BTC/USD Rockets to Highest Print Since June: Sally Ho's Technical Analysis 27 July 2020 BTC

18d
cryptodaily

Exploring Decentraland: A Review of the Virtual World Built on Ethereum

18d
thebitcoinnews

J. A. McDonald: The Longest Running Case of Mass Hysteria

18d
thebitcoinnews

Popular Indian Youtube Channel Hacked to Promote Bitcoin Giveaway Scam

18d
thebitcoinnews

Tips on How to Minimize the Risks When Trading Cryptocurrencies

18d
thebitcoinnews

Analyst Who Predicted Bitcoin’s V-Shaped Reversal Expects Rally to $17k

18d
bitcoinist

Charles Edwards: BTC Could Shoot Up with Banks’ Help

18d
livebitcoinnews

These 3 Metrics Suggest Bitcoin Is Building Up Bullish Momentum

18d
bitcoinist

Are Institutional Investors Not Buying Bitcoin Anymore?

18d
coininsider

Visa Moving to Integrate With Digital Currency Platforms

18d
thebitcoinnews

Bakkt Hasn’t Experienced Any BTC Options Trading Since Mid-June

18d
livebitcoinnews

XRP Is Surging But Not Everyone Is Convinced a Bull Run Is Certain

18d
bitcoinist

Bitcoin Is Readying for “Big Move,” Says Fund Manager Who Predicts $50k BTC

18d
bitcoinist

Market Update: Crypto Cap Nears $300 Billion, BTC Hits $10K, ETH Rallies Hard

18d
thebitcoinnews

ETH/USD Launches to Highest Print Since July 2019: Sally Ho's Technical Analysis 26 July 2020 ETH

18d
cryptodaily

After Surging 25% in 5 Days, Ethereum Forms Sign Last Seen Before March Dump

18d
bitcoinist

Visa Claims It Will Support More Stable Currencies in the Future

18d
livebitcoinnews

Analyst Who Predicted BItcoin’s 2018 Bottom Thinks $10k Is Imminent

18d
bitcoinist

Adam Back & Satoshi Nakamoto: friends or strangers?

18d
cryptodaily

Bitcoin Falls Back Into The $9K Zone After Its Brief $10K Breach

18d
coingape

Bitcoin and Ethereum Surge to New Highs, Gold Almost at All-Time High

18d
cryptoglobe

After Surging 15% in 5 Days, XRP Prints Textbook Sell Signal

18d
thebitcoinnews

Bitcoin SV Is Stuck Below $200, May Resume Upside Range Correction

18d
coinidol

Here’s Why Bitcoin is Poised to Hit $11,500 Following Overnight Rally

18d
bitcoinist

Former CFTC commissioner believes the US should bring in outside stakeholders for a CBDC to bring in a new perspective

18d
cryptodaily


Fidelity Investments invests big in Bitcoin mining as institutions want crypto

cryptoslate

1mon ago

In June, $2 trillion asset manager Fidelity Investments published a report on institutional investment in the Bitcoin and crypto industry.

The Wall Street giant found that “digital assets are gaining in favorability and appeal amongst institutional investors, with almost 80% of investors surveyed finding something appealing about the asset class.” Fidelity also found that 36 percent of institutions have exposure to the crypto market, with many of these firms owning either Bitcoin or Ethereum.

Only corroborating the trends displayed in the survey, Fidelity itself was recently revealed to have invested big in a Bitcoin mining company based in Canada.

According to crypto research analyst Matt Yamamoto, when Canadian mining firm Hut 8 ran a $6.1 million June offering of shares, Fidelity Investments was the primary participant:

“Turns out Fidelity was the largest investor in Hut 8’s US$6.1M public offering from last month According to a recent filing, Fidelity purchased 71% of the “units” (combo of shares and warrants) sold in the offering Fidelity now owns 10.6% of Hut 8’s outstanding shares.”

Hut 8’s shares are listed on the Toronto Stock Exchange under the ticker of “HUT.” And the company was required to disclose Fidelity’s investor status due to securities laws in some jurisdictions which state that entities that own in excess of a certain percent of a company must divulge this.

HUT is seemingly benefiting from this news, gaining 6.19 percent during Jul. 13’s trading session, the first trading session since this news became common knowledge.

Fidelity Investments’ purchasing of Hut 8 shares is part of a wider wave of capital flowing into the Bitcoin mining space.

Core Scientific just recently bought around  17,500 of the newest SHA-256 ASIC devices from Bitmain, the crypto mining giant. This investment alone has the potential to add a solid chunk to Bitcoin’s hash rate.

Earlier this year, Layer1, a Peter Thiel-backed mining startup, began operations in Texas. The company wants to control 30 percent of all Bitcoin hash rate by the end of 2021.

1) Investment by mining firms.

– Core Scientific bought 17k of Bitmain's new SHA-256 ASICs

– Peter Thiel-backed mining startup Layer1 started operations in February. Layer1 wants to control 30% of Bitcoin's hash rate

– SBI and GMO Internet are working with a large mine in Tx

— Nick Chong (@_Nick_Chong) July 12, 2020

These investments bode well for the price of BTC, analysts have said.

Digital asset manager Charles Edwards found in December that Bitcoin’s value can be somewhat predicted by making a formula factoring in the estimated energy consumption of the network.

His model currently says that with the recent spike in Bitcoin hash rate, BTC is trading 28 percent below its “Energy Value.” Edwards’ model says that BTC should currently be trading around $12,800.

A separate analysis by Edwards has also found that the recent surge in the hash rate has triggered the Hash Ribbons to print a “buy” signal. This is important as historical instances of the signal appearing has preceded some of Bitcoin’s largest macro rallies.

Believe it or not, a majority of 2017’s rally that took Bitcoin from $500 to $20,000 in 18 months’ time was catalyzed by retails investors — people like you or me.

Asset management giant Fidelity Investments has established a United Kingdom entity for its cryptocurrency business with the intent of gaining a foothold in Europe, the move coming days after British Prime Minister Boris Johnson led his pro-Brexit government to victory in a snap election.

Commitment to Transparency: The author of this article is invested and/or has an interest in one or more assets discussed in this post. CryptoSlate does not endorse any project or asset that may be mentioned or linked to in this article. Please take that into consideration when evaluating the content within this article.

Disclaimer: Our writers' opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.

The significant fundamental growth seen by Ethereum over the past couple of months has led to a torrent of calls from investors regarding an imminent rally.

The price of Bitcoin (BTC) dropped to as low as $9,110 across major exchanges on July 10.

The price of ATOM, the native cryptocurrency of the Cosmos blockchain network, surged by 68% in merely ten days.

Regarding any copyrights issue, please contact us:content@hashbee.com.

0 comments