#CryptoCorner: #Bitcoin Stays Green, Riot (NASDAQ: $RIOT) Issues Feb 2020 Production Update, Nike (NYSE: $NKE) Participates in First Phase of #Blockchain Supply Chain Project
Point Roberts, WA, Delta BC March 6, 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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Stocks discussed: (NasdaqGS:RIOT) (NYSE:NKE)
Bitcoin (BTC) has staged something of a comeback in the past couple of days, growing from a trading price of about $8,725 on Wednesday’s Crypto Corner to a current trading price of $9,100, according to data from CoinMarketCap. The flagship cryptocurrency broke the $9K barrier early on Thursday, and has stubbornly remained above it so far, despite traditional markets posting losses across the board. This downtrend in the stock market is likely a result of continuing concerns surrounding the spread of the Coronavirus, which the crypto market seemed susceptible to last week as it fell in tandem.
Riot Blockchain, Inc. (NasdaqGS:RIOT) has issued a production update for February 2020. Highlights include the production of 91 newly mined bitcoins, and upgrades to its mining network resulting in “a 147% increase in average daily run rate of bitcoins mined, as compared to the average daily production run rate for the month of December 2019.” The upgrades that spurred this development were specifically the increase of Bitmain S17 miners from 2,940, at the beginning of the month, to 4,000 at the end.
Cointelegraph reports that several major retail companies, including Nike (NYSE:NKE), participated in the first Proof-of-Concept phase of Auburn University RFID Lab’s Chain Integration Pilot (CHIP). According to the report, CHIP “seeks to demonstrate the efficiency savings blockchain technology can unlock across the contemporary supply chain.” According to the project’s whitepaper, it “was able to successfully integrate serialized data streams from source to store, connecting the dots between isolated touch points and forging a history for each product that passed through the supply chain.”
On Wednesday’s Crypto Corner we discussed the news that India’s Supreme Court had overturned the country’s central bank, the Reserve Bank of India (RBI), decision to ban crypto dealings from banks in the country. According to a report from the Economic Times today, however, the RBI plans to file a review petition on the ruling, citing concerns that virtual currencies may put traditional banking at risk. But Abhishek A Rastogi, a partner at corporate law firm Khaitan & Co, explained that such action from the RBI may prove ineffective.
“SC may look at the RBI’s review petition but as of now the cryptocurrency platforms can operate in India. Many companies have even gone bankrupt after the RBI’s diktat and they may also look to initiate action in this regard.”
Sam Mowers, Investorideas
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