Analysts Are Still Calling for Bitcoin to Rally to $50,000 this Year

Days ago, cryptocurrencies plummeted. All after China intensified its crypto mining crackdown. As reported by CNBC, "Many bitcoin mines in Sichuan were shuttered Sunday after authorities in the southwestern Chinese province ordered a halt to crypto mining, according to a report from the Communist Party-backed newspaper Global Times. More than 90% of China's bitcoin mining capacity is estimated to be shut down, the paper said." However, even with all of the doom and gloom, Billionaire Tim Draper, for example, says Bitcoin could see $250,000 by the end of 2022. That could be bullish for companies such as Corp. (NEO:COIN)(FSE:76M), Riot Blockchain (NASDAQ:RIOT), Marathon Digital Holdings Inc. (NASDAQ:MARA), HIVE Blockchain Technologies Ltd. (TSXV:HIVE)(OTC:HVBTF), and Bit Digital Inc. (NASDAQ:BTBT).

In addition, "Though regulatory uncertainty in the U.S. and elsewhere remains, BTIG Strategy and FinTech [teams] see the long-term case for digital assets — the transformational power of blockchain, a store of value in an increasingly uncertain and inflation prone world — stronger than ever, and we reiterate our year-end 2021 price targets for bitcoin, $50,000, and Ether, $5,000 and would take advantage of the present weakness to add to core holdings," said BTIG strategist Julian Emanuel, as quoted by Yahoo Finance. (NEO:COIN)(FSE:76M) Partnered with Genesis Global Trading on Loan Facility Corp. just announced a collateralized loan facility with Genesis Global Trading, a full-service digital currency prime broker and subsidiary of Digital Currency Group.

The loan will have an open term amount for an initial amount of approximately $2 million with an annual interest rate of 9.75%. Proceeds from the facility will be used to purchase additional digital assets to expand's crypto staking operations.

"The current correction in the crypto markets has created opportunities to expand our crypto staking operations by purchasing additional tokens at attractive levels. We have chosen a premier institutional partner in Genesis to accomplish this strategic expansion. Genesis and the Digital Currency Group have established themselves as leaders with a reputation for excellence and professionalism and is proud to work with them," said CEO Andrew Kiguel.

"We are pleased to support in growing their crypto staking operation and offering them financing on their staked digital assets," commented Matt Ballensweig, Director of Institutional Lending at Genesis.

Other related developments from around the markets include:

Riot Blockchain, one of the leading Nasdaq listed Bitcoin mining companies in the United States, announces its May production and operational updates, including its unaudited Bitcoin production for May 2021 and its latest miner delivery status. In May 2021, Riot produced 227 BTC, an increase of approximately 220% over its May 2020 production of 71 BTC. Year to date through May 2021, the Company produced a total of 924 BTC, an increase of approximately 101% over its pre-halving BTC production during the same 2020 period of 460 BTC.

Marathon Digital Holdings Inc., one of the largest enterprise Bitcoin self-mining companies in North America, is set to join the Russell 2000® Index at the conclusion of the 2021 Russell indices' annual reconstitution, effective after the U.S. stock markets open on June 28, 2021. The stock will also be automatically added to the appropriate growth and value indexes.

HIVE Blockchain Technologies Ltd. announced its recent expansion in Sweden with a 4.6 megawatt facility in the town of Robertsfors. This brings the total capacity in Sweden to more than 33 MW and 133 MW worldwide. HIVE has installed itself in the historic "Diamond Factory" in the small municipality of Robertsfors in the northern part of the country - consistent with its ESG strategy to invest in cold climate locations with access to stable, low-cost, green, and renewable energy sources.

Bit Digital Inc. announced that the Company has entered into a strategic co-mining agreement with Digihost Technologies in North America. Pursuant to the terms of the Agreement, Digithost will provide certain premises to Bit Digital for the purpose of the operation and storage of a 20 MW Bitcoin mining system to be delivered by Bit Digital, and Digithost will also provide services to maintain the Premises for a term of two years. The collaboration between Digihost and Bit Digital is expected to generate an increase in hashrate of approximately 400 PH between the companies.

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