Today, Canaan and Galaxy Digital reported quarterly losses, Huobi announced a legally compliant way to reenter the U.S. market, and Binance denies stealing $1 million from one of its users.
Canaan Creative’s losses in 2019 are a continuation of the major mining manufacturer’s declining profitability over the past three years. While its machines secure 20 percent of the Bitcoin network, Canaan is a market leader in an industry subject to volatile price swings, ever-changing miner incentives, and fast-paced technological advancement. This is to say nothing of Bitcoin’s programmable “halving” expected in 34 days, which will essentially cut miner’s paychecks in half.
You’re reading Blockchain Bites, the daily roundup of the most pivotal stories in blockchain and crypto news, and why they’re significant. You can subscribe to this and all of CoinDesk’s newsletters here. Here’s the story:
The case for decentralization
Bitcoin’s break above a long-term moving average resistance near $7,100 has strengthened the case for a rally to $8,000. The 200-period average was repeatedly capped in the final days of March, bow that the hurdle has been convincingly crossed, buyers who entered the market earlier this month may also be more comfortable in holding their positions. All in all, the move is a good signal for prices.
Flood to market
US executives rush in record numbers to “buy the dip,” (but not the crypto dip.)
March 12 changed how investors look at crypto markets and assets, shook out some participants and left others unmoved. The CoinDesk Quarterly Review is a Q1 analysis of how the narrative has changed for crypto blue-chips like Bitcoin and Ethereum, which assets outperformed, and how the participants in crypto markets are shifting in the wake of Q1’s defining event. Read the full report here.
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