Bitcoin Price Prediction as $25,000,000,000 Trading Volume Comes In – BTC to the Moon?
On December 21, the price of Bitcoin remained relatively stable near $16,750. BTC/USD began trading at $ 16,925 on December 21. It is currently trading at $ 16,857, up 0.19% in the last 24 hours. BTC/USD has ranged from a high of $16,934 to a low of $16,794. Furthermore, its value has fallen by approximately 5.2% in the last week.
Core Scientific is one of the largest publicly traded cryptocurrency mining companies in the United States. Core Scientific, according to reports, has filed for Chapter 11 bankruptcy protection in Texas due to declining revenue and Bitcoin prices. Some of the holders of the miner's convertible notes are expected to support a restructuring plan.
Due to a prolonged bear market, Core Scientific was forced to sell 9,618 BTC in April in order to continue operations. The crypto winter continues to have a negative impact on the business. As a result, the company filed for Chapter 11 bankruptcy in the Southern District of Texas.
The miner's projected liabilities range from $1 billion to $10 billion, according to the filing. It has between 1,000 and 5,000 creditors, with the largest unsecured claim held by investment bank B. Riley.
According to reports, Core Scientific has no plans to liquidate and will continue to operate its mining operations. Following B. Riley's assistance, the company's stock briefly increased by about 200%, but has since been steadily declining.
Several cryptocurrency companies have declared bankruptcy this year. Many well-known brands, ranging from blockchain development firms to cryptocurrency lenders and large exchanges, failed the 2022 slippery slope test. Core Scientific, the world's largest Bitcoin mining company, is currently in decline. It could have a negative impact on the
Read more on cryptonews.com
