Daily crypto: Bitcoin shows strong recovery capacity and mining company makes billion dollar profit

Even though the market cap of the entire crypto market has decreased since the peak around the beginning of 2018, there are still crypto companies that make huge profits. In April, Trijo News reported that Binance, the world’s largest cryptocurrency exchange, made $200 million in profits in the first quarter of this year.

In July, Changpeng Zhao, CEO of the crypto exchange, also said that they expect to make a profit of between half a billion and one billion dollars this year.

Now China-based Bitmain, the world’s largest mining company, has supposedly made a profit of $1.1 billion for the first quarter of this year. The company also expects to earn two to three billion dollars during their fiscal year, according to Fortune.

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Bitcoin price recovers

On Monday evening, the bitcoin price fell sharply, from about $8,100 to $7,850, but bounced back up fairly quickly.

The bitcoin price dips – but recovers immediately. Image Source: Bitstamp/tradeview

The bitcoin price did a similar bounce recently when it fell after the Winklevoss twins ETF application got rejected.

According to Tom Lee, a crypto expert from the investment research firm Fundstrat, these kind of bounces are proof of the strength that the crypto markets have.

“It’s a sign of a positive change in crypto that bitcoin has essentially shrugged off the Winklevoss ETF rejection. If this took place in April-June (more bearish period), the crypto market would have seen a sizable sell-off”, Tom Lee said according to CCN.

Crypto prices are falling

Nevertheless, the prices for the biggest cryptocurrencies have fallen during the last 24 hours. The ones who lost the most were (-10,19%), ethereum (-4,62%) and xrp (-3,00%).

Bitcoin (-1,93%) is currently trading just under $8,000.

The cryptocurrencies on top 100 that performed the best were polymath (+8,36%) and metaverse etp (+3,62%), and the ones that performed the worst were mithril (-27,78%) and chainlink (-15,31%), according to Coinmarketcap.

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