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Core Scientific Looking for Expansion Opportunities, Philippines to Block Access to Binance

Mar 25, 2024
Author
Tom Couture
Tom Couture AC
Market Update Following the worst week of ETF flows since inception, $BTC (+3.89%) is rebounding, rising to $69.6k, and $ETH (+4.09%) has reclaimed the $3,500 mark. Last week’s outflows totaled $888 million, representing about a fifth of the inflows seen in the previous two weeks. $ONDO, an institutional RWA protocol, is one of the top performers today, rising 7.61% as investors remain optimistic about the future of tokenized assets and their ability to draw institutional capital into the industry. The SPY (-0.15%) and QQQ (-0.22%) are showing modest declines today, but crypto-related equities are showing strong outperformance, with $MSTR, $COIN, and $WGMI gaining 17.27%, 8.83%, and 7.37%, respectively. The key economic data point to watch this week is February PCE, which will be released Friday morning despite the stock market being closed in observance of Good Friday.As Bitcoin mining difficulty has hit a new all-time high, Core Scientific is looking for opportunities to purchase mining machines at a discount following next month’s Bitcoin halving. The halving will reduce Bitcoin’s block reward subsidy from 6.25 BTC to 3.125 BTC, effectively cutting miners’ revenues in half. It is expected that some of the less efficient miners will become financially distressed as a r

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