#CryptoCorner: Green Market Opens Week with BCH and ETC Surging, Julius Baer (OTC: $DMGGF) Announces Digital Assets Service
Point Roberts, WA, Delta BC January 27, 2020 - 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 .
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Read this in full at https://www.investorideas.com/news/2020/crypto-corner/01271GreenMarket-DMGGF.asp
Stocks discussed: (OTC:ETCG) (OTC:JBAXY) (OTC:DMGGF)
The crypto market is looking quite green as we enter a new week. According to data from CoinMarketCap, Bitcoin (BTC) has witnessed a growth of about 3.43 percent in the last 24 hours at press time, making for a current trading price of $8,750. The same level of growth can be seen from the top two altcoins by market cap, Ether (ETH) and XRP, which are valued at $169 and $0.23, respectively.
Two altcoins, Bitcoin Cash (BCH) and Ethereum Classic (ETC), have seen more impressive growth, however, surging 11.3 and 17.5 percent, respectively. The bull run of Bitcoin Cash may be connected to recent news that crypto company Mecon Cash has integrated it into the latter’s M.Pay payments platform that boasts over 13,000 ATMs in South Korea, according to Bitcoin.com. As for Ethereum Classic, its growth could be linked to news from CoinDesk last week that Grayscale ETC Trust (OTC:ETCG) has committed to donating “one-third of the management fees” to the ETC Cooperative each quarter through 2021. At press time, the stock for Grayscale ETC Trust itself is up 13.91 percent. Quoted in that article, ETC Cooperative executive director Bob Summerwill said:
“It is a big vote of confidence which we deeply appreciate. This funding allows us to continue our support of the ETC protocol and ecosystem. We will provide grants for key projects, as we have through 2018 and 2019."
Swiss banking and financial manager giant Julius Baer (OTC:JBAXY) has announced the launch of a digital assets offering that includes services like secure storage and transaction solutions. This is the product of the firm’s partnership with Switzerland-based and FINMA-licensed digital asset bank SEBA Bank AG, which was announced almost a year ago. According to the news release, Julius Baer “is able to offer access to a select group of cryptocurrencies, chosen for their tradability, safety, and technical reliability.” On the day following the news release, January 22, Julius Baer stock did see a modest uptick of about 2 percent.
DMG Blockchain Solutions Inc. (OTC:DMGGF) recently revealed that it “has been engaged to host over 1,000 GPU rigs (approximately 9,000 individual GPUs) for a GPU client.” The press release distinguishes GPU mining from Bitcoin-oriented ASIC mining, indicating that “GPUs can be used to mine multiple alternative cryptocurrencies (i.e. not Bitcoin) depending on the profitability of each one at any particular time.” Though DMG generally focuses on mining Bitcoin, GPUs provide additional value in their capacity to be repurposed for High Performance Computing (HPC). Dan Reitzik, DMG’s CEO, said:
“The Company is exploring ways to capitalize on its flagship data centre and HPC is a great way for us to start down the road to augmenting our revenue streams to include non-crypto income.”
DMG’s stock actually took a dip following this latest news release, but has skyrocketed this morning with a gain of 25 percent. This may be connected to the general surge in the wider crypto market discussed above.
And lastly the World Economic Forum (WEF) announced on Friday (Jan 24) the formation of a “Global Consortium for Digital Currency Governance.” The aim of this is to develop “innovative regulatory approaches” and a “set of guiding principles” “to support public and private actors exploring the opportunities that digital currencies present.” Klaus Schwab, Founder and Executive Chairman of the World Economic Forum, commented:
“Digital currency, a cross-cutting topic that requires input across sectors, functions, and geographies, is a key area of interest for the Forum. Building on our long history of public-private cooperation, we hope that hosting this consortium will catalyse the conversations necessary to inform a robust framework of governance for global digital currencies.”
This will be an important and interesting story to watch, even as crypto and blockchain continue to develop and disrupt in the private sector.
Sam Mowers, Investorideas
For investors following the sector Investor Ideas has a comprehensive Bitcoin, Blockchain and Digital Currency Stocks Directory
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