BITCOIN SERVICES I COM USD0.001 (OTCMKTS:BTSC)
BITCOIN SERVICES I COM USD0.001(OTCMKTS:BTSC) shares received a boost after bitcoin gained more than 5% in Friday’s trading session to close in on a new record high of $6000. The stock gained 8.25% to end the week at $0.0667.
Bitcoin’s impressive run has seen its market grow to about $100 billion. Initial Coin Offerings have achieved an average return of 790% over the past six months.
BTSC Stock Performance
BITCOIN SERVICES I COM USD0.001 (OTCMKTS:BTSC) is currently trading near a key support level at $0.06, below which the stock faces the risk of erasing a good chunk of gains accrued since the start of the year. The stock is up by more than 400% for the year after benefiting from the growing popularity of digital currencies.
However, the stock is currently trading in a range after dropping from $0.21 to current trading levels. Failure of Bitcoin Services to issue updates about its operations and prospects in the bitcoin mining business has been the biggest undoing in fueling investor concerns.
Investor’s confidence has taken a hit as most of them switch their attention to other stocks that provide detailed information about their operations. The last update came in August when the company unveiled a new corporate website and announced the launch of its digital cash Dash that can be used to make instant private payments online or in-store using secure and open source platform.
BITCOIN SERVICES I COM USD0.001 (OTCMKTS:BTSC) also announced the creation of a new subsidiary dubbed Crypto Capital Corp that was to develop a Crypto-currency wallet. The big plan was to provide a way for people to safely store multiple digital currencies in one location.
In May, the bitcoin manufacturing company announced it had begun mining Monero, one of the top digital currencies with a market cap of over $300 million. Early this year Bitcoin Services purchased four Antminer S9 bitcoin miners as it sought to support its growth prospects.
BITCOIN SERVICES I COM USD0.001 (OTCMKTS:BTSC) operates three core business – bitcoin escrow services, bitcoin mining, and blockchain software development. Its principal products and services are the mining of bitcoin as well as providing escrow services for buyers and sellers and bitcoin.
I have no positions in any of the stocks mentioned, and have no plans to initiate any positions within the next 72 hours. All information, including any data, is provided without any guarantees of accuracy.
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About the author: James Marion is a University of Houston student studying Business with a concentration in Finance. James has interned with several investment professionals and hopes to pursue a career as a professional stock analyst after graduation.