Point Roberts, WA and Delta, BC – November 18, 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.
Listen to today’s Crypto Corner Podcast:
Crypto Corner Episode 478: Bitcoin Briefly Surpasses $18K and Sets Market Cap Record, NetCents (CSE: NC) Provides Update on Crypto Credit Card and Galaxy Digital (TSX: GLXY) Launching Canadian Bitcoin Fund
Stocks discussed: (CSE:NC) (TSX:GLXY)
Bitcoin (BTC) has continued its seemingly inexorable rise, clocking in at a trading price of roughly $17,900 at press time, according to data from CoinMarketCap. This is a more than $1,000 increase over the last episode of Crypto Corner, just two days ago. And in fact, Bitcoin was briefly trading for as high as about $18,280 yesterday, nearing its all-time trading high of around $19,650 back on December 17, 2017. A report from CoinDesk cites increased institutional investment, Bitcoin’s halving back in May, negative interest rates, and central bank policies as driving factors in the market’s rise. Kyle Davies, co-founder of Three Arrows Capital, is quoted in the article:
“I think it basically comes down to monetary and fiscal policy. Central banks can lower rates until they get to slightly negative, and then they have to print money.”
But while still coming a bit shy of its trading price peak from 2017, Bitcoin has actually set a new record for its market cap. According to Cointelegraph, the previous record capitalization of $329.3 billion, which was reached on Dec. 16, 2017, was surpassed yesterday as Bitcoin reached just under $340 billion. An excerpt from the Cointelegraph article by writer Samuel Haig elucidates:
There’s a simple explanation for that – Bitcoin’s expanding supply. While roughly 16.75 million Bitcoin existed on Dec. 16, 2017, more than 1.8 million coins have since been mined, equating to a 10.75% expansion in supply. That means Bitcoin is able to have a higher market cap despite today’s lower BTC price.
Crypto payments company NetCents Technology Inc. (CSE:NC) has provided an update on its Cryptocurrency Credit Card. Essentially, Netcoins had joined the Visa Fintech Fast Track Program and partnered with i2c as its “backend provider that links directly into the Visa network, working towards a possible launch date of November 15, 2020.” But following this date, “Visa imposes a holiday blackout period preventing the issuance of cards until mid January,” according to the press release. The company’s CEO, Clayton Moore, explained:
“We have been running hard to jump through all of these hoops before the November 15 window closing but I think the November timeline was a bit ambitious based on the many stakeholders in the process. As you can see from the above – there is a lot of specialized work involved and we have to respect everyone’s professionalism and rigor when dealing with customer’s hard earned money. There is a silver lining though – after completing this process and having been in the payments industry for 20 years, I know that there are very few companies that will [be] able to follow in our footsteps. This product when launched will be another building block creating a fortress of intellectual property and differentiated products and enhance the barriers to entry to others contemplating entering the crypto space. We are staking out our turf and will always be innovators in the space.”
Galaxy Digital Capital Management L.P., an affiliate of Galaxy Digital Holdings Ltd. (TSX:GLXY), has announced that Canadian investment management company CI Global Asset Management has filed and obtained a receipt for a preliminary prospectus for the initial public offering of CI Galaxy Bitcoin Fund. According to the press release, “The Fund is a closed-end investment fund which seeks to provide unitholders with exposure to bitcoin through an institutional-quality fund platform.”
Sam Mowers, Investorideas
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