Point Roberts, WA and Delta, BC - January 12, 2021 (Investorideas.com Newswire) Investorideas.com, a leader in crypto and blockchain investing news brings you today's edition of the Crypto Corner podcast and commentary on what's driving cryptocurrency stocks and the crypto market. Today's podcast was sponsored by Integrated Ventures ( OTCQB: INTV ), a company focused on acquiring, launching and operating assets in the cryptocurrency sector.
Listen to today's Crypto Corner Podcast:
https://www.investorideas.com/Audio/Podcasts/2021/011121-CryptoMarket.mp3
Crypto Corner Podcast 505: Stocks discussed: (NYSE: ) (NasdaqGS: ) (OTCQB: )
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Stocks discussed: (NYSE:ICE) (NasdaqGS:FTFT)
Bitcoin ( BTC ), after having reached an all-time high of nearly $42,000 USD on Friday, took a bearish turn on Sunday, bringing it as low as about $32,600 earlier this morning, according to data from CoinMarketCap . This downturn has extended to the altcoin market as well, with recent gainers Ether ( ETH ) and Bitcoin Cash ( BCH ) down about 22 percent each in the past 24 hours, for instance. This, while not necessarily caused by, correlates with a US dollar rally, according to an article from Business Insider today. While still up 89 percent over the past month, Bitcoin "plunged as much as 21% over Sunday and Monday, its biggest two-day decline since March." The article quotes strategists from banking and financial services multinational Rabobank:
"the stronger dollar and higher bond yields has also sparked a plunge in Bitcoin and in gold prices this morning."
Elsewhere, Cointelegraph chalks up some of this bearishness to "over $2.7 billion worth of futures contracts," being "liquidated in the last 24 hours." That article warns that while this has created selling pressure, it has encouraged whales - individuals or entities who hold large amounts of a given cryptocurrency - to buy the dip. Elias Simos, a protocol specialist at node infrastructure provider Bison Trails, is quoted in the article:
"Addresses with more than 1k continue growing at the expense of all others-even as this most recent downturn is taking effect. While you were selling, whales were gobbling up your Bitcoin."
That same article continues, however, with an optimistic quote from analysts at on-chain analytics firm Glassnode, who say:
"While dipped in value today, on-chain fundamentals remain strong, pointing to a Healthy network. #Bitcoin mining difficulty and hash rate are at ATHs."
An announcement today reveals that Bakkt, the crypto platform launched by Intercontinental Exchange ( NYSE:ICE ), has "entered into a definitive agreement for a business combination that will result in Bakkt becoming a publicly traded company with an enterprise value of approximately $2.1 billion." The new company will be called Bakkt Holdings, Inc. and will be listed on the New York Stock Exchange. The company's newly-appointed CEO, Gavin Michael, said:
"The average consumer holds a wealth of digital assets but rarely tracks their value and lacks the tools to manage and utilize them. I'm excited to join the management team of a company, at this important time in its expansion, whose vision is to bring trust and transparency to digital assets through innovation and technology and, through that process, unlock trillions of dollars currently held in customer and loyalty accounts and allow consumers to put them to work."
Blockchain based e-commerce business and a fintech service provider Future Fintech Group Inc. ( NasdaqGS:FTFT ) has announced that its 60 percent-owned subsidiary DCON DigiPay Limited, "has completed the upgrade of its mBTC system and technology which can now be used by e-commerce platforms that plan to accept Bitcoin (BTC) as a payment method from consumers." Shanchun Huang, Future Fintech's CEO, said:
"Our unique technology for mBTC solves the main issue with BTC, which is that it is anonymous and not recoverable if lost or stolen. It also enables BTC and blockchain technology to serve the consumer space. We expect this technology to be used not only for e-commerce platforms but also for other payment systems that plan to use BTC. Because our technology uses the shopper's legal name, it can also meet Know Your Customer (KYC) and Anti-Money Laundry (AML) requirements."
Sam Mowers, Investorideas
For investors following the sector Investor Ideas has a comprehensive Bitcoin, Blockchain and Digital Currency Stocks Directory
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Crypto Corner Podcast sponsor
Integrated Ventures ( OTCQB: INTV ) is focused on acquiring, launching and operating assets in the cryptocurrency sector.
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