The Russian government has announced a ban on cryptocurrency mining in Moscow, the Moscow region, and parts of the Kursk region from 15 August this year until 31 December 2032, to prevent the risk of insufficient electricity generation capacity. The measure comes after the Russian Energy Ministry warned that connecting power-hungry mining farms to the grid could leave local generation unable to meet demand. Crypto mining has surged in popularity in Russia recently after Western sanctions targeted financial institutions, and the Russian central bank also launched a programme in 2024 allowing cryptocurrency for cross-border payments.
CleanSpark Prices $2.276B Senior Secured Notes Due 2031
CleanSpark said on Friday it priced $2.276B of 7.875% senior secured notes due 2031 at 98.5% of the principal amount. The offering is expected to close on September 25. Net proceeds will fund the remaining buildout costs of the Sandersville facility, reimburse certain prior equity contributions, and fund debt service reserves. The notes will be fully and unconditionally guaranteed by CSRE Properties Sandersville, a wholly owned subsidiary of the issuer, and the company will provide a completion guarantee and fund any shortfall needed to complete the Sandersville facility. Shares rose 8.39%.
Bitcoin's Bull Market Is Cooling, Watch US Demand Slowdown and Altcoin Selling Pressure
In a weekly report published on September 16, CryptoQuant assessed the current Bitcoin market as a "cooling bull market." After its recent rally, Bitcoin entered a range of $76,000 to $82,000 and is now trading near the lower end of that band, while its bullish score index fell from 80 during the uptrend to 60. Weakness in US investor demand is also clear: the Coinbase Premium has slipped back into negative territory as Bitcoin corrects from around $80,000, and a recovery in spot demand is seen as essential for a sustained advance. Ethereum exchange inflows surged in late August and around September 10, briefly reaching 1.6 million to 1.7 million ETH, while altcoin exchange inflow transactions hit 56,000 on September 8, the highest level in about nine months. Bitcoin exchange inflows, by contrast, have been calm; they briefly rose to about 53,000 BTC when prices climbed to $82,000 but have since declined, indicating that large-scale selling is not continuing. The key price level ahead is around $70,000, where the 200-day moving average sits; a break below that would bring $62,000 to $65,000 into focus as the next major support.
JPMorgan Says Bitcoin Could Outperform Gold as Hedges Unwind
JPMorgan analysts led by Nikolaos Panigirtzoglou said Bitcoin could receive more support than gold if investors begin unwinding defensive positions around Bitcoin exchange-traded funds, according to a Wednesday note. The analysts said Bitcoin investors remain more heavily hedged than gold investors, leaving room for the cryptocurrency to benefit disproportionately if that caution fades. Gold ETFs have already recovered all of their earlier 2026 outflows, while Bitcoin ETFs have recovered only about half, and short interest in BlackRock's iShares Bitcoin Trust, or IBIT, remains near its highest level this year, while short interest in the SPDR Gold Shares ETF is below its historical average. U.S. spot Bitcoin ETFs recorded $450.4 million in net outflows on Sept. 15 and another $295.9 million on Sept. 16, before reversing to $159.5 million of inflows on Sept. 17, with IBIT alone bringing in $183.7 million that day. The call comes despite a difficult backdrop: on Sept. 15 the Senate failed to advance the CLARITY Act, falling short of the 60 votes needed for cloture, and a day later the Federal Reserve unanimously raised interest rates by 25 basis points to a range of 3.75%-4%, its first increase since 2023.