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#CryptoCorner: BTC Denied $10K Over Weekend, Hut 8 (TSX: HUT) Finalizes Amendments to Bitfury Agreements, Shopify (NYSE: SHOP) Joins Libra (NasdaqGS: FB)

JPMorgan (NYSE: JPM) Report Observes Blockchain, Crypto Trends

 

Point Roberts, WA and Delta, BC - February 24, 2019 (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 the cryptocurrency market.

Listen to today's Crypto Corner Podcast:

https://www.investorideas.com/Audio/Podcasts/2020/022420-CryptoMarket.mp3

#CryptoCorner: BTC Denied $10K Over Weekend, Hut 8 (TSX: HUT) Finalizes Amendments to Bitfury Agreements, Shopify (NYSE: SHOP) Joins Libra (NasdaqGS: FB)

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Stocks discussed: (TSX:HUT) (NYSE:SHOP) (NasdaqGS:FB) (NYSE:JPM)

As we open another week, Bitcoin (BTC) is trading for $9,770, not too far off from the $9,670 we left it at last Friday's Crypto Corner. Over the weekend, however, Bitcoin got as high as $9,950, according to data from CoinMarketCap, being denied the $10K support level. An analysis on CoinDesk by writer Omkar Godbole stresses the bullish significance of crossing $10K and the consequences of bear trends prevailing:

  • A sustained break above $10,028 would invalidate that pattern and revive the bullish view, opening the doors for resistance at $10,300 and $10,500.
  • On the downside, key average support at $9,508 is the target for the bears. A violation there would likely bring a deeper drop to $9,075 (Feb. 4 low).

Hut 8 Mining Corp. (TSX:HUT) has announced the finalization of amendments to key agreements with Bitfury Holding BV. Hut 8 paid debt and interest to Bitfury through a $5 million loan from Genesis Global Capital, LLC as part of the transaction. According to the press release:

The amendments to key agreements allow for increased autonomy for Hut 8 and a reduction of costs up to $2 million annually, while still maintaining Bitfury as a key strategic partner and shareholder.

E-commerce firm Shopify (NYSE:SHOP) has joined the Libra Association, the network of companies supporting Facebook's (NasdaqGS:FB) Libra cryptocurrency, according to an official company statement. The company expressed its goals of improving the cross-border potential of commerce and providing easier access to merchants and consumers. An excerpt reads:

Our mission has always been to support the entrepreneurial journey of the more than one million merchants on our platform. That means advocating for transparent fees and easy access to capital, and ensuring the security and privacy of our merchants' customer data. We want to create an infrastructure that empowers more entrepreneurs around the world.

A new report published by banking giant JPMorgan Chase & Co. (NYSE:JPM) looks at the state and trends of blockchain, digital currency and cryptocurrency adoption. Notably, the report projects that "Widespread implementation of blockchain solutions in traditional banking is likely three to five years away and will be concentrated in trade finance and payments." And while the report acknowledges that "Cryptocurrency trading participation by institutional investors is now significant," they "continue to have a limited role in portfolio diversification or as a hedge instrument," and that "volatility remains a severe impediment to broader adoption."

Sam Mowers, Investorideas

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

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