Bitcoin miners are powering up their rigs once again after the price of the flagship cryptocurrency surged to surpass the $21,000 mark earlier this week in what could be BTC’s longest winning streak in a decade.

Bankrupt cryptocurrency exchange FTX has said that $415 million worth of digital assets were taken from the exchange’s accounts, meaning a sizable portion of the identified assets the company is trying to recover had been hacked.

Crypto conglomerate Digital Currency Group (DCG) has said it’s halting its quarterly dividends as it focuses on “strengthening our balance sheet by reducing operating expenses and preserving liquidity.”

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Top stories in the Crypto Roundup today:

• Bitcoin Miners Power Up Rigs After Market Rebound
• FTX Reports $415 Million Was Hacked
• DCG Halts Dividends to Preserve Liquidity
• Chart of the Week: ETH Calendar Futures Volumes Surpass Those of BTC
• Sponsored: Experience Peace of Mind with Ledger Stax's Secure Digital Asset Management Platform

Bitcoin Miners Power Up After Market Rebound

Bitcoin miners are powering up their rigs once again after the price of the flagship cryptocurrency surged to surpass the $21,000 mark earlier this week in what could be BTC’s longest winning streak in a decade.

The cryptocurrency’s mining difficulty, which is determined by the computing power behind the network, has recently soared by over 10%, revealing that miners are plugging their machines back on to capitalize on the recent price rise.

Low cryptocurrency prices and high energy prices had been hindering miners since last year, with some large-scale operations struggling to repay mounting debt and being on the verge of bankruptcy.

The recent jump in computing power is the second-largest since August 2021, and follows a 13.5% surge in early October, after energy costs declined due to a drop in temperatures in cryptocurrency mining hubs in the U.S.

While network difficulty may soon adjust to the growing hashrate, Bitcoin’s rebound has seen cryptocurrency mining stock move up, to the point they’re on track for their best monthly performance in a year.

FTX Reports $415 Million Was Hacked

Bankrupt cryptocurrency exchange FTX has said that $415 million worth of digital assets were taken from the exchange’s accounts, meaning a sizable portion of the identified assets the company is trying to recover had been hacked.

In a presentation, lawyers and advisors for FTX debtors updated the total liquid assets identified for recovery, saying they’re valued at around $5.5 billion. It included “unauthorized third-party transfers” of $323 million out of FTX.com and $90 million out of FTX.US.

Moreover, $2 million was stolen from crypto hedge fund Alameda Research. The missing crypto could be connected to a hack of FTX’s systems uncovered shortly after the company collapsed in November.

The 20-page long presentation details the company's assets and where lawyers and advisors are searching for potential recoveries to be returned to creditors. This includes significant amounts of property in the Bahamas, where the company was operated and run by Bankman-Fried.

The presentation included $529 million worth of FTX’s own FTT token under the exchange’s “liquid assets.”

DCG Halts Dividends to Preserve Liquidity

Crypto conglomerate Digital Currency Group (DCG) has said it’s halting its quarterly dividends as it focuses on “strengthening our balance sheet by reducing operating expenses and preserving liquidity.”

The firm also revealed it’s considering selling some of the assets within its portfolio. The group’s financial situation was affected by the woes of subsidiary Genesis Global Trading, which halted reimbursements and loan originations in November, and warned it may file for bankruptcy if it fails to raise needed funds.

Genesis’ withdrawal halt prompted Cameron Winklevoss – on behalf of crypto exchange Gemini and its 340,000 users who lost access to $900 million lent with Genesis – to call for the board of DCG to remove its CEO Barry Silbert in an open letter.

The U.S. Securities and Exchange Commission (SEC) has charged both Genesis and Gemini with offering unregistered securities to users.

Chart of the Week: ETH Calendar Futures Volumes Surpass Those of BTC

This week’s Chart of the Week uses derivatives data to examine how trading volumes for ETH futures have surpassed those of BTC, in a trend that indicates market participants are giving more attention to the smart contract platform than to the flagship cryptocurrency.

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