#CryptoCorner Episode 436: BTC Tests $12K, Exchange Traffic Surging, Riot Blockchain (NasdaqGS: $RIOT) Sees Largest 2020 Gain
#CryptoCorner Episode 436: BTC Tests $12K, Exchange Traffic Surging, Riot Blockchain (NasdaqGS: $RIOT) Sees Largest 2020 Gain
Over
10K Blockchain Companies Founded in China So Far This Year
Listen
to today’s Crypto Corner Podcast:
https://www.investorideas.com/Audio/Podcasts/2020/081020-CryptoMarket.mp3
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this in full at https://www.investorideas.com/news/2020/crypto-corner/08102BTC-RIOT.asp
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Stocks discussed: (NasdaqGS:RIOT)
Bitcoin (BTC) weathered the weekend, maintaining a
trading price of about $11,500 or higher throughout, and even briefly tested
support at $12,000 late Sunday, according to data from CoinMarketCap. After hovering around $12K, Bitcoin
suddenly dropped to about $11,730 in the space of ten minutes or so earlier
this morning. It has, however, since recovered somewhat and is trading for
around $11,970 at press time.
Amid this rally,
the average web traffic experienced by popular crypto exchanges saw a surge
from June to July by around 13 percent, according to a tweet by ICO Analytics. Expanding on this, ICO
Analytics’ head of content, Illia Kmez, told Cointelegraph that “centralized crypto
exchanges added 26% in web traffic since December 2020.” As for decentralized
exchanges, another tweet from ICO Analytics indicated that they
were also surging, but that:
“Despite significant increase of the traffic none of
the DeFi platforms have reached the level of top 20 centralized exchanges.”
CoinDesk reports that Riot Blockchain, Inc. (NasdaqGS:RIOT) closed trading last week with
its second largest weekly gain since April 2019, making for a 2020 high, as the
company gears up for its Q2 earnings release next week. Riot gained 29 percent
closing since Monday, closing the week at $3.75, and at press time is trading
for $4.06. Jeff McGonegal, CEO of Riot Blockchain, told CoinDesk:
"We're strong believers in the macroeconomic
fundamentals underlying bitcoin. Riot’s rally is connected to the increasing
investor attention paid to bitcoin (BTC) and cryptocurrencies generally.”
A tweet from crypto data firm LongHash indicates
that China has seen the start of more than 10,000 blockchain companies this
year. The tweet reads:
#COVID19 hasn’t stopped China’s blockchain boom.
10,000+ new blockchain companies have been established in the first 7 months of
2020. Number of new companies on track to surpass those established in 2019.
As a report from Cointelegraph points out, this news comes as
“the Chinese government is implementing blockchain for trying to bring more
efficient government services,” and the country’s central bank “got $4.7
million in funding for its blockchain trade platform in the next three years.”
Sam
Mowers, Investorideas
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