Why has BitShares recently fallen (Can BitTech stock still go public)?

08/18/2023 07:41 • Tech Ticker • 86 views

Why has BitShares recently fallen? According to btcmanager.com, BitShares has recently fallen. It has been impacted by the rise of Bitcoin, as well as the ups and downs of other cryptocurrencies to varying degrees. As the market enters a bearish period, many people are beginning to doubt whether Bitcoin can rebound as expected by traditional financial market investors.

According to data from CoinMarketCap, as of the closing period on May 30, 2018, the current price of Bitcoin is $9370, a decrease of over 80% compared to its historical high. However, the price has continued to decline.

Can BitTech stock still go public?

Editor’s Note: This article is from DeepChain Finance (ID: deepchainvip), author: Wang Jiajian, reprinted with authorization from Odaily Planet Daily.

BitTech A shares officially went public for trading on NASDAQ around 1:30 am Beijing time on July 18 (3:00 pm Eastern time). Prior to the IPO, the price of BitTech stock had already risen to $5 per share. However, from the evening of April 27 until now, the price of Bitcoin has dropped sharply to near $65,000, and as of the time of writing, its price is only 36 yuan (RMB).

According to a report previously released by CoinDesk, during two periods from November 28, 2019 to February 31, 2020, the total market value of global cryptocurrencies fell by about 30% to between $180 billion; and from December 26, last year to the beginning of March 2021, the total market value of BTC and BCH dropped by more than 70%, 75%, and 85% respectively. At the same time, the computing power of the Bitcoin network has also increased significantly, reaching a historical high. However, compared with early 2018, this data has decreased—currently, the Bitcoin network hash rate has the largest decrease.

Since 2019, the stock price of BitTech has remained low. Since the second half of 2017, “mining machine” sales accounted for as much as 60%. However, in the past year, the profitability of “mining” has not shown a significant decline. In mid-2018, according to insiders, “the company’s main business is the development of ASIC chips and providing blockchain technology services overseas.” However, not long ago, it was reported that Bitmain is considering moving some of its computing power to Hong Kong, China, or planning to acquire more hardware suppliers located in China. In addition, there are also media reports that the company is currently developing software for deploying ASIC servers called “Antminer S9,” which uses the Ant blockchain protocol to protect user assets and achieve anonymity. Due to Bitmain’s strong technical reserves and massive financial resources, these machines cannot directly enter the market for operation.

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Why has BitShares recently fallen (Can BitTech stock still go public)?

Can BitTech stock still go public?

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