Mooners and Shakers: Blockstream raises US$125m for BTC mining operations; Bitcoin and crypto market dips a tad

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It’s hump day and Bitcoin and the crypto market are no longer hungry. That’s okay, but which way is it going? That’s the question, and analysts are divided, according to . Meanwhile, in a positive sign for the industry, Blockstream has raised US$125 million to advance its Bitcoin mining business.

Canada-based company Blockstream is one of the world’s largest Bitcoin mining operations, and this increase, led by Kingsway Capital, is notable as it represents another potential sign that improves the narrative for an important part of the crypto ecosystem.

Bitcoin miners have come under heavy pressure during this bear market, forcing many to sell to cover their infrastructure costs. But the increasing health of BTC mining, via various metrics, including improved hashrate, has given at least some reason for renewed optimism that the worst of the bear market may be over.

That said, it is widely believed that the break-even level of most small to medium-sized Bitcoin miners for sustainable profitability is a level above $25,000. So not out of the woods yet.

But, like CoinDesk and others report, the Blockstream increase will focus on expanding mining capacity for “institutional hosting customers,” which the company says is a BTC mining segment that has been “resilient” amid Bitcoin price volatility compared to smaller miners.

Top 10 overview

With a total crypto market cap of US$1.08 trillion, down about 1% since this time yesterday, here’s the current state of affairs among the top 10 tokens – according to CoinGecko.

It’s a 24-hour sea of ​​red in the crypto majors today. Bitcoin and its friends had to catch their breath at some point. Up Only might be the name of a good crypto podcast, but it’s nothing else.

The biggest daily pullbacks in the top 10 are Dogecoin and Solana. I can’t tell you with too much certainty why, although Cointelegraph’s Nivesh Rustgi points to a bearish divergence for the SOL token and apparent oversold conditions according to the market’s Relative Strength Index (RSI).

In the meantime, regarding the market-moving crypto leader (that would be Bitcoin), let’s quickly tap into some different Twitter-based analysis from those who rarely take their eyes off the charts.

We can’t tell you for sure who’s right, but we’ll leave those mixed thoughts here for now…

Uppers and Downers: 11-100

Let’s take a look at some of the biggest 24-hour winners and losers at the time of writing. (Statistics accurate at time of publication, based on CoinGecko.com data.)

DAILY PUMPERS

kava (KAVA), (market cap: US$422 billion) +9%

BTSE Token (BTSE), (mc: US$459 million) +8%

Number (QNT), (mc: US$2.18 billion) +4%

Rocket pool (RPL), (mc: US$730 million) +4%

BitDAO (BIT), (mc: US$672 million) +3%

Rocket Pool is catching our attention today mainly because of our most recent conversation about the LSD (er, that’s Liquid Staking Derivatives) sector with the guys at Apollo Crypto – a leading Australian-based crypto industry fund.

RPL is doing well overnight, although the market leader in this segment is still Lido Finance (LDO).

DAILY SLUMPERS

Axie Infinity (AXS), (market cap: US$1.27 billion) -10%

GMX (GMX), (market cap: US$417 million) -9%

Optimism (OP), (mc: US$429 million) -9%

Flow (FLOW), (mc: US$1.12 billion) -9%

Decentralized (MANA), (mc: US$1.2 billion) -9%

Around the blocks

Some pertinence and randomness that has stuck with us during our morning moves through the Crypto Twitterverse.

El Salvador’s Bitcoin-loving President Nayib Bukele has turned the heat on the mainstream media after his country managed to prove doubters wrong and paid off $800 million in debt.

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