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Crypto News
Bitcoin Mining Stocks Suffer Losses as BTC Continues Decline
Bitcoin mining stocks felt the pain Thursday as the broader market reacted to a third consecutive day of declines for Bitcoin.
Many major miners are losing double-digit percentages, with Bitfarms leading the losses down over 18%. Riot Platforms and MARA Holdings also saw sharp drops of 11%–12%, while Hut 8 and Strategy followed with smaller declines.
The pullback has put a dent in the momentum miners had enjoyed over the past few months, when strong BTC prices and expanding hash rates drove the sector to multi-year highs.
G20 Risk Watchdog Warns of "Significant Gaps" in Global Crypto Rules
There are "significant gaps" in countries' attempts to regulate fast-growing crypto markets, which could potentially harm financial stability, the G20's risk watchdog warned on Thursday.
The Financial Stability Board (FSB), a body founded in the aftermath of the global financial crisis, made a series of recommendations on rules for crypto in 2023, to try to bring it in line with the mainstream financial sector.
In Thursday's review, it said while some progress had been made, international implementation and coordination of rules remained too "fragmented, inconsistent, and insufficient to address the global nature of crypto-asset markets".
Eric Trump Says Family Has Earned More Than $1 Billion From Crypto
President Donald Trump's embrace of crypto, paired with his return to the White House, has fueled enormous profits for his family—north of $1 billion to date, his son Eric Trump said.
A Financial Times investigation found that President Trump and his family’s crypto businesses have profited $1 billion pre-tax. When asked if the calculations were accurate, Eric Trump told the publication that the true figure was “probably more.”
It’s worth noting that Donald Trump is estimated by Forbes to be worth $7.1 billion, meaning that his share of these crypto profits could represent a sizable chunk of his net worth.
Coinbase Launches Stablecoin Payments Platform for Businesses
Coinbase has launched a business product billed as an "all-in-one financial platform" that will allow small- and medium-sized firms to receive crypto, manage assets, and earn yield on stablecoins.
The company said in a blog post that Coinbase Business which will launch "later this year." It includes instant crypto settlements, multi-user access, and integrations with popular accounting software QuickBooks and Xero. Businesses can also earn up to 4.1% APY on USDC held in their accounts, according to Coinbase.
Coinbase has a major stake in USDC issuer Circle, which went public earlier this year. Through an agreement with Circle, Coinbase gets 50% of all the revenue from interest earned on the cash reserves backing the stablecoin. Because Coinbase is not USDC's issuer, the company can offer incentive programs, like yield on funds held in wallets, to help boost its adoption.
SharpLink Sells Shares to Buy More Ethereum as BitMine's Treasury Lead Grows
Publicly traded Ethereum treasury company SharpLink Gaming announced a $76.5 million registered direct offering of 4.5 million common shares at $17 per share, representing a 12% premium to its October 15 closing price of $15.15.
The move is meant to fuel further ETH purchases for the company following a period of slower acquisitions—all while BitMine Immersion Technologies, the largest corporate ETH holder, continues to widen the gap with consistently sizable Ethereum additions.
SharpLink Gaming now holds 840,124 ETH, valued at $3.38 billion. However, over the last month, the company has significantly slowed its acquisitions, adding only about 2,900 ETH over the last month—about $1.18 million worth.
Newsmax Plans to Invest $5 Million in Bitcoin and Trump Coin
Publicly traded media company Newsmax is creating a digital assets treasury centered on Bitcoin and President Donald Trump's meme coin, which trades as TRUMP on Solana.
The company's board of directors approved the plan, which will see it acquire up to $5 million of the two assets in total over the next year, according to a company announcement on Thursday.
“Bitcoin is fast becoming the gold standard of cryptocurrency, and we believe it would be an important company marker to add this asset to our company reserves," Newsmax CEO Christopher Ruddy said in a statement.
Bitcoin & Ethereum Spot ETF Flow
The overall net outflow of the US Bitcoin spot ETF on Thursday was $536.44 million. The total net asset value of Bitcoin spot ETFs is $146.44 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.81%.
The Bitcoin spot ETF with the highest net inflow on October 16 was ARK 21Shares Bitcoin ETF (ARKB), with a net inflow of $275.15 million, according to SoSoValue.
Source: SoSoValue
The overall net outflow of the US Ethereum spot ETF on Thursday was $56.88 million. The total net asset value of Ethereum spot ETFs is $26.51 billion, and the ETF net asset ratio (market value compared to total Ethereum market value) is 5.70%.
The Ethereum spot ETF with the highest net inflow on October 16 was Grayscale Ethereum Trust ETF (ETHE), with a net inflow of $69.03 million, with a net inflow of 101.98 million, according to SoSoValue.
Source: SoSoValue