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​Tech 5: NVIDIA Reveals New AI Products, Cryptos Pull Back, Apple Faces Lawsuit

2 years 6 months ago
After a two-week hot streak, the price of cryptocurrencies experienced a modest pullback as outflows of Bitcoin continue and spot Ethereum ETFs seem less likely. Meanwhile, Nvidia's hotly-anticipated GPU Technology Conference delivered a host of new, innovative technology, including a project for building humanoid robots, and Apple shares pulled back after the Department of Justice filed a lawsuit, accusing the tech giant of anticompetitive behavior.Stay informed on the latest developments in the tech world with the Investing News Network's weekly round-up. 1. Market performance The tech-heavy Nasdaq closed at a new record high on Friday (March 22) after the Federal Reserve held rates and maintained its forecast for three rate cuts following the most recent policy meeting on Wednesday. Shares of Microsoft (NASDAQ:MSFT) peaked at US$429.83 on Thursday, a 3.75 percent difference from its opening price of US$414.31 on Monday. Meta (NASDAQ:META) reached its highest valuation so far this month that same day, touching US$515 at market open before falling slightly, ending the week at US$509.58. Amazon’s shares traded around US$175 during the first half of the week before rising on the Fed news to over US$180 on Thursday. It remained elevated at the close of trading Friday at a price of US$178.87. Alphabet experienced some volatility leading up to the Federal Reserve’s policy meeting but didn’t see the same sharp uptick as many of the other mega-cap tech stocks. And, after three weeks in a downtrend, Tesla (NASDAQ:TSLA) stock finished the week 0.53 percent higher to close at US$170.83.Apple’s share price was the only one of the major tech stocks to have fallen overall this past week, dropping by 2.74 percent since Thursday morning following the antitrust lawsuit filed by the DoJ. Nvidia is unsurprisingly the biggest winner of the mega-cap tech stocks this week, closing 4.31 percent higher despite a sharp drop both in the lead up to and following the GTC Conference on Monday. 2. Crypto's mild week After last week’s surge, Bitcoin experienced a moderate drop-off over the weekend, starting the week 7.5 percent lower at US$68,437 on Monday (March 18) compared to its record high of US$73,580 on March 14. Its valuation continued to fall, dropping as low as US$61,494 just before midnight on Tuesday (March 19). By the end of Wednesday (March 20), it had mostly recovered, reaching US$67,883. Bitcoin was trading at US$63,117 as of 4:00 p.m. PST on Friday (March 22).Ethereum followed a similar pattern, hitting a high of US$3,566 on Thursday (March 21) after starting the week at US$3,626, 12.24 percent lower than its US$4,070.60 on March 11. Ethereum’s lowest valuation was US$3,107 on Tuesday. It’s currently trading at US$3,297 as of 4:00 p.m. PST. According to trader and economist Alex Kruger, reasons for the “crash,” from most to least important, include too much leverage, waning optimism that the US Securities and Exchange Committee will approve spot Ethereum ETFs, Bitcoin ETF outflows and inflated valuations. 3. Nvidia GTC Conference delivers Nvidia (NASDAQ:NVDA) CEO Jensen Huang kicked off his company’s GPU Technology Conference (GTC) on Monday with a keynote presentation during which he unveiled his company’s lineup of new artificial intelligence (AI) chips and software for running AI models, the Blackwell architecture. Alluded to for the first time in October 2023 as part of the company’s developmental roadmap, Blackwell was rumored to be Nvidia’s most capable graphics processing unit (GPU) yet. During the two-hour presentation, Huang outlined Blackwell’s capabilities and how the company is poised to lead the “new industrial revolution” with its hardware and software. The Blackwell GPU, manufactured by the Taiwan Semiconductor Manufacturing Company (NYSE:TSM), is the world’s first multi-die chip specifically designed for AI applications, with two large dies connected by cables to form one large GPU. In a computer chip, a die refers to the semiconductor material, usually silicon, that houses the transistors, resistors, capacitors and other elements that carry out the tasks the chip was designed for. The Blackwell platform consists of Nvidia’s B200 Tensor Core GPUs and the GB200 Grace Blackwell Superchip, a powerful processor that connects the two CPUs to the Nvidia Grace CPU over an ultra-low-power NVLink chip-to-chip (C2C) interconnect. Nvidia developed C2C to allow high-speed communication between different chips within a single processor. With the increased processing power, AI companies will be able to train bigger and more complex models.Nvidia also introduced Nvidia AI Enterprise 5.0, which offers dozens of generative AI microservices that will help businesses create and establish their own applications on their own platforms, giving them full ownership rights over their intellectual property. Developers can run their models on their own servers or on cloud-based Nvidia servers and are charged based on usage. The microservices offered by 5.0 include the new Nvidia Inference Microservices, which will make it easier to deploy AI and run programs, including on older versions of Nvidia GPUs. Finally, the keynote concluded with a presentation of Project GR00T, or Generalist Robot 00 Technology, a foundation model that will provide natural language understanding and imitative learning for humanoid robots. The initiative is powered by a new Nvidia computer for humanoid robots called Jetson Thor, which is available for developers through the company's upgraded Isaac Robotics Platform. 4. Nvidia to build humanoid robots “The Chat GPT moment for robotics may be right around the corner,” Nvidia CEO Jensen Huang said as he revealed a new innovative project at GTC. Project GR00T is a general-purpose foundation model of humanoid robots, what Huang called “embodied AI,” built on a new computer called Jetson Thor. Jetson Thor is based on the newly designed Nvidia Thor system-on-a-chip, which itself is built on the Blackwell architecture and an upgraded Isaac robotics platform. As Huang pointed out, “Building foundation models for general humanoid robots is one of the most exciting problems to solve in AI today.” One obstacle he identified was the difference between large language model reinforcement learning on a computer and reinforcement learning with physical feedback. “We need a simulation engine that represents the world digitally for the robot so that the robot has a gym to go learn how to be a robot,” he said. “We call that virtual world Omniverse.”Nvidia Omniverse bridges the gap between the digital and physical worlds. By creating digital twins in Omniverse, developers can simulate real-world scenarios to test robot behaviors and optimize designs before physical implementation. Other tools to facilitate robot learning are the Isaac Lab, a robotic simulation platform for reinforcement learning powered by Omniverse; and OSMO, a compute orchestration service that helps developers scale their workloads across a distributed environment for scheduling multi-stage workflows. 5. Apple fined by DoJ and 16 states The US Department of Justice (DoJ), joined by 16 other state and district attorneys general, filed a major antitrust lawsuit against Apple (NASDAQ:AAPL) in New Jersey on Thursday alleging that the tech giant has engaged in anticompetitive practices to maintain its dominant position in the smartphone market. The lawsuit claims that Apple has stifled competition, suppressed innovation and inflated prices by restricting the ability of smaller companies to offer competing applications and services from its iOS platform, thereby making it more difficult for users to switch to other devices. The government argues that Apple’s actions violate antitrust laws and harm both consumers and smaller competitors. The lawsuit seeks remedies that could potentially include breaking up Apple, although the specific outcomes will depend on the court’s decision. This legal action marks a significant escalation in the ongoing regulatory scrutiny of Big Tech, and follows similar litigation against both Amazon (NASDAQ:AMZN) and Alphabet’s (NASDAQ:GOOGL) Google last year. Overseas, Apple was issued a 2 billion euro fine by the European Commission on March 4 after the court ruled that Apple had broken the bloc’s antitrust laws by favoring its music streaming service, iTunes, over competitors. US President Joe Biden has made this issue a priority as well, launching a task force on March 5 jointly led by the DoJ and the Federal Trade Commission to strictly enforce antitrust laws and crack down on unfair corporate pricing. Don't forget to follow us @INN_Technology for real-time news updates!Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
Investing News Network

Bitcoin Sets New Price Record, Surpasses Market Cap of Silver

2 years 6 months ago
Bitcoin has hit a new milestone, surpassing the US$72,000 mark in the early hours of Monday (March 11).The world’s leading cryptocurrency has surpassed analysts' expectations quite a few times over the last two weeks, steadily rising as anticipation of the Bitcoin halving builds and as more investors gain exposure to the popular cryptocurrency through spot Bitcoin exchange-traded funds (ETFs), which were recently approved in the US. “Major financial institutions are now actively involved in holding and trading BTC, catering to high-net-worth clients, thereby enhancing the significance and acceptance of digital assets within the financial industry," said research analyst Matteo Greco of Fineqia International (CSE:FNQ) in an emailed note."Following the introduction of ETFs, the market promptly experienced increased liquidity and trading volumes, indicating greater capital efficiency. This is further underscored by the notable increase in the average size of BTC transactions during 2024, reflecting heightened institutional activity in the market," he added. Since spot Bitcoin ETFs were approved on January 10, Bitcoin has risen approximately 57 percent, according to data gathered from CoinDesk. The CoinDesk 20 Index (INDEXNYSEGIS:CDI20) has risen as well, jumping about 50 percent since the approval. Not only that, but the notional open interest in the Chicago Mercantile Exchange's Bitcoin futures market rose past US$10 billion for the first time on Monday, bringing it above the market cap of over 25 other cryptocurrencies. According to CoinDesk, the Web3 community LondonCryptoClub has pegged Bitcoin’s most recent surge to the news that the London Stock Exchange will begin accepting applications for Bitcoin and Ether exchange-traded notes (ETNs) in Q2, as well as to low trading volumes and illiquidity in the Asian cryptocurrency market. The Asian session is typically the first major market to open, and price movements there can influence sentiment and trading activity in other regions.While last week’s Bitcoin price surges were followed by swift retreats, with some retractions occurring within just 30 minutes, the most recent market activity has exhibited reduced volatility, demonstrating a more tempered and less erratic price movement. This is indicative of investors' confidence and continued institutional interest in Bitcoin. This morning, Michael Saylor, a well-known Bitcoin commentator and the founder of tech company MicroStrategy (NASDAQ:MSTR), told CNBC’s Squawk Box that he believes that Bitcoin’s popularity will only grow, eventually diverting investments away from gold and coming to be viewed as a safer alternative to other risky assets. Furthermore, Saylor predicted that investor interest in Bitcoin ETFs could eventually surpass that of conventional ETFs, such as the SPDR S&P 500 ETF Trust (ARCA:SPY), which tracks the S&P 500 (INDEXSP:.INX). He also forecast that Bitcoin will be integrated as an asset class within regular ETFs, not just those exclusively focused on cryptocurrencies.Indeed, BlackRock (NYSE:BLK) is reportedly considering adding Bitcoin exchange-traded products (ETPs) to its Global Allocation Fund, a managed fund with a diverse range of assets spanning global equities and money market securities. A filing with the US Securities and Exchange Commission shows that on March 7, amendments were made to BlackRock's original August 2023 filing. BlackRock also filed an amendment to include spot Bitcoin ETPs in its Strategic Income Opportunities Fund on March 4. This fund is described as having a "flexible bond strategy." In keeping with Saylor’s stance on Bitcoin’s long-term potential, MicroStrategy purchased 12,000 Bitcoin, worth an estimated US$821.7 million, after completing a US$800 million offering of 0.625 percent convertible senior notes. MicroStrategy is now ahead of BlackRock in terms of holdings, with 205,000 Bitcoin against BlackRock’s 195,985. Along with increased institutional interest, Cointelegraph has also reported that Google Trends data suggests retail traders have taken a renewed interest in crypto assets, with online searches for Bitcoin rising in tandem with the number of addresses with at least US$10 worth of Bitcoin. In the context of Bitcoin, an address is a unique identifier that represents a possible recipient — or destination — for a Bitcoin transaction. Also benefiting from the crypto boom, Ether surpassed the US$4,000 threshold, and shares of Coinbase (NASDAQ:COIN), the biggest US cryptocurrency exchange, surged 5.8 percent last Friday (March 8), closing at US$256.62. This marked the platform’s highest valuation since December 2021 and was slightly above the company's original listing price of US$250. Over the past 24 hours, Bitcoin has recorded a 4.32 percent increase, reaching US$72,349.80 and surpassing silver in terms of market capitalization. This upward trend has been consistent, with the leading cryptocurrency demonstrating a one year surge of 199.1 percent and a year-to-date increase of 63.75 percent at the time of this writing. Over the past week alone, Bitcoin has experienced a 13.4 percent rise, contributing to its impressive overall growth.As the crypto market continues to witness remarkable growth, experts like Max Keiser remain optimistic about Bitcoin's future prospects — the advocate tweeted, “#Bitcoin will 100 percent catch Gold. $750,000 is a done deal." As Bitcoin surpasses yet another significant milestone, the cryptocurrency's journey continues to captivate investors, financial analysts, and observers alike. The digital asset's ability to overcome hurdles and maintain its growth trajectory underscores its resilience and potential. With an ever-evolving landscape of technological innovations, regulatory developments, and market dynamics, Bitcoin's future remains a subject of great interest and speculation.Don't forget to follow us @INN_Technology for real-time news updates!Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
Investing News Network

Bitcoin Price Reaches New Record High, Then Pulls Back

2 years 6 months ago
The Bitcoin price surged to a new all-time high of US$69,208 on Tuesday (March 5), according to data gathered from CoinDesk, breaking its previous record of just below US$69,000. The milestone was achieved after a week-long rally, during which the cryptocurrency achieved staggering year-on-year growth of 201 percent. Together the most popular coins experienced average growth of 10 percent week-on-week.On Monday (March 4), Bitcoin broke global records by surpassing 60,000 euros (about US$65,000) and coming within reaching distance of its previous high in US dollar terms. The cryptocurrency then surged almost 8 percent in 24 hours to trade at US$67,758, less than 2 percent away from the record it set in November 2021. Markus Thielen, head of research at 10x, previously predicted that Bitcoin would reach an all-time high before the end of this week. Industry insiders have attributed Bitcoin’s growth to anticipation about the halving process, which is set to take place in April 2024, and to ongoing inflows to spot Bitcoin exchange-traded funds (ETFs), which the US Securities and Exchange Commission (SEC) approved on January 10 after months of anticipation and deliberation. “The current developments, including Bitcoin's price spike and the recent introduction of spot ETFs, serve as catalysts, accelerating the integration of digital assets into the mainstream,” Sheila Warren, CEO of the Crypto Council for Innovation, said in an emailed note. These ETFs have already seen billions of dollars worth of investment pour in. BlackRock’s (NYSE:BLK) iShares Bitcoin ETF (NASDAQ:IBIT) became the fastest ETF in history to reach the US$10 billion mark, and Reuters recently revealed that Bank of America’s (NYSE:BAC) Merrill and Wells Fargo have been making spot Bitcoin ETFs available to select clients. Less than 30 minutes after hitting its new high, Bitcoin retreated to around the US$65,000 mark. This rapid pullback lends credence to some analysts' view that the cryptocurrency's breach of the US$69,000 level could be a "sell-the-news" event. This phenomenon is similar to the price surge Bitcoin experienced leading up to the SEC's decision on Bitcoin ETFs, where the price fell after the highly anticipated news finally broke. In both cases, the market's reaction seems to suggest that investors may have been pricing in the positive developments ahead of time.Given Bitcoin’s recent price surge and subsequent pullback, analysts are divided on its near-term outlook. Some predict a cooldown in March, suggesting Bitcoin’s extended growth may have left it susceptible to a correction. Other analysts are more optimistic, forecasting that Bitcoin could skyrocket to between US$200,000 and US$300,000. “With Bitcoin at a new all-time high, thanks to excitement sparked by US-based spot Bitcoin ETFs, a surge of confidence has been injected back into the crypto space,” Grace Broadbent, senior analyst at Insider Intelligence, said in emailed note. “It can reinvigorate crypto ownership and payment activity. And major payment players like Visa (NYSE:V), PayPal (NASDAQ:PYPL), and Block (NYSE:SQ) have all remained bullish that crypto payments will take off, putting infrastructure in place to meet crypto payments demand.”In any event, Bitcoin’s recent surge to a new all-time high has captured the attention of investors worldwide and brought new interested parties into cryptocurrencies, demonstrating the sector's potential for immense growth — and volatility. While opinions vary on Bitcoin’s trajectory, its ability to bounce back from past setbacks and continuously break records underscores the growing interest in digital currencies. As the market matures and adoption widens, it will be crucial to monitor how regulatory developments, technological advances and broader economic factors shape Bitcoin’s future. Don't forget to follow us @INN_Technology for real-time news updates!Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
Investing News Network

Bitcoin Price Reaches New Record High, Then Pulls Back

2 years 6 months ago
The Bitcoin price surged to a new all-time high of US$69,208 on Wednesday (March 6), according to data gathered from CoinDesk, breaking its previous record of just below US$69,000. The milestone was achieved after a week-long rally, during which the cryptocurrency achieved staggering year-on-year growth of 201 percent. Together the most popular coins experienced average growth of 10 percent week-on-week.On Monday (March 4), Bitcoin broke global records by surpassing 60,000 euros (about US$65,000) and coming within reaching distance of its previous high in US dollar terms. The cryptocurrency then surged almost 8 percent in 24 hours to trade at US$67,758, less than 2 percent away from the record it set in November 2021. Markus Thielen, head of research at 10x, previously predicted that Bitcoin would reach an all-time high before the end of this week. Industry insiders have attributed Bitcoin’s growth to anticipation about the halving process, which is set to take place in April 2024, and to ongoing inflows to spot Bitcoin exchange-traded funds (ETFs), which the US Securities and Exchange Commission (SEC) approved on January 10 after months of anticipation and deliberation. “The current developments, including Bitcoin's price spike and the recent introduction of spot ETFs, serve as catalysts, accelerating the integration of digital assets into the mainstream,” Sheila Warren, CEO of the Crypto Council for Innovation, said in an emailed note. These ETFs have already seen billions of dollars worth of investments pour in. BlackRock’s (NYSE:BLK) iShares Bitcoin ETF (NASDAQ:IBIT) became the fastest ETF in history to reach the US$10 billion mark, and Reuters recently revealed that Bank of America’s (NYSE:BAC) Merrill and Wells Fargo have been making spot Bitcoin ETFs available to select clients. Less than 30 minutes after hitting its new high, the price of Bitcoin retreated to around the US$65,000 mark. This rapid pullback lends credence to some analysts' view that the cryptocurrency's breach of the $69,000 level could be a "sell-the-news" event. This phenomenon is similar to the price surge Bitcoin experienced leading up to the SEC's decision on Bitcoin ETFs, where the price fell after the highly anticipated news finally broke. In both cases, the market's reaction seems to suggest that investors may have been pricing in the positive developments ahead of time, only to take profits once the news was confirmed.Given Bitcoin’s recent price surge and subsequent pullback, analysts are divided on its near-term outlook. Some predict a cooldown in March, suggesting Bitcoin’s extended growth may have left it susceptible to a correction. Other analysts are more optimistic, forecasting that Bitcoin could skyrocket to between US$200,000 and US$300,000. “With Bitcoin at a new all-time high, thanks to excitement sparked by US-based spot Bitcoin ETFs, a surge of confidence has been injected back into the crypto space,” Grace Broadbent, senior analyst at Insider Intelligence, said in emailed note. “It can reinvigorate crypto ownership and payment activity. And major payment players like Visa (NYSE:V), PayPal (NASDAQ:PYPL), and Block (NYSE:SQ) have all remained bullish that crypto payments will take off, putting infrastructure in place to meet crypto payments demand.”In any event, Bitcoin’s recent surge to a new all-time high has captured the attention of investors worldwide and brought new interested parties into cryptocurrencies, demonstrating the sector's potential for immense growth — and volatility. While opinions vary on Bitcoin’s future trajectory, its ability to bounce back from past setbacks and continuously break records underscores the growing interest in digital currencies. As the market matures and adoption widens, it will be crucial to monitor how regulatory developments, technological advances and broader economic factors shape Bitcoin’s future. Don't forget to follow us @INN_Technology for real-time news updates!Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
Investing News Network

Bitcoin: A Brief Price History of the First Cryptocurrency (Updated 2024)

2 years 7 months ago
In just over a decade, Bitcoin has grown a cult-like following and surged to impressive heights. Now the cryptocurrency of choice, its meteoric rise has been unlike any other commodity, resource or asset — and already in 2024 is on the verge of breaking its record high.Bitcoin, the most well-known cryptocurrency, has paved the way for the growing cryptocurrency asset class, surging to an all-time high of US$68,649.05 on November 10, 2021. Benefiting from excess cash in the market and investor interest, the price of Bitcoin rose more than 1,200 percent between March 2020 and November 2021 before stuttering in 2022.As for its price history this year, Bitcoin started 2024 slightly above the US$44,000 mark, but has since spiked to trade at US$61,113 as of February 29, 2024.What has spurred Bitcoin's price movements in recent years, and why is it back up now? Read on to find out. What is Bitcoin? Created to counter the 2008 financial crisis, Bitcoin has weathered extreme volatility, spiking to US$19,650 in 2017 before spending years locked below US$10,000. The cryptocurrency was unveiled in late 2008 with the goal of revolutionizing the monetary system, and was first introduced in a white paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System.”The nine page manifesto was penned by a notoriously elusive person (or persons) who used the pseudonym Satoshi Nakamoto, and it lays out a compelling argument and groundwork for the creation of a cyber-currency.Cryptographically secured, the peer-to-peer electronic payment system was designed to be transparent and resistant to censorship, using the power of blockchain technology to create an immutable ledger preventing double spending. The true allure for Bitcoin’s early adopters was in its potential to wrestle power away from banks and financial institutes and give it to the masses.This was especially enticing as the fallout from the 2008 financial collapse ricocheted internationally. Described as the worst financial crisis since the Great Depression, US$7.4 billion in value was erased from the US stock market in 11 months, while the global economy shrank by an estimated US$2 trillion. Chart via TradingEconomics.com.Bitcoin price in US dollars, inception to February 29, 2024. How many Bitcoins are there? Unlike traditional currencies that can increase circulation through printing, the number of Bitcoins is finite. There are 21 million in existence, of which 19,144,112 are in circulation, leaving just under 2 million to be mined.This limit is a core function of Bitcoin's algorithm, and was designed to offset inflation by maintaining scarcity.A new Bitcoin is created when a Bitcoin miner uses highly specialized software to complete a block of transaction verifications on the Bitcoin blockchain. Roughly 900 Bitcoins are currently mined per day; however, after 210,000 blocks are completed, the Bitcoin protocol automatically reduces the number of new coins issued by half.Halvings have occurred every four years since 2012, with the most recent happening in May 2020. The next halving is set to take place in mid to late April 2024. Halving not only counteracts inflation, but also supports the cryptocurrency’s value by ensuring that its price will increase if demand remains the same.At the moment, miners are paid 6.25 Bitcoin for every block they complete. After the April 2024 halving, the pay rate will lower to 3.125 Bitcoin for every completed block for the next four years. How did COVID-19 affect the Bitcoin price? January 1, 2016, marked the beginning of Bitcoin’s sustained price rise. It started the year at US$433 and ended it at US$959 — a 121 percent value increase in 12 months.The next year brought the mainstream adoption of Bitcoin. Between January and December 2017, additional attention, the introduction of new cryptocurrencies and coverage from mainstream financial media added 1,729 percent to the crypto-coin’s value — it rose from US$1,035.24 in January to US$18,940.57 in December.This record-setting threshold was unsustainable, and Bitcoin fell victim to its own volatility, which steadily eroded its previous gains. Despite that decrease in value, the virtual currency still held above US$3,190, a low it has not hit again since that time. Since launching in 2008, opponents of Bitcoin have used its short history to defend their hesitance. Questions have arisen around how Bitcoin would perform during a financial crisis or recession, as the coin is extremely susceptible to uncertainty.2020 proved a testing ground for the digital coin’s ability to weather financial upheaval. Starting the year at US$6,950.56, a widespread selloff in March brought its value to US$4,841.67 — a 30 percent decline.The low created a buying opportunity that helped Bitcoin gain back its losses by May. Like safe-haven metal gold, Bitcoin began to emerge as a protective asset for the Millennial and Generation Z crowd. The rally continued throughout 2020, and the digital asset ended the year at US$29,402.64, a 323 percent year-over-year increase and a 507 percent rise from its March drop.By comparison, gold, one of the best-performing commodities of 2020, added 38 percent to its value from the low in March through December, setting what was then an all-time high of US$2,060 per ounce in August. What was the highest price for Bitcoin? Bitcoin’s ascent continued in 2021, rallying to an all-time high of US$68,649.05 in November, a 98.82 percent increase from January. The digital asset shed some of its value to end the year at US$47,897.16 — still a 62 percent year-over-year increase.So what led to this all-time high? A few different factors acted as price catalysts.Much of the growth in 2021 was attributed to risk-on investor appetite, as well as Tesla’s (NASDAQ:TSLA) purchase of US$1.5 billion worth of Bitcoin. Activity was further compounded when Tesla reported plans to begin accepting Bitcoin as payment for its electric vehicles. However, following some criticism from investors and environmentalists, the electric car maker announced in 2021 that it would be conducting due diligence on the amount of renewable energy used to mine the cryptocurrency before allowing customers to buy cars with it; however, the option may be back on the table as Musk said in September of 2023 that the level of renewable energy use in the crypto industry had reached an appropriate threshold.Increased money printing in response to the pandemic also benefited Bitcoin, as investors with more capital looked to diversify their portfolios. The success of the world’s first cryptocurrency amid the market ups and downs of 2020 and 2021 led to more interest and investment in other coins and digital assets as well. For example, 2021 saw the rise of the non-fungible token (NFT). Utilizing blockchain technology, NFTs are unique crypto assets that are stored, sold and traded digitally. The NFT concept is largely used for art and other digital mediums to allow buyers to own a specific asset. It is estimated that the NFT market grew to more than US$40 billion in 2021, driven exclusively by cryptocurrencies, the only form of payment for NFTs. Although by November 2023, the NFT market value had fallen dramatically down to US$7.39 billion, as of February 28, 2024 that figure stands at a whopping US$58.71 billion.Bitcoin’s mainstream usage may be a continued price catalyst as more businesses accept the digital token as payment; the growing market for digital assets could also add momentum for the cryptocurrency space. What is Bitcoin at today? While notoriety has catapulted the first digital currency to all-time highs, the primary headwind for the crypto coin is its frequent volatility, which has been on full display since 2021. Market uncertainty weighed especially heavily on Bitcoin in 2022. During the second quarter of that year, values dived below US$20,000 for the first time since December 2020. By the end of 2022, prices for Bitcoin had moved even lower to settle below US$17,500 BTC.Despite its drop from the massive price highs seen in the past, Bitcoin's potential powerful performance cannot be understated as evidenced by its price performance over in 2023 and so far in 2024.2023 started on a bright note for the price of Bitcoin, as it rallied in March to US$28,211 by March 21 after the failure of multiple US banks alarmed investors.In Q2 2023, Bitcoin continued its ascent, stabilizing above US$25,000 even as the SEC filed lawsuits against Coinbase Global (NASDAQ:COIN), along with Binance and its founder Changpeng Zhao.Although it looked like bad news for the sector, Bitcoin stayed steady, holding above US$25,000. This was supported by BlackRock (NYSE:BLK) filing for a Bitcoin exchange-traded fund with the SEC on June 15. Although the SEC hadn't approved applications for spot Bitcoin ETFs previously, the support from BlackRock, which is the world's largest asset manager, proved bullish.Bitcoin's price jumped above US$30,000 on June 21, and on July 3, the crypto hit its highest price since May 2022 at US$31,500. It held above US$30,000 for nearly a month before dropping just below on July 16. By September 11, prices had slid further to US$25,150. Chart via TradingEconomics.com.Bitcoin price in US dollars, January 1, 2023 to February 29, 2024.Heading into the final months of the year, the Bitcoin price benefited from increased institutional investment on the prospect of the US Securities Exchange Commission (SEC) approving a bevy of spot Bitcoin exchange-traded funds by early 2024. In mid-November the price for the popular cryptocurrency was trading up at US$37,885, and by the end of the year that figure had risen further to US$42,228 per BTC.Once the SEC’s approval of 11 spot Bitcoin ETFs hit the wires, the price per coin jumped again to US$46,620 on January 10, 2024. These investment vehicles are continuing to drive new demand for crypto, and are a major driving force behind the more than 42 percent rise in value for Bitcoin in February, reaching US$61,113 per BTC on the last day of the month."Bitcoin is being driven by the support of consistent inflows into the new spot ETFs and outlook for April's halving event and June's Fed interest rate cuts," Ben Laidler, global markets strategist at retail investment platform eToro, told Reuters. FAQs for investing in Bitcoin What is a blockchain? A blockchain is a digitized and decentralized public ledger of all cryptocurrency transactions. Blockchains are constantly growing as completed blocks are recorded and added in chronological order. The mechanism by which digital currencies are mined, blockchain has become a popular investment space as the technology is increasingly being implemented in business processes across a variety of industries. These include banking, cybersecurity, networking, supply chain management, the Internet of Things, online music, healthcare and insurance. How to buy Bitcoin? Bitcoin can be purchased through a variety of crypto exchange platforms and peer-to-peer crypto trading apps, and then held in a digital wallet. These include Coinbase Global, CoinSmart Financial (OTC Pink:CONMF,NEO:SMRT), BlockFi, Binance and Gemini. ​What is Coinbase? Coinbase Global is a secure online cryptocurrency exchange that makes it easy for investors to buy, sell, transfer and store cryptocurrencies such as Bitcoin. ​How does crypto affect the banking industry? Cryptocurrencies are an alternative to traditional banking, and tend to attract people interested in assets that are outside mainstream systems. According to data from Statista, 53 percent of crypto owners are between the ages of 18 and 34, showing that the industry is drawing younger generations who may be interested in decentralized digital options.Privacy is a key draw for cryptocurrency owners, as is the fact that they are separated from third parties such as central banks. Additionally, crypto transactions, including purchases, sales and transfers, are often quick and have fewer associated fees than transactions going through the banking system in the typical manner. That said, banks are starting to notice how popular cryptocurrencies are. As Bitcoin and its compatriots become increasingly mainstream, many banks have begun to invest in cryptocurrencies and blockchain companies themselves. Will Bitcoin benefit from the banking crisis? The banking crisis in the US and elsewhere has already led to a swift rush to Bitcoin from concerned investors. What started with the failure of Silicon Valley Bank on March 10, 2023, was followed by the collapse of Signature Bank two days later, leading to panic as investors and banking industry clients worried about what would come next. UBS' (NYSE:UBS) acquisition of its failing Switzerland-based rival Credit Suisse stoked concerns further. While the banking crisis has seemingly receded into the background of economic news headlines, many analysts say it hasn't gone away and we can expect to see further fallout in the regional banking sector.Bitcoin was established in the wake of the 2008 financial crisis as an alternative to the traditional banking industry, and in the past the price of Bitcoin has often shifted on narrative and sentiment. However, increasing regulations and its historic volatility make it hard to predict where the cryptocurrency could move next, especially as the crisis continues to unfold. ​How much was Bitcoin when it started? The first recorded Bitcoin transaction not involving the founder came in late 2009, when 5,050 Bitcoins were traded for US$5.02 over PayPal (NASDAQ:PYPL), pegging the value for 1 Bitcoin at about US$0.001 — a 10th of a cent. ​Is Bitcoin a good investment anymore? While Bitcoin has been climbing in value in 2024, one of its well-known features is its volatility. Investors who are more accepting of risk could look to the cryptocurrency space as there historically has been money to be made, and Bitcoin is regaining value after plummeting in 2022. However, there is also historically money to be lost, and investors who prefer to take smaller risks should look towards other avenues.For more information on investing in Bitcoin right now, check out our article Is Now a Good Time to Buy Bitcoin? ​What is Cathie Wood's prediction for Bitcoin? Cathie Wood of ARK Invest is a strong proponent of Bitcoin, and has ambitious predictions for the coin's future. In a recent interview with CNBC following the SEC lawsuits against Binance and Coinbase, Wood said she has a base-case target of US$600,000 for Bitcoin by 2030, and a bull-case target of over US$1 million. ​Who has the most invested in Bitcoin? Satoshi Nakomoto, the mysterious founder of Bitcoin, is believed to also be the biggest holder of the coin. Analysis into early Bitcoin wallets has revealed that Nakamoto likely owns over 1 million of the nearly 19.5 million Bitcoins in existence. ​Does Elon Musk own Bitcoin? Tesla and Twitter CEO Elon Musk’s association with both Bitcoin and the meme coin Dogecoin is well known, and both his tweets and Tesla’s actions have influenced the cryptocurrencies’ trajectories over the years.While it is unknown just how much he owns, Musk has disclosed that he personally has holdings of Bitcoin and Dogecoin, as well as Ether. It was revealed in September 2023 that Musk may be funding Dogecoin on the quiet, according to Forbes.As for Tesla, as discussed above, the company purchased US$1.5 billion of Bitcoin in 2021, but sold 75 percent of that the next year. As of February 2024, the EV maker's Bitcoin holdings were estimated at 9,720 Bitcoin, the third-largest bitcoin holdings for a publicly traded company. In a January 2024 post on his social media platform X, Musk said “I still own a bunch of Dogecoin, and SpaceX owns a bunch of Bitcoin." Does Warren Buffett own Bitcoin? Warren Buffett does not own Bitcoin, and has expressed his dislike of cryptocurrencies in the past. Buffett shared his disinterest in 2022 at an annual shareholders meeting for Berkshire Hathaway (NYSE:BRK.A,NYSE:BRK.B).“If you told me you own all of the bitcoin in the world and you offered it to me for $25, I wouldn’t take it because what would I do with it?” he said. “I’d have to sell it back to you one way or another. It isn’t going to do anything.”In an April 2023 interview with CNBC, when he said this of Bitcoin: “It’s a gambling token. It doesn’t have any value, but that doesn’t stop people from wanting to play a roulette wheel.” This is an updated version of an article first published by the Investing News Network in 2021.Don’t forget to follow us @INN_Technology for real-time updates!Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
Investing News Network

11 Canadian Cryptocurrency ETFs (Updated 2024)

2 years 7 months ago
Cryptocurrencies offer an alternative route for building and storing wealth. While directly holding these digital assets is a popular option, investors are also clamoring for financial products such as cryptocurrency exchange-traded funds (ETFs).“There is a high demand for a Bitcoin product that has all the features that people love about ETFs — that they trade on an exchange, that they’re liquid,” Ross Mayfield, investment strategy analyst at Robert W. Baird & Co., told Bloomberg in mid-2021 after the launch of Canada’s first pure-play Bitcoin ETFs for trade on the TSX. These Canadian cryptocurrency ETFs allow investors to place returns in tax-sheltered accounts like tax-free savings accounts or registered retirement savings plans.Interest has only increased since then. Sean Farrell, head of digital asset strategy at Fundstrat, recently stated that growing demand for Bitcoin ETFs has the potential to surpass the precious metals ETF market at some point. "Bitcoin ETF eventually could become >$300 billion category," he said.With that in mind, it’s worth taking a look at the currently available Canadian cryptocurrency ETFs. The list below includes 11 options on the market, and all data presented was current as of February 9, 2024. 1. Purpose Bitcoin ETF (TSX:BTCC) {"@context":"https://schema.org","@type":"Corporation","name":"Purpose Bitcoin ETF","url":"www.purposeinvest.com","description":"Purpose Bitcoin ETF invests in and holds substantially all of its assets in long-term holdings of the digital currency bitcoin. Given the speculative nature of Bitcoin and the volatility of the Bitcoin markets, there is considerable risk that the Fund will not be able to meet its investment objectives. An investment in the Fund is not intended as a complete investment program and is only appropriate for investors who have the capacity to absorb a loss of some or all of their investment. An investment in the Fund is considered high risk.","tickerSymbol":"TSX:BTCC","sameAs":[]} Company Profile Assets under management: C$1.9 billionBilled as the first physically settled Bitcoin ETF, the Purpose Bitcoin ETF launched in February 2021 and is backed by Bitcoin. The fund allows investors to add and sell Bitcoin with no digital wallet required.Hosted by Canadian investment company Purpose Investments, the Purpose Bitcoin ETF is backed by 31,731.78 Bitcoins and has a management expense ratio of 1 percent. Buy now , 2. Purpose Ether ETF (TSX:ETHH) {"@context":"https://schema.org","@type":"Corporation","name":"Purpose Ether ETF","url":"www.purposeinvest.com","description":"The Fund has been created to buy and hold substantially all of its assets in long-term holdings of Ether and seeks to provide holders of ETF Units (¿Unitholders¿) with the opportunity for long-term capital appreciation. To achieve its investment objective, the Fund invests in and holds substantially all of its assets in long-term holdings of Ether in order to provide Unitholders with a secure, convenient, lower-cost alternative to a direct investment in Ether.The Fund will not speculate with regard to short-term changes in Ether prices. The Fund will not use derivatives instruments, the underlying interest of which is Ether, for non-hedging purposes. The Fund may also hold cash and cash equivalents or other money market instruments in order to meet its current obligations.","tickerSymbol":"TSX:ETHH","sameAs":[]} Company Profile Assets under management: C$325.5 millionThe Purpose Ether ETF is a direct-custody Ether ETF that launched on April 20, 2021, the same day as the two other Ether ETFs on this list. Ethereum is the most widely used blockchain technology, and Ether, the digital currency of this platform, is the second largest cryptocurrency after Bitcoin. The Purpose Ether ETF offers investors exposure to the daily price movements of physically settled Ether tokens through either Canadian dollar hedged units, Canadian dollar non-currency hedged units or US dollar units. The management fee is 1 percent. Buy now , 3. Evolve Bitcoin ETF (TSX:EBIT) {"@context":"https://schema.org","@type":"Corporation","name":"Bitcoin ETF","url":"www.evolveetfs.com","description":"The Evolve Fund¿s investment objective is to provide Unitholders with exposure to the daily price movements of the U.S. dollar price of bitcoin while experiencing minimal tracking error by utilizing the benefits of the creation and redemption processes offered by the exchange traded fund structure. The investment objective of the Evolve Fund may not be changed except with the approval of its Unitholders. See ¿Unitholder Matters¿ for additional descriptions of the process for calling a meeting of Unitholders and the requirements of Unitholder approval.","tickerSymbol":"TSX:EBIT","sameAs":[]} Company Profile Assets under management: C$134.93 millionEvolve ETFs partnered with cryptocurrency experts, including Gemini Trust Company, CF Benchmarks, Cidel Bank & Trust and CIBC Mellon Global Services, to launch the Evolve Bitcoin ETF. The fund has a management fee of 0.75 percent.Launched a week after the Purpose Bitcoin ETF, its holdings of Bitcoin are priced based on the CME CF Bitcoin Reference Rate, a once-a-day benchmark index price for Bitcoin denominated in US dollars. Buy now , 4. Evolve Ether ETF (TSX:ETHR) {"@context":"https://schema.org","@type":"Corporation","name":"Ether ETF","url":"www.evolveetfs.com","description":"The Evolve Fund¿s investment objective is to provide Unitholders with exposure to the daily price movements of the U.S. dollar price of Ether while experiencing minimal tracking error by utilizing the benefits of the creation and redemption processes offered by the exchange traded fund structure.","tickerSymbol":"TSX:ETHR","sameAs":[]} Company Profile Assets under management: C$63.017 millionThe Evolve Ether ETF offers investors an easier route to investing directly in Ether. The fund’s holdings of Ether are priced based on the CME CF Ether-Dollar Reference Rate, a once-a-day benchmark index price for Ether denominated in US dollars. As with the Evolve Bitcoin ETF, the Evolve Ether ETF has a management fee of 0.75 percent. Buy now , 5. Evolve Cryptocurrencies ETF (TSX:ETC.U) {"@context":"https://schema.org","@type":"Corporation","name":"Evolve Cryptocurrencies ETF","url":"www.evolveetfs.com","description":"The Fund¿s investment objective is to provide holders of Units with exposure to the daily price movements of certain digital assets selected by the Manager from time to time, on a market capitalization basis, while experiencing minimal tracking error by investing in other publicly offered investment funds managed by the Manager.","tickerSymbol":"TSX:ETC.U","sameAs":[]} Company Profile Assets under management: C$29.752 millionThe Evolve Cryptocurrencies ETF launched in September 2021 as the first multi-cryptocurrency ETF, providing combined exposure to both Bitcoin and Ether. This product from Evolve ETFs allows investors to diversify their crypto portfolios and provides indirect exposure to the two coins, weighing them by market capitalization and rebalancing its holdings on a monthly basis.While this ETF has no management fee, the underlying funds that hold both Bitcoin and Ether have management fees of 0.75 percent plus applicable taxes. Buy now , 6. CI Galaxy Bitcoin ETF (TSX:BTCX.B) {"@context":"https://schema.org","@type":"Corporation","name":"CI Galaxy Bitcoin ETF","url":"https://investingnews.com/company-profiles/ci-galaxy-bitcoin-etf/","description":"The ETF¿s investment objective is to provide holders of Units (the ¿Unitholders¿) exposure to bitcoin through an institutional-quality fund platform.","tickerSymbol":"TSX:BTCX.B","sameAs":[]} Company Profile Assets under management: C$452.99 millionLaunched in March 2021, the CI Galaxy Bitcoin ETF was born out of a partnership between cryptocurrency leaders Galaxy Fund Management and CI Global Asset Management. Galaxy Fund Management is part of Galaxy Digital, a diversified financial services firm with a focus on digital assets and the blockchain technology sector.The ETF’s objective is to give investors exposure to Bitcoin via an institutional-quality fund platform. At 0.4 percent, this fund boasts one of the lowest management fees of all the crypto funds on the market. Buy now , 7. CI Galaxy Ethereum ETF (TSX:ETHX.U) {"@context":"https://schema.org","@type":"Corporation","name":"CI Galaxy Ethereum ETF","url":"www.ci.com","description":"The ETF¿s investment objective is to provide holders of Units (the ¿Unitholders¿) exposure to Ether (¿ETH¿) through an institutional-quality fund platform.","tickerSymbol":"TSX:ETHX.U","sameAs":[]} Company Profile Assets under management: C$124.13 millionCI Global Asset Management suggests that “owning Ether is similar to owning a basket of early-stage, high-growth technology stocks.” The CI Galaxy Ethereum ETF, another collaboration between CI and Galaxy, has blown the competition out of the water in terms of assets under management.Some of that may be due to its ultra-low management fees, which were at 0 for nearly the first two months following the fund’s April 2021 launch date. After June 15, 2021, its management fees increased to 0.4 percent — that's in line with the CI Galaxy Bitcoin ETF, but still well below those of its competitors. Buy now , 8. 3iQ CoinShares Bitcoin ETF (TSX:BTCQ) {"@context":"https://schema.org","@type":"Corporation","name":"3iQ CoinShares Bitcoin ETF","url":"https://3iq.ca/","description":"The ETF¿s investment objectives are to seek to provide holders of Units (¿Unitholders¿) of the 3iQ CoinShares Bitcoin ETF with: (a) exposure to the digital currency bitcoin (¿bitcoin¿) and the daily price movements of the U.S. dollar price of bitcoin; and (b) the opportunity for long-term capital appreciation.","tickerSymbol":"TSX:BTCQ","sameAs":[],"image":"https://investingnews.com/media-library/image.gif?id=31920369&width=980","logo":"https://investingnews.com/media-library/image.gif?id=31920369&width=210"} Company Profile Assets under management: US$137.07 millionLaunched in March 2021, the 3iQ CoinShares Bitcoin ETF tracks the price movement of Bitcoin in US dollar terms, and holds its Bitcoin assets in cold storage with no digital wallet required. This ETF comes with a management fee of 1 percent. Buy now , 9. 3iQ CoinShares Ether ETF (TSX:ETHQ) {"@context":"https://schema.org","@type":"Corporation","name":"3iQ CoinShares Ether ETF","url":"https://3iq.ca/","description":"The r ETF¿s investment objectives are to seek to provide Unitholders of the 3iQ CoinShares Ether ETF with: (a) exposure to the digital currency ether (¿ether¿) and the daily price movements of the U.S. dollar price of ether; and (b) the opportunity for long-term capital appreciation.","tickerSymbol":"TSX:ETHQ","sameAs":[],"image":"https://investingnews.com/media-library/image.gif?id=31920649&width=980","logo":"https://investingnews.com/media-library/image.gif?id=31920649&width=210"} Company Profile Assets under management: C$28,388 millionFollowing the success of its Bitcoin ETF, 3iQ Digital Asset Management launched its CoinShares Ether ETF in April 2021. This fund has a similar objective, offering exposure to Ether and its daily US dollar price movements. It has a management fee of 1 percent. Buy now , 10. Fidelity Advantage Bitcoin ETF (TSX:FBTC) {"@context":"https://schema.org","@type":"Corporation","name":"Fidelity Advantage Bitcoin ETF","url":"https://investingnews.com/stocks/tsx-fbtc/fidelity-advantage-bitcoin-etf/","description":"The Fund aims to invest in bitcoin. It seeks a similar return to its underlying fund, which is also managed by Fidelity, by investing substantially all of its assets in units of that fund.","tickerSymbol":"TSX:FBTC","sameAs":[],"image":"https://investingnews.com/media-library/image.jpg?id=34698958&width=980","logo":"https://investingnews.com/media-library/image.jpg?id=34698958&width=210"} Company Profile Assets under management: C$234.3 millionThe newest Bitcoin fund on this list, the Fidelity Advantage Bitcoin ETF, launched in November 2021. It offers the security of Fidelity’s in-house storage services. Like the CI and Galaxy funds, the Fidelity Advantage Bitcoin ETF has an ultra-low management fee of 0.4 percent. Buy now , 11. Fidelity Advantage Ether ETF (TSX:FETH) {"@context":"https://schema.org","@type":"Corporation","name":"Fidelity Advantage Ether ETF","url":"https://investingnews.com/stocks/tsx-feth/fidelity-advantage-ether-etf/","description":"Fund seeks to replicate, to the extent reasonably possible and before fees and expenses, the performance of a specified market index.","tickerSymbol":"TSX:FETH","sameAs":[],"image":"https://investingnews.com/media-library/image.jpg?id=34699116&width=980","logo":"https://investingnews.com/media-library/image.jpg?id=34699116&width=210"} Company Profile Assets under management: C$3.1 millionFollowing the successful launch of its Bitcoin fund, Fidelity brought its Advantage Ether ETF to market in September 2022. It also has a management fee of 0.4 percent. Buy now , This is an updated version of an article first published by the Investing News Network in 2021.Don’t forget to follow us @INN_Technology for real-time news updates!Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.
Investing News Network

Top Stories This Week: Gold Price Dips, Bitcoin Tops US$50,000, Graphite Miner Signs Deals

2 years 7 months ago
The gold price dipped below the US$2,000 per ounce mark this week for the first time in 2024, falling by about US$40 on Tuesday (February 13). It had recovered by Friday (February 16) to close just over US$2,020. The decline came as the US Bureau of Labor Statistics released stronger-than-expected inflation data — the numbers show that the consumer price index (CPI) rose 0.3 percent month-on-month in January, and 3.1 percent year-on-year. That's higher than the rises of 0.2 percent month-on-month and 2.9 percent year-on-year predicted by analysts polled by Reuters. Core CPI, which excludes food and energy, was up 3.9 percent year-on-year in January, the same as December.Market participants are watching inflation closely to try to gauge when the US Federal Reserve will start lowering interest rates. Its next meeting is scheduled to run from March 19 to 20, and thus far Chair Jerome Powell has emphasized that the central bank will need assurance that inflation is trending sustainably downward before it cuts.Gold has performed well in the high-rate environment seen for the last couple of years, but many of the experts the Investing News Network has spoken to believe it will see a true breakout when the Fed starts to take rates back down. If that happens, gold equities, which so far have underperformed compared to the metal, are likely to follow. Here's how Rob McEwen of McEwen Mining (TSX:MUX,NYSE:MUX) put it in a recent interview:"To me this is the time to be buying, particularly in the junior space. There's some good drill results coming out and the values are just dragging along the floor. It seems like everybody's forgotten that junior stocks can have really big runs. And we're in a cyclical business, it's not all straight-line up. For me, I find this is the time to be buying, and I have been buying juniors and adding to positions." That's not to say gold is without headwinds. With Bitcoin crossing the US$50,000 mark for the first time since 2021 this week, there's been some discussion of whether the cryptocurrency is stealing attention from the yellow metal.Bitcoin's price rise has been connected to the launch of spot Bitcoin exchange-traded funds in the US. The first of these vehicles were approved in January, and were widely expected to draw new investors into the space. Bitcoin enthusiasts are also looking ahead to the next halving event in April as another catalyst. ​Nouveau Monde signs deals with GM and Panasonic Canada's Nouveau Monde Graphite (TSXV:NOU,NYSE:NMG) made headlines on Thursday (February 15), when it announced offtake and financing agreements with General Motors (NYSE:GM) and Panasonic (TSE:6752).Both GM and Panasonic have agreed to sign multi-year supply agreements with Nouveau Monde for 18,000 metric tons annually of active anode material. They have also each committed to investing US$25 million in Nouveau Monde, with further investments to potentially follow if certain conditions are met."Today marks a momentous milestone for NMG, highlighting the progress made towards our Phase 2 and the Company’s sound business plan of becoming North America’s largest fully integrated natural graphite active anode material producer to serve the booming Western battery and (electric vehicle) market" — Eric Desaulniers, Nouveau Monde GraphiteThe material covered by the GM and Panasonic offtake deals accounts for around 85 percent of Phase 2 production from Nouveau Monde's Québec operations. Graphite is a key component in electric vehicle batteries, and carmakers are keen to secure supply, especially after China put graphite export restrictions in place this past December. Want more YouTube content? Check out our expert market commentary playlist, which features interviews with key figures in the resource space. If there's someone you'd like to see us interview, please send an email to cmcleod@investingnews.com.And don't forget to follow us @INN_Resource for real-time updates!Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
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