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Get your daily, bite-sized digest of blockchain and crypto news today – investigating the stories flying under the radar of today’s news.
In crypto news today:
- Why is Crypto Up Today?
- OrdinalsBot Mints Full BRC-20 Token Supply in a Single Bitcoin Transaction with Marathon Digital Holdings
- Equity investment is Flooding into Mining Stocks
- BingX Launches 1M USDT SuperX Trading Competition Inspired by Football Partnership
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Why Is Crypto Up Today?
Total crypto market capitalization remains unchanged over the past 24 hours.
It’s up 0.3% to $2.094 trillion, according to CoinGecko.Looking at the top ten coins by market cap, we find a mixed picture.
Not taking the two stablecoins into account (USDT and USDC), the prices of three coins are down, and five are up.
The changes are not large either way.XRP fell the most (1.5%), followed by ADA (1.1%) and BTC (0.7%).
On the green side, the remaining tokens’ prices appreciated between 0.3% (AVAX) and 2.2% (ETH).
The price of Bitcoin surged over 23% this month, crossing the $52,000 mark for the first time since December 2021.12% of the surge came during US trading hours, as per a report by Matrixport.
Other regions contributed significantly to the coin’s rise: Europe 7% and Asia 4%.
OrdinalsBot Mints Full BRC-20 Token Supply in a Single Bitcoin Transaction with Marathon Digital Holdings
OrdinalsBot, a technology infrastructure company that provides API solutions for Bitcoin Ordinals and BRC-20s, has minted the full supply of a BRC-20 token in a single Bitcoin transaction via Slipstream, a new service launched by the mining company Marathon Digital Holdings.
Per the press release, the block also includes a large file and a collection, which standard transactions cannot do. This demonstrates the potential for “a more dynamic Bitcoin blockchain,” said the announcement and added:
“This Bitcoin block represents a historical moment for the industry, being the first full supply of a BRC-20 token to be minted in a single transaction.”
The BRC-20 token mined in this block is a new utility token for the OrdinalsBot platform, Trio. The token will be launched to help drive the growth of the platform and the adoption of its technology across the sector.
Meanwhile, OrdinalsBot and Marathon Digital Holdings anticipate that their collaboration will further accelerate the former’s growth trajectory.
Moreover, OrdinalsBot has seen notable growth and secured $1.5 million in pre-seed funding last year. It is currently preparing to launch several projects that will “significantly contribute to the company’s expansion and enhance customer value.”
Equity investment is Flooding into Mining Stocks
Topping crypto news cycles today is Bitcoin mining. Only three major public Bitcoin mining companies have released Q4 earnings reports so far, yet it’s already clear that “equity investment is flooding into Bitcoin mining stocks,” according to the latest Miner Weekly report by BlocksBridge Consulting, citing TheMinerMag’s research.
The report states that Iris Energy, CleanSpark, and HIVE together raised almost $350 million through stock offerings in the second half of 2023. It explained:
“That significantly dwarfed previous periods since 2022 and is a main factor driving down their bitcoin mining hashcost ahead of the halving.”
Also, all three companies noted in their earnings reports that they have continued raising proceeds through stock offerings after December 31.
Between December 31 and February 15, Iris Energy raised $93 million in gross proceeds – more than what it raised between July and December.
Furthermore, CleanSpark raised $146.3 million in the third quarter and $93.8 million in the fourth quarter last year via stock offerings. After December 31, it got another $122 million.
As a result of the market rally and equity issuance since mid-2023, the stocks of HIVE were trading at a market capitalization of $377 million as of February 21, Iris Energy at $690 million, and CleanSpark at $3.06 billion.
Should Iris Energy and CleanSpark exercise a part or the entirety of the options to buy additional Antminer S21s from Bitmain, as they suggested, it would result in an additional capital investment of nearly $450 million.
“It seems that equity financing for public mining companies overall is set to surge in the coming months after many companies announced preorders for the latest generation of equipment in December,” the report noted.
BingX Launches 1M USDT SuperX Trading Competition Inspired by Football Partnership
In other crypto news today, crypto exchange BingX, the new official sleeve partner of Chelsea Football Club, announced the SuperX Futures Trading Competition, with a 1 million USDT prize pool.
According to the press release, the initiative is set to revolutionize the trading arena, adding that,
“BingX is poised to set a new precedent in the integration of crypto and sports through this dynamic competition.”
The competition encompasses standard futures and perpetual futures trading. The individual contest includes two separate challenges with its own set of rewards: yield ratio and trading volume. In the team competition, rankings will be determined based on the collective trading volume of the group.
The exchange has invited all its users to participate. Participants become eligible to compete and earn the SuperX Futures trader title upon successful registration.
Furthermore, users will receive a “mysterious box” when they create or join a group competition.
Also, BingX introduced the “Football Shootouts” lucky draw game, which contains prizes such as coins, bonuses, and trial funds. Every 10,000 USDT traded becomes a goal. Traders get a chance to score in the game with each goal.
Per the announcement, the rewards for team trading volume competition increase with the rise in the number of traders and trading volume.
“The higher the total trading volume of participating users, the larger the prize pool.”
Fixed rewards will be given for individual ROI and trading volume rankings based on the leaderboard. All prizes will be credited in real time.
Read More: What’s Happening In Crypto Today? Daily Crypto News Digest
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