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#CryptoCorner: Bitcoin Plummets, but Not from Coronavirus? HIVE (TSXV: HIVE) to Expand Swedish Mining Facility and Congressman Introduces Crypto-Currency Act of 2020

 

Point Roberts, WA and Delta, BC - March 9, 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/2020/030920-CryptoMarket.mp3

#CryptoCorner: Bitcoin Plummets, but Not from Coronavirus? HIVE (TSXV: HIVE) to Expand Swedish Mining Facility and Congressman Introduces Crypto-Currency Act of 2020

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Stocks discussed: (TSXV:HIVE)

When we left off on Friday's Crypto Corner, Bitcoin (BTC) was trading for about $9,100, but despite holding that price into Saturday, the weekend would ultimately prove unkind to the crypto market. At press time, Bitcoin has fallen to a trading price of $7,800, according to data from CoinMarketCap. This plummet earned Bitcoin its largest single-day loss registered since September 24, 2019, and its first time below an $8K support level since January 9, 2020.

Though it may be tempting to link Bitcoin's freefall to that of other markets, which have been devastated by concerns over the spread of Coronavirus, some analysts are citing a sell-off of some 13,000 BTC ($120 million) over the weekend as being the more proximate cause. A report from CoinDesk by writer Omkar Godbole, for instance, indicates that "Chinese ponzi scheme" PlusToken moved the Bitcoin on Saturday, and "may have offloaded their holdings.' Trader and analyst Kevin Svenson tweeted:

#PlusToken Scam Moved Another 13,000 #Bitcoin's Yesterday ... Worth $118 Million. They also did something similar after #BTC crossed above 10,000 this year. They are slamming the market with sell orders. Essentially we have a giant whale unloading after every move up.

HIVE Blockchain Technologies Ltd. (TSXV:HIVE) has announced an expansion of its flagship GPU-based digital currency mining facility in Sweden, expected to raise the facility's Ethereum (ETH) production by 20 percent. The Swedish facility employs green energy-powered GPU mining rigs. Frank Holmes, HIVE's Interim Executive Chairman, explained:

"This is an opportune time for us to expand our Ethereum mining capacity and gross mining margin profile at a relatively low capital investment. We have full visibility into our Sweden facility build out costs after we assumed 100% control of our operations last year and entered into direct agreements with suppliers and service providers. Since that point, we have improved the efficiency of our mining rigs and significantly lowered our operating and maintenance expenses in Sweden."

Cointelegraph reports that U.S. Congressman Paul Gosar (R-AZ) has introduced a bill called the Crypto-Currency Act of 2020. According to Gosar's legislative assistant, Will Stechschulte, "the bill looks to provide not only clarity, but legitimacy to crypto assets in the United States." The bill categorizes cryptoassets into crypto-commodities, cryptocurrencies and crypto-securities, which are to be regulated by the Commodity Futures Trading Commission (CFTC), the Secretary of the Treasury via the Financial Crimes Enforcement Network (FinCEN), and the Securities and Exchange Commission (SEC), respectively.

Sam Mowers, Investorideas

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