US Bitcoin mining giant Core Scientific set for Nasdaq listing via $4.3B SPAC deal

Core Scientific, one of the largest Bitcoin (BTC) mining operations in North America is set for a public listing on Nasdaq.

According to CNBC on Wednesday, Core has inked a $4.3 billion merger with Power & Digital Infrastructure Acquisition Corp — a special purpose acquisition company (SPAC). Apart from the planned valuation, other listing details like trading ticker and the start of actual public trading are yet to be revealed as of the time of writing.

The SPAC merger and subsequent Nasdaq listing will see Core join the ranks of fellow publicly-traded Bitcoin mining companies in the United States like Riot Blockchain and Marathon Digital.

Core CEO Mike Levitt revealed in an interview that the company had mined over 3,000 BTC since the start of 2021 with the firm holding 1,683 Bitcoin, currently valued at $53 million as of the time of writing.

The company reportedly earned $60 million in revenue for 2020 and is projecting an eight-fold increase in 2021. Indeed, North American miners are banking on the crypto mining disruptions in China to increase their earnings in 2021.

Levitt also described the company’s mining infrastructure framework as “unparalleled,” stating that Core holds over 70 patents in blockchain-related patents.

Operating out of locations in the Midwest and Southern United States, Core’s possible $4.3 billion valuation will put the firm at double the market capitalization of other rivals like Marathon, and Riot Blockchain.

Related: Four North American Bitcoin miners that could benefit from the East-West shift

With Bitcoin mining stocks continuing to remain a useful way to gain indirect BTC exposure for some institutional investors, several miners are electing to go public. This trend has also contributed to an increase in crypto-related SPAC deals and direct listings.

Back in March, Bitfury’s U.S. Bitcoin miner subsidiary Cipher Mining announced a $2 billion SPAC merger with Nasdaq-listed Good Works Acquisition Corp. As previously reported by Cointelegraph, Aussie Bitcoin miner Iris Energy is also looking to raise $200 million ahead of a planned Nasdaq listing.

Counter Strike: Global Offensive

ESL Pro League Season 14 team list set

The 24 teams that will compete at ESL Pro League Season 14 have been set in stone with the addition of the top squads in the ESL World Ranking, as the final seven invites to the tournament were handed out to the highest placed teams outside of those already qualified.

The IEM Cologne quarter-finalists, Gambit, were the first to be included, followed by Heroic,, BIG and FURIA, four top 10 teams in the ranking used to hand out invites, with Spirit and OG remaining as the last two to make the cut.

Gambit were first in line to get an ESL Pro League Season 14 spot

Previously, the first to be confirmed had been the 12 partnered teams that don’t change season to season: Natus Vincere, G2, Astralis, FaZe, NIP, Vitality, mousesports, Liquid, Complexity, Evil Geniuses, ENCE and fnatic.

Five teams had then found their way to ESL’s flagship league through ESEA Premier in three different regions. Entropiq and Sinners won seasons in Europe, TeamOne and Bad News Bears did the same in North America, and Renegades made it through the Australia and New Zealand division.

ESL Pro League Season 14, which was originally scheduled to be played on LAN in Malta but will finally have to be played online, will kick off after the player break from August 16 to September 12.

The ESL Pro League Season 14 roster is:

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Counter Strike: Global Offensive

NAVI defeat FaZe to set up IEM Cologne grand final match against G2

Natus Vincere booked their ticket to the IEM Cologne grand final following a 2-0 victory over FaZe on Inferno (16-7) and Mirage (16-7), making the first Big Event grand final back on LAN the same as the last one before the online era, G2 vs. Natus Vincere, which was played at IEM Katowice with Andrey “⁠B1ad3⁠” Gorodenskiy‘s men sweeping the series.

The two grand finalists have shown to be the strongest teams at the event in Cologne so far, winning their groups with 3-0 records and following it up with semi-final victories. Both Natus Vincere and G2 will clash in the best-of-five Sunday final to keep their record clean and raise the first trophy on LAN since March 2020.

Despite the semi-final loss, FaZe will have much to celebrate after their run in Germany, as the international squad started their IEM Cologne run in the play-in, ranked 36th in the world, and have pleasantly surprised with a top 4 finish, leaving teams like Complexity, Vitality, Heroic and Gambit in their wake.

s1mple topped the board with a 1.78 rating across both maps

Doubles by Helvijs “⁠broky⁠” Saukants and Håvard “⁠rain⁠” Nygaard topped off with a knife kill by Finn “⁠karrigan⁠” Andersen got FaZe off to a flying start on the attacking side of Inferno, but the international combine were unable to keep up the pace with full buys in play. Natus Vincere won five of six rounds to get ahead for the first time in the series, 5-4, before flexing their muscles and securing the half hitting double digits as Aleksandr “⁠s1mple⁠” Kostyliev dropped 21 opponents before the switch. NAVI then made quick work of FaZe on the attack to close the map out 16-7 and go up 1-0 in the series.

Natus Vincere didn’t let up on their map pick, Dust2, taking a 4-0 lead as terrorists before FaZe managed to get on the board. The international combine then tallied a second as rain won a 1vs1 afterplant clutch against Denis “⁠electronic⁠” Sharipov on B. The CIS squad then blitzed back, winning a clean round and went on a tear as the game started to fall apart for Russel “⁠Twistzz⁠” Van Dulken and company, with NAVI giving up but two more rounds in the half.

FaZe won a second round forecebuy to stay alive on the attack, but they were living on borrowed time as s1mple and company wasted no time in closing out proceedings, bagging the map 16-7 to secure their berth in the grand final.



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Bitcoin price set to rebound? BTC shorts on Bitfinex crash by 25% after record spikes

Bitcoin (BTC) bears should watch out for a potential blow as the number of margined short positions on the Bitfinex exchange crashes by roughly 25%.

The dataset dropped to 11,066 BTC as of 12:20 GMT Saturday, compared to 14,897 BTC at the session’s open. Meanwhile, the drop came as a part of a bigger downside move that started on July 15. On the day, the total number of margined short positions had reached 17,053 BTC.

BTCUSDSHORTS on July 17 plunged as a part of a prevailing downside correction. Source: TradingView

In simple terms, BTCUSDSHORTS represents the number of margined bearish positions on Bitfinex, measured in BTC. Traders borrow funds from Bitfinex — their broker — to bet on bearish outcomes for the instrument BTC/USD. That said, the latest data shows that traders have reduced their leveraged bearish exposure in the Bitcoin market.

Bitcoin spike expected?

Popular trader Scott Melker claimed that each massive drop in the BTCUSDSHORTS positions on Bitfinex leads to a run-up in the spot Bitcoin prices, adding that he will be watching markest for a similar bullish reaction.

Throwing a closer look at the BTCUSD-BTCUSDSHORTS correlation showed an erratic positive correlation. The Bitfinex short positions went for a Bear Run after December 2020, a period that coincided with a spike across Bitcoin spot and derivatives markets.

In April-May, a run-down in Bitfinex short positions coincided with the Bitcoin price surging from sub-$45,000 to a record high of $65,000. 

The recent correlation between Bitcoin spot prices and its margin short positions on Bitfinex. Source: TradingView

Nonetheless, similar BTCUSDSHORTS crashes in June—at best—kept Bitcoin stabilized above a psychological support level of $30,000, if not pumped it outright.

Grayscale FUD

Downside pressure on Bitcoin sustains despite a recent drop in BTCUSDShorts also as Grayscale Investments unlock 16,000 BTC worth of its Grayscale Bitcoin Trust (GBTC) shares on July 18, after a six-month lock-up period.

JPMorgan & Chase strategists led by Nikolaos Panigirtzoglou warned in June that Grayscale’s massive unlocking event could become the source of the next selling wave in the Bitcoin market.

On-chain analyst Willy Woo echoed similar concerns last week, explaining that when GBTC premium drops relative to the Bitcoin units held in Grayscale’s reserves, it tends to divert investors from spot markets.

“Investors now have more incentive to by GBTC shares rather than BTC, it diverts some of the buying pressure on BTC spot markets,” said Woo. “This is bearish.”

Bitcoin holds $31K

As an optimistic BTCUSDSHORTS drop offsets a pessimistic GBTC unlock event, the spot BTC/USD exchange rate holds $31,000 as its interim support.

BTC/USD has repeatedly tested the $30,000-$31,000 range as support before rebounding higher. A maximum of its retracement has been able to pierce through the $35,000-resistance level. Nonetheless, profit-taking sentiment pushed the pair back toward $30,000.

As a result, the bearish sentiment for Bitcoin among analysts is extremely high, below $30,000. For instance, pseudonymous chartist Fomocap sees BTC/USD crashing to $20,000 if the pair closes below $30,000.

NebraskanGooner also expects a “nuke” like scenario for Bitcoin should it drop below $30K.

The formation of a potential inverse cup and handle formation also sees Bitcoin crashing below $20,000 on the next breakdown below the $30K-$31K range, as shown in the chart below.

Inverse cup and handle pattern on the Bitcoin chart. Source: TradingView

Woo rested on on-chain fundamentals to predict a bullish outcome. The analyst said that smart money has ceased selling while long-term investors have been absorbing Bitcoin at peak levels just as price flirts with $30K-support.

Spot exchange net flows on a 2-week moving average. Source: Willy Woo Newsletter

“Coins are moving away from speculators to long-term investors (strong hands) now at a rate unseen since February when price propelled from $30k to $56k,” he wrote in his recent note to clients, adding:

“I’m expecting price to break from its bearish sideways band in the coming week followed by a recovery to the $50k-$60k zone before some further consolidation.”

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision.