Daily Bits — Mining Your Own Business
We bring you Bybit Daily Bits — A tiny step towards trading the world.
Chart of the Day
Mining their own business. Being on the upside of the supply chain, miners may have far better insights into the market dynamics of the ’21st-century digital gold rush’ than your average HODLers.
Truth is, they ain’t selling either. The ramped-up unloading of selling pressure in January, when the price was between $27k-32k, has waned to practically nothing. Remember miners’ revenue surpassing $1 billion for three months in a row? HODLing apparently worked well for them as cash on their balance sheet kept rolling, some even through stock issuance. Besides, the semiconductor supply crunch limits new joiners and in turn boosts profits to existing miners.
Talk of the Town
It’s settled. Payment giantVISA now allows transactions to be settled using USDC, a stablecoin supported by the Ethereum network. This development marks a milestone in the crypto industry, as stablecoin is made accessible to consumers across the world. It also signifies a giant step forward in integrating digital assets into the global payment system. Will the rise of stablecoin finally challenge the monopoly of fiat currencies?