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:
Crypto Corner Podcast 506: Stocks discussed: (NasdaqGS: ) (TSXV: .V) (CSE: .C) (OTCQB: )
Stocks discussed: (NasdaqGS:PYPL) (TSXV:HIVE) (CSE:BTC)
Bitcoin ( BTC ) ended up sinking as low as about $30,550 during yesterday's crash, but has displayed an impressive recovery, and is trading for around $34,670 at press time, according to data from CoinMarketCap . This is actually down a bit from its 24-hour peak trading price of $36,568, reached late last night, which represented a staggering 20 percent recovery from the day's downturn. As indicated in yesterday's Crypto Corner, Bitcoin's on-chain fundamentals look robust, but the crypto market is currently still up against a recovering US Dollar Index, which may hamper growth in the short term.
Cointelegraph reports that PayPal ( NasdaqGS:PYPL ) registered a record $242 million in crypto trading volume yesterday, doubling its previous record ($129 million on Jan 6). According to the piece, however, it is unclear whether the volume should be seen as bullish or bearish, given the possibility that it could be either buy or sell volume. Another article from Cointelegraph quotes Antoni Trenchev, co-founder of crypto lender Nexo, on the possibility that Bitcoin's recent correction could have been caused by retail and retail investors:
"Once BTC passed $40K, earnings were at a height that triggered smaller investors who are, understandably, more prone to selling quickly. There has been a flurry of sell-off transactions in recent days - the BTC price drop is the result of an accumulation of these transactions."
HIVE Blockchain Technologies Ltd. ( TSXV:HIVE ) has closed its previously announced non-brokered private placement of unsecured debentures, for aggregate gross proceeds of USD$15,000,000 with U.S. Global Investors, Inc. HIVE's Interim Executive Chairman, Frank Holmes, commented on the announcement:
"The Transaction is an excellent opportunity for HIVE to enhance liquidity, maintain momentum and deploy capital into additional miners and infrastructure. U.S. Global has recently sold shares of HIVE in order to redeploy capital back into HIVE. No shares have been sold by me personally. The purchase of an 8% debt instrument by U.S. Global is consistent with its investment criteria and assists HIVE by providing working capital for its growth strategy. The financing is being completed without the usual 6% broker fees, and the cost of capital is much less than the 16% cost of capital associated with leasing equipment for crypto mining."
Bluesky Digital Assets Corp. ( CSE:BTC ) has entered into a letter of intent to formalize a strategic working relationship with international R&D services provider WeDig Tech Solutions, wherein the latter will "become the primary arm for Bluesky's advanced Computer development and applications product related efforts." Bluesky COO Anthony R. Pearlman said:
"From an operational perspective we have focused quite heavily on our crypto mining facilities and our mining assets as the fast paced virtual currency marketplace has justified this prioritization from a revenue return and profitability perspective. While we are currently reaping the rewards of our virtual mining efforts we need to continue to diversify ourselves as a company and expand our portfolio of offerings and this strategic partnership with Wedigtech will better provide a separation of efforts and ensure we accomplish all of our mandates and objectives and position Bluesky as more than just a virtual mining company."
Sam Mowers, Investorideas
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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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