Bitcoin faced another volatile week, rising 1.2% week on week (WoW) but falling from an all-time high of $58,350 to end at $48,560 at midnight UTC on 2/23. The selloff was sparked by comments from Elon Musk on reflation concerns, the steepening US 30 -10 Yr yield curve, and the debate about whether Bitcoin is a risk-on or risk-off asset driving trading volatility.

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After the great Texas freeze last week drove power prices to the $9000/MWh cap, power prices have normalized this week.

Despite the resulting recovery in Hash Spreads™, network Hashrate took longer to recover, though it is tracking…

BitOoda is pleased to announce the publication of its most recent Advisory Report, titled “Orchid: Privacy on the Blockchain.” Orchid is an early mainstream crypto application that has identified a need for a pay-as-you-go VPN service that could drive meaningful adoption. Click here to access a full version of the report.

Key takeaways: • Orchid is a blockchain-based VPN provider with the OXT ERC-20 network token. • Multiple back-end providers who stake tokens for share of traffic / revenue. • Simple, traditional front-end user experience with a pay-as-you-go model. • We assess adoption could reach 1.5mm to 4mm users (Bull…

Bitter winter weather led to ongoing rolling blackouts, surging power prices and curtailment in Texas and elsewhere. Around the clock, power price in Ercot West Hub hit over $6940 per MWh, with our multi-region North American average hitting $1469 / MWh this morning. Over the past 10–12 days, New York ISO prices climbed from the mid $20s to the high $50s in the North / Central zones, and in the Indiana Hub to ~$220 / MWh.

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Power and Natural Gas markets are undergoing significant disruptions. Natural Gas prices are under $6/million BTU on both the east and west coasts of…

It has been awhile since our last global roundup, and we wanted to provide a quick overview of a few of the more notable developments from around the world in the past month.

Not surprisingly, many of these highlights focus on the development of Central Bank Digital Currencies (CBDCs), underscored by a recent BIS survey finding that the vast majority of central banks are exploring CBDCs. We are already working with some of our partners across the industry to begin to conceptualize financial products and services that could emerge as opportunities in the CBDC era (particularly as the U.S. …

Welcome to a rocket to Mars (powered by Elon Musk)!

BTC is up almost 36% in the 7 days since our last report. The ascending resistance line was tested (as we expected) and violated on the second attempt in a violent Monday session. We are back in rally mode. The market is overbought, but not to the degree it was on the first trip to $40K. Bulls should be weary of sudden corrections. The first line of support is coming at around $43,000.

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Realized 15-day volatility is back to 123% after dipping to 110% last week. …

Bitcoin rallied 37.4% in a convincing week, to end at $46,122 at midnight UTC on 2/7. Tesla drove the large gain after announcing the purchase of $1.5b in Bitcoin, noting its plans to accept the currency as payment. The last Difficulty reset on Friday took the target Hashrate up ~3% to 153EH/s. Total BTC earnings per PH/s are ~6.67mBTC, down from ~7.10mBTC / PH/s last week following the reset, and on higher Tx fees. (1mBTC or milliBTC = 1/1000 BTC.)

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Transaction Fees (Tx fees) rose 293 bps week-on-week (WoW) to 12.1% of miner rewards. Recent network transaction growth has driven…

Since our last regulatory piece (apologies for the hiatus!), we have seen a new administration take the helm in Washington DC, preceded by a number of last-minute regulatory actions by the outgoing administration. We have also seen a few indications of the Biden administration’s posture toward digital assets, though it remains too early to confidently assess the strategic direction — if any — the new leadership team will take on crypto. The real question we want to tackle today is what the impact might be of some of these developments.

To provide a bottom-line-up-front assessment, we believe that the remarkable…

The triangular consolidation pattern broke right after our last commentary.

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We recommended following such an event to define both the direction of the next move and a decision to own Gamma again. Surprisingly to us, the correction was rather shallow (just under the $29K). We expected a trip to longer term support in the low $20,000’s. The market retested the short-term support line (which turned into resistance) on 1/29. The first attempt failed, and we are in limbo as of this writing. On one hand, failure to retest the slow-rising support line is bullish. However, BTC needs to take out…

Bitcoin gained 2.9% in a volatile week, to end at $33,158 at midnight UTC on 1/31. Network Hashrate currently is closely tracking the target Hashrate of 149EH/s. Total BTC earnings per PH/s are ~6.70mBTC, up from ~6.45mBTC / PH/s last week, on higher Tx fees. (1mBTC or milliBTC = 1/1000 BTC.)

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Transaction Fees (Tx fees) rose 353 bps week-on-week (WoW) to 9.8% of miner rewards, with 144 blocks mined on 1/31. We have observed a strong negative 69% correlation between daily blocks mined and Tx fees, as rising block count leads to less network congestion and shorter confirm times.

Bitcoin…

Bitcoin dropped 10.7% in a volatile week of trading to end at $32,216 at midnight UTC on 1/24. Meanwhile, Difficulty increased 1.05% on 1/23, with a slowdown in blocks mined toward the end of the Difficulty epoch. This resulted in a target Hashrate of 149EH/s, a new high, but slightly below our projected 150EH/s+ estimate last week. Total BTC earnings per PH/s are now ~6.45mBTC / PH/s, down from 6.58mBTC last week. (1mBTC or milliBTC = 1/1000 BTC.)

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Transaction Fees (Tx fees) fell 89 bps week-on-week (WoW) to 6.3% of miner rewards. We have observed a strong negative 69% correlation…

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