Bitcoin Dips Under US$6,000, Hits New 2018 Low

Bitcoin tumbled to US$5,756.04 on Wednesday, representing its lowest levels so far in 2018. The last time bitcoin was under the US$6,000 threshold was last October at US$5,727.58.

Bitcoin has officially reached its lowest levels of 2018 and a far cry from its near US$20,000 levels from the end of last year.

On Wednesday (November 14), the top cryptocurrency dipped below the US$6,000 threshold for the first time since fall 2017, according to data from Coinmarketcap.com.

As of 4:32 p.m. EST on Wednesday, bitcoin was priced at US$5,688.46, which is a 58 percent loss since the start of the year.

The last time the top cryptocurrency swam under the US$6,000 threshold was last October, when it reached US$5,727.58 on October 28, 2017.

At that time, nobody was prepared for the rush the digital currency would eventually go on to reach US$19,060.70 on December 17 of last year.

While the digital currency favorite has certainly fell from its record highs of last year, throughout much of the last few months bitcoin has remained relatively stable around the US$6,400 mark.

“For the last few days you could see the consolidation happening and the price was moving on the downside,” Naeem Aslam, analyst at ThinkMarkets, said according to Reuters.

Its current decline has been largely attributed to a Bitcoin Cash “hard fork,” which is expected to take place on Thursday (November 15), which is linked to a scheduled protocol upgrade.

Kraken, a US-based cryptocurrency exchange with operations in Canada, the EU, Japan and the US, issued a blog post on Saturday (November 10) and said this fork is “the most controversial than previous ones.

“[It] may result in multiple viable chains after the fork,” the post read.

The Bitcoin Cash fork will split the digital currency into “Bitcoin ABC,” which is the original Bitcoin Cash, and “Bitcoin SV,” which stands for “Satoshi’s Vision.”

Bitcoin wasn’t the only digital currency to nose dive ahead of the Bitcoin Cash fork on Thursday: data from Coinmarketcap.com shows that over a 24-hour trading period, Ripple has dipped 8.74 percent to US$0.46, Ethereum with a 12.92 percent loss to US$180.06 and Bitcoin Cash itself has dropped off 15.65 percent to US$437.65 all as of 4:34 p.m. EST on Wednesday.

Meanwhile the overall market capitalization of digital currencies has also lost significant steam, dropping roughly US$30 billion from US$210.17 billion on Tuesday to US$182.76 billion as of 4:36 p.m. EST on Wednesday. Since the start of the year, the total cryptocurrency market capitalization has dipped in value by more than 77 percent from its high of US$802.5 billion on January 2.

Don’t forget to follow us @INN_Technology for real-time news updates!

Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article. 

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Bitcoin is gaining widespread attention, but what exactly is bitcoin mining? Here’s what investors should know about the process.

Bitcoin and other cryptocurrencies are increasingly gaining attention from a wide audience, and investors new to this technology may be wondering how these digital tokens are generated.

Most people are used to thinking about currency as a tangible object, so it can be challenging to understand how bitcoins are made. In simple terms, the process by which bitcoins are brought into circulation is known as bitcoin mining. It has been compared to mining for precious metals such as gold, but because bitcoin isn’t held physically like gold or money, mining bitcoin is done via computer hardware through designated bitcoin-mining software programs.

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5 Top Crypto News Stories of 2018

Bitcoin dominated crypto news in 2018, but what else made headlines? We run through our top stories of the year.

A year ago, bitcoin bulls and analysts were riding high as prices surged. Some hoped that the cryptocurrency would reach US$50,000 — but alas, that turned out to be a pipe dream.

The digital currency was sitting at around US$17,838 this time last year, and since then it has dropped down to about US$4,000 to the delight of bitcoin skeptics and gold bulls like Peter Schiff.

The likes of ripple, ethereum and more have suffered the same fate. But even though these bubbles have popped, many still believe that cryptocurrencies and blockchain are the way of the future.

Let’s start by reviewing where we’ve been this year to get a glimpse of how the industry unfolded. Over the last 12 months, the Investing News Network has written countless crypto-related stories. Continue reading to see the five crypto news stories that received the most attention from our audience this year. If you missed them when they were first published, check them out now.

1. Goldman Sachs-backed Circle Launches its Own Cryptocurrency

Our top crypto news article of the year is this piece on Circle’s launch of its own cryptocurrency. Circle is backed by Goldman Sachs (NYSE:GS), among other large investors, and it released its coin in May of this year. The coin is tied to the US dollar, which Circle says is a vital component that differentiates it from other cryptocurrencies on the market. Why is this important? Continue reading for Circle’s explanation.

2. Jeffrey Christian and Kerry Lutz Talk Gold and Cryptocurrencies

Next on our top crypto news stories list is a piece written in February on a webinar hosted by OM Partners and featuring the Financial Survival Network’s Kerry Lutz, and Jeffrey Christian, managing partner at CPM Group. The two compared cryptocurrencies to gold in the talk, and Lutz actually predicted the burst of the bitcoin bubble.

Lutz also discussed the volatility of cryptos and whether the International Monetary Fund should regulate them in order to foster greater stability. While Christian agreed with Lutz in many regards, he forecasted a different long-term outcome for cryptos. What did he predict? Click here to find out.

3. 1 in 10 Canadians Plan on Buying Cryptocurrencies This Year, Survey Shows

Next in crypto news was this article on a study by Caddle that revealed 10 percent of Millennials in Canada intended to buy cryptocurrencies in 2018. Caddle is a mobile shopping app that gives users discounts in exchange for completing surveys, and this was one of them.

While that sentiment may have changed as the year pressed on and cryptos like bitcoin crashed, there’s still a good chance that many Canadians are either still holding cryptos, or are relatively open to owning cryptocurrencies in the future.

4. Anthony Di Iorio on Potential for Governments Regulating Blockchain Technologies

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Bitcoin Outlook 2019: Clarity Awaits

2018 was hard for bitcoin and cryptos, but what does 2019 look like? The Investing News Network breaks down the year ahead.

While 2018 was certainly not the year bitcoin enthusiasts were hoping it would be, there is potential 2019 will see a turnaround — although perhaps not in ways one might expect.

Pricing remains a constant factor when it comes to digital currencies, but next year will begin to see more certainty from government bodies, which will give the space the legitimacy it has been craving.

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Catch up and get informed with this week's content highlights from Charlotte McLeod, our editorial director.

Top Stories This Week: Powell Gets Fed Nomination, Using Gold in a Market Correction youtu.be

We're back after a break last week with quite a bit to cover in the gold space.

After running up past the US$1,860 per ounce mark midway through November, the yellow metal has taken a tumble. At the time of this writing on Friday (November 26) afternoon, it was sitting just under US$1,790.

Gold's losses this week have been attributed to elements like a stronger US dollar and better Treasury yields, although Jerome Powell's US Federal Reserve chair renomination has pulled other factors into play — some market watchers believe he may move to taper and raise interest rates faster than anticipated.


If the Fed follows its previously laid out timeline for tapering, it will wrap up in mid-2022; the central bank has said it won't raise rates until after that. It has also emphasized that its roadmap may change if necessary.

Looking at the larger picture for gold, I heard recently from Nick Barisheff of BMG Group, who believes the stock market is due for a major correction.

"The market is due for a major correction. What will cause it and when it will happen is anybody's guess — it could be tomorrow, it could be six months from now" — Nick Barisheff, BMG Group

It's impossible to know when this correction will happen, but Nick emphasized the importance of acting before it's too late. He pointed out that investors are typically slow to get out of the market once a crash actually begins — they wait for a turnaround, and by the time it's clear there won't be one, they've experienced big losses.

In his opinion, the solution is to get out of the stock market early and transfer money into gold.

Here's how Nick explained it:

"Instead of taking your money off the table and going into cash … you go to gold (because cash is devaluing daily). Gold will at least hold its own and probably appreciate … so by sitting it out in gold you can wait until the market finishes correcting and then buy back in" — Nick Barisheff, BMG Group

With gold's future in mind, we asked our Twitter followers this week what price they think the metal will be at the end of 2021. By the time the poll closed, most respondents had voted for the US$1,800 to US$1,900 range.

We'll be asking another question on Twitter next week, so make sure to follow us @INN_Resource or follow me @Charlotte_McL to share your thoughts.

Finally, in the cannabis space, INN's Bryan Mc Govern spoke with Dan Ahrens of AdvisorShares to get his thoughts on 2021 trends and what's ahead in 2022.

Dan was candid, and said if he had to choose one word to describe the cannabis market in 2021, it would be "painful." Like many others, he's been disappointed in the industry's performance — while positivity initially ran high due to excitement about potential federal changes in the US, ultimately progress has been slow.

"Cannabis started with a big run-up in January and February ... and things dragged from there" — Dan Ahrens, AdvisorShares

Still, Dan has hope for 2022 and said it will be a "huge year" for cannabis. He believes US reforms will come sooner rather than later, and in his opinion those widely anticipated changes will bring a wave of M&A activity.

Specifically, he expects to see alcohol, tobacco and other consumer packaged goods companies making deals with cannabis players, not just cannabis entities doing transactions with each other.

"Those big alcohol companies, tobacco companies, other consumer packaged goods product companies — they're waiting. They're waiting on the US" — Dan Ahrens, AdvisorShares

Want more YouTube content? Check out our YouTube playlist At Home With INN, which features interviews with experts in the resource space. If there's someone you'd like to see us interview, please send an email to cmcleod@investingnews.com.

And don't forget to follow us @INN_Resource for real-time updates!

Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.

cannabis plant layered with German flag graphic
Dmytro Tyshchenko / Shutterstock

Catch up on some of the biggest news of the week for the cannabis investment world.

Three political parties have formed a coalition in Germany, leading to a new government, and it has promised cannabis reform in the European nation.

Meanwhile, a popular cannabis retailer confirmed consumers will now find its products available for delivery on the Uber Eats mobile application in Ontario.

Keep reading to find out more cannabis highlights from the past five days.


Coalition of parties promises forward-looking cannabis policy

Germany, a country with comprehensive and elaborate medicinal rules for cannabis, is in a time of transition as a new government is set to begin to take over after 16 years of Angela Merkel.

Olaf Scholz, the proposed next chancellor of Germany, leads a three party coalition that will become the country's governing body. As part of its promises, talk of adult-use cannabis regulation has now gained even more momentum. A report from MJBizDaily quotes a German policy document that shows the coalition's stance:

"We are introducing the controlled distribution of cannabis to adults for consumption purposes in licensed shops. This controls the quality, prevents the transfer of contaminated substances and guarantees the protection of minors."

However, despite the promise and excitement, it remains to be seen how these ideas will be applied since no formal regulations have been drafted or approved yet.

Canadian cannabis retailer partners with popular delivery app

Tokyo Smoke, a cannabis retail operator in Canada owned by Canopy Growth (NASDAQ:CGC,TSX:WEED), announced a collaboration agreement with Uber Canada (NYSE:UBER) whereby cannabis consumers will be able to use the Uber Eats app to order products before they visit stores.

While the app won't let consumers get cannabis delivered to them, this new method opens the doors to more dynamic ways of buying cannabis.

"As a market leader in innovation and a platform used by so many Canadians, we believe this is the ideal next offering that can be done safely and conveniently on the Uber Eats app," Mark Hillard, vice president of operations with Tokyo Smoke, said in a press release.

A report from the Canadian Press indicates Ontario is considering allowing dispensaries to have delivery and pickup options made available to consumers permanently. The province allowed some of these purchasing options at the outset of the COVID-19 pandemic, but then removed them.

Lola Kassim, general manager of Uber Eats Canada, said this new end-to-end experience will provide consumers with responsible access to legal cannabis products.

Cannabis company news

  • Organigram Holdings (NASDAQ:OGI,TSX:OGI) issued financial results for its Q4 2021 period. In its report, the company notes a net loss of C$26 million despite a 22 percent uptick in net revenue to C$24.9 million. Beena Goldenberg, the newly appointed CEO of the firm, is encouraged by the market share position earned by the company, which said it became the fourth biggest producer in Canada during the reporting period.
  • Halo Collective (NEO:HALO,OTCQB:HCANF) confirmed the decision for Akanda, its spinoff company focused on international cannabis opportunities, to begin trading on a US exchange. "The number of shares to be offered and the price range for the proposed offering have not yet been determined," the company told investors in a press release.
  • High Tide (NASDAQ:HITI,TSXV:HITI) announced the acquisition of 80 percent of NuLeaf Naturals, a CBD product wellness developer, for an estimated US$31.24 million. The deal includes a three year option clause for High Tide to complete a total acquisition. "As international markets open up and as export regulations evolve, NuLeaf's cGMP-certified facility positions us to take advantage of the global CBD business opportunity," Raj Grover, president and CEO of High Tide, said.
  • Humble & Fume (CSE:HMBL,OTC Pink:HUMBF) released the financial report for its first 2022 fiscal quarter to shareholders and the market. "As the legal cannabis market in North America continues to mature, Humble remains agile and focused on providing a leading solution for brands to scale quickly and retailers to focus on their customers," Joel Toguri, CEO of Humble, said.

Don't forget to follow us @INN_Cannabis for real-time updates!

Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.

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