Cryptocurrency Price Check: Cardano, Coinbase, Morgan Stanley - TheStreet

Cryptocurrency Price Check: Cardano, Coinbase, Morgan Stanley - TheStreet
Ethereum Could Overtake Bitcoin, Messari Analyst Says - Yahoo Finance
The new global currency: cryptocurrency spending on the rise as transactions grow 300% in two years - Kitco NEWS
India to Propose Cryptocurrency Ban, Penalising Miners, Traders: Source - U.S. News & World Report

Posted: 20 Mar 2021 06:16 AM PDT

Jim Cramer shared his thoughts on the latest developments in the banking sector after Morgan Stanley (MS) - Get Report announced it was going to offer Bitcoin funds to wealthy clients. Cramer believes it's important for more banks to have cryptocurrency payments.

The crypto investment products will be made available via Morgan Stanley's capital distribution network.

Coinbase submitted plans to sell 114.9 million shares in a direct-listing initial public offering.

Bank of New York Mellon (BK) - Get Report joined several investment banks by participating in seed-capital rounds for crypto custody companies.

Looks like Coinbase could be the first of many crypto exchanges to explore an IPO after eToro announced it's heading to public markets with Kraken to follow.

JPMorgan (JPM) - Get Report put out a report saying volumes of institutional trading have fallen compared to that of retail investors.

For more in-depth coverage of cryptocurrency including investing recommendations and strategies, follow the Crypto channel on TheStreet.

Here is a list of some of the top cryptocurrencies to watch and their performance from this past week by the percentage change at around 9 a.m. Saturday, Mar. 20.

Bitcoin BTC | $59,180.01

Bitcoin's bull run continues rolling as it eclipsed all-time highs in recent weeks, hitting over $61,000, leading to more institutional investor interest this past month.

Ethereum ETH | $1,842.54

A change to the way Ethereum transaction fees are handled would reduce the circulating supply of Ether by July.

Cardano ADA | $1.27

Cardano became available on Coinbase this past week sending the price of the cryptocurrency higher, with it up over 21% over the last week.

Dogecoin DOGE | $0.059

Dogecoin is up over the past week and this past month TheStreet spoke with analyst Kenny Polcari about his problem with Dogecoin.

Binance Coin BNB | $270.17

The price of Binance Coin is up over 2% over the past week despite being down over 18% over the past month.

Litecoin LTC | $204.59

South African cryptocurrency exchange iCE3 halted withdrawals from Bitcoin and Litecoin this past week after finding "discrepancies", according to Coindesk.

XRP | $0.50

XRP continues its fight with the SEC about whether it's a currency that started this past December. The SEC is pushing to get personal financial information from Ripple executives, according to Bloomberg.

All cryptocurrency price performances are referenced and pulled from Coinbase.

Ethereum Could Overtake Bitcoin, Messari Analyst Says - Yahoo Finance

Posted: 19 Mar 2021 09:58 AM PDT

InvestorPlace

4 Crypto Mining Stocks To Buy Now To Gain Exposure to Cryptocurrencies

Crypto mining stocks have become fashionable lately, especially since they are generally seen as a substitute for owning cryptocurrency. So, instead of buying Bitcoin (CCC:BTC-USD) or Ethereum (CCC-ETH-USD), you can buy a crypto mining stock in the same way people buy gold mining stocks. They see those as an alternative to owning gold. One reason for this is the companies make revenue and have the ability to generate profits. Owning a cryptocurrency does not guarantee you any kind of revenue. Another reason is that a number of these crypto mining stocks have begun holding as well as buying their underlying cryptos. In the case of Marathon Digital Holdings (NASDAQ:MARA), the company does not convert its mined cryptos into dollars. It simply holds them on their balance sheet. A third reason is that a number of these companies now have very high gross margins. These windfall profits are due to a wide gulf between the costs of mining, even with heavy electricity costs and high hash rates, and the much higher price of Bitcoin and other cryptos. For example, some of these crypto miners have secured very favorable long-term electricity contracts with their local energy providers.InvestorPlace - Stock Market News, Stock Advice & Trading Tips 7 Retail Stocks That Are Far Too Close to Failing Therefore, the following four crypto mining stocks are worth considering. Here is the list: Riot Blockchain (NASDAQ:RIOT) Hive Blockchain Technologies (OTCMTKS:HVBTF) Hut 8 Mining Corp (OTCMKTS:HUTMF) Bit Digital (NASDAQ:BTBT) Let's dive into these stocks. Crypto Mining Stocks To Buy Now: Riot Blockchain (RIOT) Source: Shutterstock Market Capitalization: $4.25 billion Riot Blockchain is a digital currency mining company based in Castle Rock, CO, but its mining operations are in upstate New York. It also buys and sells digital currencies, and provides accounting, audit, and verification services for blockchain-based assets. Riot recently jacked up its mining capacity so that it can achieve an estimated hash rate capacity of 1.06 Exahash per second (EH/s). That is equal to one quintillion hashes per second, a number with 18 zeros behind the 1, or 1 billion billion hashes per second. In addition, with additional application-specific (ASIC) mining rigs, made specifically for Bitcoin mining, the company expects to reach 3.8 EH/s by October 2021. This should make it the largest or close to the largest Bitcoin miners in the world. Riot Blockchain just released its earnings update for 2020 on March 15. It produced 1,005 Bitcoin in 2020, and by February had produced 179 Bitcoins, 43% higher than Jan. 2021. This puts it on a run-rate, which is likely higher now, of 2,148 Bitcoins, or 113.7% higher than 2020. Let's assume a price of $58,000 per Bitcoin. That equates to a run-rate revenue of $124.58 million. Therefore, assuming it reaches a run rate of 250 BTC per month by October 2021, its revenue rate will be $14.50 million per month, or $174 million annually. As the company claims it will reach 4 EH/s by the end of the year, this could mean a substantially higher level. The earnings update did not release profit numbers, but we can assume that by the end of the first quarter of 2021, the company will be making significant profits. My estimate is that that it will make 90% gross margins. I suspect that the stock has the ability to at least double from here, as long as Bitcoin continues to provide huge windfall profits to Riot. HIVE Blockchain Technologies (HVBTF) Source: Shutterstock Market Cap: $1.3 billion Hive Blockchain is a Vancouver-based crypto mining company with operations in Canada, Sweden, and Iceland. The company produced earnings for its latest quarter ending Dec. 31 on March 2, showing that it generated $13.7 million. It mines both Ethereum (in Sweden and Iceland) and Bitcoin and has gross margins of 77%. Hive Blockchain makes about 20,000 Ether coins per quarter, which at today's rate of about $1,800 per Ether, equals $36 million. That puts it on an annualized run rate of $144 million in revenue. At its $1.3 billion market cap, that puts Hive stock at about 9 times revenue. 7 Stocks to Buy No Matter What the Treasury Yield Does Hive also announced a $100 million At-the-Market (ATM) equity capital raise, which it will use to repay debt and for corporate purposes. Look for the stock, which is also listed in Canada, to continue to move higher, as it is up about 100% year-to-date, especially as Ethereum rises. Hut 8 Mining Corp (HUTMF) Source: Shutterstock Market Cap: $962 million Hut 8 Mining stock is up about 173% year-to-date, not only because it is a profitable Bitcoin miner but also because it has a big Bitcoin portfolio. The company will announce its earnings results on Mar. 25 for the year ending Dec. 31. Hut 8 says it has one of the highest installed mining capacities in its class. It also says on its website that it has one of the highest installed capacity rates in the industry. It claims to be among the "top 5 largest holders of self-mined Bitcoin of publicly-traded companies in the world." A recent research report in Seeking Alpha on Hut 8 says it had, as of January 2021, 3,000 Bitcoins in its treasury. At $58,000 per BTC that equals $174 million. The company also says that it has raised $100 million in equity capital. The report in January said that Hut 8 stock was undervalued at the time. A new CEO and two new directors joined the company in November. The report said that the company had operations capable of producing 3.73 Bitcoin per day or 1,358 per year. At $58,000 per Bitcoin, that works out to revenue of about $78 million annually. It's too early to determine what the company's profitability really is, on an ongoing basis, without further information. Investors should read its March 25 earnings release carefully to see what its future value could become. However, I expect this to be an extremely positive report, so be prepared to see the stock move higher. Bit Digital (BTBT) Source: biggunsband / Shutterstock.com Market Cap: $822.6 million This is a relatively unknown U.S. and Chinese digital currency miner, but some analysts like this Bitcoin miner the most. For example, a recent Seeking Alpha report on March 10, indicates that it trades at a huge discount on a price-to-sales ratio compared to other miners. In addition, the company was producing 424.7 Bitcoins per month as of January. At $58,000 per BTC, that works out to $24.59 million, or $295.1 million annually. Given its $822.6 million market cap, this puts it roughly at a 3 times run-rate sales. The company has not yet produced its earnings for 2020, so look for more information from the company in order to determine its long-term value. But right now, with this information about its January operations, look for the stock to at least double, if not triple once the market realizes what its comp value is worth. But do be aware that the company recently released a press statement which it said it was providing in response to false allegations about the company's operations. This may be referring to a Seeking Alpha report in April 2020 (back when the company was known as Golden Bull Limited) citing questionable practices at the company. As always, buyer beware. These crypto mining stocks provide good exposure to digital currencies without having to buy the cryptos themselves. As Bitcoin and Ethereum hit peak prices, these companies are now making superior windfall gross margins, especially compared to their history. 7 Cheap Stocks Under $10 Several of them have raised enough cash to be able to fund their operations with their cash assets, which allows them to keep the Bitcoin they have mined as long-term marketable securities on their balance sheet. This provides an additional upside leveraged exposure into digital currencies for investors. On the date of publication, Mark R. Hake held a long position in Marathon Digital Holdings (MARA). Mark Hake writes about personal finance on mrhake.medium.com and runs the Total Yield Value Guide which you can review here. More From InvestorPlace Why Everyone Is Investing in 5G All WRONG It doesn't matter if you have $500 in savings or $5 million. Do this now. Top Stock Picker Reveals His Next Potential 500% Winner Stock Prodigy Who Found NIO at $2… Says Buy THIS Now The post 4 Crypto Mining Stocks To Buy Now To Gain Exposure to Cryptocurrencies appeared first on InvestorPlace.

The new global currency: cryptocurrency spending on the rise as transactions grow 300% in two years - Kitco NEWS

Posted: 19 Mar 2021 12:56 PM PDT

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(Kitco News) - Bitcoin continues to attract a lot of investor attention following its recent new high above $61,000; however, one company says that the cryptocurrency market is more than just a momentum trade with crypto spending on the rise.

According to a recent internal report from the world's largest crypto payment processor CoinPayments, from the first quarter of 2019 to the fourth quarter of 2020, the North American cryptocurrency market saw a 300% increase in transactions as more businesses and merchants embraced digital currencies.

"Cryptocurrencies continue to solidify their role in the global financial landscape. Consumers see real value in the market and are using them more and more in their daily lives," Jason Butcher, CEO of CoinPayments, told Kitco News. "We are seeing the start of what will be a bigger trend for cryptocurrencies."

CoinPayments' research shows that the top three transacted digital currencies in North America are Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC). Despite these three cryptocurrencies' dominance, the company also noted that transaction volume in Tether (USDT) had increased nine-fold in the last two years.

The latest rally in Bitcoin has pushed the digital currency's market capitalization to over $1 trillion. Meanwhile, CoinPayments said that total transaction volume for Bitcoin in North America rose to $153.65 million in the fourth quarter of last year.

Not only are transaction volumes on the rise, but average transaction sizes are also growing, which could imply that people have more trust in cryptocurrencies, according to Butcher.

When looking at the sectors that are attracting the most flows, the average crypto transaction size to pay for financial services totaled $531 in the fourth quarter of 2020, up 41% from the first quarter of 2019.

Many analysts have noted that Bitcoin is attracting a lot of investment demand as investors look for alternative assets to protect against the rising inflation threat. Some analysts have pointed out that Bitcoin's run - with more than 100% gains so far this year - has taken some luster away from gold, which is seen as a more traditional inflation hedge.

"Not only are cryptocurrencies effectively protecting your wealth, but consumers are able to use them as a global currency," Butcher said.

As the leader in the crypto space, Bitcoin has achieved some significant milestones. Not only has its market value reached $1 trillion, but earlier this year, it surpassed the market cap of the Dow Jones Industrial Average.

Mike McGlone, senior commodity strategist at Bloomberg Intelligence, said in a recent report that Bitcoin's surging value is just starting. He added that he sees the potential for Bitcoin to surpass Amazon in market value.

"Well, on the way to becoming a global digital reserve asset, there is plenty of potential for Bitcoin to reach a higher market cap than the single dominant company," McGlone said in the report.

India to Propose Cryptocurrency Ban, Penalising Miners, Traders: Source - U.S. News & World Report

Posted: 14 Mar 2021 05:09 PM PDT

[unable to retrieve full-text content]India to Propose Cryptocurrency Ban, Penalising Miners, Traders: Source U.S. News & World Report

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