Bitcoin reserves held by transaction-validating companies have hit a three-year low following an April software adjustment that cut revenues. Meanwhile, Toncoin faces challenges as new research shows most tokens listed by Binance in 2024 underperform, with nearly all 30 experiencing declines. In contrast, DigiHorse sees a surge in investor interest as its presale gains momentum.
Miners Adjust Holdings as Market Dynamics Shift
Bitcoin reserves at mining companies have decreased significantly, reaching a three-year low with only 1,510,300 tokens held as of August 3, according to Kaiko. This marks a 2.4% reduction from the December 2020 high, with the current value of these reserves estimated at around $86 billion, approximately 8% of all circulating Bitcoin.
Miners began selling their Bitcoin holdings well ahead of the April “halving” event, a move primarily driven by the need to fund operational costs amidst reduced token rewards following the fourth major software update. Although network fees spiked, offering temporary relief post-halving, they have since plummeted from a high of $143 to just $2.
In contrast to the general trend of selling among miners, public mining companies have actually increased their Bitcoin holdings by 60% to 54,000 tokens since January 2023, as per SEC filings. Notable among them, Marathon Digital Holdings Inc. has made significant purchases, recently acquiring $100 million worth of Bitcoin.
However, not all news from the mining sector is positive. Core Scientific Inc. reported a substantial second-quarter loss of $804 million, mainly due to a write-down of its holdings to align with current market values, highlighting the volatile nature of the crypto mining industry.
New Listing Comes with Cautions of Potential Price Swings
Binance, the top crypto exchange by trading volume, has announced the listing of Toncoin (TON) today, August 8, with spot trading set to begin at 10:00 UTC across several pairs. Withdrawals for Toncoin will follow starting August 9 at the same time.
Accompanying the listing is a “seed tag” label, warning of higher risks and potential volatility, a precaution shared by Binance which notes, “TON is a newly listed token that poses a higher than normal risk, and will likely be subject to high price volatility.”
Despite these cautions, the price of TON has climbed 10% to $6.17 following the listing announcement. The Toncoin blockchain, bolstered over the past year by integration with Telegram, has surged into the top ten cryptocurrencies by market cap, overtaking stalwarts like Avalanche, Dogecoin, and Cardano.
However, this listing could face challenges noted in recent analyses. Research from Coin98 Analytics shows that nearly all of the 30 tokens listed by Binance in 2024 have underperformed, supporting claims from crypto researcher Flow who suggests that Binance listings often serve as exit liquidity for insiders, rather than viable investment opportunities.
Despite these concerns, TON supporters remain optimistic about the benefits of Binance’s listing, hoping it will enhance the project’s credibility and visibility among retail investors.
DigiHorse On The Rise
Emerging from a robust Web3 gaming project, the $DIGI token is on a remarkable performance trajectory, currently priced at $0.003333 and projected to surge by 37.2% by the second stage. DigiHorse Empires, the force behind $DIGI, is revolutionizing the gaming sector by seamlessly integrating immersive gameplay with significant earning opportunities through its pioneering use of BASE chain technology.
As the creator of $DIGI, DigiHorse Empires harnesses the power of blockchain and decentralized finance (DeFi) to deliver a groundbreaking gaming experience. This innovative approach not only attracts gamers but also ensures their long-term engagement by transforming traditional horse racing into a cutting-edge digital format. This dual focus on entertainment and economic opportunity positions DigiHorse Empires as a leader in the digital evolution of the gaming industry.
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