#CryptoCorner Episode 477: Galaxy Digital (TSX: $GLXY.TO) Reports Q3 Financials, and PayPal (NasdaqGS: $PYPL) #Crypto Services Push itBit Daily Volume to $25 Million

#CryptoCorner Episode 477: Galaxy Digital (TSX: $GLXY.TO) Reports Q3 Financials, and PayPal (NasdaqGS: $PYPL) #Crypto Services Push itBit Daily Volume to $25 Million

 

Point Roberts, WA, Delta BC November 16, 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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https://www.investorideas.com/Audio/Podcasts/2020/111620-CryptoMarket.mp3

 

Read this in full at https://www.investorideas.com/news/2020/crypto-corner/11161GLXY-PYPL.asp

 

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Stocks discussed: (OTC:BCHG) (TSX:GLXY) (NasdaqGS:PYPL)

 

After sinking below $16,000 for much of the past weekend, Bitcoin (BTC) recovered late on Sunday and is currently trading for about $16,470, according to data from CoinMarketCap. Shortly after reclaiming a trading price above $16K, Mike McGlone, Senior Commodity Strategist, Bloomberg Intelligence, made the case, in a tweet, for further growth if Bitcoin reaches $20K again:

 

“$20,000 #Bitcoin Is Primary Hurdle Toward $1 Trillion Market Cap -- The digital version of #gold but with more-limited supply and a history of adding zeros, appears to be in an early price-discovery stage and may simply continue its ascent in 2021. Mainstream adoption is rising..”

 

The Bitcoin Cash (BCH) network has split into two different blockchains – Bitcoin Cash Node (BCHN) and Bitcoin ABC (BCHA) – according to a report from Cointelegraph. The report indicates that the former is the favoured blockchain, as “miners have mined roughly 27 blocks for BCHN and none for Bitcoin ABC.” Furthermore, Grayscale Bitcoin Cash Trust (OTC:BCHG), since the announcement of the hard fork, has seen a drop of $1.6 million in the value of assets under management from Nov 9 to Nov 13.

 

Galaxy Digital Holdings Ltd. (TSX:GLXY) has reported its third quarter 2020 financial results. Highlights include Galaxy Digital Trading (GDT) achieving “the best quarter in its history,” boasting trading volume of around $1.4 billion, in part attributed to the growth of its crypto derivatives business. Michael Novogratz, Founder and CEO of Galaxy Digital, said:

 

"Galaxy Digital made progress across our business lines in the third quarter, including record volumes in our Trading business. We've taken several key steps forward in the second half of 2020, including making critical senior hires, expanding our capital base, and completing strategic actions to position Galaxy Digital for the clear, incoming wave of institutional adoption ahead of digital assets and blockchain solutions by investors, corporates and governments."

 

In under a month of offering crypto services, PayPal (NasdaqGS:PYPL) has reached trading volumes of $25 million, or 85 percent of industry giant Binance.US, according to a report from Crypto Briefing. Specifically, this is the daily volume on the itBit exchange from Paxos, with whom PayPal partnered for the former’s Crypto Brokerage. This is, however, still a far cry from industry leaders Kraken and Coinbase Pro, which post daily trading volume “greater than $500 million,” according to the report.

 

Sam Mowers, Investorideas

 

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