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You are here: Home / Search for "bitcoin"

Search Results for: bitcoin

Investor Shift To Bitcoin, $230M Inflows In 2023: CoinShares Report

February 7, 2023 by Ammar Raza

Digital asset investment has seen a major change in investor sentiment, including Bitcoin, as reported by CoinShares. With year-to-date inflows now at $230m and the 4th consecutive week of inflows totaling $76m, it is clear that 2023 is shaping up to be a promising year for the cryptocurrency market.

image 25
Source: CoinShares

As reported by Tronweekly, previously CoinShares reported that digital asset investment products experienced the largest inflows since July 2022, with $117 million entering the market. As a result, the total AuM has increased by 43% from November 2022 lows, reaching $28 billion. 

Most of these inflows, amounting to $116 million, were invested in BTC, with minor amounts going towards short-bitcoin at US$4.4 million. However, multi-asset investment products have seen outflows for nine consecutive weeks, totaling $6.4 million, indicating a preference for selective investments.

Bitcoin Dominates Investment Flows

BTC continues to be the primary focus of investors, accounting for a staggering 90% of the total inflows last week, with a total of US$69m. It highlights the growing confidence in the world’s largest cryptocurrency and its potential for long-term growth.

While other cryptocurrencies saw minor inflows, Ethereum saw only US$0.7m of inflows despite the improving clarity around unstaking. The minor inflows were into Solana ($0.5m), Cardano ($0.6m), and Polygon ($0.3m). However, Polygon also saw outflows of US$0.5m. It further emphasizes the dominance of BTC in the digital asset market.

Short-Bitcoin Gains Momentum

Despite the dominance of long-Bitcoin inflows, short-Bitcoin has been making gains with inflows totaling US$8.2m over the same period. While the short-Bitcoin inflows remain relatively small in comparison, the last three weeks inflows total US$38m, representing 26% of the total AuM. 

Although the trade so far hasn’t worked well year to date, with total short-Bitcoin AuM having fallen by 9.2%, the inflows are still meaningful from a relative scaling perspective.

image 26
Source: CoinShares

Regionally, the majority of inflows were focused on the US, Canada, and Germany, with inflows of $38m, $25m, and $24m, respectively. Total investment assets under management have risen 39% year-to-date, reaching a high of $30.3bn, the highest it’s been since mid-August 2022.

Related Reading | XRP’s Value Might Touch Million In 7 Years, Expert Predicts

Filed Under: News, Bitcoin News Tagged With: Bitcoin (BTC), coinshares, Cryptocurrency, Ethereum (ETH)

Riot Ramps Up Bitcoin Mining: Jan 2023 Production & Operations Report

February 7, 2023 by Mishal Ali

Industry leader Riot has announced impressive production updates for the month of January 2023. The self-mining operation saw a significant increase of 62%, with a record-breaking 740 Bitcoin (BTC) produced, compared to 458 BTC produced in January 2022.

Riot Bitcoin Mining Continues To Soar Despite Winter Storm Setbacks

Riot CEO Jason Les expressed pride in the company’s month-over-month increases in total Bitcoin production, with a new record of 740 Bitcoin produced in January. 

Additionally, Les acknowledged the damage caused by the winter storms and its impact on the deployed fleet and hash rate capacity.

However, despite a reduction in the company’s deployed fleet and hash rate capacity caused by the severe winter weather in Texas, Riot managed to sell 700 BTC and generate a net gain of $13.7 million. 

As of January 31st, Riot held approximately 6,978 BTC with a deployed fleet of 82,656 miners and a hash rate capacity of 9.3 exahash per second (EH/s).

Riot received 5,130 new S19-series miners in January and deployed 6,912 miners, with an estimated 1,152 miners staged for deployment. 

Upon deployment, Riot’s total number of miners will reach 83,808, excluding 17,040 currently offline due to building damage. The company is evaluating options for further hash rate growth at its Corsicana facility.

Building D of Riot’s air-cooled facilities has reached completion with miners deployed, while construction and engineering teams continue work on Building E. 

The company’s estimated hash rate growth may be delayed due to the winter storm damage to Buildings F and G. Repairs are ongoing, and Riot will provide updated information on deployment timelines as they become available.

CEO of Riot, Jason Les, said:

Unfortunately, as a result of this damage, our previously announced target of reaching 12.5 EH/s in total hash rate capacity in Q1 2023 is expected to be delayed. We will provide additional updates as we obtain greater clarity on the impact to our planned deployment schedule. 

Additionally, the company’s mining operations are supported by its robust data center infrastructure, with its Corsicana facility undergoing expansion to accommodate planned hash rate growth. 

Moreover, the company concluded its miner purchase agreement with Bitmain Technologies Ltd and is evaluating options for further hash rate growth.

Related Reading | Visa Eyeing Ethereum For ‘Muscle Memory’ Settlement Plans: Report

Filed Under: News, Bitcoin News Tagged With: Bitcoin (BTC), bitmain, Riot Mining

Mini Bitcoin Addresses Hit Highest Levels In 2023

February 7, 2023 by Lipika Deka

Small Bitcoin addresses that hold 0.1 BTC or less have risen rapidly since the FTX blowout. As many as nearly 620k new addresses of this cohort have made their record-breaking appearance in less than 3 months, Santiment noted.

As BTC/USD crossed the $20,000 mark again on January 13, the subsequent growth in the number of wallets meant that FOMO has returned.

According to the data platform, these addresses with 0.1 BTC or fewer grew slowly in 2022, but 2023 is showing a return of trader optimism.

image 24
Mini Bitcoin Addresses Hit Highest Levels In 2023 4

On the other hand, BTC prices have fallen back to nearly 6% in less than a week and are back below $23k, stalling the much-awaited rally.

Experts believe that the king coin is entering the second week of February in another bearish mood as multi-month highs fail to hold.

The coin’s 4% decline over the previous seven days reduced its year-to-date gain to 39% and was the largest weekly decline since November.

Rising US dollars amid bad trade in Europe or the US and plummeting Asian markets could be another obstacle for Bitcoin bulls to face.

To top it off, recent US jobs data disappointed investors’ hopes that this year’s policy tightening would soon come to a halt and possibly turn around, dovish wagers that had fueled a January rally across international markets.

That rally swept up large and small tokens alike — ranging from Bitcoin and Ether to Axie Infinity and Decentraland.

Bitcoin Could Face Retest Over US CPI Data

John Toro, head of trading at digital-asset exchange Independent Reserve, claims that the payrolls report increased Treasury yields, which have been a major influence in influencing demand for riskier products.

That being said, traders are now betting on some macroeconomic data that is slated to come out this week from the Federal Reserve.

Analysts like Michaël van de Poppe, founder, and CEO of trading firm Eight, believe that much depends on the outcome of Consumer Price Index [CPI] data for January, due Feb. 14.

The U.S. dollar might gain if the figures indicate that inflation is slowing more slowly than anticipated or even deviates from that downward trend, which would again play the spoiler for risk assets.

BTC traded at around $22,871 at the time of writing, down by over 2% in the daily index.

Filed Under: Bitcoin News Tagged With: Bitcoin, btc, santiment

Weekly Market Watch: Bitcoin & Ethereum’s Battle Of Bulls And Bears, Low Cap Tokens Experience Growth

February 6, 2023 by Saeed Ul Hassan

Crypto markets saw a mixed performance last week as bulls and bears engaged in a tug-of-war. Bears attempted to bring down both Bitcoin and Ethereum. Additionally, despite some alternative coins showing substantial growth at the beginning of the week, the upward trend was eventually overturned by the close of the week.

Several tokens on the list of weekly gainers have shown substantial growth, with SingularityNET (AGIX) leading the pack, followed by Render Token (RNDR) and dYdX (DYDX) in third place. Other tokens have also experienced significant gains.

SingularityNET (AGIX), a decentralized AI platform utilizing both Ethereum (ETH) and Cardano (ADA) smart contract blockchains, has recently garnered attention in the crypto sphere. Its native token, AGIX, is currently experiencing a bull run and has been named one of the most bullish tokens in the market. 

AGIX 7D graph coinmarketcap
Source: CoinMarketcap

As of Monday, AGIX is trading at $0.4211, experiencing a 27% increase in the past 24 hours and a whopping 131.15% surge in the last week. The token hit its peak at $0.4579 this week and closed the week at $0.447 after starting at $0.1697, making for a strong and impressive performance.

While AGIX’s recent surge may be exciting for investors and traders, some market analysts warn that the token’s current rally is not sustainable. The support level at $0.40 is considered shaky, and a potential break below this mark could result in a dip to $0.35 in the coming months. 

Despite these concerns, AGIX’s impressive performance has drawn the attention of the investment community, who are keeping a close watch on the young network as it continues to gain traction in the crypto market.

Another low market cap token also emerged as a weekly gainer; Render Token (RNDR) saw a significant price increase, with a weekly gain of 46.73% and a current trading price of $1.82. 

RNDR 7D graph coinmarketcap
Source: CoinMarketcap

The surge in price is attributed to the launch of the Render Network Foundation, a non-profit dedicated to maintaining the Render Network protocol, and the adoption of a new tokenomics model called burn-and-mint equilibrium. The new tokenomics model received 100% support from the project’s DAO, which appears to have encouraged market participants to accumulate RNDR.

The DYDX token, an Ethereum-based token, has experienced a recent surge in value, with a 3.06% rise in the last 24 hours and a 31% increase in the past week. The rise is due to the actions of a mysterious whale who has accumulated a large amount of DYDX tokens worth $21.4 million. The whale, who has not been identified, received 9.5 million DYDX from Binance since October 18th, 2022, as reported by TronWeekly, 

DYDX 7D graph coinmarketcap
Source: CoinMarketcap

Moreover, some popular coins are experiencing gains in weekly charts, including Shiba Inu (SHIB) with 22%, The Graph (GRT) with 37%, and ImmutableX, with an increase of 28%, according to the data from CoinMarketcap. 

Bitcoin (BTC) & Ethereum (ETH) Weekly Review

January brought a stunning rally for both Bitcoin (BTC) and Ethereum, but now it seems the two are taking a break in February, which is a positive sign as vertical rallies are not often sustainable. A slight decrease could eliminate uncertainty among long-term holders, offering an opportunity for them to expand their portfolios.

Bitcoin saw a brief period of glory when it reached a record high of $24,255 on February 2nd, but a drop followed as short-term traders took profits. However, Bitcoin is near a solid support range of $22,800 to $22,300.

BTCUSDT 2023 02 05 23 56 45
Source: Tradingview

Ethereum also saw a significant surge in value over the week, beginning at $1,567.42 and reaching a peak of $1,704.46. ETH has been trading close to the $1,680 resistance level for the past few days, and a tight consolidation near an overhead resistance typically leads to an upward trend.

ETHUSDT 2023 02 05 23 57 57
Source: Tradingview

However, CoinMarketCap data shows that the current trading price for Bitcoin is $22,839.27, with a 2.37% decrease in the past 24 hours and a 3.37% drop over the past seven days. Meanwhile, Ethereum is being traded at $1,630.20, experiencing a 2.23% drop in the past 24 hours and a slight 0.25% increase over the past seven days.

Filed Under: Market Analysis Tagged With: Bitcoin (BTC), Cryptocurrency, Ethereum (ETH), Price Analysis

Whale Alert: Mysterious Bitcoin Transfer Swells Wallet By $313M

February 5, 2023 by Mishal Ali

The most significant Bitcoin transfer occurred and rocked the cryptocurrency world in the past four weeks. A previously unknown wallet address suddenly appeared, swelling with a whopping 13,369 Bitcoins worth an eye-watering $313.1 million, according to the data analyst Sanitment tweet.

The transfer, which took place just one day ago, has sent waves across the crypto community, with many speculators and analysts trying to track the origin of this newfound wealth.

🐳 8 hours ago, the largest #Bitcoin transaction in 4 weeks took place. This brand new whale address went from nothing to suddenly holding ~13,369 $BTC (worth ~$313.1M) after a single transfer. Track this wallet here as prices fluctuate going forward. 👀 https://t.co/Vk7GTw4diT pic.twitter.com/G2IwLP0tpp

— Santiment (@santimentfeed) February 4, 2023

Bitcoin Wallet Soars To $313M In One Fell Swoop

This sudden influx has caused quite a stir in the market, with many speculating on the identity of the person or entity behind this massive transfer. While some believe it could be the result of a large-scale sell-off, others are hopeful that this could signal the beginning of a new bull market for Bitcoin.

Regardless of the motives behind the transfer, one thing is for sure – this latest move is sure to keep the crypto community on its toes as prices fluctuate in the coming days.

However, as the crypto world tries to make sense of this sudden transfer, speculation is rife on what could have caused this massive movement of funds. 

Regardless of the reason behind this transfer, it is clear that the crypto world is in for a wild ride in the coming days as everyone tries to get a piece of the action. 

Bitcoin Price Analysis

Santiment tweet also pointed out that when a transfer took place, the price of BTC dropped by 0.27%. However, Bitcoin is holding steady above the $23,000 level, enjoying a prolonged bullish trend due to the Federal Reserve’s dovish stance. 

However, not everyone is convinced of its sustained rise. The Price Estimates feature on Coinmarketcap reveals that many investors expect a bearish reversal for the leading cryptocurrency.

According to the data aggregator, the median price estimate predicts a drop to $20,000 by the end of February, representing a 14.69% decline from its current trading price of $23,366.97. Despite a 0.62% dip in the last 24 hours, Bitcoin has been up by 1.76% in the past seven days.

BTCUSDT 2023 02 04 17 36 58
Source: Tradingview

Related Reading | For FTX & Alameda Ties Silvergate Under Criminal Investigation: Report

Filed Under: News, Bitcoin News Tagged With: Bitcoin (BTC), Cryptocurrency

MicroStrategy’s Bitcoin Dependence Leads To 8th Consecutive Quarterly Loss

February 4, 2023 by Ammar Raza

MicroStrategy Inc., the enterprise-software firm known for its significant public ownership of Bitcoin, posted yet another quarterly loss, its eighth in a row, due to a write-down of its cryptocurrency holdings, according to Bloomberg’s report.

The enterprise-software company, led by Bitcoin enthusiast Michael Saylor, recorded a net loss of $249.7 million in Q4 2022, with revenue declining 1.5% to $132.6 million.

Despite stepping down from his role as CEO in 2021, Saylor remains committed to his strategy of holding Bitcoin as a significant asset on MicroStrategy’s balance sheet. This approach saw the company’s shares drop 74% in 2021 as Bitcoin plummeted 64%.

However, MicroStrategy’s shares have rebounded, more than doubling since the start of the year 2023, as BTC saw a 45% rally. The company ended 2022 with $43.8 million in cash, its lowest in 40 quarters, and generated $3.2 million from operations, down from $94 million the previous year.

image 22
Source: Bloomberg

Bitcoin & MicroStrategy’s Future

The Virginia-based firm continues to shape its financial future around Bitcoin, as it recorded another loss due to a writedown of its cryptocurrency holdings. MicroStrategy’s commitment to Bitcoin is evident, as its BTC holdings, worth $2.2 billion, have increased by $850 million since the end of last year.

As of December, MicroStrategy had accumulated 132,500 BTC, which it acquired for around $42.8 million in cash. The company sold 704 tokens for tax purposes and bought 810 more, demonstrating its unwavering commitment to BTC as a key asset.

MicroStrategy’s Bitcoin Strategy: Risk & Reward

The company’s choice to hold BTC as a significant asset on its balance sheet has brought both risk and reward. In addition, the company’s shares saw a 74% decline in 2021 as Bitcoin plummeted 64%, but shares have more than doubled since the start of the year, as BTC saw a 45% rally.

While it posted another quarterly loss due to a writedown of its cryptocurrency holdings, its commitment to BTC remains unwavering. However, the company ended the year with $43.8 million in cash, its lowest in 40 quarters, but the value of its BTC holdings, worth $2.2 billion, increased by $850 million since the end of last year.

As MicroStrategy continues to shape its financial future around BTC, only time will tell if this risk-reward strategy will pay off in the long term.

Related Reading | For FTX & Alameda Ties Silvergate Under Criminal Investigation: Report

Filed Under: News, World Tagged With: Bitcoin (BTC), Cryptocurrency, microstrategy

The Battle Over Bitcoin: Ray Dalio’s Remarks Ignite Debate on Digital Asset’s Future

February 4, 2023 by Mishal Ali

According to a recent interview on CNBC’s Squawk, Ray Dalio, the founder of Bridgewater Associates, made a bold statement about Bitcoin. He said that the digital asset “has no relation to anything” and is simply a “tiny thing that gets disproportionate attention.”

Dalio also pointed out that the value of Bitcoin, which currently stands at less than one-third of Microsoft stock, is not an effective store of wealth. 

"#Bitcoin has no relation to anything. It's a tiny thing that gets disproportionate attention," says @RayDalio on #crypto. "The value of $BTC is less than 1/3 of $MSFT stock. It's not an effective store of wealth. But we are in a world where money as we know it is in jeopardy." pic.twitter.com/Cc7o2TwkxG

— Squawk Box (@SquawkCNBC) February 2, 2023

He added that the world is facing a crisis of money, as everyone knows it, and there is a need for a solution. Dalio thinks that fiat is in trouble, but Bitcoin and stablecoins are not the answer. 

The crypto community took to Twitter to voice their opinions, with some disagreeing with Dalio’s assessment of the world’s largest cryptocurrency.

One Twitter user wrote:

Bitcoin is the solution to the monetary problem Ray Dalio is looking for. Censorship-resistant, open, neutral, finite, and not controlled by anyone. Anything new will be controlled by some entity and subject to manipulation.

Another Twitter user was influenced by Dalio’s insight into the history of money, calling it an “orange pill.” They believe that the interview demonstrates that the billionaire is close to fully understanding BTC.

However, the ongoing discussion about the value and usefulness of BTC highlights the divided opinions in the financial world. While some see it as a revolutionary tool that can change the financial landscape, others view it as a speculative investment with no real substance.

Regardless of one’s stance, it’s clear that the debate over the role of BTC in the financial world is far from over. As more investors and experts continue to weigh in on the issue, the future of this digital asset remains uncertain.

Dalio’s Fluctuating Views on Bitcoin

Dalio’s opinions on Bitcoin have been inconsistent over the years. In 2021, he went from describing it as an “impressive invention” to speaking about a potential ban on Bitcoin in the US and choosing gold over it. 

However, in 2022, he recommended a 1% to 2% allocation of Bitcoin in investor portfolios, praising its resilience against hacks and lack of competition in the market.

Despite Dalio’s doubts, the crypto community remains optimistic about Bitcoin’s potential as a solution to the issues with fiat currency. As the debate continues, it will be interesting to see if Dalio’s views on Bitcoin continue to evolve.

Related Reading | GOPAX Acquisition, Binance Makes Major Comeback To South Korean Market: Report

Filed Under: News, Bitcoin News Tagged With: Bitcoin (BTC), Cryptocurrency

Marathon Mines Record 687 Bitcoins, Boosts Production By 45%

February 3, 2023 by Ammar Raza

Marathon Digital Holdings, one of the largest Bitcoin miners in North America, announced its record production of 687 Bitcoins in January 2023. The company, which currently holds 11,418 BTC, also sold 1,500 of its holdings during the same month and intended to continue selling a portion of its Bitcoin this year.

Marathon’s Chairman and CEO, Fred Thiel, attributes the improvement in bitcoin production to the successful collaboration with their hosting provider in McCamey, Texas. The new partnership addressed technical issues that suppressed production in Q4 2022. The result is a 45% increase in bitcoin production from December 2022 to January 2023.

image 17

Marathon Sells 1,500 Bitcoin To Strengthen Balance Sheet

However, per the press release, the company’s BTC production has seen a significant surge, with a production of 687 units in January, marking a 49% increase from the previous month’s 462 units. It has resulted in an average daily production of 22.1 units, also a 49% rise from January’s 14.9 units.

Additionally, the operational and energized hash rate (EH/s) has seen a 103% increase, reaching 7.3 in January 2023 compared to 3.6 in January 2022. The installed hash rate (EH/s) has also seen a 206% boost, now standing at 11.0 compared to 3.6 in January 2022.

With more consistent bitcoin production, Marathon decided to sell some of its holdings to cover operating expenses. The sales did not significantly impact the miner’s unrestricted Bitcoin holdings, which increased from 7,815 to 8,090 from December 2022 to January 2023. Marathon ended January 2023 with $133.8 million in available cash on hand.

According to the press release, with production increasing, Marathon aims to focus on energizing more miners and optimizing their performance. The company aims to become one of the largest and most energy-efficient Bitcoin mining operations globally by installing 23 exahashes of computing power by the middle of 2023.

Marathon’s facilities in Garden City, Texas, and Ellendale, North Dakota, are also expected to commence operations in Q1 2023. In January, 2,100 of Marathon’s S19 XPs were energized at the Jamestown facility, increasing the company’s operating fleet to approximately 71,000 BTC servers with a theoretical capacity of 7.3 EH/s as of February 1, 2023.

Recently, Marathon Digital Holdings and FS Innovation, LLC entered into a Shareholders’ Agreement to form an Abu Dhabi Global Markets company to establish and operate one or more mining facilities to expand bitcoin mining operations.

The company’s commitment to strengthening its balance sheet and improving operational efficiency, along with its partnerships and expansions, has placed it in a solid position to achieve its growth and operational targets in 2023.

Related Reading | Solana-based DeFi Withdrew Its App Due To Liquidity Crunch

Filed Under: News, Bitcoin News Tagged With: Bitcoin (BTC), Bitcoin Mining, Marathon

Bitcoin Breaches $24k In 5 Months After FED Chair’s “DisInflation” Speech

February 3, 2023 by Lipika Deka

Bitcoin surge past the $24k range for the first time in 2023 following FED chairman Jerome Powell remarks that 50% of inflation is in “disinflationary”.

At the time of publication, Bitcoin is trading hands at $23.7k, up by 3% in the daily index.

Unlike deflation, disinflation is the reduction in the rate of increase of overall price levels.

After announcing a 25 basis point increase in interest rates on February 1, Powell stated, “We can now say, I think for the first time, that the disinflationary process has started […] we see it really in goods prices,”

The FED Chair’s speech and the raise hike were favourably received by the crypto market as a whole, increasing the market valuation by more than $40 billion in the hours that followed the announcement.

As per figures from Coinmarketcap, the global crypto market cap led by Bitcoin is now at $1.09 trillion, a surge of over 4% over the past day.

Recalling Powell’s remarks during the media briefing, he stated that they should be ready for “ongoing rate rises” and that they still anticipate that the inflation rate in the services sector will grow for some time.

“We see ourselves as having more persistent inflation in that [services] sector, which will take longer to get down, and we have to complete the job. That’s what we’re here for.”

Adding to that, the Federal Reserve informed that “ongoing rate rises” will still be acceptable amidst the target of getting inflation back to its goal of 2%.

That being said, the Federal Reserve’s policy meeting, where the top bank was scheduled to announce its eighth consecutive rate hike, was one of the most eagerly awaited events.

Bitcoin and Ethereum even registered a minor dips in anticipation of FED interest rate hikes.

Bitcoin’s Worst Days Are Over- Expert

As reported by TronWeekly, Fed officials were expected to approve a 0.25 percentage point hike as inflation began to decline, a more moderate pace than the previous super-sized movements in 2022.

Its needs to be told that the benchmark interest rate of the United States central bank has increased by 4.25 percentage points in less than a year .

In the latest announcement, Powell noted that he expects inflation to decline soon, even if not implying that its reached the end of its cycle of rate hikes.

A similar sentiment was echoed by Yiming Ma, an assistant professor of finance at Columbia University Business School who claimed “the worst is over,” and “the pace of rate hikes is going to slow.”

Filed Under: Bitcoin News Tagged With: Bitcoin, btc, federal reserve

Zhidu Technology Takes Impairment Provision for Bitcoin Investment, Totaling $16M

February 3, 2023 by Mishal Ali

Zhidu Technology, a listed company in China, has announced its plans to make an impairment provision for Bitcoin worth $16 million generated from cloud mining purchased from Bitmain. Zhidu is a shareholder of both Bitmain and BitDeer.

The 9th board of directors’ 16th meeting and the 9th supervisory board 10th meeting, held on January 30, reviewed and passed the proposal for the asset impairment provision of Zhidu Technology in 2022. 

The asset impairment provision was made following the regulations of the Shenzhen Stock Exchange, Corporate Accounting Standards, and the company’s own provisions. The comprehensive review of various assets was conducted on December 31 to evaluate signs of impairment.

The scope of the asset impairment included accounts receivable, contract assets, intangible assets, goodwill, and long-term equity investments, amounting to a total of 56,259.74 million yuan. The impairment data is subject to change with the release of the annual audit report.

The impairment provision for accounts receivable and contract assets was based on the company’s assessment of expected credit risk and calculation of expected credit loss. 

For intangible assets, the company’s assessment was based on the useful life and amortization method of each asset. Goodwill and intangible assets were tested for impairment annually.

The company’s digital assets, including Bitcoin, are owned by Zhidu Investment Co Ltd., a company subsidiary. The company conducted an impairment test for these assets and found that the recoverable amount was lower than its book value, leading to a write-down of the book value and a corresponding asset impairment provision.

Zhidu’s Bitcoin Provision Puts Pressure On Balance Sheet

Zhidu Technology’s $16 million impairment provision for Bitcoin has put pressure on the company’s balance sheet. The asset impairment was made in accordance with regulations set by the Shenzhen Stock Exchange and Corporate Accounting Standards.

The company’s comprehensive review of various assets as of December 31, 2022, led to the impairment provision for accounts receivable, contract assets, intangible assets, goodwill, and long-term equity investments, totaling 56,259.74 million yuan.

Zhidu’s digital assets, including Bitcoin, were tested for impairment and found to have a lower recoverable amount than their book value, leading to a write-down and a corresponding asset impairment provision.

Despite the pressure on its balance sheet, Zhidu Technology remains a listed company in China and a shareholder of Bitmain and BitDeer. The company will continue to adhere to regulations set by the Shenzhen Stock Exchange and Corporate Accounting Standards in its future asset impairment provisions.

Related Reading | MATIC Rises With 100% Boost In Trading Volume As Polygon NFT Transactions Outshine Ethereum

Filed Under: News, Bitcoin News Tagged With: Bitcoin, BitDeer, bitmain, Zhidu Technology

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