#CryptoCorner Episode 475: #Bitcoin Set to Rally After Whale Sell-Off? Riot (NasdaqCM: $RIOT) Reports Q3 Results, and tZero (NasdaqGM: $OSTK) Expands Into Ireland

#CryptoCorner Episode 475: #Bitcoin Set to Rally After Whale Sell-Off? Riot (NasdaqCM: $RIOT) Reports Q3 Results, and tZero (NasdaqGM: $OSTK) Expands Into Ireland

 

Point Roberts, WA, Delta BC November 11, 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 cryptocurrency stocks and the crypto market.

 

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Stocks discussed: (NasdaqCM:RIOT) (NasdaqGM:OSTK)

 

Bitcoin (BTC) has climbed back up since we last checked in on Monday’s Crypto Corner, growing from $15,285 to a present trading price of about $15,600, according to data from CoinMarketCap. This uptick comes after “whales [big money crypto holders] sold the highest amount of BTC since March,” according to a report from Cointelegraph today. An excerpt from the article, by writer Joseph Young, explains:

 

Many whales prefer to take profits amid a bull run and build up positions along the way. This is because whales trade substantially larger positions than most retail traders. As such, they seek liquidity and high buyer demand to sell or adjust their positions.

Bitcoin tends to rally after a whale-induced sell-off because it decreases selling pressure on the cryptocurrency in the short to medium term.

 

Riot Blockchain, Inc. (NasdaqCM:RIOT) has reported its third quarter 2020 financial results, as well as some of its recent operational and financial highlights. The company increased its mining revenue by 21 percent to $6.7 million for the nine-month period ended September 30, 2020, and increased crypto mining revenue margin to 38 percent in the same period. Operational highlights include the deployment of 3,040 next-generation Bitmain S19 and S19 Pro Antminers from July through November 2020, bringing the company’s total hashrate capacity to 566 PH/s, and the contracting for 15,600 next-generation Bitmain S19 Pro Antminers in the third quarter of 2020.

 

Overstock (NasdaqGM:OSTK) is expanding tZero, its blockchain division, in Sligo, Ireland, according to local outlet Silicon Republic. The company will be hiring four software and DevOps engineers to work for tZero, with more to follow. David Kenny, Overstock’s vice-president of software development, explained:

 

“The vision behind tZero is a marketplace to enable liquidity for private assets, using blockchain and smart-contract technology. Through technology, we can enforce regulatory requirements and, as a by-product, increase transparency and reduce settlement time.”

 

 

Sam Mowers, Investorideas

 

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