Point Roberts, WA and Delta, BC - February 20, 2019 (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 the cryptocurrency market.
Listen to today's Crypto Corner Podcast:
Bitcoin Sees Biggest One Day Loss in 3 Months Following Brief Comeback, Northern Data and Canaan to Cooperate on AI, Blockchain, Riot Blockchain Releases Strategic Priorities for 2020 and ASX Owner NSX to Launch DLT Platform with iSignthis
Stocks discussed: (NasdaqGM:CAN) (NasdaqCM:RIOT) (ASX:NSX)
The crypto market has been quite the rollercoaster ride in the past few days. Since the last Crypto Corner on Tuesday, Bitcoin (BTC) poked its head back above $10K, and peaked at about $10,190 early Wednesday, according to data from CoinMarketCap. For a fleeting moment it appeared that the price drop over the weekend was just temporary, but then Bitcoin fell once again, this time over $600 with the biggest one day loss in about three months. The total market capitalization for the whole crypto market lost about $20 billion in the same period, falling from about $297 billion at its peak on Wednesday to $277 billion at press time. Bitcoin itself is currently trading for about $9,600.
Blockchain solutions and datacenter provider Northern Data AG (XETRA:NB2) has announced cooperation with crypto mining hardware manufacturer Canaan Inc (NasdaqGM:CAN) on the development of blockchain tech, AI and datacenter operations. NG Zhang, CEO of Canaan, said:
"Northern Data has rich experience in building high-performance computing infrastructure, and our research and development (R&D) team is collaborating with Northern Data. Both sides have achieved positive results. In addition, Northern Data will provide computational resources support for our overseas R&D in the US. Canaan looks forward to further cooperation in product development, AI, and high-performance computing with Northern Data in the future."
Northern Data stock is up around 3 percent at press time, whereas Canaan is in the red about 7.3 percent. Any boost gained by the press release discussed was likely undone by the downtrend in the crypto market, which may have dragged Canaan's stock down.
Riot Blockchain, Inc. (NasdaqCM:RIOT) has released an outline of its strategic priorities for 2020. In particular, the company plans to focus "on bitcoin mining and pursuing opportunities more directly related to bitcoin mining." An excerpt from the press release outlines the company's progress in this area:
Riot recently completed a full network upgrade at its Oklahoma City mining facility with the objective to increase operational efficiency and performance. As previously mentioned in a press release issued on February 11, 2020, Riot procured 4,000 S17 miners from Bitmain during December 2019. As of mid-February, the deployment of 4,000 S17s was completed at the Oklahoma City mining facility resulting [in] an overall hashrate of 240 petahash per second ("Ph/s"), consuming approximately 12 megawatts of energy.
The Company plans to provide updates on monthly production levels, commencing with a report shortly after the February 2020 production totals are reconciled. Such production updates are anticipated to continue for at least three months.
Riot stock is down about 8 percent at press time, keeping with the general red of the crypto market previously discussed.
CoinDesk reports that NSX Ltd. (ASX:NSX), which owns the National Stock Exchange of Australia, announced a joint venture with financial institution iSignthis (ISX), "to offer a digital securities trading platform." The DLT-based platform will be called ClearPay, and will feature "know your customer's customer" security solutions from iSignthis. It is expected to debut "by early 2021."
Sam Mowers, Investorideas
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