Bitcoin hits $US17K as Aussie stocks swing wildly in the crypto-craziness
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Today Bitcoin cracked the $US17,000 ceiling, but for some of Australia’s crypto stocks the shine has come off after an astonishing run in November.
The levels of crypto-madness reached new heights this week as speculators pushed the value of Bitcoin up by $US7000 since last Friday, and the ‘cryptokitty’ fad — a game where people buy and sell digital cats built with blockchain code — became so hot it’s slowing down the entire Ethereum blockchain network.
For Australian stocks with exposore to the technology, it’s been a equally volatile week.
Blockchain logistics business Yojee (ASX:YOJ) rose another 29 per cent to hit 22c after two of its original top 20 investors become substantial shareholders, and its largest shareholder also upped its ante.
DigitalX (ASX:DCC) signed four new Initial Coin Offerings (ICOs), bringing its client base to seven. That was only enough to give them a 2 per cent bounce.
They are now in a halt pending another announcement next week.
Byte Power Group (ASX:BPG), which says it’s making a Brisbane-based crypto exchange, and digital payments provider Novatti (ASX:NOV) swung higher this week by 14 per cent and 21 per cent respectively, on no news.
Alchemia (ASX:ACL) and Ookami (ASX:OOK), two stocks where the blockchain or Bitcoin connection is purely in investors’ imaginations, both dropped by up to 20 per cent. Their peer Zyber (ASX:ZYB) kept climbing on nothing but rumour another 8 per cent, however.
Transaction Solutions International (ASX:TSN), which is also speculated about as a possible crypto stock, rose by 33 per cent to 1.2c.
But it is kicking goals in its own field of digital fintech security and Indian ATMs, rather than Bitcoin or blockchain.
Fatfish Internet Group (ASX:FFG) has signed a director of crypto financial markets, to complement its investment into a new Singaporean crypto exchange, but dropped 6 per cent to 5.8c.
Reffind (ASX:RFN), a troubled software maker trying to jump onto the crypto hype wagon, said it had appointed a UK blockchain expert, Tim Lea as CEO and raised $2 million this week.
But it was down 18 per cent this week to 0.9c.
iCandy (ASX:ICI), Change Financial (ASC:CCA), First Growth Fund (ASX:FGF), Kyckr (ASX:KYK) and Mobecom (ASX:MBM) released no blockchain- or Bitcoin-related news.