Nasdaq-listed Bitcoin (CRYPTO: BTC) mining firm Hive BlockchainTechnologies Ltd. (NASDAQ: HIVE) has reported a 466% year-over-year increase in first-quarter mining revenue.
What Happened: Hive Blockchain, a Canada-based crypto mining business, reported quarterly revenue of $37.2 million during the three-month period ending June 2021, the company said Monday.
Hive’s net income for the period was also $18.6 million, up significantly from the $1.8 million its reported last year.
During this period, the firm mined 225 Bitcoin and over 9,700 Ethereum.
“What many investors have not realized the significance of mining Ethereum (CRYPTO: ETH) in addition to Bitcoin, which has continued to exhibit very strong performance throughout this calendar year, after our Q1 period end of June 30, 2021, and even after the London Hard Fork in August 2021,” the company said in a statement.
In September 2021, Hive mined approximately 221 BTC and 2,572 ETH.
“On a daily revenue basis during September 2021, this income from Ethereum would be equal to mining approximately 186 Bitcoin,” stated Hive
Hive has employed a strategy of holding crypto on its balance sheet. In a recent . In a recent corporate presentation, Hive said it held a total of $58 million in crypto on its balance sheet, of which Ethereum accounted for 69%, while Bitcoin accounted for 31%.
“We sold a small amount of Ethereum to upgrade our equipment with NVIDIA Corporation (NASDAQ: NVDA) latest generation of high performing GPU chips but continue to HODL 25,000 ETH and 1,030 BTC. We continue to ramp up production of both BTC and ETH,” said Hive.
HIVE Price Action: Hive shares were rising 3.18% to $2.92 premarket Tuesday.
The UK just plugged in the world’s longest undersea cable — but the transformation of the power grid is just beginning
Not your average extension cord… The world’s longest undersea electricity cable started sending electricity between the UK and Norway earlier this week. Shares of National Grid, the UK energy giant behind the 450-mile cable, which trades on the NYSE, rose nearly 2% yesterday. NG has big plans for its network:
Wind, water, wire: The new $1.9B North Sea Link cable will send British wind power to Norway and Norwegian hydropower back to the UK.
Underwater energy superhighway: NG already built “interconnectors” in the Netherlands, France, and Belgium — and it has plans to connect even more countries.
Low carbon: NG aims for 90% of its imported electricity to come from zero-carbon sources by 2030.
Energy sharing = energy caring… One issue with renewables is intermittency, which happens when solar panels stop generating electricity on cloudy days and wind turbines slow down in less gusty weather. But power grids need to keep the lights on in all kinds of weather. One solution: electricity sharing. National Grid’s new cable enables both the UK and Norway to borrow spare juice from each other when their own wind and water systems slow down.
Better grids are key to a renewable future… Shared energy grids are crucial now that 160+ countries have adopted renewable-energy targets and need backup when their sources wane. Businesses and orgs like the Renewable Energy Institute are working to connect cables across borders to make “supergrids.” Others, such as battery giants LG and Panasonic, are building mega-batteries that can store renewable energy, while carmakers Tesla, VW, and Nissan are working to transform their EVs into mini power plants. But countries still have a ways to go to reach targets: The US needs to triple its renewable investments by 2030 to hit its global climate goals.
Forming Pattern That Usually Leads To Very Powerful Upside Move: Here’s Why
Former Goldman Sachs Group Inc (NYSE: GS) hedge fund executive Raoul Pal says Bitcoin (CRYPTO: BTC) is forming a pattern that could foreshadow a massive rally.
Pal, who is currently the CEO of the on-demand financial TV channel Real Vision, said that Bitcoin could blast out of its range sometime between now and early next year.
In a recent tweet, he said that Bitcoin’s long-term log chart looks pretty luscious.
“Who knows if the wedge breaks on the first attempt, but a consolidation pattern of this magnitude usually leads to a very, very powerful upside move,” he said in the tweet.
According to Pal, Bitcoin is forming a huge descending wedge reminiscent of a pattern that formed from 2017 to 2020.
When BTC broke out of the technical formation, it ascended to its all-time high above $64,000.
Ethereum (CRYPTO: ETH) and BTC may break out of their resistance at the top of the wedge and ignite a 100% rally from current levels. He added that the coming months should be “ridiculous” for the crypto markets, including sizeable rallies in ETH/BTC.
Last month Pal announced that he might end up selling all his Bitcoin holdings as ETH occupies the largest chunk in his portfolio.
Pal gave a price target of $250,000 to $400,000 for BTC by March 2022, based on the prospects of an exchange-traded fund and central bank money printing — irrespective of whether that occurs or remains talk only.
Dogecoin (CRYPTO: DOGE) traded mostly flat in the early hours of Friday.
What’s Moving? The Shiba Inu-themed cryptocurrency traded unchanged at $0.20 over 24 hours leading up to press time. Over a seven-day trailing period, DOGE has fallen 7.74%.
Against Bitcoin (CRYPTO: BTC), Doge fell 0.61% over 24 hours. The coin gained 0.51% against Ethereum (CRYPTO: ETH) in the same period.
Since the year began, DOGE has gained 3472.93%.
Why Is It Moving? DOGE moved in tandem with large cryptocurrencies that mostly traded flat at press time; the global cryptocurrency market cap rose 0.39% to $1.39 trillion at press time.
DOGE didn’t see high interest on Twitter at press time and was mentioned in 1,493 tweets, as per Cointrendz data.
The highest interest was seen in BTC, which was mentioned in 5,238 tweets.
On the BTC side, Ballet Crypto founder and CEO Bobby Lee said this week he was “very bullish on Bitcoin,” especially for an end-of-year rally.
Lukas Enzersdorfer-Konrad, chief product officer at Bitpanda said that the price drop in BTC was significant as a result of China’s latest crackdown but “long-term on-chain data remains firmly positive, potentially indicating that this might be a buy-the-dip opportunity once Bitcoin’s price finds support.”
As for DOGE, Yaron Schwarcz, co-founder of robotics firm Skyline Robotics said in an exclusive interview with Benzinga that he expects the meme cryptocurrency to hit the $0.40 level by end of the year due to a bullish run-up post September’s bear market.
Meanwhile, DOGE millionaire Glauber Contessoto said he is “holding” every single coin that he has purchased so far.
Contessoto said he is “still holding every single one of [his] dogecoin.”
On Thursday, DOGE co-founder Billy Markus advocated for the completion of the DOGE-ETH bridge and said that enabling non fungible token purchases would greatly increase his co-created cryptocurrency’s utility.
Dogecoin (CRYPTO: DOGE) may be in for a major uptrend next month.
What Happened: According to a Wednesday CoinQuora analysis, Dogecoin is now trading at a price 20% higher than one year ago. Per the report, Dogecoin is seeing its on-chain transactions decrease over time and most of its investors were motivated by fear of missing out on potential gains.
The analysis clearly states “DOGE does not really stand well with its core fundamentals” but despite this, it suggests that it could see its price move upward in the near future. The report highlights the coin “nearly oversold” RSI of about 38 after the coin lost over 10% over the last seven days.
According to the analysis, if the current trend continues, Doge could move below its $0.04 support level and drop lower. But the aforementioned RSI level gives hope for a trend reversal that could potentially result in the Dogecoin’s price hitting $1.
DOGE Price Action: According to CoinMarketCap data, as of press time Wednesday afternoon Dogecoin is trading at $0.1972 after losing 1.18% of its value over the last 24 hours.
Some common responses to China’s crackdown are missing key context.
By: David Z.Morris
Sep 27, 2021 at 3:40 p.m. EDT
Updated Sep 27, 2021 at 3:47 p.m. EDT
Following China’s surprise move to make crypto mining and crypto trading services explicitly illegal within its borders, there is still much we don’t know about the real impacts. But, of course, that’s not stopping plenty of commentators from peddling simplified reactions. Here are three common ones – and why they, at best, need fleshing out.
‘China’s ban will destroy crypto markets’
We’ll start with the easy one – what you might call “the mainstream media take.” BTC, ETH and many other cryptos dropped dramatically when news of China’s ban hit, some plunging nearly 9% in just four hours. Clearly, somebody thought the sky was falling, expecting millions of Chinese investors to immediately exit the market and destroy everyone’s bags in the process.
But prices have more or less recovered just a few days later. This doesn’t mean there’s no serious broader impact (see below), just that the crypto asset market was, in some sense, ready for the China shock. China’s incremental moves against crypto, particularly the ejection of miners earlier this summer, have served as ample warning that something more severe could arrive.
That said, remember that the market today isn’t an airtight arbiter of long-term truth. With cash and liquidity extremely high in the broader market, a dip in nearly any asset triggered by an outside shock is going to attract a certain amount of cash from those who see a buying opportunity, even a very short-term one. If you bought the Friday dip, you’ve already made a little over 3%, or over 300% APR returns; You get to keep that money no matter what you actually think about crypto’s future without China.
‘China wants to crush crypto because it hates the smell of freedom’
OK, look, I know this is a very tempting way to think, especially for crypto die-hards. China truly is a repressive society, and the idea that the crypto crackdown is act one of some sort of “V for Vendetta” situation is gratifying: Every crypto activist wants to be a heroic, crusading anti-authoritarian. It is also objectively true that uncensorable cryptocurrencies are threats to the Chinese Communist Party’s authority and goals, particularly when it comes to capital controls.
But the current moves against crypto are part of a much larger moment of reckoning for financial experimentation and risk in China. It has come at the same time as a series of moves against fintech and even traditional banking and investment firms, making it clear that crypto isn’t some singular threat to Xi Jinping getting a good night’s rest.
Recently, for example, China announced it would be “parachuting” financial oversight officials into China’s 25 largest financial institutions to review their practices. The planned initial public stock offering of fintech Ant Group was famously kneecapped by the Party. China also recently implemented a “three red lines” policy to reduce the debt leverage of real estate developers – a policy which has brought down the massive developer Evergrande.
In that context, what’s happening to Chinese crypto exchanges is barely a footnote. In fact, it’s arguably misleading to call what’s happening a “crypto crackdown” at all: It is by all appearances an attempt to curtail leverage risk across the financial system, and crypto is just a small part of that.
‘China’s ban won’t impact crypto at all’
While token markets have digested the bad news without much trouble, that doesn’t mean there isn’t a downside to all this. It will just be a long time coming, and hard to see.
The medium-term impacts, for a start, are very real. For example, Huobi, a massive domestic exchange until recently, appears poised to cut off mainland users. Sources including former BTCC CEO Bobby Lee are also telling CoinDesk to expect an end to over-the-counter trading sooner rather than later. Right now, users of those OTC desks seem to be cashing in their chips: In the immediate aftermath of the announced clampdown, the stablecoin tether temporarily broke its peg against the RMB, suggesting heavy outflows.
In other words, it seems likely that many Chinese investors, and especially traders, will leave the market. Crypto continues to grow everywhere else, hence the steadied market, but that’s still a lot of volume to offset.
Some of that volume will move to decentralized exchanges. Interest in that technology in Chinese crypto circles has surged in response to the crackdown, Matthew Graham, China-based cofounder of blockchain VC firm Sino Global Capital, observed on Twitter. That would be in line with what some China watchers argue is the CCP’s real goal here – not to crush crypto entirely but to push it to the margins where only a few dare tread.
And that speaks to the real long-term concern here. Over time, the clear pressure from Chinese leadership to move away from decentralized blockchain tech will have a determining influence over how young people in China and Hong Kong spend their time and attention. Among the more draconian measures of the new Chinese policy is that Chinese residents cannot work for crypto exchanges abroad, meaning there will be a much narrower career path for young Chinese people who want to do crypto professionally.
Even grassroots activity seems likely to experience a major chilling effect, because Chinese policy changes are usually read as broader signals of what the government considers socially acceptable. Sino Global’s Graham also shared over the weekend that crypto-related WeChat groups are being renamed to conceal their topic. Whatever the letter of the law, at least some Chinese people are afraid to even be caught talking about crypto. If nothing else, that means the pipeline of real individual talent and energy coming from China into the blockchain universe will slow.
That, rather than declining exchange volumes or hash power, is the real worry here.
Risk/Return is Not in Your Favor With Dodgecoin Now, So Stay Away…
By: Thomas Niel
The late summer cryptocurrencies “bull market mode” seems to have missed Dogecoin (CCC: DOGE-USD). Sure, this cryptocurrency, made famous by Elon Musk’s touting of it earlier this year, initially bounced back into July like its more serious peers. Yet unlike Bitcoin (CCC:BTC-USD) or Ethereum (CCC:ETH-USD), which continued to move higher into September, this low-utility crypto reached a near-term top (around 34 cents) more than a month ago.
Since then, it’s seen another extended slide in price, and trades for around 21 cents today. Said slide is picking up, as market uncertainties put pressure on cryptocurrency prices at-large.
If high-utility coins are in trouble, that’s especially the case for this name. The only thing holding it up now is what remains of its past hype. And if an overall correction in financial markets drives many to cash out in droves? Another epic drop in price could be in the cards.
What if you have a more optimistic view of where crypto is headed next? Still skip out on this token. Even if you believe recent fears are overblown, there are much better crypto gambles out there to waste your time here.
Enthusiasm for Dogecoin Has Fallen in a Big Way
As seen from its short-lived partial rebound between July and August, excitement for DOGE failed to make a move back to the sky-high levels it was at last spring. A big factor? The rising popularity of other “memecoins,” like Shiba Inu (CCC:SHIB-USD), its unofficial spinoff.
Up until a few days ago, SHIB was trading just like Dogecoin. It too seemingly hit a near-term top in mid-August. However, on Sep 17, that ceased to be the case. As our own Brenden Rearick reported, that day saw a big jump in the price of Shiba, thanks to listings on both Coinbase (NASDAQ:COIN) and Binance. News of possible upgrades also helped to give it a boost.
Sure, it’s since pulled back. Largely due to the across-the-board pressure cryptos are feeling today. Yet there’s one clear takeaway from the Shiba surge. Crypto gamblers have moved their chips off of Dogecoin, and are now spreading them across its many copycats. This makes sense, given Doge already had its “to the moon” moment months ago. It may have a long-shot chance of bouncing back 100%, 200% or even 300%.
But if you’re in the market for crypto “lotto tickets,” why set your sights so low? The smaller plays, like Shiba, or even smaller ones, like the ones benefiting the most from Elon Musk’s more recent crypto trolling, could (in theory) gain by 10x, 100x, or even greater. With the hype surrounding it fading, this dog-inspired token that sparked a bizarre trading phenomenon, holding onto as crypto markets possibly get more rocky could be a very risky move.
Massive Risk if Markets Correct
Given its underwhelming performance during the crypto comeback, will Dogecoin prove more resilient in a possible upcoming downturn? Not so fast. If established coins like Bitcoin are in trouble, then it’s especially tough times ahead for cryptos with little to fall back on, like this one.
Cryptocurrencies may have been sold as an alternative asset, uncorrelated with stocks and other financial instruments. Yet as it becomes mainstream, this asset class is becoming more correlated with the overall market. That’s bad news, if factors like changes in U.S. Federal Reserve policy, as well as China’s Evergrande crisis, continue to push investors from a “risk on” to a “risk off” mindset.
Such a shift will likely cause BTC, ETH, and the other major names to dip back toward prior price levels. In the case of Dogecoin? More volatile than the serious coins, it’ll likely see a more dramatic drop.
Doge’s derivatives have the same level of big downside risk as well. But at least with them, the chance they make four-digit or even five-digit percentage moves higher makes up for that. With this former “memecoin” favorite? Unfortunately, that’s not the case.
Even if Bullish on Crypto, Avoid DOGE-USD
Admittedly, correction fears, along with fears of increased crypto regulation, could prove to be overblown in hindsight. But even if that’s the case, that’s still hardly a reason to go long this crypto.
Either as a crypto gamble, since “lotto tickets” like Shiba may offer greater upside relative to risk. Or, as a more serious bet on its proposed upgrades getting implemented. Why take a chance that DOGE-USD finally grows up. Instead, you can buy altcoins that have already successfully gone live with upgrades, like Cardano (CCC:ADA-USD), that still have substantial room to run.
Whether bullish or bearish on the crypto market’s next direction, one thing’s certain: stay away from Dogecoin.
On the date of publication, Thomas Niel held long positions in Bitcoin and Ethereum. He did not have (either directly or indirectly) any positions in any other securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Thomas Niel, contributor for InvestorPlace.com, has been writing single-stock analysis for web-based publications since 2016.
Many investors like to trade cryptocurrency because it’s an extremely volatile asset. If you can time the market right, trading crypto can give you much higher returns than traditional investments. Investors are attracted to cryptocurrency due to its high volatility. It’s not uncommon for a cryptocurrency’s price to fluctuate over 10% in a single day. This is great if you’re looking for high returns, but if you’re a risk-averse investor then investing in cryptocurrency may not be for you.
Cryptocurrency traders often have one of two goals: to accumulate Bitcoin or make a profit in USD. In a crypto bull market, it’s pretty easy for your portfolio to increase in USD value, but it’s more challenging for Bitcoin value to increase. To track your portfolio’s Bitcoin value, you can trade altcoins against Bitcoin on exchanges like Coinbase Pro.
By actively trading your cryptocurrency, you risk losing your crypto to the market. Since cryptocurrency prices are so volatile, it’s not uncommon for traders to lose money quickly trading cryptocurrencies. This is why so many crypto enthusiasts just HODL their Bitcoin. I advice that one way to reduce the effect of volatility on your cryptocurrency while maximizing profit is by investing in companies like the CoinStore (www.coinstore.tech), a service company that gives investors substantial return on their investments without having to worry about price swings.
Take a look at the 5 steps to trading cryptocurrency.
Step 1: Make a cryptocurrency brokerage account.
Unless you already own cryptocurrency, you’ll need to make an account with a crypto brokerage such as Coinbase. To make an account, you’ll need to provide your crypto brokerage with personal identification information, similarly to opening an account with a stock brokerage.
Step 2: Fund your account.
Once you’ve signed up with a crypto brokerage, you’ll need to connect your bank account. Most crypto brokerages offer bank funding through debit cards and wire transfers. W
Step 3: Pick a crypto to invest in.
Most active cryptocurrency traders allocate most of their capital to Bitcoin and Ethereum. These cryptos move more predictably than smaller altcoins, so trading with technical indicators can be easier.
Step 4: Choose a strategy.
There are a plethora of trading indicators to choose from, and most traders take multiple factors into consideration when buying and selling cryptocurrency.
Step 5: Store your cryptocurrency.
If you’re actively trading your cryptocurrency, you’ll have to store your funds on the exchange to have access to them. If you’re buying your cryptocurrency to hold for the mid to long term, then you should get a cryptocurrency wallet.
Cryptocurrency wallets come as software wallets or hardware wallets. Both are secure, but hardware wallets offer the best security, as they store your crypto on a physical device, offline.
I advice that before you start crypto trading, ensure that you make thorough research and findings before deciding the cryptocurrency to invest.
The views in this article are the writer’s own (Roselyn Brown), and does not reflect the opinion of The Clark Street Crew…