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Crypto Corner Podcast: Stocks discussed: (NasdaqGS: $COIN) (NYSEArca: $ARKK) (TSXV: $BITF.V) (TSX: $GLXY.TO)

Bitcoin Price Falls Following Turkey’s Crypto Ban, Three Ark Investment Funds Invest Another $110M into Coinbase, Bitfarms Provides Update on Corporate Developments, and Galaxy Digital Appoints New Board of Directors Chair

 

Point Roberts, WA and Delta, BC - April 16, 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:

https://www.investorideas.com/Audio/Podcasts/2021/041621-CryptoMarket.mp3

Crypto Corner Podcast: Stocks discussed: (NasdaqGS: $COIN) (NYSEArca: $ARKK) (TSXV: $BITF.V) (TSX: $GLXY.TO)

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Stocks discussed: (NasdaqGS:COIN) (NYSEArca:ARKK) (NYSEArca:ARKF) (NYSEArca:ARKW) (TSXV:BITF) (TSX:GLXY)

The crypto market is largely in the red this morning following Bitcoin's (BTC) retreat from a bull run which began earlier in the week. At press time, Bitcoin is trading for about $61,100, according to data from CoinMarketCap, down from its all-time high trading price of $64,830 reached two days ago.

This sudden downtrend in Bitcoin is being attributed to an announcement today from the Central Bank of the Republic of Turkey, indicating that its policy to ban the use of cryptocurrencies. The document specifically says that "Crypto assets cannot be used directly or indirectly for payments," "No service can be provided for direct or indirect use of crypto assets in payments," and that payment providers and institutions are prohibited from developing crypto business models - all effective April 30.

Reuters reports that three Ark Investment Management funds - Ark Innovation ETF (NYSEArca:ARKK), Ark Fintech Innovation ETF (NYSEArca:ARKF) and Ark Next Generation Internet ETF (NYSEArca:ARKW) bought another 341,186 shares, worth $110 million, of Coinbase (NasdaqGS:COIN). This follows the three funds' purchase of 749,205 Coinbase shares on Wednesday, worth $245.9 million.

Bitfarms Ltd. (TSXV:BITF) has announced a number of corporate developments, including two purchases of new-generation mining equipment manufactured by MicroBT, totalling 1,996 miners which will produce an additional 160 PH/s. The firm expects to increase its total hashrate to approximately 1.6 EH/s by August. Bitfarms has also been continuing to actively move forward with a Nasdaq listing process.

Galaxy Digital Holdings Ltd. (TSX:GLXY) has announced the appointment of Michael Daffey, former Partner, Chairman of the Global Markets Division, and member of the Management Committee at Goldman Sachs, as a Senior Advisor and Chair of the Board of Directors, effective September 1, 2021. Daffey commented:

"I'm excited to join the Galaxy Digital Board of Directors and help guide the Company through its next cycle of global expansion as it continues executing on its mission of bringing cryptocurrencies and digital assets to the world's leading institutions."

Sam Mowers, Investorideas

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