AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Highlights
- The invocation of the Emergency Act in Canada, in the wake of the truckers protest, has brought various extended powers to the financial institutions in the country. It has also impacted all crypto fundings directed to the ongoing protests.
- Hut 8 Mining, on February 9, said that it supports the new legislation for the blockchain and digital currencies in the country.
- Vancouver-based blockchain technology company Hive Blockchain generated a revenue of US$ 68.2 million in Q3 FY2021, up 397 per cent year-over-year (YoY).
The invocation of the Emergency Act in Canada, in the wake of the truckers protest, has brought various extended powers to the financial institutions in the country. It has also impacted all crypto fundings directed to the ongoing protests.
Some market experts, however, continue to believe that digital currencies and blockchain technologies can have a crucial role in the tech space in the future.
Let’s see how two Canadian crypto stocks.
Also read: Cielo (CMC) & FirstService (FSV): 2 value stock for Canadians
Hut 8 Mining Corp (TSX: HUT)
Stocks of Hut 8 fell by nearly seven per cent on Friday, February 18, to close at a value of C$ 7.58 apiece. The crypto stock, however, has soared by almost 94 per cent from a 52-week low of C$ 3.91 (June 22, 2021).
In January 2022, Hut mined 308 Bitcoin (BTC), noting an average production rate of 9.93 BTC per day. The Toronto-based bitcoin miner had 5,826 BTC in its reserves at the end of January.
Hut 8 Mining, on February 9, said that it supports the new legislation for the blockchain and digital currencies in the country.
Hive Blockchain Technologies Ltd (TSXV: HIVE)
Vancouver-based blockchain technology company Hive Blockchain generated a revenue of US$ 68.2 million in Q3 FY2021, which was up 397 per cent year-over-year (YoY).
Hive’s third-quarter net income was US$ 64.2 million in 2021, noting an increase of 273 per cent from the previous-year quarter.
Stocks of Hive Blockchain plunged by over two per cent to close at US$ 2.54 apiece on Friday. The blockchain stock jumped by nearly 11 per cent in the past one month.
Bottomline
Despite the crypto crackdown in the country, some crypto enthusiasts are still bullish about the industry, keeping in mind its growth prospects and profit potential. Investors, however, should tread cautiously as the crypto space continues to be a volatile area.
Also read: DOL & ATZ: 2 TSX stocks to bag as retail sales expected to grow in Jan
Please note, the above content constitutes a very preliminary observation based on the industry, and is of limited scope without any in-depth fundamental valuation or technical analysis. Any interest in stocks or sectors should be thoroughly evaluated taking into consideration the associated risks.
