Crypto currencies are digital currencies which are used to buy and sell things online, through an open source code with no controlling body, allowing the price to fluctuate based on supply and demand scenario. In this parlance, Bitcoin cryptocurrency is generally used for transactions under sectors such as mining, based on a technology known as blockchain. A recent hack of major south Korean exchange as well as a new study which shows that the 2017 highs were inflated were eventually followed by the most valuable cryptocurrency fall below $6,000 and this led cryptocurrency price move in a different direction. The volatile cryptocurrency’s price has shifted from a mid-December high of more than $19,850 to as low as $6,000 in June 2018, this is besides the looming prospect of regulation by governments and central banks across the world.
Even google has raised hands by announcing the ban on cryptocurrency advertising from its various pages, which was also a major blow to the digital currency. It appears that Bitcoin has been experiencing a classic financial bubble which many experts believed to have burst anytime, and the persisting scenario may be the case when the currency is under pressure while it has been seen as an investment by some as on an overall basis it has surged almost 2,500% in the past two years.
In the past four months, the cryptocurrency was seen dropping by more than 20% and risks have been on an upscale while defensive appeal was made to look limited. Nonetheless, the technology behind the cryptocurrency is still something that has resilient features. Given this, a very few ASX-listed shares are under the radar of many investors.
One such information technology stock worth discussing in context of the article is DigitalX Limited (ASX: DCC) that has a total cash of US$ 5.3 million and digital assets trading on exchanges of approximately US$5 million as at Quarter ending March 31, 2018. DigitalX has been appointed as corporate advisors to multiple ICO’s in major global markets. For instance, DigitalX is appointed by Bitfinex as a Crypto asset listing advisor. To launch a new crypto business, news website and online Blockchain education platform coin.org, it has entered into a Joint venture with digital media company Multiplier. The two websites launched are Coin.org as stated above and Multipliercrypto.com. Post the quarter end, DigitalX has also secured mandates for many ICOs.
DigitalX traded at a market price of $0.150 (up 20%) on market open on July 18, 2018 and has also seen a daily price change of $0.033 and a percentage change or a rise of 35.87% as at July 17, 2018. The stock has seen a performance change or a rise of a staggering 331% over the past 12 months with a 60% fall in six months. The stock has a price to earnings ratio of 6.300 and earnings per share of 0.015 AUD. The stock price of ASX:DCC has been volatile and moved on the basis of crypto movement. It is one of the blockchain based software solutions companies trying to disrupting the payments industry and its products/platforms allow money transfers worldwide.
It is worth noting that the latest push in crypto driven assets is coming at the back of launch of a crypto ETF by BlackRock planned for near future. As a result, Bitcoin (BTC) moved up 10% to US$7346.30 per coin in a day (as per reports of July 18, 2018) alone with other cryptocurrencies such as Ripple (XRP) also seeing a price rise (XRP price gain of over 9.5%). Bitcoin now has a market capitalisation of over US$126 billion. This positive momentum seems to be lifting the price of ASX:DCC. Not to forget the risks, the stock is a key to watch.[pluginops_form template_id='23834' ]
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