Point Roberts, WA and Delta, BC – June 21, 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.
Listen to today’s Crypto Corner Podcast:
Crypto Corner Episode 615: Stocks discussed: (NasdaqGS: MSTR) (TSXV: HIVE)
Stocks discussed: (NasdaqGS:MSTR) (TSXV:HIVE)
A quick perusal of CoinMarketCap shows that the crypto market is blood red this morning. Bitcoin (BTC), for instance, is down about 3.5 percent at press time, while Ether (ETH) is struggling to maintain its trading price of around $2,000. This appears to have been precipitated by an order from the People’s Bank of China (PBoC) this morning, which prohibits banks in China from providing “account opening, registration, and … related activities,” for cryptocurrencies. An excerpt reads:
The relevant departments of the People’s Bank of China pointed out that virtual currency trading activities disrupt the normal economic and financial order, breed the risks of illegal cross-border transfer of assets, money laundering and other illegal and criminal activities, and seriously infringe the people’s property safety.
Taking advantage of these low trading prices is MicroStrategy Incorporated (NasdaqGS:MSTR), which today announced that it had purchased an additional approximately 13,005 bitcoins for approximately $489 million in cash at an average price of approximately $37,617 per bitcoin, including fees and expenses. At press time, MicroStrategy holds an aggregate of approximately 105,085 bitcoins, acquired at an aggregate purchase price of approximately $2.741 billion and an average purchase price of approximately $26,080 per bitcoin. The company’s CEO, Michael Saylor, recently tweeted:
The dominant driver of #Bitcoin right now is the crackdown on mining & trading in China that began in May. This created a forced & rushed exodus of Chinese capital & mining from the Bitcoin network – a tragedy for China and a benefit for the Rest of the World over the long term.
HIVE Blockchain Technologies Ltd. (TSXV:HIVE) has expanded its operations in Sweden with a 4.6 megawatt (MW) facility in the town of Robertsfors, bringing its total capacity to more than 33 MW in Sweden and 133 MW worldwide. Located in the north of the country, the new facility, called the Diamond Factory, is “consistent with its ESG strategy to invest in cold climate locations with access to stable, low-cost, green, and renewable energy sources.” HIVE’s Executive Chairman Frank Holmes said:
“While some companies are struggling to find suitable locations for their entry or expansion in Sweden, HIVE is in the position of choosing among several new opportunities that have been presented to us. This is a testament to our reputation as a reliable operator.”
Sam Mowers, Investorideas
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