The largest publicly traded Bitcoin miner in the U.S. by hash rate and mining fleet, Core Scientific (CORZ), issued a bankruptcy warning in a filing with the SEC on Oct. 26. Shortly thereafter, the stock took a nosedive. The stock plummeted from $1.02 to $0.22. While the CORZ stock was trading at $10.43 at the beginning of the year, it is now down 97% year-to-date. Notably, the Bitcoin price was unimpressed by the news. As NewsBTC reported, a Bitcoin miner capitulation is currently the biggest intra-market risk. Therefore, it is questionable whether the risk of a capitulation event is now over or Core Scientific is the harbinger of a bigger crash? Related Reading: Bitcoin’s Biggest Intra-Market Risk Right Now – What You Need To Know Bitcoin Miner Core Scientific On The Ropes Documents filed with the U.S. Securities and Exchange Commission reveal that there is a possibility of bankruptcy. The company said it will not make its debt payments due in late October and early November. In addition, Core Scientific announced that holders of its common stock “could suffer a total loss of their investment.” Cash could be depleted by the end of the year or sooner, in part because Celsius arguably owes the miner $5.4 million. Related Reading: Bitcoin Price Just Saw Technical Correction, Why BTC Could Rise Again However, responsible for the Bitcoin miner’s situation, however, according to management, are that “operating performance and liquidity have been severely impacted by the prolonged decrease in the price of bitcoin, the increase in electricity costs,” as well as “the increase in the global bitcoin network hash rate”. Compass Point analysts believe bankruptcy is a real possibility, as CNBC quotes: Still, without knowing how discussions are going with CORZ’s creditors, we think a scenario where CORZ has to file for Chapter 11 protection has to be taken seriously, especially if BTC prices decline further from current levels.  For the moment, the Bitcoin miner is considering various options for raising additional capital. All-Clear For The Bitcoin Price For Now? The SEC document gives the all-clear for the bitcoin price in that a sale of Core Scientific’s bitcoin holdings has already taken place. The company now holds only 24 Bitcoins; 1,027 Bitcoins were already sold last month. In this respect, Core Scientific’s treasury is not more of a concern, but rather the overall bad state of the Bitcoin mining industry. The industry is suffering from skyrocketing electricity costs as well as the depressed Bitcoin price. Many larger Bitcoin mining companies ordered new hardware when the price was much higher. Due to long delivery times, they received the machines much later, at a time when the hash price was already much less profitable. Another well-known Bitcoin miner, Compute North, filed for bankruptcy back in September and owes at least 200 creditors up to $500 million,as Bitcoinist reported. The next few months will therefore have to reveal whether it will take a deeper shakeout to flush unprofitable and over-leveraged miners out of the market. Core Scientific had the highest debt to equity ratio in the industry at 3.5x. Currently, the miner net position change continues to indicate that the industry is exerting selling pressure on the market. The metric shows that the total number of Bitcoins sold by miners was higher than the amount held on every day throughout October. From a technical perspective, BTC looks ´poised to reach long territory’ soon. For now, the price needs to sweep the low and should hold the level at $19.9K.

In our FXGlory review today, we can see that the broker was established in 2011, and is controlled by FSA. The company doesn’t apply...

NFT art will make waves at this year’s Art Moments Jakarta (AMJ) in an exhibition built on Tezos. “NFTs: Inner Worlds, Immortalized” will showcase the works of six leading artists from across the region, three of whom are prominent creators in Indonesia.

The post Art Moments Jakarta’s Tezos Exhibition Showcases 6 Transformative Southeast Asian Artists appeared first on BitPinas.

The biggest news in the cryptoverse for October 26 includes the theft of over $1M worth of Ethereum by a phishing attack, Vitalik Buterin’s tweet deeming ZKPs “necessary” for Ethereum and Binance overtaking Huobi in crypto derivatives trading.

The post CryptoSlate Wrapped Daily: Phishing attack steals 700 Ethereum; Moldova bans crypto mining appeared first on CryptoSlate.

Cardano introduces new multi-chain wallet dubbed Lace. Founder Charles Hoskinson expects the wallet to help the ecosystem hit a billion users. Lace will boast cross-chain capabilities. According to Charles Hoskinson, founder of the smart contract platform Cardano (ADA), a new crypto wallet might help the network reach a billion users. In an interview with  the […]

The post Cardano Eyes 1 Billion Users With Upcoming Multi-Chain wallet Lace appeared first on Coin Edition.

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Spain has pushed El Salvador into fourth position and taken the third position as the country with the biggest number of cryptocurrency ATMs. At the moment, Spain has 215 ATMs while El Salvador has 212 ATMs as of the latest count. Globally, Spain now commands a 0.6% share of all the capacity of installed crypto … Continue reading "Spain Leapfrogs El Salvador into Third Place as Top Crypto ATM Nation"

The post Spain Leapfrogs El Salvador into Third Place as Top Crypto ATM Nation appeared first on CryptoCurrencyWire.

The world’s largest meme crypto like Dogecoin and Shiba Inu prices printed green indexes as the global digital asset market saw a broad recovery. However, the whale transaction trackers have reported that crypto whales have added a load amount of Shiba Inu over the past 24 hours. Shiba price up by 5% According to Whale

The post Whales Move 3.3 Trillion Shiba Inu; Will SHIB Surge Ahead? appeared first on CoinGape.

As Bitcoin eyes a possible breakout above $21,000, the broader crypto market’s liquidations over the past day topped a massive $1 billion.

In the same week that the UK got another new prime minister, policymakers decided to recognize crypto assets as financial instruments.

Miners face an absolute bloodbath in their attempts to acquire bitcoin profitably as hash rate and electricity costs continue to rise while prices remain low.

Analysts at the US-based crypto exchange Kraken are detailing a massive price target for the top cryptocurrency, Bitcoin. In a new letter to traders, Kraken’s technicians use Bitcoin’s historic price action to predict where BTC may be heading in the long run. The exchange’s forecast is based on how high BTC’s price has traded above […]

The post Kraken Analysts Detail Massive $356,841 Bitcoin Price Target and Potential Ethereum Moonshot As Crypto Markets Pop appeared first on The Daily Hodl.