#CryptoCorner #Podcast 869: #Stocks discussed: (NasdaqGM: $BITF) (TSXV: $BNXA.V)
Commentary on BTC from BitBull Capital CEO Joe DiPasquale, Bitfarms Completes Phase 2 of Bunker Expansion, and Banxa Announced Physical Entry into USA
Vancouver, Kelowna, Delta, BC July 29, 2022 - 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.
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Stocks discussed: (NasdaqGM:BITF) (TSXV:BNXA)
Joe DiPasquale, CEO of BitBull Capital, has provided commentary to Investorideas.com addressing Bitcoin’s (BTC) recent rally:
Despite the 75bps rate hike and the GDP numbers in the negative, Bitcoin has rallied today, taking the market up with it. Market participants currently believe the FED will have to take a dovish stance very soon given the state of economic slowdown. However, the monthly close is something we will be watching closely as well as any retests of key supports around $19k to $20k. Successful bounces from that range could give bulls a solid foundation for a continued rally.
Indeed, according to data from CoinMarketCap, Bitcoin is trading for just under $24,000 USD at present, up from as low as about $20,800 just three days ago.
Bitfarms Ltd. (NasdaqGM:BITF) has completed the second phase of its expansion of The Bunker, “providing an additional 18 megawatts (MW) of capacity and boosting the Company’s corporate hashrate by 200 petahash per second (PH/s) to a total of 3.8 exahash per second (EH/s).” This, according to the press release, brings the company’s “current production above 16 bitcoin (BTC) per day.”Geoff Morphy, President and COO of Bitfarms, said:
“Completing Phase 2 of The Bunker expansion is a strategic milestone that contributed to growing our hashrate to 3.8 exahash per second (EH/s), up 5.5% from the beginning of July. Together with an additional 3 MW of low-cost hydropower that went online this month at our mining facility in Washington state, our total operating capacity is now 158 MW. Significantly, with our higher hashrate came an increase in our current production to 16.8 BTC/day, a 15% increase from 14.6 BTC/day at the end of June.”
Banxa Holdings Inc. (TSXV:BNXA) has announced its physical entry into the USA and submission of its first Money Transmitter License (MTL) applications. This was primarily motivated by the USA’s being the world's largest cryptocurrency market, to eliminate the need to leverage regulated intermediaries, and the “ability to have local credit card acquiring for higher conversions and increased revenue.” The company’s CEO, Holger Arians, said:
"Obtaining our own licenses and establishing a foothold in both Banxa's most critical market and the largest crypto market in general, is an important part of our core strategy which is to offer our partners and their users the most ways to enter and exit the digital asset space. Being firmly cemented in the USA is a huge achievement and critical to Banxa's mission of dominating this space."
Sam Mowers, Investorideas
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