#CryptoCorner Episode 509: #Stocks discussed: (TSX: $GLXY.TO) (OTCQB: $INTV)

#CryptoCorner Episode 509: #Stocks discussed: (TSX: $GLXY.TO) (OTCQB: $INTV)

 

#Bitcoin Loses Steam Despite Biden’s $1.9 Trillion Stimulus Announcement, Galaxy Digital Launching Digital Mining Unit, and Coinbase Invests in Titan

 

Point Roberts, WA, Delta BC January 15, 2021 -  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.  Today’s podcast was sponsored by Integrated Ventures (OTCQB: INTV) , a company focused on acquiring, launching and operating assets in the cryptocurrency sector.

 

Listen to today’s Crypto Corner Podcast:  

https://www.investorideas.com/Audio/Podcasts/2021/011521-CryptoMarket.mp3

 

Read this in full at https://www.investorideas.com/news/2021/crypto-corner/01152GLXY-INTV.asp

 

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Stocks discussed: (TSX:GLXY)

 

Despite coming close to breaking $40,000 again yesterday, Bitcoin (BTC) appears to have lost some momentum this morning, having fallen to a trading price of roughly $36,500 at press time, according to data from CoinMarketCap. While this is not yet in the neighbourhood of its recent low of around $31,000 (Monday, January 11), it might come as a surprise given yesterday’s announcement of a $1.9 trillion package from the forthcoming Biden administration. Massive government spending is frequently cited as a boon to the crypto market, particularly given its growing status as an alternative store of value to fiat currencies like the US dollar, which become inflated with such expansive spending. A report from CoinDesk on the subject quotes Matthew Dibb, COO, and co-founder of Stack Funds:

 

“Biden’s stimulus plan has given some strength to the U.S. dollar. However, it remains firmly bearish for the medium term. Any further depreciation of the greenback will lead to a bitcoin rally.”

 

Galaxy Digital Holdings Ltd. (TSX:GLXY) has announced the launch of Galaxy Digital Mining, described as “a new business unit committed to providing bitcoin miners with a comprehensive suite of financial services and products.” According to the press release, Galaxy Digital Mining, has in turn “established its own proprietary bitcoin mining operation, hosting its machines at a third-party datacenter in the U.S.” Galaxy’s Co-President, Chris Ferraro, said:

 

"Through consistent and dedicated coverage of this sector over the past two years, we have had the opportunity to review every major proposed project, and our brand and market position uniquely enable us to connect operators and equipment providers with capital. Going forward, we see major opportunities in mining project financing, equipment financing, digital asset-backed financing, as well as working capital optimization and hedging solutions for mine operators and investors utilizing Galaxy Digital Trading's industry-leading capabilities.”

 

Crypto software and services developer Titan has announced that it has received a strategic investment from Coinbase Ventures, the investment arm of crypto exchange giant Coinbase,  as part of its current seed fundraising round. This comes after an announcement last month, indicating Titan’s launching of the “the first enterprise-grade Bitcoin mining pool in North America,” Titan Pool, with investment from crypto mining leaders CoinMint and Core Scientific. Regarding today’s news, Titan co-founder and CEO Ryan Condron, said:

 

“The investment from Coinbase Ventures serves as a powerful endorsement of the Titan team, roadmap and vision. Mining has advanced from hobby, to industry, to critical global computing infrastructure, and Titan is prepared to help world-class miners meet these challenges.”

 

Sam Mowers, Investorideas

 

For investors following the sector Investor Ideas has a comprehensive Bitcoin, Blockchain and Digital Currency Stocks Directory

 

Investors can trade these stocks and other ideas on our site using our list of top stock trading apps including Robinhood , Acorn, Stash  and others.

Crypto Corner Podcast sponsor

Integrated Ventures (OTCQB: INTV) is focused on acquiring, launching and operating assets in the cryptocurrency sector. 

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