#CryptoCorner: Bitcoin Cracks $10K Only to Suddenly Drop $800, HIVE (TSXV: $HIVE.V) Announces New Agreements and Nike (NYSE: $NKE) Partners with Plutus for Crypto Rewards on Purchases
Point Roberts, WA and Delta, BC - June 3, 2020 (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.
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#CryptoCorner Bitcoin Cracks $10K Only to Suddenly Drop $800, HIVE (TSXV:H $HIVE.V) Announces New Agreements and Nike (NYSE: $NKE) Partners with Plutus for Crypto Rewards on Purchase
Stocks discussed: (TSXV:HIVE) (NYSE:NKE)
Toward the end of Monday, Bitcoin (BTC) rocketed from a trading price of about $9,600 - where it had oscillated around for the several preceding days - to a peak of roughly $10,100, according to data from CoinMarketCap. This marked the first time the cryptocurrency had traded above $10,000 since February 19 of this year. This rally fizzled out suddenly, however, with a drop of over $800 (6.5 percent on the day) in a space of five minutes yesterday, according to CoinDesk. An excerpt reads:
The sudden price drop may have trapped many traders on the wrong side of the market. Moreover, the market was looking strong following Monday's convincing move above $10,000, and a few analysts were expecting bitcoin to continue rising toward $11,000.
However, buyers once again failed to keep prices above the $10,000 mark. The cryptocurrency has struggled multiple times over the past 12 months or so to establish a strong base above $10,000. The retreat, however, is unlikely to deter investors, who believe in bitcoin's long-term value as a safe haven asset and a hedge against inflation.
HIVE Blockchain Technologies Ltd. (TSXV:HIVE) has entered into new agreements for hosting and management of its GPU-based high performance computing equipment in Iceland. These are projected to lower the company's monthly facilities and operations costs by 50 percent. Frank Holmes, Interim Executive Chairman of HIVE, said:
"Our assumption of direct control of our operations in Iceland , and these new hosting and management agreements, are expected to significantly lower our cost to mine Ethereum or other digital currencies, and improve mining performance from our GPUs, thereby increasing our gross mining margins in Iceland. Further, we now have full control of our operations and destiny globally. This is an important step in our approximately 18-month process to increase transparency, accountability and profitability across our mining operations. We wish to thank Genesis Mining for their assistance in our transition processes in Iceland and in Sweden last fall, and we look forward to providing value to them as a HIVE shareholder along with our other shareholders."
Online magazine EU-Startups reports that London-based fintech startup Plutus has announced an affiliate partnership with Nike (NYSE:NKE), which will allow buyers of Nike products to earn three percent crypto back on their purchase. Danial Daychopan, founder of Plutus, explained:
"We recognised the importance of cryptocurrencies early on, and, in particular, honed in on the retail adoption struggles of the nascent asset and payments class. The aim was to circumvent the need for retail acceptance by integrating cryptocurrencies with our traditional legacy infrastructures to make them spendable anywhere immediately."
Sam Mowers, Investorideas
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