Despite the high volatility of cryptocurrency prices, major industry players such as Bitcoin Depot, a leading Bitcoin ATM operator, report little impact on their business performance.
In its latest 10-K annual report filed on April 15, Bitcoin Depot disclosed that its revenues show no historical correlation with Bitcoin’s fluctuating prices.
The company reported revenues of $689 million in 2023 and $647 million in 2022, which did not fluctuate in tandem with Bitcoin’s price movements.
Throughout 2023, while Bitcoin’s value surged by 155%, Bitcoin Depot’s revenue grew by only 6%. This indicates a disconnect between the company’s financial performance and the cryptocurrency market trends.
The firm attributes this stability to the nature of its services.
According to Bitcoin Depot, “Based on our own user surveys, a majority of our users use our products and services for non-speculative purposes, including money transfers, international remittances, and online purchases, among others.”
Bitcoin Depot has taken measures to minimize its exposure to Bitcoin’s price volatility.
The company maintains a “relatively low balance” of Bitcoin, under $0.8 million at any given time, and replenishes its Bitcoin supply exclusively through purchases from top liquidity providers such as Cumberland DRW and Abra.
This strategy avoids the risks associated with Bitcoin mining.
READ MORE: Hong Kong Approves First Spot Bitcoin and Ether ETFs, Aiming to Boost Digital Asset Market
The operational finances of Bitcoin Depot involve two key components: Bitcoin stored in hot wallets to fulfill user transactions and cash accumulated in its Bitcoin ATM (BTM) kiosks.
As of the end of 2023, cash in these kiosks represented about 21% of the company’s average monthly revenues.
Established in 2016, Bitcoin Depot has grown to become the world’s largest cryptocurrency ATM operator as confirmed by CoinATMRadar.
With more than 7,000 BTMs globally as of April 2024, Bitcoin Depot leads its closest competitors, CoinFlip and BitStop, which manage 4,800 and 2,500 machines respectively.
Notably, 2023 marked the first-ever decline in the global installation of Bitcoin ATMs, reflecting a shift in the industry dynamics.
However, Bitcoin Depot’s CEO, Brandon Mintz, remains optimistic about the future, especially with the upcoming Bitcoin halving event expected this week, which he believes will catalyze a significant rebound in ATM industry growth.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Gold advocate Peter Schiff has expressed skepticism towards claims by market analysts predicting that Bitcoin could reach a price of $100,000 during its current bull run.
Schiff, a vocal critic of Bitcoin, challenged the notion that the cryptocurrency could achieve such a milestone, particularly attributing the expected surge to the demand generated by spot Bitcoin exchange-traded funds (ETFs).
In his critique, Schiff pointed to the lackluster performance of several Bitcoin-related stocks, such as Coinbase, MicroStrategy, and Galaxy Digital, highlighting their recent declines despite the overall enthusiasm around Bitcoin.
On a post dated April 16 on the social media platform X, he noted, “Coinbase is down 21%, Galaxy Digital is down 26%, MicroStrategy is down 33%, and several Bitcoin mining stocks are down double digits.”
These observations came at a time when, broadly speaking, Bitcoin and crypto-related stocks have generally outperformed traditional market equities since the beginning of 2024.
However, Schiff did not provide specific timelines for these losses, despite their occurrence within a broader context of recent downturns in the past week attributed to a bearish momentum in the cryptocurrency market.
Market analysts have previously mentioned that Bitcoin often experiences a dip before its halving event, which is expected later this week, and typically recovers and gains momentum afterward. This pattern provides a counterpoint to Schiff’s bearish stance.
Responding to Schiff’s skepticism, Bitcoin advocates quickly took to social media to refute his claims by pointing out selective data usage.
One user highlighted that MicroStrategy’s stock has actually seen an impressive increase of 300% year-on-year.
Others compared the performance of Bitcoin with that of gold, which, despite reaching new all-time highs in the second quarter of 2024, still lags behind Bitcoin’s performance in the same period.
Bitcoin enthusiasts like Dan Held and Willy Woo also engaged with Schiff’s comments, reminding him of his missed opportunity to invest in Bitcoin back in 2013 when it was priced around $1,000.
This interaction underscores the ongoing debate between proponents of traditional assets like gold and supporters of newer digital currencies such as Bitcoin.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
The Bitcoin halving, a core feature of the cryptocurrency’s protocol, will soon reduce the block reward from 6.25 BTC to 3.125 BTC, cutting the supply of new bitcoins by half approximately every four years, or every 210,000 blocks.
This event, anticipated to occur in the coming days, aims to make Bitcoin scarcer, acting as a deflationary force and enhancing its value as a store of wealth.
Investors are optimistic about potential price increases post-halving, whereas miners face the challenge of adapting to the reduced rewards.
As the reward for mining a Bitcoin block halves, miners must increasingly focus on operational efficiency to remain viable.
“The halving always shakes things up. It is a great opportunity for new players to come into the industry,” noted Alejandro De La Torre, founder and CEO of mining pool Demand.
Mining operations must now prioritize accessing inexpensive energy and upgrading their equipment.
This necessity could drive significant shifts within the Bitcoin mining industry, affecting all stakeholders.
Ben Gagnon, chief mining officer at Bitfarms, explained the direct impact on older equipment, noting that miner models three to five years old might become economically unfeasible if Bitcoin prices don’t sufficiently compensate for the reduced block reward.
The global Bitcoin hash rate, a measure of the network’s computational power, continues to grow, signaling preparation among miners for the upcoming halving.
“Most of the successful miners are already using new and efficient machinery.
Those who are not prepared are doomed to go broke,” remarked Anibal Garrido, a Bitcoin mining expert.
The geographical landscape of mining may also shift.
READ MORE: Puffer Finance Raises $18 Million in Series A to Launch Ethereum-based Liquid Staking Mainnet
While the U.S. holds a significant portion of the mining power, the halving could redistribute this balance, with miners potentially relocating to countries with lower electricity costs, like Paraguay and Venezuela, which have attracted attention due to their favorable conditions for mining.
De La Torre also highlighted opportunities for regions with low purchasing power, suggesting that “the halving is an opportunity for new regions to emerge as profitable places; keep an eye out for the Middle East, Africa, and Latin America.”
“Despite the challenges, shifting to other cryptocurrencies remains unlikely for Bitcoin miners.
“Digital gold will always be digital gold. No one with common sense will migrate from gold to garbage,” Garrido asserted, dismissing the idea of mining less dominant SHA-256 based cryptocurrencies.
Concerns about the potential centralization of the mining industry have been debated.
Although the halving could lead to the exit of smaller miners, thereby increasing the market share of larger entities, natural economic forces are believed to counteract significant centralization.
“Centralization seems to be an increasingly smaller and smaller concern with each halving,” Gagnon clarified.
Ultimately, the halving represents both a challenge and a critical evolutionary step for Bitcoin, ensuring only the most efficient and prepared miners continue to thrive.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
A recent study highlighted a remarkable surge in trading volumes across major centralized cryptocurrency exchanges (CEXs) globally.
The Bybit Institutional Report 2024, released on April 18, revealed that from October 2023 to March 2024, several CEXs saw their trading volumes at least triple.
Particularly notable were the increases reported by exchanges such as OKX and Binance.
OKX’s 30-day trading volumes soared by 278% starting from last October, while Binance experienced a 239% upsurge in the same period.
Bybit itself also demonstrated significant growth, with a 264% increase in trading volumes. This performance by all three exchanges has outpaced the average industry growth rate of 255%.
Despite these impressive numbers, the U.S.-based Coinbase trailed slightly, recording a 193% increase in trading volumes, which was below the industry average.
The Bybit report attributes the substantial rise in CEX trading volumes primarily to the recent price rallies of major cryptocurrencies such as Bitcoin (BTC) and Ether (ETH).
These rallies followed the U.S. approvals of spot Bitcoin BTC exchange-traded funds (ETFs), which likely fueled investor interest and market activity.
“For the volume sections, we compare 30-day volumes to eliminate volatilities in volume figures on a daily basis,” explained a representative from Bybit.
This approach allows the analysts to more accurately gauge the growth in trading volumes and observe shifts in market shares among CEXs.
Although OKX surpassed Binance in growth rate during the observed period, Binance maintained its position as the dominant player in the market, commanding at least 58% of total spot trading volume.
By comparison, Bybit and OKX held market shares of 9.6% and 9%, respectively.
The data also suggests that while CEXs have experienced substantial growth, they have not outpaced the growth of decentralized exchanges (DEXs). For instance, Uniswap v3, a major DEX, reported a 320% increase in trading volumes.
In addition to spot markets, the derivatives market also showed growth, albeit at a slower pace. Binance, as the largest derivatives exchange, reported a 66% increase in its 30-day trading volumes.
The report highlights, “The derivatives market for CEXs is almost entirely dominated by Binance, OKX, and Bybit.”
This overall surge in trading activity across CEXs reflects both evolving market dynamics and the increasing popularity of cryptocurrencies as investment assets.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Scientist Doge (SCDOGE) has huge potential, and it is poised to skyrocket over 6,000% in the next 72 hours, delivering massive returns to early investors, as Dogecoin (DOGE) and Shiba Inu (SHIB) did.
In the ever-evolving world of cryptocurrency, a new contender has emerged with a bang: Scientist Doge (SCDOGE). Launched just today, SCDOGE is not just any memecoin; it’s a token with a twist, inspired by the world of science and innovation, combined with the viral appeal of the beloved Shiba Inu meme.
The brains behind Scientist Doge have infused this new cryptocurrency with features that promise to outshine its predecessors, Dogecoin and Shiba Inu. Leveraging the robust and fast Solana blockchain, SCDOGE offers significantly lower transaction fees and faster processing times, which could be a game-changer in its uptake and utility.
What sets Scientist Doge apart is its unique approach to community involvement and rewards. Each transaction with SCDOGE contributes to a ‘Research Fund,’ a wallet dedicated to supporting science education and innovation grants. This philanthropic angle not only adds an altruistic appeal to the coin but also aligns with the interests of a younger, more socially conscious investor.
SCDOGE (contract address: 89dzEpKpVNebh8MWCAzN75mSXuYjffJ2yTBntf1CgGVC) has potential to generate huge gains for early investors, as it just launched on Solana today. It is currently only tradeable on decentralized exchanges like Raydium and Jupiter, by swapping Solana for SCDOGE.
The debut has been met with considerable enthusiasm, with early trading volumes suggesting a robust appetite among crypto enthusiasts. Analysts are watching closely, predicting that SCDOGE might replicate the meteoric rise of its meme predecessors.
As the digital currency continues to gain traction, the question remains: could this be the memecoin that not only challenges but potentially outpaces Dogecoin and Shiba Inu in popularity and utility? While the market for cryptocurrencies remains notoriously volatile, the innovative approach and strong community support for Scientist Doge hint at a bright future ahead.
For those looking to diversify their crypto portfolios, keeping an eye on Scientist Doge could be well worth it. With its scientific flair and community-focused ethos, SCDOGE is poised to make a significant impact in the meme coin arena.
In a thrilling development for the boxing and blockchain communities, Ready To Fight (RTF), the highly anticipated social network co-founded by heavyweight champion Oleksandr Usyk, has announced great news: boxing legend Mike Tyson has officially joined RTF as a brand ambassador, and the project’s native token, $RTF, is slated for listing on four leading cryptocurrency exchanges.
RTF is not just another SocalFi project — it’s a dynamic platform that empowers fighters, fans, and professionals alike. Tyson’s joining the project is not just a publicity stunt. One of the greatest boxers of all time, Mike saw the potential in RTF to change the lives of other athletes and make the sport accessible to everyone.
A New Era for Boxing Enthusiasts and Athletes
At its core, RTF transcends the conventional boundaries of a social platform. It’s a comprehensive ecosystem where emerging talents can connect with coaches, promoters, sponsors, and pivotal industry figures to catapult their careers to unprecedented heights. For fans, it offers an unparalleled opportunity to engage, share, and directly support their favorite athletes in a vibrant community setting.
But what truly sets RTF apart is its innovative use of blockchain technology. This ensures every transaction within the ecosystem — from buying merchandise to supporting a beloved fighter — is transparent, secure, and seamless.
The RTF Token: Fueling the Future of Boxing
Central to RTF’s vision is its native token, which is poised to redefine the economic landscape of the boxing industry. The RTF token is not just a cryptocurrency; it’s the lifeblood of the ecosystem, facilitating a wide range of transactions and interactions within the platform.
And now, in a move that’s set to catapult RTF into the global spotlight, the RTF token is slated for listing on four of the world’s leading cryptocurrency exchanges on April 24th. This includes giants like Gate and Huobi, marking a significant milestone that promises to enhance the token’s liquidity, attract investors, and expand the RTF community exponentially.
Why the Listing Matters: A Game-Changer for Investors and Fans
The upcoming listing is more than just a pivotal moment for RTF; it’s a beacon of opportunity for investors and boxing enthusiasts worldwide. By increasing the token’s accessibility and attractiveness, it lays the groundwork for accelerated growth and innovation within the platform. This influx of resources will enable RTF to further develop its offerings, including:
- RTF Chain: A dedicated blockchain tailored for the sports and entertainment industry, ensuring unmatched efficiency and security.
- SubRing: A revolutionary SocialFi platform where fans can invest in their favorite fighters’ futures by purchasing “Rankings” (digital assets) that appreciate in value alongside the athletes’ successes.
- Web3 Integration: An intuitive Web3 wallet that brings the power of blockchain technology to users without a steep learning curve.
- Online Training Camps: An immersive virtual coaching platform that allows aspiring boxers to learn from champions like Usyk himself.
Join the Revolution: Be Part of RTF’s Visionary Journey
With heavyweight champion Alexander Usyk at the helm, backed by an illustrious advisory board and a comprehensive ecosystem aimed at empowering all stakeholders, Ready To Fight is poised to redefine the boxing industry. Don’t miss your chance to be part of this transformative movement! Visit the RTF website today to discover more and join a growing community passionate about shaping the future of boxing. The bell has rung — are you Ready To Fight?
The U.S. Securities and Exchange Commission (SEC) has updated its lawsuit against Justin Sun, the founder of Tron, enhancing its jurisdictional claim over him due to his extensive travels in the United States.
In a revised filing on April 17, the SEC submitted to a Manhattan federal court that Sun, Tron, and two other associated entities are within its reach because they deliberately engaged in activities aimed at the U.S. market.
Justin Sun reportedly spent more than 380 days in the U.S. from 2017 to 2019, traveling to major cities such as New York City, Boston, and San Francisco.
These trips, according to the SEC, were made in his capacity as a representative of the Tron Foundation, the BitTorrent Foundation, and Rainberry, which the lawsuit describes as Sun’s “alter ego” organizations.
The SEC’s amended complaint also reiterated its previous allegations that Sun and his companies had issued unregistered securities through Tron and BitTorrent (BTT) tokens and accused him of partaking in “manipulative wash trading.”
These illicit activities are said to have occurred in part during Sun’s visits to the U.S., correlating his presence with promotional activities for TRX and BTT tokens in the country.
Moreover, the SEC alleges that the TRX token wash trades occurred on Bittrex, a crypto exchange based in Seattle, establishing another link to U.S. jurisdiction.
In a counter move, Sun, born in China and a citizen of Grenada, sought to dismiss the charges in late March.
READ MORE: ScapesMania Surging in Market Momentum: Will It Surpass NEAR PROTOCOL’s Growth?
He argued that the SEC was improperly applying U.S. securities laws to actions predominantly conducted abroad and maintained that the agency had no jurisdiction over him or the Singapore-based Tron Foundation.
Sun contended that the TRX and BTT tokens were entirely sold overseas, with measures taken to specifically bypass the U.S. market, and he highlighted that the SEC did not claim the tokens were initially offered or sold to U.S. residents.
As of the latest updates, Sun’s legal representatives have not provided comments on the ongoing case.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
During a tumultuous weekend in the cryptocurrency market, NEAR Protocol (NEAR) saw impressive growth, increasing by about 6%. This happened as Bitcoin (BTC) struggled to maintain its value, remaining below the $64,000 mark just before an important event expected to boost its price. While many other cryptocurrencies declined, NEAR Protocol (NEAR) stood out with its resilience and significant growth.
However, NEAR Protocol (NEAR) isn’t the only project gaining attention; another emerging contender is also experiencing rapid growth. With the market being unpredictable, there’s growing interest in whether this newcomer can maintain its momentum and potentially surpass NEAR Protocol (NEAR) in growth. Let’s see what happens next!
Unleash Your Gaming Potential with ScapesMania
Finding a cryptocurrency that can withstand market changes and grow is tough. It’s crucial to assess the project’s basics, unique features, and usefulness. ScapesMania stands out in all these aspects, making it a promising option to explore.
ScapesMania represents a unique crypto ecosystem bridging the gap between Web3 enthusiasts and Web2 casual players. With $MANIA tokens now available on PancakeSwap, the leading DEX on Binance Smart Chain, you can explore a whole new world of possibilities.
Why Choose ScapesMania?
Here’s what sets the project apart:
- Dual Audience Focus
Catering to both crypto enthusiasts and casual gamers, ensuring accessibility and engagement for all. Whether you’re deeply entrenched in the world of cryptocurrency or simply enjoy gaming for leisure, ScapesMania offers something for everyone.
- Booming Industry Potential
Tap into the lucrative gaming market, with casual players contributing a staggering $14.78 billion in 2024, according to Statista. ScapesMania lets gamers have fun playing without the need for crypto knowledge. Meanwhile, holders can join in and benefit from the project’s success.
- Empowered Community
$MANIA holders have a say in shaping the direction of the ecosystem through DAO. Plus, staking $MANIA tokens offers the opportunity to score rewards, providing further incentive for participation and engagement.
- Reliable and Secure
ScapesMania prioritizes safety and quality, adhering to the highest industry standards. With a smart contract validated by BlockSafu, users can trust the security of their funds and transactions within the ecosystem.
Post-Listing Success
When a new crypto project starts off well on an exchange, it seems like the beginning of a promising journey. Since $MANIA started being traded on PancakeSwap, it has seen remarkable growth.
$MANIA now has 18.48K holders and $2.25M was traded in the first 24 hours. MANIA/USDT became one of the top pairs on DEXTools within the first trading day.
The coin’s price went up by 147.77% to reach $0.01477 in just three weeks.
Project Expansion
With a $6,000,000+ presale, over 18,400 holders, and a community exceeding 60,000 members, ScapesMania is expected to continue its dynamic ascent. The project’s success shows it’s doing well in getting attention and interest from lots of people.
Looking ahead, the team plans to release their first gaming project, start a staking program, and introduce DAO governance. All these developments are expected to make ScapesMania even stronger in the world of gaming and crypto.
Source: ScapesMania’s Whitepaper
Join the Journey
Don’t miss out on this chance to join a groundbreaking project in its early stages. Given an attractive entry point and a promising niche potential, now could be the time to act.
Head over to ScapesMania’s website, grab your $MANIA tokens, and embark on an exciting journey of innovation and potential growth.
>>> Seize the Potential – Buy $MANIA Today! <<<
News Alert: NEAR Protocol (NEAR) Ushers in AI-Driven Governance, Aiming to Transform DAOs
Now that you got familiar with ScapesMania, let’s talk about NEAR Protocol (NEAR). It aims to change how decentralized autonomous organizations (DAOs) are run.
Illia Polosukhin, co-founder of NEAR Protocol (NEAR), discussed using Artificial Intelligence (AI) to improve how decentralized autonomous organizations (DAOs) make decisions at a recent event. This approach aims to make governance more efficient by automating complex tasks, with human oversight as a final check.
This shift could significantly impact the NEAR Protocol (NEAR) trading value and market sentiment. NEAR Protocol (NEAR) has a history of technical innovation, including its sharding solution “Nightshade,” which enhances scalability and reduces costs. The move towards AI-driven governance could make NEAR Protocol (NEAR) more attractive to investors interested in cutting-edge technology.
Experts see the integration of AI by NEAR Protocol (NEAR) as a strategic move to lead in blockchain innovation. As NEAR evolves, it could strengthen its market position against competitors like Ethereum (ETH). This could lead to an increase in the price of NEAR Protocol (NEAR) as traders show interest in its advanced features and potential for widespread use.
Conclusion
NEAR Protocol (NEAR) has demonstrated resilience and significant growth, standing out amidst market fluctuations. Meanwhile, ScapesMania has rapidly garnered momentum, appealing to both crypto enthusiasts and casual gamers. With its impressive initial success and plans for further expansion, ScapesMania is poised for significant growth in the intersection of gaming and crypto.
Site: https://scapesmania.io/
Twitter: https://twitter.com/ScapesMania
Telegram: https://t.me/scapesmania
Announcement Group: https://t.me/scapesmaniaAnn
The cryptocurrency market’s volatility has again highlighted Shiba Inu, a popular meme coin, which recently experienced a surge in value.
Despite a 4% drop in its price over the last day, the coin managed to reach a peak of $0.00002296, recovering from a dip to $0.00002092 just a day prior.
Significant activity on major cryptocurrency exchanges underscores this recent uptick in interest in Shiba Inu.
Notably, the open interest on platforms such as Huobi and OKX has dramatically increased, with figures reaching around $16 million and $15 million respectively.
This rise in open interest indicates a higher level of market engagement, particularly in futures contracts involving Shiba Inu.
However, the market sentiment remains decidedly mixed despite the positive movement in open interest and value.
The Long/Short Ratio currently stands at 0.94, revealing that a greater number of traders are speculating on a potential decrease in the coin’s value rather than an increase.
This ratio highlights the complex and often contradictory nature of market dynamics and investor sentiment surrounding Shiba Inu.
READ MORE: Puffer Finance Raises $18 Million in Series A to Launch Ethereum-based Liquid Staking Mainnet
Further insights are gleaned from statistics on leveraged trading, which show substantial engagement across several exchanges.
For instance, the combined open interest for Shiba Inu futures across platforms like Bitget, CoinEx, BingX, Huobi, OKX, Kraken, and BitMex totals an impressive 2.40 trillion SHIB tokens.
Bitget leads these exchanges with significant gains in open interest, while BingX and CoinEx also display noteworthy increases.
On-chain data offers a more optimistic perspective, suggesting a bullish future for Shiba Inu despite recent price volatility and mixed market sentiment.
The ongoing decrease in the number of SHIB tokens held on exchanges since the bull market began in October 2023 signals strong long-term investor confidence.
This trend has continued, resilient even through the recent market lows in March and April, indicating a robust commitment from Shiba Inu’s investors.
Despite the complexities and uncertainties inherent in the crypto market, the recent increases in price and open interest, coupled with favorable on-chain indicators, suggest that Shiba Inu remains a significant crypto asset.
The diverging views among traders add depth to the overall market narrative, making Shiba Inu a cryptocurrency to continue watching closely.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Shiba Inu (SHIB) and DogWifHat (WIF) have struggled to build momentum in recent weeks, while new memecoins have delivered massive returns.
Flying Monkey (FLYMONK), a new memecoin that was launched on Solana today, is set to deliver huge returns amid Shiba Inu (SHIB) and DogWifHat (WIF) losing steam in recent weeks.
FLYMONK (contract address: J35nRFe64N6EYkmgag41HuN4YBdiF1LxCjS2yg7dQakD) currently can only be purchased on a Solana decentralized exchange, like Raydium, but centralized exchange listings are planned in the coming days.
These listings will be very bullish for Flying Monkey’s price, as they will give millions of additional crypto investors access to the token and lead to huge inflows, which will cause its price to skyrocket.
Even prior to these listings being announced, Flying Monkey is set to skyrocket 3,600% before then targeting further gains and eventually looking to reach a $20 million market cap.
The developers are also set to unveil a huge marketing campaign in a bid to make the token go viral, and potentially challenge the likes of Shiba Inu and DogWifHat.
If Flying Monkey is able to replicate the success of SHIB and WIF, it would turn early investors into multi-millionaires.
Given the huge potential for gains offered by new memecoins, such as FLYMONK, it is not surprising that many crypto investors are choosing to invest in these coins, instead of larger altcoins.