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Crypto Corner Podcast 681: Stocks discussed: (NYSE: TWTR) (NasdaqCM: HIVE)

Crypto Market Red Following PBOC Ban on "All Crypto-Related Activities," Twitter Adds Crypto Options to Tipping Feature, and HIVE Reports Full Year Results

 

Point Roberts, WA and Delta, BC - September 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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Crypto Corner Podcast 681: Stocks discussed: (NYSE: TWTR) (NasdaqCM: HIVE)

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Stocks discussed: (NYSE:TWTR) (NasdaqCM:HIVE)

China has stepped up its restrictions on the crypto space with the People's Bank of China (PBOC) stating that "all crypto-related activities are illegal," according to a report from CNBC. This includes "services offering trading, order matching or derivatives for virtual currencies," as well as overseas exchanges. This follows the Chinese government's decision to ban crypto mining earlier this year, and the PBOC's banning of banks and non-bank payment institutions from providing services related to virtual currency. Constantine Tsavliris, head of research at crypto data site CryptoCompare, told CNBC:

"The recent news by China serves as an extension of previous announcements in May regarding a crackdown on cryptocurrency mining and bans on financial and payment institutions from crypto-related services. As a result of the bans, we previously saw a short-term sell-off and a shift in mining away from China, followed by a swift recovery throughout July and August."

Perhaps unsurprisingly, the crypto market is a bloodbath this morning. According to data from CoinMarketCap, Bitcoin (BTC), Ether (ETH), and XRP are down roughly 4 percent, 7.6 percent, and 6.7 percent, since yesterday, respectively.

Twitter (NYSE:TWTR) has introduced crypto options to its tipping feature, called "Tips." According to a company blog post, users can now link to third-party apps, such as Cash App, Patreon, and Venmo, in their Twitter bios and individual Tweets to receive funds. Esther Crawford, Twitter's Staff Product Manager, explained how users can also tip with Bitcoin over the Lightning Network:

In addition to the services currently enabled through Tips, people can now seamlessly tip with Bitcoin using Strike - a payments application built on the Bitcoin Lightning Network that allows people to send and receive Bitcoin. Strike offers instant and free payments globally.

Strike is available to people in El Salvador and the U.S. (excluding Hawaii and New York). People in the eligible markets will have to sign up for a Strike account and add their Strike username to receive Bitcoin tips over the Lightning Network. You can use any Bitcoin Lightning wallet to send tips to someone's Strike account.

HIVE Blockchain Technologies Inc. (NasdaqCM:HIVE) has reported its results for the full year ended March 31, 2021, including a record net income of $42.5 million, up considerably from its $1.9 million loss the previous year. The company also saw its income from digital currency mining reach $66.7 million, a 174 percent increase over the year prior. Frank Holmes, Interim Executive Chairman of HIVE, commented:

"As it relates to our industry, Ethereum market conditions for miners improved significantly over the last year, driven by price increases and the adoption of the network for decentralized finance applications. Bitcoin mining conditions have also improved with strong price increase since the halving on May 11, 2020, the date when HIVE started mining with new generation miners at its facility in Quebec. We continue to believe we are well positioned to benefit from the continued adoption of Ethereum and Bitcoin globally."

Sam Mowers, Investorideas

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