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.
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.
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.
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.
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
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.
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.
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.
Bitfinex whale may be starting to wind down those shorts. Each time they drop, price has risen. Will be watching. pic.twitter.com/5F40LYjMVL
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.
Nonetheless, similar BTCUSDSHORTS crashes in June—at best—kept Bitcoin stabilized above a psychological support level of $30,000, if not pumped it outright.
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.”
(1) is sudden and directly impactful than while (2) acts very slowly. Thus it’s a bullish.
The over all impact over the long term is neutral as it’s all arbitrage which balances out in time. What we are analysing is the short term demand/supply imbalances which may impact price.
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.
Weekly. Price get rejected from 39k. Then 35k. Cont to squeeze down with higher pressure. Below middle channel. Breaking below 30k definitely comes 20k support. It’s just how gravity works. But still holding so far .. #Bitcoinpic.twitter.com/2qpKWGL4cF
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.
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.
“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 Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
AGO have knocked forZe out of ESEA Season 37 Premier Europe after winning a three-map series on Nuke (16-11), Mirage (8-16) and Ancient (19-15), to secure a spot in the tournament’s grand final. This marks the second time Karol “rallen” Rodowicz and company spoiled forZe’s run, as they were the ones to knock the Russians down to the lower bracket before eliminating them in the consolidation final.
Maciej “F1KU” Miklas played a big part in denying forZe revenge on his team in the last match before the grand final, ending the series with a 1.33 rating and 95.7 ADR, while topping the scoreboard on all three maps and hitting 30 frags in regulation on Ancient, the decider, before AGO secured their pass to the final in overtime.
F1KU put forth an impactful display in the consolidation final
The series kicked off on Nuke, where AGO took a lead on the attack with a very strong presence from F1KU, and after which they were able to close things out without a hitch on the CT side by an ample 16-11 scoreline. forZe then did the same on their map pick, Mirage, with an early T-side lead followed up by a strong defense that ended up with a wide margin by the end, 16-8, to force a decider map.
The series ended up on Ancient, where AGO took a close one-round lead on the defense before an equally close second half then went the way of forZe, forcing overtime, but it was finally the Polish team who rose above in the extra rounds by tallying four in a row, 19-15.
Having denied forZe revenge, AGO earned a spot in the grand final on Sunday, where they will have their own chance at exacting revenge, although it won’t come easy as they will face the upper bracket champions, Sinners, who will start with a map advantage.