#CryptoCorner: #Bitcoin Cracks $10K Only to Suddenly Drop $800, HIVE (TSXV: $HIVE.V) Announces New Agreements and Nike (NYSE: $NKE) Partners with Plutus for #Crypto Rewards on Purchases
#CryptoCorner: #Bitcoin
Cracks $10K Only to Suddenly Drop $800, HIVE (TSXV: $HIVE.V) Announces New
Agreements and Nike (NYSE: $NKE) Partners with Plutus for #Crypto Rewards on
Purchases
Point Roberts, WA, Delta BC June 3, 2020 -
Investorideas.com, a leader in crypto and blockchain investing news brings you
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Stocks discussed: (TSXV:HIVE) (NYSE:NKE)
Toward the end of
Monday, Bitcoin (BTC) rocketed from a
trading price of about $9,600 – where it had oscillated around for the several
preceding days – to a peak of roughly $10,100, according to data from CoinMarketCap. This marked the
first time the cryptocurrency had traded above $10,000 since February 19 of
this year. This rally fizzled out suddenly, however, with a drop of over $800
(6.5 percent on the day) in a space of five minutes yesterday, according to CoinDesk. An excerpt reads:
The sudden price drop may have trapped many traders on
the wrong side of the market. Moreover, the market was looking strong following
Monday’s convincing move above $10,000, and a few analysts were expecting
bitcoin to continue rising toward $11,000.
However, buyers once again failed to keep prices above
the $10,000 mark. The cryptocurrency has struggled multiple times over the past
12 months or so to establish a strong base above $10,000. The retreat, however,
is unlikely to deter investors, who believe in bitcoin’s long-term value as a safe
haven asset and a hedge against inflation.
HIVE Blockchain
Technologies Ltd. (TSXV:HIVE) has entered into new
agreements for hosting and management of its GPU-based high performance
computing equipment in Iceland. These are projected to lower the company’s
monthly facilities and operations costs by 50 percent. Frank Holmes, Interim
Executive Chairman of HIVE, said:
"Our assumption of direct control of our
operations in Iceland , and these new hosting and management agreements, are
expected to significantly lower our cost to mine Ethereum or other digital
currencies, and improve mining performance from our GPUs, thereby increasing
our gross mining margins in Iceland. Further, we now have full control of our
operations and destiny globally. This is an important step in our approximately
18-month process to increase transparency, accountability and profitability
across our mining operations. We wish to thank Genesis Mining for their
assistance in our transition processes in Iceland and in Sweden last fall, and
we look forward to providing value to them as a HIVE shareholder along with our
other shareholders."
Online magazine EU-Startups reports that
London-based fintech startup Plutus has announced an affiliate partnership with
Nike (NYSE:NKE), which will allow
buyers of Nike products to earn three percent crypto back on their purchase.
Danial Daychopan, founder of Plutus, explained:
“We recognised the importance of
cryptocurrencies early on, and, in particular, honed in on the retail adoption
struggles of the nascent asset and payments class. The aim was to circumvent
the need for retail acceptance by integrating cryptocurrencies with our
traditional legacy infrastructures to make them spendable anywhere
immediately.”
Sam
Mowers, Investorideas
For
investors following the sector Investor Ideas has a comprehensive Bitcoin, Blockchain
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