Markets
Bitcoin Reclaims $66,000, But Mt. Gox Selling Pressure Persists
Bitcoin has regained $66,000 after falling below $65,500 on Tuesday, But continued selling pressure from Mt. Gox has dampened the chances of a sustained rally. According to Arkham data, Mt. Gox transferred over $3 billion worth of BTC between different wallets. It ultimately sent $130 million to cryptocurrency exchange Bitstamp. Creditors are expected to immediately sell their BTC upon receipt, which is why coin movements tend to weigh on the price of bitcoin. BTC is sitting around $66,500 at the time of writing, little changed from 24 hours ago. The broader cryptocurrency market, as measured by the CoinDesk 20 (CD20) index, is also little changed.
Ether ETFs in the United States recorded net inflows of approximately $107 million on their first day of tradingwith volumes exceeding $1 billion. The BlackRock iShares Ethereum Trust ETF (ETHA) led the way with $266.5 million in inflows, followed by Bitwise’s Ethereum ETF (ETHW) with $204 million. Total trading volume was about a fifth of that of bitcoin counterparts when they debuted in January. Many market watchers had speculated that ETH ETF volume and flow would be disappointing due to a lack of a staking mechanism. Ether traded just below $3,500 during Asian and European morning trading, about 1.3% lower than 24 hours ago.
There is Few bitcoin miners have the same power as Iris EnergyCanaccord said in a report released Tuesday. “The company is building 510 MW of data centers in 2024, has secured 2,160 MW of power capacity and has a development pipeline of over 1 GW,” the analysts wrote. The brokerage raised its target for the company to $15 from $12 while maintaining its buy rating. Iris Energy was trading 3% higher at $11.23 in premarket trading on the Nasdaq. Earlier this month, Iris shares fell 14% after a short seller said its Childress, Texas, site was not suitable for hosting AI or high-performance computing. “We believe management will be opportunistic in expanding the use case for its data centers beyond bitcoin mining and is well prepared from a power, cooling and network perspective,” Canaccord wrote.