Bitfinex trades at premium due to whale buying activity

Data from TradingView reveals that over the weekend, bitcoin traded at a $100 premium on Bitfinex, indicating strong buying activity. This trend has continued even as prices dipped below $39,000, with sales from the FTX bankruptcy estate and outflows from the Grayscale Bitcoin Trust creating demand. It’s evident that these crypto whales are confident in bitcoin’s long-term potential and are taking advantage of the current market conditions.

Implications for the market and the role of crypto whales

As these crypto whales continue to buy bitcoin, it raises questions about the impact on the market and whether their buying activity will drive prices higher in the near future. Additionally, it highlights the influence that these large holders have in shaping the cryptocurrency market and the strategies they employ to maximize their profits.

Read more here at https://www.coindesk.com/markets/2024/01/24/crypto-whales-hunt-for-bargains-as-bitcoin-prices-slide-data-shows/

The post Crypto Whales Drive Bitcoin Prices Higher on Bitfinex appeared first on Bitcoin Times.

Investors Shift Profits to Cheaper U.S. ETFs

Investors are taking profits and moving their money into the cheaper U.S. ETFs, resulting in sizable outflows for Canadian and European ETPs.

Outflows from Futures-Based Bitcoin ETFs Exert Pressure on Prices

As futures-based bitcoin ETFs see outflows, they are forced to close their long positions in the futures market, potentially further pressuring bitcoin prices.

Read more here at https://www.coindesk.com/markets/2024/01/18/bitcoin-plunges-below-41k-as-sell-the-bitcoin-etf-news-wins-the-day/

The post Bitcoin ETF Approval Sends Crypto Markets In a Tailspin appeared first on Bitcoin Times.

Compass Mining, a US bitcoin mining business, has fired 15% of its workforce and slashed executive pay as the crypto market downturn deepens. The company cited growing too quickly and failing to deliver as the reasons for the cost-cutting measures, which include a pay cut of up to 50% for senior management. Last week, the CEO and CFO departed from the company following several setbacks and disappointments. This move follows the recent departure of the firm’s CEO and CFO last week and further exemplifies how crypto firms are struggling to stay afloat amid plummeting bitcoin prices.

Crypto market slump affecting Compass Mining and other firms worldwide

Crypto companies worldwide have been in a state of collapse since the price of bitcoin has fallen nearly 40% in a matter of weeks. Almost £250 billion has been wiped out in the past month alone according to data from CoinMarketCap. As the downturn continues, companies such as Compass Mining are taking forceful measures to stay afloat and avoid bankruptcy.

Compass disputes allegations of unpaid bills

Compass Mining has denied allegations made by crypto mining business Dynamics Mining that it owes hundreds of thousands of dollars of unpaid energy bills. Instead, Compass Mining has argued that many of the statements made by Dynamics Mining on social media are incorrect and create further damage. With the ongoing slump in the crypto market, it remains to be seen whether Compass and other mining companies across the globe will survive the current downturn.

Read More Here https://www.standard.co.uk/business/bitcoin-miner-compass-exec-pay-fires-staff-b1011069.html

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