Crypto Price Boom Sends Entire Crypto Market to New Heights

NEW YORK, Aug. 17, 2021 /PRNewswire/ -- After the recent crypto 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) (OTCQB: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) (OTCQB: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%, 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 prices bodes well for miners as they continue to expand operations

Crypto companies choosing to expand their operations couldn't have picked a better time 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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The Article and content related to the profiled company represent the personal and subjective views of the Author (MSC), and are subject to change at any time without notice. The information provided in the Article and the content has been obtained from sources which the Author believes to be reliable. However, the Author (MSC) has not independently verified or otherwise investigated all such information. None of the Author, MSC, FNM, or any of their respective affiliates, guarantee the accuracy or completeness of any such information. This Article and content are not, and should not be regarded as investment advice or as a recommendation regarding any particular security or course of action; readers are strongly urged to speak with their own investment advisor and review all of the profiled issuer's filings made with the Securities and Exchange Commission before making any investment decisions and should understand the risks associated with an investment in the profiled issuer's securities, including, but not limited to, the complete loss of your investment. FNM was not compensated by any public company mentioned herein to disseminate this press release but was compensated twenty five hundred dollars by MSC, a non-affiliated third party to distribute this release on behalf of Hello Pal International Inc.

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