to innovations like the Taro protocol, ordinals, and especially the growing Lightning network.

The probability of this scenario is 5%.

Scenario 2: 10x Increase

A 10x rise would still be much less than the last bull market. Back then, Bitcoin rose from a low of around $3,500 to $68,000 in the bull market, a nearly 20-fold increase. A 10x rise from an assumed low of $20,000 would take Bitcoin to $200,000.

This scenario is much more likely. Most analysts consider a Bitcoin price between $150,000 and $250,000 to be realistic in the coming bull market.

The probability of this scenario is 70%.

Scenario 3: 25x Increase

The latter scenario causes the price of Bitcoin to grow faster in the next bull market than in the previous one. This would counter the tendency for rallies to lose steam in subsequent bull markets. One could already see a Bitcoin approaching the $500,000 mark in the upcoming bull market.

In this sense, there is some probability, since the last bull market was severely slowed by the ban on mining in China. Prior to this event (and other FUDs like Elon Musk’s criticism of alleged environmental pollution), the bitcoin price was on its way to $100,000, or eventually $150,000.

In addition, monetary policy could become looser in the coming years, and the FIAT system is heavily affected by banking crises and inflation. This could make the price of Bitcoin grow even faster.

The probability of this scenario is 25%.

By Audy Castaneda

Shiba Inu: Shibarium Transaction Volume Passes 10 Million, Tradecurve Sets $20 Million Target

Audy Castañeda
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<strong>Shiba Inu: Shibarium Transaction Volume Passes 10 Million, Tradecurve Sets $20 Million Target</strong>

Analysts examined on-chain metrics and found two projects that are moving away from the mainstream.

Markets suffered a brief downturn due to the ongoing debt ceiling crisis and fears of imminent regulatory action. However, Shiba Inu (SHIB) has had great success with its second-tier scaling solution, Shibarium, which has executed over ten million transactions.

Tradecurve (TCRV), an up-and-coming trading platform, has seen a massive surge in demand and is on track to raise $20 million in its pre-sale alone.

Shiba Inu (SHIB): Shibarium Presents Impressive Metrics

Shiba Inu (SHIB) has sparked renewed interest, which is reflected in the other tokens within the Shiba Inu (SHIB) $BONE & $LEASH ecosystem. Shibarium, the second-tier scaling solution developed by the Shiba Inu (SHIB) developers, has been driving this uptick.

It recently passed a critical 10 million transaction mark, and the momentum continues to build. Shibarium will allow Shiba Inu (SHIB) keepers to trade at much lower gas rates. If it can replicate the success of other second-tier scaling solutions like Arbitrum (ARB) and Optimism (OP), it will provide a huge advantage for Shiba Inu (SHIB) long-term assessment.

This scaling solution from Shiba Inu Developers (SHIB) will also increase the demand for tokens in the ecosystem, as validators will need to stake $BONE to participate in the network.

Analysts forecast the Shiba Inu (SHIB) to range between $0.00001560 and $0.00001843 by the end of next year, offering an easy 2x profit for investors at its current price.

Tradecurve (TCRV) On Track to Raise $20 Million in Presale

Low latency trading, high leverage and unrestricted access to global markets – Tradecurve has it all. This emerging protocol has entered the second phase of its pre-sale, quickly attracting the attention of two key groups: analysts and experienced traders.

Analysts cite the integration of artificial intelligence (AI) trading algorithms and institutional-grade liquidity as enhancing the cutting-edge trading experience. Furthermore, they claim that the growing demand for decentralized services, especially leveraged products, given that millions of retail clients live in jurisdictions that prevent them from accessing markets fairly, would create significant buying pressure.

Traders, in turn, appreciate three aspects of the protocol. First, Tradecurve facilitates anonymous trading, allowing users to start using the platform with just an email address and cryptocurrency as collateral.

Second, the high leverage and speed of execution, and lastly, the variety of markets that Tradecurve offers. Traders can buy and sell with up to 500:1 leverage on the forex, cryptocurrency, stock and commodity markets, giving them unparalleled freedom to do what they do best in any asset class they choose.

On-chain presale engagement data is strong, in line with analyst predictions that the protocol will raise $20 million in its presale and that the platform’s token, $TCRV, will appreciate 5,000% in the coming months.

Being one of the most exciting ICOs seen in 2023, with plans to sign up 100,000 traders within the first three months of operation, Tradecurve is a potential standout protocol this year.

By Audy Castaneda

Ratification of the MiCA Law: A New Horizon for Cryptocurrencies in the EU

Audy Castañeda
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<strong>Ratification of the MiCA Law: A New Horizon for Cryptocurrencies in the EU</strong>

The MiCA Law, intended to regulate the cryptocurrency market in the EU, has been ratified. This regulation could have significant implications for institutional investment and financial privacy.

The MiCA Law, a pioneering regulation in the cryptocurrency market, has been ratified by European officials. This law first launched in 2020, aims to regulate the cryptocurrency market in the European Union (EU).

The path seems completely paved for this regulation to definitively become an applied law within a period of approximately one year.

Ratification of the MiCA Law: A Step Towards Transparency

It is worth remembering that the Mi]CA Law tries to shape a regulatory framework that harmonizes and integrates the legislation in all the Member States of the European Union, which until recently established their own rules to contain the popularity of Bitcoin and other digital currencies. In particular, the European framework seeks to regulate the issuance, offer to the public, and trading of crypto assets, which it provides with a common and specific definition.

Officials signed the law after finance ministers recently ratified it. This Wednesday, the Swedish Minister for Rural Affairs, Peter Kullgren, and the President of the European Parliament, Roberta Metsola, gave their approval. This ends the long wait of three years since the draft was introduced by the Commission.

On Twitter, the announcement read as follows:

“Facilitated trade for Ukrainian products, and stronger rules to prevent financial crime through crypto-assets – this will be the effect of two of the new EU laws negotiated under #EU2023SE.

Signed by @peterkullgren and @EP_President_ today, they now enter into force.”

The MiCA Law: An Example for the USA

Now that EU officials ratify the MiCA Law as a regulatory framework for the crypto market, expectations are set in the United States. Washington would be working on its own regulation for the sector. However, those rumors do not have a solid foundation so far.

Although regulations such as the MiCA Law and those that may be adopted in the United States have negative elements, there are also positive sides. Among the latter is the stimulus for large institutional investors, which guarantees the increase in the capitalization of dozens of assets.

Experts highlight that, although the regulation has an adequate approach, the action should be coordinated at a global level by organizations such as the G20. Maria Demertzis, a researcher at the Bruegel think tank, points out the following:

“The defining characteristic of decentralized finance is that it has no borders and is therefore accessible to many. For the industry to experiment with ways to divide and spread risk is dangerous. And the more popular cryptocurrencies become, the greater the risk of something going wrong and causing a global upheaval.”

On the negative side is the limitation on financial privacy. In fact, the MiCA Law could prohibit centralized exchanges from receiving cryptocurrencies from non-custodial wallets. In the midst of this scenario, EU officials ratify the MiCA law and the implications will begin to be seen within a period of approximately one year when it begins to be applied effectively.

By Audy Castaneda

EOS Price Analysis: Key Support Intact Nearby, But Bearish Signs Emerge

Audy Castañeda
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<strong>EOS Price Analysis: Key Support Intact Nearby, But Bearish Signs Emerge</strong>

The EOS price is declining from $0.930 against the US Dollar, similar to Bitcoin. The price could accelerate to the downside if there is a clear move below the $0.875 support.

The EOS price started a downward correction from the $0.930 resistance against the US Dollar. The price is now trading near $0.875 and the 55 simple moving average (4 hours).

There was a break below a key uptrend line with support near $0.9020 on the 4-hours chart of the EOS/USD pair (data feed from Coinbase). The pair could continue to move lower if it sustains below the $0.90 and $0.92 resistance levels.

EOS Price Analysis

This week, the EOS price rallied further above the $0.86 resistance zone against the US Dollar. The price broke above the $0.875 level and broke above the 55 simple moving average (4 hours).

A high was formed near $0.930 before the price began a downward correction. The price dipped below the $0.90 support to move into a short-term bearish zone. Additionally, there was a break below a key uptrend line with support near $0.902 on the 4-hour chart of the EOS/USD pair.

The pair even tested the 50% Fib retracement level of the up move from the $0.8170 low to the $0.9300 high. It is now trading near $0.875 and the 55 simple moving average (4 hours).

On the downside, immediate support is near the $0.875 level. The next key support is near the $0.86 level. It is near the 61.8% Fibonacci retracement level of the up move from the $0.8170 low to the $0.9300 high. If there is a break below the $0.86 support, the price could revisit the $0.82 support.

To the upside, immediate resistance is near the $0.90 level. The first major resistance is near the $0.93 level, above which the price could steadily rally.

The main resistance is still near $0.976. A clear move above the $0.976 level could call for more upside. If so, it could go towards the $1.00 level. More gains could send the price looking toward the $1.05 level.

The EOS price is now trading near the $0.875 level and the 55 simple moving average (4 hours). Overall, the price could continue to fall if it sustains below the $0.90 and $0.92 resistance levels.

Technical Indicators

4 hours MACD – The MACD for EOS/USD is picking up pace in the bearish zone.

4 Hours RSI (Relative Strength Index) – The RSI is now below the 50 level.

Main support levels: $0.875 and $0.860.

Major resistance levels: $0.90 and $0.93.

According to CryptoPredictions, EOS started in June 2023 at $1.056 and is predicted to finish the month at $1.345. During June, the maximum forecasted EOS price is $1.441 and the minimum price is $0.98000019527875.

In the same vein, CryptoPredictions forecast today’s EOS Price to be in the $0.75449447056048 – $1.110 price range. EOS is predicted to end today at $0.88764055360057. The expected average EOS price for 2023 is $1.125, while the maximum predicted price for 2023 is $1.498, forecasted to be reached in December 2023.

By Audy Castaneda

Bali Governor Warns Tourists about Using Cryptocurrencies

Audy Castañeda
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<strong>Bali Governor Warns Tourists about Using Cryptocurrencies</strong>

In Indonesia, the use of cryptocurrencies is legal when it comes to trading and related operations. But it is illegal for exchanges and payments.

Last Sunday, the governor of Bali, Indonesia, Wayan Koster, threatened tourists visiting the island with serious penalties. In a press conference, the regional president recalled that the use of cryptocurrencies to make payments and purchases is firmly prohibited in the country. He said that he will act with strong punitive measures.

Based on such announcement, any tourist who is caught paying for a service with digital currencies could be immediately deported. Another punishment for offenders would be detention by the authorities. The ruler’s threat immediately generated concern among tourists and supporters of the crypto sector. The island generally receives visits from enthusiasts of these assets.

Using Cryptocurrencies for Payments is a Crime in Indonesia

Koster’s threats are not new, considering that the national authorities themselves are hostile to crypto assets. Consequently, Indonesia’s central bank strictly prohibited the use of digital currencies as a means of payment.

Nevertheless, the governor’s warning goes beyond the rules applied by the authorities against locals. In fact, the president even warns citizens of other countries that they could be taken to jail for violating that provision.

“The use of cryptocurrencies as a means of payment will be dealt with firmly,” said the provincial president. Next, he confirmed that “strict actions range from deportation, administrative sanctions, criminal sanctions, closure of business premises and other harsh sanctions.”

In the statement to the media, the governor was accompanied by the police chief of the province and a representative of the central bank. This last official, Trisno Nugroho, stressed that cryptocurrency trading is legal, but not its use as a means of payment.

Fines for payments with digital currencies can reach 2 million Indonesian rupiahs, which is equivalent to about $13,000 US dollars.

Impact of These Policies on Tourism

The authorities’ tough policy against cryptocurrencies could become a serious threat to Bali’s economy. Much of it is sustained on the basis of tourism. In this way, an intransigent repression against these assets can scare away tourists with very negative results for the province.

In other words, if tourists feel threatened with fines and persecution, they will simply decide not to travel to Bali. There are many places in the Asia-Pacific region that would be willing to welcome such travelers and allow them to trade virtual currencies.

According to local media, in Bali there are numerous sites that accept tokens as a form of payment. These include meditation retreats, motorcycle rental businesses, and a cafe for virtual currency enthusiasts.

It is not the first time that the governor of Bali has earned the contempt of tourists. In December last year, the Indonesian Criminal Code was approved, according to which sexual relations between persons not united by marriage were prohibited. Rumor immediately spread that the law would also apply to tourists. However, Koster himself later denied that rumor.

In any case, what is strictly prohibited is the use of cryptocurrencies to pay for goods or services. Some critics, quoted in CoinTelegraph, criticized the move, saying it was a way for the governor to do damage as he is just months away from the end of his term.

By Audy Castaneda

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