The loan facility offers up to $200 million, secured by Sealminer equipment, with a floating interest rate of 9% plus market benchmarks. As of April 21, Bitdeer has drawn $43 million from this line.

This follows a $17 million unsecured loan in January and a total of $572.5 million raised via convertible notes in 2024. The company also raised $119 million in equity through share issuance this year.

Bitdeer Buys 101 MW Gas Power Plant in Canada

In February 2025, Bitdeer acquired a fully licensed 101 MW gas-fired power plant near Fox Creek, Alberta, for $21.7 million in cash. The site has the potential to scale to 1 GW and includes a 99 MW grid connection.

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The plant will be developed with an EPC partner and is expected to be operational by Q4 2026.

In March, Bitdeer also purchased 40 MW of liquid-cooled containers from Saiheat, supporting its shift towards expanding self-mining due to declining demand for its mining equipment.

“Our plan going forward is to prioritize our own self-mining,” said Jeff LaBerge, Bitdeer’s head of capital markets.

Bitcoin Hashrate Hits 1 Sextillion H/s While Miner Revenues Fall

Bitdeer’s aggressive expansion comes as Bitcoin’s network hashrate surged to 1 sextillion hashes per second in early April. While this showcases the growing computational power, it reduces individual miner profitability due to increased competition.

Miners are further squeezed by declining transaction fees, currently averaging just $1, down from $16+ a year ago. As a result, public miners sold over 40% of their BTC output in March, with firms like Hive, Bitfarms, and Ionic Digital reportedly selling more than 100% of their monthly production.

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Bitcoin surpassed $100,000 for the first time on December 6, marking a historic milestone. On December 12, the European Central Bank (ECB) lowered its key interest rate by 25 basis points to 3%, aiming to boost investment and economic activity in the region.

Jag Kooner, head of derivatives at Bitfinex, noted that the global trend of easing interest rates could drive investors towards risk-on assets like Bitcoin. He said, “This dual easing could spur capital flows into risk-on markets, including crypto.” Additionally, Kooner pointed out that the traditional optimism seen in December markets could fuel a potential “Santa rally,” boosting Bitcoin and other cryptocurrencies as investors allocate more capital into the space.

The People’s Bank of China (PBOC) also cut interest rates for the first time in 14 years, further supporting Bitcoin’s bullish outlook.

Matrixport‘s projections indicate that Bitcoin could reach $160,000 by 2025, representing a 60% upside. The report attributes this potential rise to sustained demand for Bitcoin ETFs, evolving macroeconomic conditions, and expanding global liquidity pools.

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Federal Reserve‘s decision on December 18 could play a crucial role in shaping Bitcoin’s price movement for the remainder of 2024. According to the CME FedWatch tool, there is a 96.7% chance of a 25 basis-point rate cut, up from 82.5% a month ago.

Kooner mentioned that an interest rate cut by the Federal Reserve could help Bitcoin finish the year at record-breaking levels, as lower rates typically reduce borrowing costs, encouraging risk-taking among investors.

On December 9, $1.7 billion worth of leveraged positions were removed from the market, setting the stage for the next Bitcoin rally. This deleveraging is expected to create a foundation for future gains in Bitcoin’s price.

Related: Kris Marszalek, CEO of Crypto.com, warned in November that the crypto market needed to undergo deleveraging before Bitcoin could surpass $100,000, nearly a month before it achieved that milestone.

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According to Matrixport’s latest report, the fourth quarter of 2024 holds a positive outlook for Bitcoin. Despite the challenges faced in the third quarter, Bitcoin’s trading range has narrowed, setting the stage for a potential breakout. This optimism is attributed to anticipated Federal Reserve interest rate cuts, favorable seasonal factors, and the upcoming US presidential elections.

The report notes that while the Federal Reserve (FED) has not changed interest rates, FED Chairman Jerome Powell mentioned that a rate cut might be possible in the September meeting if inflation follows the predicted path. Matrixport’s inflation model forecasts a gradual decline in the Consumer Price Index (CPI) over the next year. The possibility of several quarter-point rate cuts in the coming quarters could provide liquidity and incentives for risky assets like Bitcoin.

With current interest rates at 5.25% and the inflation rate at 3%, the gap reflects the FED’s restrictive policy. According to the report, this indicates that the FED might significantly reduce interest rates over the next twelve months, which could benefit Bitcoin.

Matrixport’s report also highlights the seasonal challenges Bitcoin typically faces in August and September. Historically, these months see low trading volumes due to the summer holiday period and traders awaiting economic indicators and central bank policy decisions in the fall, leading to steady returns and weak performance.

The report suggests that the US presidential elections could bring positive news for Bitcoin. If former President Donald Trump is re-elected, his administration might adopt a more favorable regulatory stance towards cryptocurrencies, reducing regulatory uncertainties and promoting innovation. Trump’s recent attendance at the Nashville Bitcoin conference was well-received, although he did not outline specific plans for a Bitcoin reserve.

By focusing on these key factors, Matrixport’s analysis provides a comprehensive outlook on Bitcoin’s potential recovery and the broader market dynamics influencing it.

The post Matrixport Predicts Bitcoin’s Recovery in Q4 2024 appeared first on Coin Engineer.

Yan stated on February 28: “The sentiment in the market has arrived at a level where we need to be cautious.”

“I believe we must experience a correction of 15% by the end of April.” When explaining his reasons, Yan cited March as being a “difficult month” from a macroeconomic perspective, referring to examples such as the upcoming meeting of the US Federal Reserve and the Bitcoin exchange.

On the subject of the Halving and Ethereum’s Dencun upgrade, the founding partner said:

“From where, 65k, 60k, or now? I really don’t know. I don’t even know which will come sooner; a new ATH in BTC, or a correction?  Those who want to make short-term moves should watch March.”

Matrixport

Immediately following the broadcast, Matrixport, which stated in its X profile that Daniel Yan is a founding partner of the company, applied to the media to clarify that “he is currently running an independent fund and that these comments reflect his personal perspective and market views.”

On the same day, Bitcoin exceeded the reference point of 60,000 dollars which was previously witnessed in the 2020-2021 bull market. Data derived from the Crypto Fear and Greed Index currently shows a score of 82 out of 100, pointing to extreme greed. Investors have been going wild since the SEC approved several spot Bitcoin traded funds (ETF) last month; assets worth $7.5 billion are now managed by BlackRock’s iShares Bitcoin Trust, which is such an ETF.

Despite Yan’s bearish inclination, Matrixport was not always accurate in its market predictions.

In January, while Bitcoin was trading at 40,800 dollars, Matrixport warned investors that the SEC may not approve spot Bitcoin ETFs due to political risk factors. Since then, spot Bitcoin ETFs have been approved, and BTC experienced an increase of more than 50% within a few weeks.

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According to a news released today, Matrixport’s Bitcoin spot ETF will be rejected and will not be approved until the second quarter of 2024. After that, Bitcoin saw a sharp sell-off from the $45,518 level, causing panic. Although most analysts say that the approval of the Bitcoin spot ETF by January 10 is a political reason, Matrixport has brought a different perspective to these news.

After the Matrixport news, Bitcoin saw a sharp drop to the $40,600 level.

In BTC, after the upward breakout did not come above the $45,445 level, it could not enter this area. Afterwards, we realized that the sellers were strong in this area by leaving wicks. After that, with the effect of the news, it first broke the $44,300 level in a voluminous way and continued to decline. When panic selling was added to the effect of the news, the $42,000 was also broken and Bitcoin fell to the $40,750 region.

After stopping below $42,000 for 5 minutes, buyers became more aggressive with the involvement of diamond hands and carried the price back above $42,000. We understood the importance of the $42,000 support in this decline. In fact, we can say that we are in a risky area in the market when we lose $42,000. If we start closing candles below $40,750, we can conclude that the declines may continue for a while if there are not enough buyers.

So, whether the Bitcoin ETF is approved or rejected, manipulations will continue in the market until there is a clear news. Keeping cash in such environments, whether the market is rising or falling, will always be an important factor that can turn your portfolio from loss to positive.

The post Bitcoin Price Drop Causes Panic appeared first on Coin Engineer.

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An analysis published by the Matrixport platform in the morning hours shook the markets. As the decision day for Bitcoin ETFs approaches, the market is expected to be quite volatile. Although the vast majority say “it will be approved,” some institutions, such as Matrixport, say there is a possibility of postponement.

What Is the Matrixport Bitcoin ETF Report Based On?

Following Gary Gensler’s statements in December 2023, it was stated that Gensler believes that the cryptocurrency sector should apply stricter laws. The report included the comment, “From a political standpoint, there is no reason to approve a spot Bitcoin ETF.”

Over the past few weeks, Matrixport has predicted that the Bitcoin price could reach $45,000 by the end of 2023, based on its analysis. However, the company stated that selling Bitcoin could be a suitable investment option if the SEC does not approve the ETFs by January 5th. In addition, with concerns that a rejection decision could trigger a 20% decline in Bitcoin value, Matrixport added that Bitcoin ETF applications could be approved in the second quarter of 2024.

Despite this possible rejection scenario, Matrixport stated that they expect Bitcoin to be above its current price by the end of 2024 and stated that “election periods and halving periods in the United States have generally had a positive impact.”

Finally, after Matrixport’s statements, Bitcoin experienced a sharp decline. Bitcoin’s price fell from $45,400 to $41,500 and there were serious declines of over 10% in most cryptocurrencies. The 10% Bitcoin price drop that occurred in the last hour caused the liquidation of a total of $480 million in positions.

The post Bitcoin ETF Rejection Rumor Hits BTC Price Hard! appeared first on Coin Engineer.