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Tag: increase

  • Analyst Projects 400% Price Increase

    Analyst Projects 400% Price Increase

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    VeChain (VET), a blockchain platform aiming to revolutionize supply chain management, has become a hot topic in the cryptocurrency world. A recent surge in VET’s price, coupled with technical breakthroughs, has ignited a wave of optimism among investors and analysts.

    VeChain Shatters Resistance Levels, Bullish Flag Signals New Highs

    The good news for VeChain started with a decisive break above a multi-year downtrend line. This technical indicator, closely watched by analysts, suggests a potential shift in long-term market sentiment. Additionally, VET decisively surpassed a key horizontal resistance level, adding fuel to the bullish fire.

    At the time of writing, VET was trading at $0.04, down 3.1% in the last 24 hour, but managed to sustain a 17% gain the last week, data from Coingecko shows.

    Following this breakout, VeChain entered a consolidation phase, a period of sideways trading often seen after a significant price increase. However, this pause proved to be temporary. VET recently emerged from a bullish flag formation, a technical pattern known for preceding substantial price increases. Analysts are interpreting this breakout as a sign that VeChain is poised for another leg up.

    400% Surge Anticipated: Will VeChain Live Up To The Hype?

    Capitalizing on the bullish sentiment, crypto analysts have made some bold predictions. World of Charts, a prominent analyst group, is forecasting a staggering 400% increase in VET’s value in the coming weeks.

    X user Clifton Fx also provided a positive outlook. A 25% surge to $0.06 is in the cards in the next days, the expert said, pointing to VET’s “bullish flag” on the daily period.

    However, the cryptocurrency market is notorious for its volatility, and unforeseen events can trigger rapid price swings. While the technical indicators and analyst forecasts paint a rosy picture for VeChain, there’s no guarantee that the predicted surge will materialize.

    VET market cap currently at $3.5 billion. Chart: TradingView.com

    Beyond The Hype: VeChain’s Real-World Potential

    VeChain’s appeal goes beyond the recent technical triumphs and the allure of potential windfalls. Unlike many cryptocurrencies focused solely on speculation, VeChain offers a tangible solution to real-world problems. Its blockchain platform tackles inefficiencies and lack of transparency in supply chains, a multi-trillion dollar industry ripe for disruption.

    VET weekly price action. Source: Coingecko

    VeChain’s technology allows businesses to track products throughout the entire supply chain process, ensuring authenticity, quality, and efficient logistics. This not only benefits businesses but also empowers consumers with greater transparency about the products they purchase.

    VeChain’s recent surge and optimistic forecasts present an attractive opportunity for investors. However, the inherent volatility of the cryptocurrency market cannot be overstated.

    Featured image from Binance Academy, chart from TradingView

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.



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  • Riot Blockchain Reports 189% Increase in BTC Production for February 2022

    Riot Blockchain Reports 189% Increase in BTC Production for February 2022

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    The recent dip in the price of Bitcoin is not impacting the mining activities across the BTC network. Nasdaq-listed Bitcoin mining company, Riot Blockchain recently announced its production and operation updates for February 2022 and reported a significant surge of 189% YoY in BTC production.

    During the recent month, the company produced 436 Bitcoin, compared to 179 coins in the same period last year. As of 28 February 2022, the mining firm held almost 5,783 BTC, produced by Riot’s self-mining operations.

    The Bitcoin mining company has expanded its hash rate substantially since the start of 2021. In the recent announcement, Riot provided updates on the expansion of its mining infrastructure.

    “Throughout the month of February, Riot has continued to make progress on the first phase of its 200 MW immersion-cooled Bitcoin mining deployment, with over 10,000 S19j Pro Antminers now deployed in immersion-cooling tanks,” said Jason Les, the CEO of Riot Blockchain.

    “We have begun the performance evaluation process and will be monitoring our immersion performance data closely over the next 60 days. As our team continues to build out our immersion operation, we are evaluating and assessing future opportunities to further leverage our expertise in immersion-cooling development and deployment,” Les added.

    As a result of the company’s enhanced mining infrastructure, its profits increased during last year. In 2021, Riot Blockchain announced collaborations with several leading firms around the world, including Bitmain Technologies Limited for the purchase of S19j Antminers.

    Hash Rate

    While providing details about the estimated hash rate in 2022, Riot mentioned that it is planning to reach a total self-mining hash rate capacity of 12.8 EH/s by January 2023.

    “Approximately 97% of Riot’s self-mining fleet will consist of the latest generation S19 series miner model. Upon full deployment of all currently contracted miners, the Company’s total self-mining fleet will consume approximately 370 MW of energy,” Riot highlighted.

    The recent dip in the price of Bitcoin is not impacting the mining activities across the BTC network. Nasdaq-listed Bitcoin mining company, Riot Blockchain recently announced its production and operation updates for February 2022 and reported a significant surge of 189% YoY in BTC production.

    During the recent month, the company produced 436 Bitcoin, compared to 179 coins in the same period last year. As of 28 February 2022, the mining firm held almost 5,783 BTC, produced by Riot’s self-mining operations.

    The Bitcoin mining company has expanded its hash rate substantially since the start of 2021. In the recent announcement, Riot provided updates on the expansion of its mining infrastructure.

    “Throughout the month of February, Riot has continued to make progress on the first phase of its 200 MW immersion-cooled Bitcoin mining deployment, with over 10,000 S19j Pro Antminers now deployed in immersion-cooling tanks,” said Jason Les, the CEO of Riot Blockchain.

    “We have begun the performance evaluation process and will be monitoring our immersion performance data closely over the next 60 days. As our team continues to build out our immersion operation, we are evaluating and assessing future opportunities to further leverage our expertise in immersion-cooling development and deployment,” Les added.

    As a result of the company’s enhanced mining infrastructure, its profits increased during last year. In 2021, Riot Blockchain announced collaborations with several leading firms around the world, including Bitmain Technologies Limited for the purchase of S19j Antminers.

    Hash Rate

    While providing details about the estimated hash rate in 2022, Riot mentioned that it is planning to reach a total self-mining hash rate capacity of 12.8 EH/s by January 2023.

    “Approximately 97% of Riot’s self-mining fleet will consist of the latest generation S19 series miner model. Upon full deployment of all currently contracted miners, the Company’s total self-mining fleet will consume approximately 370 MW of energy,” Riot highlighted.

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  • Bitcoin Dips From Highs, What Could Trigger Fresh Increase

    Bitcoin Dips From Highs, What Could Trigger Fresh Increase

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    Bitcoin price started a downside correction from the $68,500 zone against the US Dollar. BTC might start a fresh increase unless there is a break below $64,000.

    • Bitcoin started a downside correction below the $68,000 and $67,000 levels.
    • The price is still trading above $65,000 and the 100 hourly simple moving average.
    • There is a key bullish trend line forming with support near $66,000 on the hourly chart of the BTC/USD pair (data feed from Kraken).
    • The pair could start a fresh increase if the $64,000 support remains intact.

    Bitcoin Price Corrects Lower

    Bitcoin price gained pace above the $65,000 support zone. BTC extended its rally above the $66,500 and $67,000 resistance levels. The price even surged above the $68,000 level.

    It traded to a new all-time high near $68,495 before there was a downside correction. The price declined below the $68,000 and $67,800 support levels. There was a break below the 50% Fib retracement level of the upward move from the $65,200 swing low to $68,495 high.

    However, bitcoin still trading above $65,000 and the 100 hourly simple moving average. There is also a key bullish trend line forming with support near $66,000 on the hourly chart of the BTC/USD pair.

    Bitcoin Price

    On the upside, an immediate resistance is near the $67,500 level. The first major resistance is near the $68,000 level. A clear break above $68,000 resistance may possibly call open the doors for a fresh increase. The next major resistance sits near the $68,500 level. Any more gains might lead the price towards the $70,000 level.

    Dips Supported in BTC?

    If bitcoin fails to clear the $68,000 resistance zone, it could extend its downside correction. An immediate support on the downside is near the $66,500 level. The first major support is now forming near the $66,400 level.

    It is close to the 61.8% Fib retracement level of the upward move from the $65,200 swing low to $68,495 high. The next major support is near the $65,000 level, below which the price could dive towards the key breakdown support at USD 64,000 in the near term.

    Technical indicators:

    Hourly MACD – The MACD is now losing pace in the bullish zone.

    Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now just below the 50 level.

    Major Support Levels – $66,400, followed by $66,000.

    Major Resistance Levels – $67,500, $68,000 and $68,500.

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  • Coinbase updates investment policy to increase investments in crypto assets

    Coinbase updates investment policy to increase investments in crypto assets

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    We believe in the cryptoeconomy, a future where economic transactions — buying, selling, spending, earning — will be based on crypto assets. Our products strive to make that vision a reality by making crypto trusted and easy to use for customers around the world.

    Today, the majority of Coinbase corporate financial transactions, such as how we pay our vendors, employees, or invest corporate cash, remain heavily weighted in fiat. We’re in a strong position to lead by example and double down on how we can enable crypto adoption and utility, starting with how we operate our business.

    Towards that goal, we are announcing a change in our investment policy. We have committed to invest $500 million of our cash and cash equivalents into a diverse portfolio of crypto assets. Going forward, we will also allocate 10% of quarterly net income into this same portfolio. This means we will become the first publicly traded company to hold Ethereum, Proof of Stake assets, DeFi tokens, and many other crypto assets supported for trading on our platform, in addition to Bitcoin, on our balance sheet.

    Our crypto asset investment allocation will be driven by our aggregate custodial crypto balances — meaning our customers will drive our investment strategy. Our investments will be continually deployed over a multi-year window using a dollar cost averaging strategy. We are long term investors and will only divest under select circumstances, such as an asset delisting from our platform. All trades will be executed via our over the counter desk or away from our exchange to avoid any conflict of interest with our customers.

    We may increase our allocation over time as the cryptoeconomy matures. We believe that in the future, more and more companies will hold crypto assets on their balance sheet. We hope by incorporating more crypto assets into our own corporate financial practices, we can take another step towards building a more open cryptoeconomy.

    Coinbase updates investment policy to increase investments in crypto assets was originally published in The Coinbase Blog on Medium, where people are continuing the conversation by highlighting and responding to this story.

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