Point Roberts, WA and Delta, BC – August 10, 2020 (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 Episode 436: BTC Tests $12K, Exchange Traffic Surging, Riot Blockchain (NasdaqGS: $RIOT) Sees Largest 2020 Gain
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Stocks discussed: (NasdaqGS:RIOT)
Bitcoin (BTC) weathered the weekend, maintaining a trading price of about $11,500 or higher throughout, and even briefly tested support at $12,000 late Sunday, according to data from CoinMarketCap. After hovering around $12K, Bitcoin suddenly dropped to about $11,730 in the space of ten minutes or so earlier this morning. It has, however, since recovered somewhat and is trading for around $11,970 at press time.
Amid this rally, the average web traffic experienced by popular crypto exchanges saw a surge from June to July by around 13 percent, according to a tweet by ICO Analytics. Expanding on this, ICO Analytics’ head of content, Illia Kmez, told Cointelegraph that “centralized crypto exchanges added 26% in web traffic since December 2020.” As for decentralized exchanges, another tweet from ICO Analytics indicated that they were also surging, but that:
“Despite significant increase of the traffic none of the DeFi platforms have reached the level of top 20 centralized exchanges.”
CoinDesk reports that Riot Blockchain, Inc. (NasdaqGS:RIOT) closed trading last week with its second largest weekly gain since April 2019, making for a 2020 high, as the company gears up for its Q2 earnings release next week. Riot gained 29 percent closing since Monday, closing the week at $3.75, and at press time is trading for $4.06. Jeff McGonegal, CEO of Riot Blockchain, told CoinDesk:
“We’re strong believers in the macroeconomic fundamentals underlying bitcoin. Riot’s rally is connected to the increasing investor attention paid to bitcoin (BTC) and cryptocurrencies generally.”
A tweet from crypto data firm LongHash indicates that China has seen the start of more than 10,000 blockchain companies this year. The tweet reads:
#COVID19 hasn’t stopped China’s blockchain boom. 10,000+ new blockchain companies have been established in the first 7 months of 2020. Number of new companies on track to surpass those established in 2019.
As a report from Cointelegraph points out, this news comes as “the Chinese government is implementing blockchain for trying to bring more efficient government services,” and the country’s central bank “got $4.7 million in funding for its blockchain trade platform in the next three years.”
Sam Mowers, Investorideas
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