Crypto Market Turns Green After Crash And Texas Mining Company Delays IPO

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The crypto market saw a bloody Friday fall on stock markets copied over into its own major coins and continued that trend into the weekend. As we predicted yesterday, the probable (and hopefully temporary) bottom for Bitcoin was set at around $35,000, which is where it hovers at the time of writing.

This morning the crypto market shows some big green numbers for almost all cryptocurrencies. The global crypto market cap rose 5.7% the past 24 hours.

It’s the bottom when 80% says $20K

— Mippo (@MikeIppolito_) January 23, 2022

Ethereum, the second-largest cryptocurrency, gained 8% and is now trading around $2,400.

One of Ethereum’s main competitors, Solana, which came out of nowhere last year to land into the top 10 cryptos by market cap, was one of the hardest hit coins. Currently it is up 13% and is trading around $103.

Other big gainers are:

• Binance Coin 12%
• Cardano 21%
• Terra 23%
• Shiba Inu 32%

“Lol, bitcoin’s 50% drop doesn’t bug me, I paid $300 when I bought in, so I am still up 100X.”

— people who told me to buy at $68,000

— Keith Weiner (@RealKeithWeiner) January 22, 2022

Texas Bitcoin Miner Delays IPO

As classic Wall Street investors were sidelined from investing directly into Bitcoin over the past few years (given that business banks did not offer direct purchases of the world’s biggest crypto coin), many of them invested in mining firms instead, like Riot and Mara.

This week, Core Scientific, another bitcoin mining company started public trading on the Nasdaq stock market. However, given Bitcoin’s fall of this week combined with a risk-off setting for most technology stocks, Core Scientific saw its share price fall about 22% in the last two days of trading ever since it went public via a merger with a special purpose acquisition company (SPAC).

Now, another Texas Bitcoin miner, known as Rhodium Enterprise, has decided it will delay its IPO, blaming the choppy market conditions.