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Crypto Corner Episode 436: BTC Tests $12K, Exchange Traffic Surging, Riot Blockchain (NasdaqGS: $RIOT) Sees Largest 2020 Gain

Over 10K Blockchain Companies Founded in China So Far This Year

Point Roberts, WA and Delta, BC - August 10, 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 cryptocurrency stocks and the crypto market.

Listen to today's Crypto Corner Podcast:

https://www.investorideas.com/Audio/Podcasts/2020/081020-CryptoMarket.mp3

Crypto Corner Episode 436: BTC Tests $12K, Exchange Traffic Surging, Riot Blockchain (NasdaqGS: $RIOT) Sees Largest 2020 Gain

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Stocks discussed: (NasdaqGS:RIOT)

Bitcoin (BTC) weathered the weekend, maintaining a trading price of about $11,500 or higher throughout, and even briefly tested support at $12,000 late Sunday, according to data from CoinMarketCap. After hovering around $12K, Bitcoin suddenly dropped to about $11,730 in the space of ten minutes or so earlier this morning. It has, however, since recovered somewhat and is trading for around $11,970 at press time.

Amid this rally, the average web traffic experienced by popular crypto exchanges saw a surge from June to July by around 13 percent, according to a tweet by ICO Analytics. Expanding on this, ICO Analytics' head of content, Illia Kmez, told Cointelegraph that "centralized crypto exchanges added 26% in web traffic since December 2020." As for decentralized exchanges, another tweet from ICO Analytics indicated that they were also surging, but that:

"Despite significant increase of the traffic none of the DeFi platforms have reached the level of top 20 centralized exchanges."

CoinDesk reports that Riot Blockchain, Inc. (NasdaqGS:RIOT) closed trading last week with its second largest weekly gain since April 2019, making for a 2020 high, as the company gears up for its Q2 earnings release next week. Riot gained 29 percent closing since Monday, closing the week at $3.75, and at press time is trading for $4.06. Jeff McGonegal, CEO of Riot Blockchain, told CoinDesk:

"We're strong believers in the macroeconomic fundamentals underlying bitcoin. Riot's rally is connected to the increasing investor attention paid to bitcoin (BTC) and cryptocurrencies generally."

A tweet from crypto data firm LongHash indicates that China has seen the start of more than 10,000 blockchain companies this year. The tweet reads:

#COVID19 hasn't stopped China's blockchain boom. 10,000+ new blockchain companies have been established in the first 7 months of 2020. Number of new companies on track to surpass those established in 2019.

As a report from Cointelegraph points out, this news comes as "the Chinese government is implementing blockchain for trying to bring more efficient government services," and the country's central bank "got $4.7 million in funding for its blockchain trade platform in the next three years."

Sam Mowers, Investorideas

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

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