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Stocks, Exchanges and COVID-19: 5 Things to Watch in Bitcoin This Week

Worries over a second wave of coronavirus are driving stocks down, with Bitcoin circling three-week price lows.

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Canaan Sees Over 75% Decline in Net Revenue in Q3 as Bitcoin’s Price Surge

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Chinese Bitcoin mining firm Canaan has recorded a loss in yet another quarter but is showing positive signs of a recovery as share price and market capitalization spikes. Following a disappointing initial public offering (IPO) last year and declining inventory sales, the company has seen the balance of power shift considerably to major competitors MicroBT and Bitmain.

$12.7 Million Loss for Q3 2020

Bitcoin miner maker Canaan has reported a 75.7% year-on-year (YOY) decline in net revenue as part of its Q3 2020 financials published on Nov. 30. In the report, Canaan revealed that its net revenue for the period was $24 million, which also amounts to an 8.5% reduction from the earnings recorded in the previous quarter.

Following the significant drop in quarter-on-quarter (QOQ) net revenue, it is unsurprising to see Canaan post another quarterly net loss in 2020. According to its Q3 2020 financials, the bitcoin mining chip maker recorded a net loss of $12.7 million, compared to a $2.5 million loss in Q2 2020 and $14.3 million in Q3 2019.

Commenting on the firm’s Q3 financial performance, Nangeng Zhang, Canaan’s CEO and Chairman said:

“During the third quarter of 2020, we remained undeterred by the pandemic to strengthen our research and development capabilities, expand our AI business, and execute new business initiatives. By leveraging our enhanced R&D capabilities in the third quarter, we launched our A1246 product series, which continues to lead the industry with its energy efficiency, computing power, and unit cost.”

Canaan Market Cap on the Rise

Net loss aside, Canaan has been recording some positives in the latter part of 2020. Indeed, the company’s market capitalization has more than tripled from $300 million in September to about $900.8 million as of press time.

Canaan’s share price has also been on a tear in recent months, rising over 200% within the same period. With one-third of Q4 remaining, the company’s stock has risen over 170%. Maintaining the current price action could see the Bitcoin miner manufacturer’s stock price challenge its IPO float price of $9, which incidentally is its all-time high share price.

Tweeting on Canaan’s Q3 performance, @WuBlockchain identified rising inventory sales and the release of the company’s A1246 miners are contributing factors to the firm’s recent resurgence.

Canaan was also among a group of Chinese mining hopefuls looking to float IPOs in the last couple of years. However, Canaan’s offerings fell short of the mark, failing to even realize a quarter of the $400 million estimate.

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Source: https://cryptopotato.com/canaan-sees-over-75-decline-in-net-revenue-in-q3-as-bitcoins-price-surge/

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Ethereum Prices Return to $620 Resistance on ETH 2.0 Launch Day

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Today marks the long-awaited genesis of Phase 0 in the Ethereum 2.0 upgrade roadmap which stretches ahead for the next couple of years. According to the Beacon Chain countdown, there is now less than seven hours to go before the genesis event spawns the first block on the new chain.

The Beacon Chain explorer reports that there is currently 872,000 ETH staked which equates to approximately $525,000 at today’s prices.

No Native Scaling For a Year

The excitement over the launch is palpable but many are still unaware that the new blockchain will not actually function as anything other than providing staking rewards to validators. All of the smart contracts, dApps, and transactions will continue as usual on the original ETH 1.0 chain.

Researchers at Messari Crypto pointed out;

“When the Beacon Chain launches tomorrow, outside of bootstrapping a network of proof of stake validators, it will have little functionality.”

This also means that there will still be issues with high gas prices when the existing network comes under heavy load which is bound to happen over the next year if DeFi momentum continues and the space evolves even more.

Phase 1 will introduce scaling through sharding, which will introduce 64 parallel side chains to take the load off the main chain and increase throughput. This is unlikely to occur for at least another year from today, and even then ETH 1.0 and 2.0 will operate independently until Phase 1.5 merges them together sometime in 2022.

Either way, the Ethereum community is hyped up over the event which is the culmination of five years of research and development for the world’s largest smart contract and decentralized application network. In his latest Bankless newsletter, David Hoffman aptly said;

“We were born too late to explore the globe, too early to explore the galaxy, but we were born at the perfect moment to explore the infinite whitespace of Ethereum 2.0.”

Ethereum Prices at Resistance

Ethereum prices have returned to their June 2018 price high of $620 just hours before the launch. This level appears to have formed a double top and heavy resistance zone as it did in early 2018. A next leg up could take prices to $800 where further resistance lies, but on the downside, support can be found at around $520.

At the time of press, ETH prices had retreated a little to trade at $605 but the momentum and potential is still with it.

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Source: https://cryptopotato.com/ethereum-prices-return-to-620-resistance-on-eth-2-0-launch-day/

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6 Reasons it’s Worth Taking the Risk of Investing in Cryptocurrency

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When it comes to cryptocurrencies, which have been continuously raging for the past few years, many people are eager to make investments in the crypto sector and reap great benefits from it. But despite its huge prominence, the crypto industry is also known for its volatile nature, making it a risky business sphere for many investors.
So, is it worth investing in the crypto business? Why one should consider investing in it? What are its benefits? And what is the future of cryptocurrencies?
In order to find out the answers, you need to look at this article where the experts at a prominent cryptocurrency wallet development company have listed some good reasons –

Why Investing in the Crypto Business is a Worth Taking Risk?

Since the inception of Bitcoin, cryptocurrencies have been consistently booming, talk of the town for the last decade. However, a big number of investors still look at them with caution. Of course, investing in cryptocurrency is risky – just like any other investment which has high potential returns, but there are some crystal clear benefits, which are listed below by a leading cryptocurrency development company. Have a look:

  • Huge Potential Returns on Investments

First thing first – cryptocurrencies have been around for merely a decade, but are pronounced to be much more profitable than most of the other investments. They tend to show wide changes in their prices but still have huge potential returns. For example, the average return you can expect from your initial capital for Bitcoin is over 860%. Isn’t that fantastic? .

  • High Liquidity to Sell and Buy Assets

One particular attribute that makes crypto worth its investment is its high liquidity. Unlike any other investment where your capital can be locked up for years, you can buy or sell cryptocurrencies on the fly. Cryptocurrency development services and trading platforms use an array of tools and tactics to maintain the liquidity of the business. Thus, you won’t feel like you’re stuck to purchase or sell an asset.

  •  No Central Authority

One of the most notable benefits of investing in cryptocurrencies is that your money remains yours alone. This means you have a great level of independence that no other form of currency or system can provide. For instance, if you keep your money in a bank account, your access can be denied at any moment by the central authority such as governments. Also, banks can be robbed and can go bankrupt. But this is not the case with cryptocurrencies. No need to rely on financial institutions for holding or transferring your money. Speaking in the long run, this independence becomes the basis of a decentralized economy.

  •  Heightened Transparency in the Business

Most of the cryptocurrencies are transparent in nature with their undertakings. They provide ample information in their whitepaper including the roadmap, team members, regulations, technologies, etc. On top of being a transparent form of currency, cryptocurrencies also come with the boon of having a highly secure characteristic. This leads us to the next significant reason for investing in cryptocurrencies.

  •  Blockchain-Enabled Currencies

The world has evolved in terms of technological advancements. Its biggest testament is the incorporation of blockchain technology in cryptocurrencies. Just because of the immutable blockchain technology, cryptocurrencies are highly secure, transparent, and decentralized. Both are in for the long game and will give us more real-world applications like cryptocurrency wallet development services in the days to come.

  •  Cryptocurrencies are the Future

Chances are very high that you will certainly use cryptocurrencies in the future if you haven’t used one yet. Why? Well, because more and more people are getting involved in the crypto industry, popping up in diverse domains of business. Additionally, due to the economic slowdown caused by the COVID-19 pandemic, people have started to realize that shifting from stocks to cryptos could be a very fruitful idea for them. Thus, it is quite safe to state that cryptocurrencies will be a viable currency in the future.


Concluding Thoughts

You see, cryptocurrencies carry an immense potential to create a new payment system as well as an investment source worldwide. Same as other potentially high-return investments, cryptocurrencies come with some particular risks – but believe me, the degree of independence they offer is above every flaw. Crypto is for the people who have the courage to stop thinking about the risks and start achieving great heights by making investments.

So, if you can afford it – don’t be afraid to invest in crypto now. Sooner or later it is going to transform the way we look at the world today.


Summary: Planning to invest in cryptocurrency? Want to know how good this idea is? Have a look at this writing piece where we have discussed 6 good reasons for investing in the crypto business.


AUTHOR BIO: Vin Boris is a Social Media Marketer and Content Writer at SteemExperts.com, a Blockchain and Steem currency based development, consulting, and marketing firm. Vin Boris has been Outshining in Blockchain Tech. the industry for more than 10 years.

 

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