According to a report from broker Canaccord Genuity, the positive momentum of Galaxy Digital, a crypto financial services firm, is expected to continue following its announcement of a 40% increase in net income. This growth can be attributed to an increase in the number of trading counterparties and a significant rise in trading revenue, which surged by 79%. The approval of spot bitcoin ETFs in the US is identified as the primary catalyst for this surge. Additionally, Galaxy has expanded its proprietary mining hashrate, and the Helios facility presents an opportunity to explore both mining and AI hosting in the future. However, Galaxy’s Toronto-listed shares dropped by 1.12% to close at C$12.41 on Tuesday. – Omkar Godbole
Edited by Sheldon Reback.
Based on the latest information, it seems that some analysts anticipate a potential soft CPI print, which could push bitcoin beyond $65,000, as the Federal Reserve Chairman, Jerome Powell, recently ruled out further tightening or rate hikes as the next policy move. However, other experts caution that inflation is just one of many factors taken into account by policymakers. Meanwhile, the price of bitcoin has experienced moderate gains ahead of the upcoming US inflation data, with the cryptocurrency currently trading at $62,775, up by 1.8% in the last 24 hours. The broader digital market, as measured by the CoinDesk 20 Index (CD20), has also seen slight increases, adding 0.55%. The article also highlights that the mean transaction fee for bitcoin has decreased post-halving, squeezing miners’ revenue, causing some to consider liquidating around $5 billion worth of BTC in the near future. Lastly, the positive performance of Galaxy Digital is predicted to persist, according to Canaccord Genuity, who attributes this to the growing number of trading counterparties and notable increase in trading revenue, which jumped by 79%.
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