Investor Ideas, Trading Ideas and Stocks to Watch : #CryptoCorner #Podcast 591: #Stocks discussed: (NasdaqGS: $TSLA) (TSX: $GLXY.TO) (TSXV: $BNXA.V)

Monday, May 17, 2021

#CryptoCorner #Podcast 591: #Stocks discussed: (NasdaqGS: $TSLA) (TSX: $GLXY.TO) (TSXV: $BNXA.V)

#CryptoCorner #Podcast 591: #Stocks discussed: (NasdaqGS: $TSLA) (TSX: $GLXY.TO) (TSXV: $BNXA.V)

#Crypto Market in the Red, #Bitcoin Down Following Elon Musk Tweet, Galaxy Digital Releases Q1 Results, and Banxa is Integrating Crypto-to-Fiat Gateway with Bancor

Point Roberts, WA, Delta BC May 17, 2021 - 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:

https://www.investorideas.com/Audio/Podcasts/2021/051721-CryptoMarket.mp3

Read this in full at https://www.investorideas.com/news/2021/crypto-corner/05171TSLA-GLXY-BNXA.asp

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Stocks discussed: (NasdaqGS:TSLA) (TSX:GLXY) (TSXV:BNXA)

As we begin another week, the crypto market is very much in the red, having spent the weekend in decline, according to data from CoinMarketCap. In particular, Bitcoin (BTC), is down about 10 percent in the last 24 hours, and about 23 percent in the last seven days. This dramatic dip seems to have been a response to a comment by Elon Musk on a tweet yesterday, implying that Tesla (NasdaqGS:TSLA) might offload its crypto holdings. A crypto analyst called Mr. Whale (handle @CryptoWhale) tweeted:

Bitcoiners are going to slap themselves next quarter when they find out Tesla dumped the rest of their #Bitcoin holdings. With the amount of hate @elonmusk is getting, I wouldn’t blame him…

to which Musk replied, “Indeed”

It’s worth noting, however, that although Bitcoin crashed to a low of $42,284 USD following Musk’s tweet, it has recovered somewhat to a trading price of about $44,130 at press time.

Galaxy Digital Holdings Ltd. (TSX:GLXY) has released financial results for the first quarter ended March 31, 2021. Another consecutive record quarter, the company reported a net comprehensive income of $860.2 million, a significant improvement over its net comprehensive loss of $26.9 million in the same period for 2020. Michael Novogratz, Founder and CEO of Galaxy Digital, said:

"Beyond delivering dramatic organic growth, we announced we will acquire BitGo, which will establish Galaxy Digital as the first full-service digital asset financial platform for institutions and ensure our business is aligned with broader institutional adoption."

Crypto payment service provider (PSP) Banxa Holdings Inc. (TSXV:BNXA) is integrating its crypto-to-fiat gateway with Bancor, an on-chain liquidity protocol that enables “automated cross-chain swaps and liquidity provision to different tokens.” According to the press release, this will allow “Bancor customers to purchase digital assets through the Bancor Network interface with fiat currencies, without having to first convert their fiat into dollar-backed stablecoins, bitcoin, or ether.” Holger Arians, CEO of Banxa, explained:

"As the market continues its record-breaking bull run, we are proud to have our technology integrated with a project like Bancor. Bancor Network provides a smooth, user-friendly interface for non-custodial trading of thousands of cryptocurrency pairs, and this integration enables easier on-boarding for users who wish to transact from fiat currencies into their favorite tokens."

Sam Mowers, Investorideas

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