Bitcoin Mining Shares Drop, Homium Secures $10M, and Risk Asset Price Correction Looms
Summary:
Bitcoin mining shares have taken a hit from fears over post-halving profits, while home equity line of credit tokenization protocol Homium has secured $10 million funding. Additionally, 10x Research's founder warns of a potential price correction for risk assets due to stubborn inflation, falling rate cuts, and rising bond yield.
Shares in Bitcoin mining have seen a dip from their highs in 2024 due to investor concerns about their profitability following the halving. In other financial news, an Avalanche-based protocol for a home equity line of credit (HELOC) has received a hefty $10 million investment in venture capital financing. Meanwhile, the founder of 10x Research warns that risk assets could be on the brink, predicting a bearish future.
Bitcoin mining stocks, such as those in companies like Marathon Digital (MARA), Riot Platforms (RIOT) and CleanSpark (CLSK), in the United States have experienced a decline of 53%, 54% and 38.1% respectively from their peak figures this year. Additionally, Singapore’s Bitdeer Technologies has dropped 40.8%, while Australia’s Iris Energy has seen a decrease of 47.6% since hitting their highest point in mid-February 2024. Mitchell Askew, the leading analyst at Bitcoin mining firm Blockware Solutions, reassures that investors' concerns are largely unfounded.
The protocol known as Homium, a tool for tokenizing HELOCs and built on the Avalanche blockchain, has successfully secured $10 million in funding, thanks to Sorenson Impact Group and Blizzard. This protocol provides homeowners with the opportunity to borrow against their home equity without adding to their monthly debt. According to predictions by investment bank Citi, the tokenization of real-world assets may hit the $5 trillion mark by 2030.
Markus Thielen, founder of 10x Research, has shed some light on a potentially worrying situation in the stock and cryptocurrency markets. He suggests that these markets could be on the verge of a significant price correction. Thielen points to stubborn inflation, declining rate cuts and escalating bond yield as the culprits behind this prediction. As of 9:15 am UTC, Bitcoin’s price had decreased by more than 9.3% over the week, with its current trading price just above the $63,400 level, as per CoinMarketCap data.
Remember, this article doesn't hold any investment advice or recommendations. All kinds of investment and trading moves come with risks, and it's always recommended to do your own research before making a decision. Reporting by Geraint Price, Sam Bourgi and Felix Ng.
Published At
4/17/2024 12:14:12 PM
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