Point Roberts, WA and Delta, BC – June 23, 2021 (Investorideas.com Newswire) 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.
Listen to today’s Crypto Corner Podcast:
Crypto Corner Podcast 617: Stocks discussed: (NasdaqGM: CAN) (NYSE: ICE)
Crypto Corner Episode 617: Commentary from EXANTE’s Victor Argonov on Possible Summer Bull Market, Canaan Launches Mining in Kazakhstan, and Bakkt Announced Visa Debit Card
Stocks discussed: (NasdaqGM:CAN) (NYSE:ICE)
Bitcoin’s (BTC) trading price has improved somewhat since yesterday’s Crypto Corner, clocking in at about $34,200 at press time, according to data from CoinMarketCap. On the subject of Bitcoin’s prospects, as well as those of the wider crypto market, Investorideas.com has received commentary from Victor Argonov, Senior Analyst at investment company EXANTE. Argonov said:
Unlike the bubbles in 2013 and 2017, the market is now less speculative. A very significant part of its participants have a long-term scope. According to research, in March, approximately 50% of BTC’s capitalisation was accounted for by retail investors, the other 50% by institutional investors. Both those and others today are well aware of the long-term positive trend in BTC, which, moreover, has become legal in the United States as an exchange commodity …Considering that for several years BTC has doubled in price per year on average, it makes little sense for long-term investors to dump an asset that has fallen in price: it is easier to wait a year for which it is likely to repeat the April highs. Cryptocurrency no longer seems like a speculative toy that you just need to profitably resell and forget.
In addition, if we extrapolate long-term trends from 2014, then the most accurate doubling of rates for the year is observed precisely for the “bottom” levels. In particular, at the end of 2018 it was about $3500, at the end of 2019 – about $7000. Continuing this pattern, BTC is unlikely to be below $28,000 by the end of 2021, making it unwise to sell it at lower prices.
Seeing that the bears are unable to bring down the course to $20,000- $25,000, “hunters for cheapness” are increasingly buying BTC at levels of the order of $30,000. Having made such purchases, they become interested in the return of the bull market. And it cannot be ruled out that he will return this summer.
Canaan Inc. (NasdaqGM:CAN) has announced that it has launched its own crypto mining business in Kazakhstan with its latest Avalon Miners in operation. The company’s Chairman and CEO, Nangeng Zhang, said:
“We believe that our self-operated Bitcoin mining business will help us improve our financial performance as well as expand our business scope and customer base. As we integrate more industry resources into our operations, we believe this business segment will enable us to revitalize our mining machine inventory, shield us from Bitcoin volatility, and ensure our inventory sufficiency during market upturns.”
Bakkt, the digital asset subsidiary of Intercontinental Exchange (NYSE:ICE), has announced the Bakkt Visa Debit Card, which allows customers to use bitcoin and cash to purchase goods and services “online or in-store wherever Apply Pay(R) or Google Pay(TM) are accepted, which includes hundreds of thousands of retailers, grocery stores, transit options and more.” Bakkt’s CEO, Gavin Michael, said:
“Imagine a bitcoin user who sees a significant gain. Now, instead of selling and waiting to transfer to a bank, they can simply walk into their favorite store, tap their Bakkt Card and buy that new item they’ve been eyeing. Very soon selected rewards customers will have the same flexibility – leveraging their points to pay for a lunch out with friends or even an impulse purchase.”
Sam Mowers, Investorideas
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