#CryptoCorner #Podcast 559: #Stocks discussed: (NasdaqGS: $PYPL) (TSX: $GLXY.TO) (TSXV: $CSTR.V)
#Bitcoin Rallies as PayPal Announces Checkout with #Crypto, Galaxy Digital Reports 2020 Financials, and CryptoStar Renegotiates Equipment Purchase Agreement
Point Roberts, WA, Delta BC March 30, 2021 - Investorideas.com, a leader in crypto and blockchain investing news brings you today’s edition of theCrypto Corner podcast and commentary on what’s driving cryptocurrency stocks and the crypto market.
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Bitcoin (BTC) is on the move again this morning, having reached a peak trading price of roughly $59,450, according to data from CoinMarketCap. Bitcoin has been on a mostly steady upward trajectory since last Thursday (March 25), and is now once again in the neighbourhood of its all-time high trading price of about $61,680, reached on March 13, 2021.
This bullish movement from Bitcoin is likely, at least in part, a reaction to news from PayPal (NasdaqGS:PYPL) announcing the launch of Checkout with Crypto. According to the press release, this is a new feature enabling customers with cryptocurrency holdings in the U.S. “to check out with crypto seamlessly within PayPal at checkout,” and is available at millions of global online businesses. PayPal’s President and CEO, Dan Schulman, said:
“As the use of digital payments and digital currencies accelerates, the introduction of Checkout with Crypto continues our focus on driving mainstream adoption of cryptocurrencies, while continuing to offer PayPal customers choice and flexibility in the ways they can pay using the PayPal wallet. Enabling cryptocurrencies to make purchases at businesses around the world is the next chapter in driving the ubiquity and mass acceptance of digital currencies."
Galaxy Digital Holdings Ltd. (TSX:GLXY) has reported financial results for itself and Galaxy Digital Holdings LP for the year ended December 31, 2020. Highlights include a net comprehensive income increase for 2020 of 1,396 percent to $385.5 million, from $25.8 million in the previous year. Galaxy Digital’s Founder and CEO, Michael Novogratz, announced that the company is “actively preparing for a U.S. listing in the second half of 2021.” He went on to say:
“We believe our industry is at an inflection point as we participate in a once in a lifetime secular shift into cryptocurrencies as an institutionalized asset class. Galaxy Digital is committed to leading our clients and the industry through this transformation."
CryptoStar Corp. (TSXV:CSTR) has renegotiated an equipment purchase agreement with a Hong Kong-based company to acquire a combination of GPU and ASIC miners. The company has also purchased additional mining Hashrate from additional suppliers. CryptoStar President and CEO, David Jellins, commented on the news:
"We are delighted to be adding self-mining Hashrate using this highly sought-after GPU and ASIC mining equipment. We are looking forward to taking delivery of the additional GPU and ASIC miners from our Vendor and from our additional suppliers. We are also looking forward to self-mining on a larger scale as we continue to add further self-mining Hashrate throughout the remainder of 2021 and beyond. The Company has transitioned from a self-mining, Bitcoin only, company to a self-miner of both Bitcoin and Ethereum and CryptoStar is now able to host in Alberta, Canada for cryptocurrency mining customers from around the globe at amongst the lowest power rates available in North America."
Sam Mowers, Investorideas
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