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Crypto Corner Podcast 596: Stocks discussed: (NasdaqGS: $MARA) (TSX: $GLXY.TO)

Crypto Makes Slight Comeback, Chinese Authorities Crackdown on Mining, Marathon Enters LOI with Compute North, and Galaxy Digital Acquires Vision Hill Group

 

Point Roberts, WA and Delta, BC - May 24, 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.

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https://www.investorideas.com/Audio/Podcasts/2021/052421-CryptoMarket.mp3

Crypto Corner Podcast 596: Stocks discussed: (NasdaqGS: $MARA) (TSX: $GLXY.TO)

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Stocks discussed: (NasdaqGS:MARA) (TSX:GLXY)

The crypto market is largely in the green this morning after a weekend of further declines in trading prices, according to data from CoinMarketCap. Bitcoin (BTC), for instance, is trading for $37,875 USD, after having gotten as low as about $31,800. Similarly, Ether (ETH), after sinking to a depth of roughly $1,740, is trading for about $2,455. This puts Bitcoin up 13.5 percent and Ether up 25.5 percent in the last 24 hours.

Despite today's slight bounceback, selloffs may continue in response to Chinese authorities' cracking down on crypto mining. Reuters reports that "Huobi Mall, part of cryptocurrency exchange Huobi, said on Monday it suspended crypto mining that services mainland Chinese clients." An excerpt from the Reuters piece explains:

The trigger for the initial crypto selloff appeared to come from toughening language from Chinese regulators last week, which stepped up further on Friday when a State Council committee vowed to crack down on miners in particular.

Marathon Digital Holdings, Inc. (NasdaqGS:MARA) has entered into a binding letter of intent with Compute North to host approximately 73,000 of Marathon's previously purchased Bitcoin miners as part of a new 300-megawatt data center located in Texas. Marathon CEO Fred Thiel explained:

"Compute North is a long-term partner of ours, and by expanding our working relationship with them through this new agreement, we have now secured economical hosting arrangements for all 103,120 of our previously purchased Bitcoin miners. This agreement sets us on a clear path to becoming one of the largest, most efficient, and most environmentally conscious Bitcoin miners in North America. Additionally, the structure of this agreement is highly advantageous as it allows us to have the necessary infrastructure for our miners built without the capital expenditure, and it provides us with the flexibility to explore alternative locations, should we require them, while mitigating the risk of price increases."

Galaxy Digital Holdings Ltd. (TSX:GLXY) has announced that it has acquired premier investment consultant and asset manager in the digital asset sector Vision Hill Group. This move expands Galaxy Fund Management's digital asset class investment opportunities. Steve Kurz, Partner and Head of Asset Management at Galaxy Digital, said:

"Galaxy Fund Management is rapidly expanding its capabilities to ultimately provide institutional-grade exposure to every investable corner of digital assets so that institutions can easily get involved in this booming industry. Our acquisition of Vision Hill is an important milestone as Galaxy Fund Management's product suite continues to grow and as we further define the digital asset class."

Sam Mowers, Investorideas

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