Aug 12, 2021 Edwin Ngarari

Crypto Price Boom Sends Entire Crypto Market to New Heights

crypto price

After the recent crypto price slump driven by a string of negative news, it appears that things are finally taking a turn for the better. The top cryptocurrency bitcoin had touched a monthly low of about $28,908 back in June but the price has made a strong rebound to $50,000 on the backdrop of increased trading volumes across the major cryptocurrencies. As a matter of fact, the surging momentum witnessed in Ethereum, meme-based cryptocurrency Dogecoin, BNB and XRP has resulted in the addition of at least $300 billion in the crypto market over the past week alone. According to recent blockchain data from Glassnode, institutional investors are also taking cryptocurrencies more seriously as illustrated by a 10% rise in Bitcoin’s on-chain transaction volume with values of at least $1 million since the beginning of August. As the crypto price boom sends the entire market to new heights, companies like Hello Pal International Inc. (CSE:HP) (OTC:HLLPF), Spotlite360 Technologies Inc. (CSE:LITE) (OTC:SPLTF), Square, Inc. (NYSE:SQ), Bit Digital, Inc. (NASDAQ:BTBT) and Bitfarms Ltd. (NASDAQ:BITF) couldn’t be in a better position to capitalize on this trend.

Betting On New Features To Catalyze Growth

As crypto prices continue to regain lost ground, it is becoming clear that crypto companies investing in new features will be able to catalyze growth. For instance, Hello Pal International Inc. (CSE:HP) (OTC:HLLPF), which provides an international live-streaming, language learning and social-crypto platform, expects to launch its crypto-focused app in the next couple of months. The company’s Crypto Pal app will be a stand-alone app that serves to enhance the Live Streaming service and entire Hello Pal Platform. Its most fundamental feature will be its digital wallet, which it expects will facilitate the first crypto experience by most of its users.

In addition to this, depending on how cryptocurrency mining regulations evolve in relevant parts of the world, Hello Pal International Inc. expects Crypto Pal to eventually allow users to mine cryptocurrency too.

“We are very excited with this unique opportunity to integrate cryptocurrency with our existing international live streaming community with the upcoming launch of Crypto Pal,” said Adega Zhou, Hello Pal International President. “The ability to transfer value between users across international borders in an easy and efficient way is something that will greatly benefit our users and our entire platform.”

So far Hello Pal has had an impressive year, considering that it raked in at least C$2.5 million per month over the last four consecutive months. In June the company revealed that it had booked a record C$2.8 million in revenue with crypto-mining gross margin for the period coming in at 73% during the crypto price boom, far outpacing livestream gross margin for the period of 8%. 

Other crypto companies are taking a different approach to spur growth instead of adding new features. Logistics technology company Spotlite360 Technologies Inc. (CSE:LITE) (OTC:SPLTF) is currently in the process of commercializing its suite of technologies utilizing blockchain for supply chains in a wide range of industries. More specifically the company intends to begin by targeting agriculture supply chains, which have faced significant challenges in recent years. Spotlite360 will leverage its technology to monitor the movement of inventory with immutable records resulting in a number of benefits to users such as full visibility into the shipment journey and ascertaining proof of origin since certain food categories are subject to a high burden of proof with respect to the product’s origin allowing the products to increase their retail price significantly.

In August, payments services company Square, Inc. (NYSE:SQ) announced plans to acquire AfterPay, the global ‘buy now, pay later’ (BNPL) platform. Afterpay will benefit from Square’s large customer base of more than 70 million annual active Cash App customers and millions of sellers, expanding Afterpay’s reach and growth both online and in-person. At the same time, Afterpay users will receive the benefits of Cash App’s financial tools, including money transfer, stock and Bitcoin purchases, Cash Boost, and more.

Surging Crypto Price Bodes Well For Miners As They Continue To Expand Operations 

Crypto companies choosing to expand their operations couldn’t have picked a better time considering the rising crypto price and Bit Digital, Inc. (NASDAQ:BTBT) appears to reaffirm this by its recent corporate update. The company entered into a second strategic co-mining agreement with Digihost Technology Inc. for the operation of a 100 MW Bitcoin mining system to be delivered by Bit Digital for a term of two years. The collaboration between the two companies is expected to facilitate an additional increase in hashrate of approximately 2 Exahash between the companies. 

Meanwhile, Bitfarms Ltd. (NASDAQ:BITF), which currently powers approximately 1.5% of the Bitcoin network, revealed that it is on track to negotiate substantial price reductions on its existing hardware purchase agreements for the 55,300 miners scheduled for delivery through the remainder of 2021 and 2022. Once fully deployed the company expects to reach 8 Exahash of computing power which should further strengthen its position as the leading publicly listed miner in North America. According to its production update, the company nearly doubled its bitcoin production from 199BTC in January to 391BTC by July this year.

Since acquiring 12,500 mining rigs for the purpose of mining Dogecoin and Litecoin,  Hello Pal International has also continued to scale up mining operations with the mining operations’ current gross profit margin at 73%. 

For more information about Hello Pal International, please visit this link.

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Featured Image: Megapixl © Dalebor86


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Disclosure:

1) The author of the Article, or members of the author’s immediate household or family, do not own any securities of the companies set forth in this Article. The author determined which companies would be included in this article based on research and understanding of the sector.

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6) This document contains forward-looking information and forward-looking statements, within the meaning of applicable Canadian securities legislation, (collectively, “forward-looking statements”), which reflect management's expectations regarding Hello Pal International Inc.’s future growth, future business plans and opportunities, expected activities, and other statements about future events, results or performance. Wherever possible, words such as “predicts”, “projects”, “targets”, “plans”, “expects”, “does not expect”, “budget”, “scheduled”, “estimates”, “forecasts”, “anticipate” or “does not anticipate”, “believe”, “intend” and similar expressions or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative or grammatical variation thereof or other variations thereof, or comparable terminology have been used to identify forward-looking statements. These forward-looking statements include, among other things, statements relating to: (a) revenue generating potential with respect to Hello Pal International Inc.’s industry; (b) market opportunity; (c) Hello Pal International Inc.’s business plans and strategies; (d) services that Hello Pal International Inc. intends to offer; (e) Hello Pal International Inc.’s milestone projections and targets; (f) Hello Pal International Inc.’s expectations regarding receipt of approval for regulatory applications; (g) Hello Pal International Inc.’s intentions to expand into other jurisdictions including the timeline expectations relating to those expansion plans; and (h) Hello Pal International Inc.’s expectations with regarding its ability to deliver shareholder value. Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this document including, without limitation, assumptions about: (a) the ability to raise any necessary additional capital on reasonable terms to execute Hello Pal International Inc.’s business plan; (b) that general business and economic conditions will not change in a material adverse manner; (c) Hello Pal International Inc.’s ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; (d) Hello Pal International Inc.’s ability to enter into contractual arrangements with additional Pharmacies; (e) the accuracy of budgeted costs and expenditures; (f) Hello Pal International Inc.’s ability to attract and retain skilled personnel; (g) political and regulatory stability; (h) the receipt of governmental, regulatory and third-party approvals, licenses and permits on favorable terms; (i) changes in applicable legislation; (j) stability in financial and capital markets; and (k) expectations regarding the level of disruption to as a result of CV-19. Such forward-looking information involves a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of Hello Pal International Inc. to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation: (a) Hello Pal International Inc.’s operations could be adversely affected by possible future government legislation, policies and controls or by changes in applicable laws and regulations; (b) public health crises such as CV-19 may adversely impact Hello Pal International Inc.’s business; (c) the volatility of global capital markets; (d) political instability and changes to the regulations governing Hello Pal International Inc.’s business operations (e) Hello Pal International Inc. may be unable to implement its growth strategy; and (f) increased competition.

Except as required by law, Hello Pal International Inc. undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future event or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. Neither does Hello Pal International Inc. nor any of its representatives make any representation or warranty, express or implied, as to the accuracy, sufficiency or completeness of the information in this document. Neither Hello Pal International Inc. nor any of its representatives shall have any liability whatsoever, under contract, tort, trust or otherwise, to you or any person resulting from the use of the information in this document by you or any of your representatives or for omissions from the information in this document.

7) Any graphs, tables or other information demonstrating the historical performance or current or historical attributes of Hello Pal International Inc. or any other entity contained in this document are intended only to illustrate historical performance or current or historical attributes of Hello Pal International Inc. or such entities and are not necessarily indicative of future performance of Hello Pal International Inc. or such entities.