#CryptoCorner: #Bitcoin Stays Green, Riot (NASDAQ: $RIOT) Issues Feb 2020 Production Update, Nike (NYSE: $NKE) Participates in First Phase of #Blockchain Supply Chain Project
#CryptoCorner: #Bitcoin
Stays Green, Riot (NASDAQ: $RIOT) Issues Feb 2020 Production Update, Nike
(NYSE: $NKE) Participates in First Phase of #Blockchain Supply Chain Project
Point Roberts, WA, Delta BC March 6, 2020 -
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Stocks discussed: (NasdaqGS:RIOT) (NYSE:NKE)
Bitcoin (BTC) has staged
something of a comeback in the past couple of days, growing from a trading
price of about $8,725 on Wednesday’s Crypto
Corner to a current trading price of $9,100, according to data from CoinMarketCap. The flagship cryptocurrency broke the $9K barrier
early on Thursday, and has stubbornly remained above it so far, despite
traditional markets posting losses across the board. This downtrend in the
stock market is likely a result of continuing concerns surrounding the spread
of the Coronavirus, which the crypto market seemed susceptible to last week as
it fell in tandem.
Riot Blockchain,
Inc. (NasdaqGS:RIOT) has issued a production
update for February 2020. Highlights include the production of 91 newly mined
bitcoins, and upgrades to its mining network resulting in “a 147% increase in
average daily run rate of bitcoins mined, as compared to the average daily
production run rate for the month of December 2019.” The upgrades that spurred
this development were specifically the increase of Bitmain S17 miners from
2,940, at the beginning of the month, to 4,000 at the end.
Cointelegraph
reports that several major retail companies, including Nike (NYSE:NKE),
participated in the first Proof-of-Concept phase of Auburn University RFID
Lab’s Chain Integration Pilot (CHIP). According to the report, CHIP “seeks to
demonstrate the efficiency savings blockchain technology can unlock across the
contemporary supply chain.” According to the project’s whitepaper, it
“was able to successfully integrate serialized data streams from source to
store, connecting the dots between isolated touch points and forging a history
for each product that passed through the supply chain.”
On
Wednesday’s Crypto Corner we
discussed the news that India’s Supreme Court had overturned the country’s
central bank, the Reserve Bank of India (RBI), decision to ban crypto dealings
from banks in the country. According to a report from the Economic
Times today, however, the RBI plans to file a review petition on the
ruling, citing concerns that virtual currencies may put traditional banking at
risk. But Abhishek A Rastogi, a partner at corporate law firm Khaitan & Co,
explained that such action from the RBI may prove ineffective.
“SC may look at the RBI’s review petition
but as of now the cryptocurrency platforms can operate in India. Many companies
have even gone bankrupt after the RBI’s diktat and they may also look to
initiate action in this regard.”
Sam
Mowers, Investorideas
For
investors following the sector Investor Ideas has a comprehensive Bitcoin, Blockchain
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