BitDigest May 14 · Issue #658
- Bitcoin leads an overnight jump in digital currency prices and is close to re-testing $10,000 levels
- The PBoC is urging the country’s blockchain companies to accelerate development of its national blockchain
- Chinese court contradicts recent ruling by saying bitcoin is a virtual currency (instead of a digital asset)
Weekly Stock Review
- Galaxy Digital (TSX:GLXY.V) announced it has been conditionally approved to be listed on the Toronto Stock Exchange (“TSX”)
- The Bitcoin Fund (TSX: QBTC-U.TO) saw a slight decline in price (1.9%) week-over-week but average daily volumes increased 90% ahead of the Halving
- Hive Blockchain (TSXV: HIVE.V) initiated operation of 750 new Bitmain Antminer S17+ rigs at its new Quebec facility. Daily volume declined 19% this week.
- Riot Blockchain (NASDAQ: RIOT) reported Q1’20 financial results with a year-over-year increase in total mining revenue and improvement to net income of 68% to $2.4 million and negative $4.3 respectively.
- Hut 8 (TSX: HUT) reported a 5% increase in first quarter revenue ($12.7 million) that was heavily impacted by the March bitcoin sell-off. Adjusted EBITDA improved 56% to negative $558k.
- Reality Shares NexGen Economy ETF (NASDAQ: BLCN) average trading volume increased 19% on the week.
Crypto Education for Work from Home Times
I want to highlight some information in the Headlines section below.
Last November, Andressen Horowitz announced it was opening a Crypto Startup School to help accelerate and develop blockchain and digital currency projects. The leading venture firm selected a handful of companies and began the first cohort in February. The decision was subsequently made to open the program up to anyone by publishing the course contents online and the first two videos have been released. More importantly, it’s free.
The Headlines
Market Data
Reports you may have missed
Crypto Receives a Boost from Strong Jobs Print, WULF Sells Hash Rate to Expand AI Capabilities
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MARKET UPDATE Markets are selling off in the first day of Q4, fueled by geopolitical fears as tensions rise in the mid-east. The SPY 2.07% and QQQ 2.31% have dropped 1.14% and 1.92%, respectively, while the VIX has surged over 17%. XAU and DXY are gaining as investors move towards safe-havens. Crypto assets have also sold off, with BTC -0.35% briefly dropping below $62k and ETH 0.45% below $2.5k. Among altcoins, SUI -1.41% is showing...
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