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Crypto Corner Podcast 576: Stocks discussed: (TSXV: $BITF.V) (NasdaqGS: $COIN)

Bitcoin Crashes Following Biden Tax Plan Sell-Off, Bitfarms Partners with Foundry Digital, and Coinbase Hires Former Google Pay Exec for India Operations

 

Point Roberts, WA and Delta, BC - April 23, 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/2021/042321-CryptoMarket.mp3

Crypto Corner Podcast 576: Stocks discussed: (TSXV: $BITF.V) (NasdaqGS: $COIN)

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Stocks discussed: (TSXV:BITF) (NasdaqGS:COIN)

Bitcoin (BTC) is down 10 percent in the past 24 hours (nearly 20 in the past week), according to data from CoinMarketCap, following a dramatic sell-off that started yesterday. An article from CoinDesk cites U.S. President Biden's "proposed tax hike for capital gains on those earning above $1,000,000," as probably being a major cause of the sell-off. Oliver von Landsberg-Sadie, CEO of BCB Group, told CoinDesk, however:

"While the shock may be sustained in stock markets, the nature of cryptocurrency will see straight through this dip. The difference between cryptocurrency and any other market is that we're seeing more and more large-scale crypto buyers who simply have no intent on exiting the position."

At press time, Bitcoin is trading for roughly $49,400, and Ether (ETH), which reached an all-time high trading price of $2,641 just yesterday, is now trading for about $2,265.

Bitfarms Ltd. (TSXV:BITF) has partnered with Digital Currency Group (DCG) subsidiary Foundry Digital LLC, and announced Bitfarms' purchase of 2,465 Whatsminer M30S Bitcoin mining machines through Foundry's services. This has increased Bitfarms' operating hashrate by 133 PH/s. Emiliano Grodzki, CEO of Bitfarms, commented:

"We are excited to partner with an industry-leading provider of equipment financing to secure timely and reliable access to the latest generation of Bitcoin mining machines, and to continue to grow our business."

Coinbase (NasdaqGS:COIN) has hired Pankaj Gupta, a former Google Pay exec, as VP of Engineering and Site lead for India. In a blog post on the subject, Gupta explained:

Specifically, the plan is to hire hundreds of employees across all levels in engineering, product management, UX design, research and program management within the next 1-2 years to build out a full tech hub in India. Together, we'll work on some of the most interesting challenges spanning the full modern tech stack - including deep tech areas like blockchains, data engineering, infrastructure, machine learning and more.

Sam Mowers, Investorideas

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