Bitcoin Short Squeeze Puts Crypto Stocks Back in the Spotlight

Bitcoin Short Squeeze Puts Crypto Stocks Back in the Spotlight
Bitcoin Short Squeeze Puts Crypto Stocks Back in the Spotlight

VANCOUVER, B.C., July 29, 2021 /PRNewswire/ — USA News Group – Chinese’ regulators crackdown on Bitcoin mining and Elon Musk’s comments on BTCs environmental sustainability contributed to the highest number of short positions as bitcoin’s price fell dramatically by over 50% to a low of $28,893. However, Bitcoin and other digital assets are rebounding after rumors about big tech plays such as Apple joining the market. Bitcoin, for example, recorded a remarkable increase from last Sunday to Monday which saw it briefly top $40,000 for the first time since June. With the prices of digital assets increasing, investors are holding their breaths for a possible short squeeze. Meanwhile, stocks like Mobilum Technologies Inc. (CSE:MBLM) (OTC:TEXCF), Marathon Digital Holdings Inc. (NASDAQ:MARA), DMG Blockchain Solutions (TSXV:DMGI), Riot Blockchain Inc. (NASDAQ:RIOT), and Hut 8 Mining Corp (NASDAQ:HUT) are positioned to benefit from the rising value of digital assets.

Mobilum To Launch a Hosted On-Ramp and Off-Ramp Solution for Matic and Polygon –  Technology driven payment service provider, Mobilum Technologies Inc. (CSE:MBLM) (OTC:TEXCF) announced a memorandum of understanding to partner with Matic. The two companies will be partnering to develop a hosted on-ramp and off-ramp solution for Matic developers and users. Matic’s Polygon protocol and framework supports building and developing blockchain networks compatible with Ethereum. It provides the core components and tools to allow users to scale their decentralized applications.

Polygon combines the flexibility, sovereignty, and scalability of stand-alone blockchains with the developer experience, interoperability, and security of the Ethereum blockchain to create a fully-fledged multi-chain system. In addition to these features, Polygon is compatible with Ethereum’s existing tools and can exchange messages with Ethereum.

Billionaire Mark Cuban is one of the Polygon users already investing in the platform. In his own words, Mark Cuban describes Polygon as “the first well-structured easy-to-use platform for Ethereum scaling and infrastructure development.” Cuban also plans to integrate Polygon into Lazy.com, his platform that allows users to display their NFTs.

Users will be able to purchase MATIC (Polygon), MATIC (ERC-20) tokens, and USDC stablecoins using their credit card without having to set up an account on a cryptocurrency exchange.

The platform will also allow developers to integrate their Dapps with Mobilum’s fiat-to-crypto on-ramp solution to allow their users to purchase polygon tokens and other cryptocurrencies without leaving their DApps.

Mobilum is creating an off-ramp widget to enable Matic users to redeem their Polygon tokens and other cryptocurrencies for gift cards in over 80 different countries and more than 2,000 retail brands at zero fees. Matic developers will also be able to integrate the widget inside their DApp.

Mobilum expects to launch the hosted on-ramp solution and the beta off-ramp solution for Matic by the end of Q3 of 2021. 

Bitcoin Mining Companies Anticipate Increased Production

China’s crackdown on bitcoin mining was a brutal blow to miners who generated approximately half of the world’s bitcoin output. But this crackdown opened up opportunities for bitcoin mining companies in the US and Canada who are still operating at the same or an increased capacity before the crackdown. These companies are also expanding their operations to increase their mining capacity.

Bitcoin mining company Marathon Digital Holdings Inc. (NASDAQ:MARA) released its mining updates for June 2021, indicating an increase in the company’s bitcoin holdings to approximately 5,784 bitcoins after mining an additional 265.6 bitcoins. After June’s bitcoin production, the company’s fair market value was approximately $201.6 million. In the same month, Marathon also completed the construction of the remaining containers, which will house about two-thirds of the company’s miners at its Hardin facility.

Blockchain and cryptocurrency technology company DMG Blockchain Solutions (TSXV:DMGI) announced its investment in Black Box Manufacturing Inc., a company involved in the design and manufacture of electrical and mechanical enclosures for various industries including crypto mining. The company made a $30,000 passive investment for a 15% equity position with future rights to increase or exit. This investment empowers DMG to locally manufacture almost all of its mining infrastructure in addition to supplying mining infrastructure to other crypto miners in North America. DMG’s CEO cites this investment in Black Box as being key to the company’s strategy to add more crypto mining locations, especially now that miners are seeking to move operations from Asia.

Riot Blockchain Inc. (NASDAQ:RIOT) also released its productions and operations updates for June 2021. In the release, Riot Blockchain produced 243 BTC compared to 48 BTC in June 2020, recording a 40% increase in production and bringing the company’s total bitcoin holdings to 2,243 BTC in June 2021. Riot is also expanding its Whinstone facility, which is expected to provide critical capacity for Riot to set up its mining hardware and expand its hosting business to accommodate third-party bitcoin miners. The company expects to complete the first phase of the expansion in Q1 2022 and the rest of it in Q2 2022.

Hut 8 Mining Corp (NASDAQ:HUT), one of North America’s largest digital asset miners provided a corporate update indicating that the company has executed a $44.373 million purchase of  11.090 MicroBT M30S, M30S+, and M31S miners from SuperAcme Technology. The company expects to receive the miners beginning October 2021 and complete full deployment by December 2021. The company expects to have a production capacity of 1.081 E/H upon full deployment of the miners.

Cryptocurrencies have been under global scrutiny for the last few months, with prices rising and falling due to changes including comments from celebrities. However, despite the global scrutiny, investors anticipated a short squeeze which propelled the price of bitcoin and other cryptocurrencies and cast a bigger spotlight on fintech companies like Mobilum Technologies Inc. in the spotlight.

For more information about Mobilum Technologies Inc. (CSE:MBLM) (OTC:TEXCF), click here.

Article Source: 

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