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0602 Daily Flash | SEC Warns Investors Against Speculation；More Miners Are Selling Bitcoin；JPMorgan Warns Investors to Prepare for Coming Economic Crisis
0602 Daily Flash | SEC Warns Investors Against Speculation；More Miners Are Selling Bitcoin；JPMorgan Warns Investors to Prepare for Coming Economic Crisis
02 June 12:21
Today's Topic - SEC Warns "Cryptocurrency Investing Is Not a Game"
"It's as important as ever that investors take the time to educate themselves," SEC Chairman Gary Gensler said in a statement.
Chart of the Day - Bitcoin Mining Revenue Drops 21.6% in May, as More Miners Are Selling Bitcoins
In addition, Bitcoin mining services firm Compass Mining, citing data from CoinMetrics, noted in a research that "miner traffic into the exchange has reached its highest point since January, and with the last significant drop in price, coupled with a downward adjustment in difficulty, miners' profitability appears to have hit a bottleneck, and reluctant miners who shut down may look to raise capital in the debt or equity markets or sell Bitcoin assets."
Argo Blockchain said on an analyst call to release its first-quarter results that it plans to cover expenses by issuing debt and selling some of its Bitcoin. Core Scientific has also sold some of the bitcoins it mined this year and plans to continue selling them. Riot Blockchain sold nearly half of its mined bitcoins in April after selling a significant amount in March.
Cathedra Bitcoin said in a May 30 statement that it sold 235 bitcoins this month to boost liquidity and insulate itself from further price declines. Marathon Digital (MARA) hinted in an earnings call in early May that it might sell some of its bitcoins. Digihost also announced today that it has sold some of its mined Bitcoin to help pay for energy costs.
Influencer of the Day - JPMorgan CEO: Get Ready for the Coming Economic Hurricane
We're going to be very conservative with JPMorgan's balance sheet," said Jamie Dimon, CEO of JPMorgan Chase, at a financial conference where JPMorgan is preparing for the coming economic 'hurricane' and advising investors to do the same.
There are two main factors that Jamie Dimon is worried about: First, the Federal Reserve has signaled that it will implement an emergency bond-buying program and shrink its balance sheet. Quantitative Tightening (or QT) is also scheduled to begin this month and will gradually increase to a $95 billion monthly bond reduction. Second, the war in Ukraine and its impact on commodities, including food and fuel.
The combination of these factors has Dimon foreseeing that an unprecedented economic crisis may be on the horizon.
Buzzes of Yesterday - #Optimism Issues $OP Token; #Bitcoin Miners' Incomes Continue to Decline
Optimism has plunged 66% after token issuance
The Block: Survey Finds The More You Know About Bitcoin, the More Optimistic You Are
Over 75% of Bitcoin miners' revenue is used to keep up with soaring power costs
Ethereum funds saw $11 million in outflows last week
Basel Committee to introduce banking rules for crypto regulation this year
Author: Gate.io Researcher Byron B. Translator: Peter L.
* This article represents only the views of the researcher and does not constitute any investment advice.*Gate.io reserves all rights to this article. Reposting the article will be permitted provided Gate.io is referenced. In all other cases, legal action will be taken due to copyright infringement.
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