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Monday, February 10, 2020

#CryptoCorner: #Bitcoin Breaks $10K…Briefly, Vo1t Partners with IBM (NYSE: $IBM) for Key Storage, HIVE (TSXV: $HIVE.V) Announces 40% Operating Cost Reduction and Stock Options

#CryptoCorner: #Bitcoin Breaks $10K…Briefly, Vo1t Partners with IBM (NYSE: $IBM) for Key Storage, HIVE (TSXV: $HIVE.V) Announces 40% Operating Cost Reduction and Stock Options

Japanese Lawmaker Pushing for “Digital Yen”



Point Roberts, WA, Delta BC February 10, 2020 -  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 the cryptocurrency market .

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Stocks discussed: (NasdaqGS:CME) (NYSE:IBM) (TSXV:HIVE)

Bitcoin (BTC) poked its head above the much-hyped $10,000 support level over the weekend, even reaching a peak of about $10,160 on Sunday, only to drop suddenly to its current trading price of $9,850, according to data from CoinMarketCap. A report from Cointelegraph notes that this movement saw Bitcoin filling a closing “gap” from CME Group’s (NasdaqGS:CME) Futures on Friday. CME’s futures closed at $9,850 on Friday, which is more or less exactly where Bitcoin ended up trading this morning. Cointelegraph writer filbfilb characterized the rise and fall in price:

“This was a fairly mild dip. A backtest of the weekend breakout and the CME gap was a high probability.”
“The question is if we can quickly reclaim 10k or need to test lower.”

As for the wider crypto market, it currently boasts a total market cap of around $283 billion, which is still a bit higher than the $278 billion it entered the weekend with.

CoinDesk reports that Vo1t, a cold storage custody provider, has partnered with IBM (NYSE:IBM) to offer its clients secure private key storage and encryption. The option is part of IBM Hyper Protect, which provides security for cloud data, digital assets and workloads, and “can be installed on the premises or accessed remotely from a client’s computer.”

HIVE Blockchain Technologies Ltd. (TSXV:HIVE) has reported that it now anticipates a 40 percent reduction in the operating and maintenance costs at its GPU mining facility in Sweden, as compared to costs from its previous provider agreement. An “unusually warm winter in Sweden” has led to a lower cost in electricity production, according to the announcement. Frank Holmes, Interim Executive Chairman of HIVE, commented:

"We're extremely pleased to have locked in advantageous electricity prices in Sweden through our direct agreements with local suppliers, the result of HIVE assuming full control of its Sweden operations in November. This provides cost certainty and allows us to plan for our next stage of growth. It is another successful step in our efforts to increase our underlying mining profitability in 2020."

Furthermore, HIVE’s Board of Directors has approved the grant of 3,000,000 incentive stock options, “exercisable into the equivalent amount of common shares of the Company at a price of C$0.29 per share.”

HIVE’s stock is up some 22.4 percent at press time. This is likely helped by the news discussed today, but is probably largely fueled by the performance of the crypto market over the weekend.

Reuters reports that Kozo Yamamoto, one of Japan’s senior ruling party lawmakers, is urging his government to create a digital yen to check China’s development of its own digital currency. On the creation of such a currency, Yamamoto told Reuters:

“The sooner the better. We’ll draft proposals to be included in government’s policy guidelines, and hopefully make it happen in two-to-three years.”

Yamamoto acknowledged that adoption of digital currencies may undermine the supremacy of the dollar, but that:

“If each country manages to control flows of money with their own (digital) currencies, that could prevent a big swing at a time of crisis and stabilize their own economy.”

Sam Mowers, Investorideas

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