Marathon Announces Strong Earnings and Bitcoin L2, Gemini Comes to Settlement Agreement

Market Update The January PCE report this morning was largely in line with expectations, alleviating fears of a reacceleration of inflation. U.S. equities responded positively to the data, with SPY gaining 0.17% and the QQQ rising 0.42%. Crypto markets are mixed, with $BTC declining 0.78% to $62k and $ETH rising 1.45%. Yesterday marked the largest day of net inflows into Bitcoin ETFs since the launch, totaling $673 million and bringing cumulative AUM to an impressive $7.4 billion. Altcoins are seeing some buying pressure as $BTC.D (-1.41%) is retreating. $SOL and $BONK are two of the strongest performers today, gaining 9.32% and 25.29%, respectively, potentially indicating an upcoming period of Solana ecosystem outperformance similar to Q4 2023.Bitcoin miner Marathon Digital reported 2023 earnings yesterday, announcing the company’s return to profitability, with a net income of $261.2 million. Marathon saw a 229% year-over-year increase in revenue to a record-setting $388 million and increased Bitcoin production by 210%, mining 12,852 BTC. Marathon boasted increases in hash rate, unrestricted cash and cash equivalents, and a 56% reduction in debt. Along with the impressive earnings report, Marathon announced the development of Anduro, a new multi-chain L2 network built on