BIG Blockchain Intelligence Group Inc (CNSX: BIGG) has started breaking out after succumbing to bearish pressure over the past year. A 50%-plus spike since the start of Q2 coincides with an uptick in market sentiments in the cryptocurrency and blockchain space.
Catalysts And Price Analysis
A good number of cryptocurrencies have bottomed out after imploding in 2018. Cryptocurrency and blockchain focused stocks have followed suit on investor sentiments about opportunities in the sector improving.
Big Blockchain Intelligence prospects have also inched higher following the confirmation of a strategic partnership with SBI BIT, a subsidiary of SBI holdings. The company launching a crypto fusion center for notifying and protecting the market when thefts occur also continues to strengthen the stock’s sentiments.
The stock has since taken out the $0.08 resistance level, waiting to see if the upward momentum has what it takes to continue pushing the stock higher. Above the $0.08 mark, Big Blockchain Intelligence remains well positioned to make a run for the $0.15 resistance level.
For Big Blockchain Intelligence to turn bullish after the underperformance of the past year, it will have rise and stabilize above the $0.20 mark, a critical resistance level.
A sell-off followed by a close below the $0.08 mark, on the other hand, would leave the stock susceptible to further drops probably back to 52-week lows.
About Big Blockchain Intelligence
Big Blockchain Intelligence casts itself as a leading provider and provider of cryptocurrency risk scoring and data analytics tools. BitRank is the company’s proprietary risk-scoring tool, designed to provide instant visibility into cryptocurrency wallets.
Why is Big Blockchain Intelligence Bottoming Out?
Big Blockchain Intelligence has started bottoming out after crashing in 2018, in response to investor’s sentiments about cryptocurrencies improving. Cryptocurrencies have bottomed out on investors flocking into the sector in pursuit of opportunities, given that stocks in the sector appear undervalued at current levels.
An influx of investors and people into the cryptocurrency and blockchain sector essentially points to booming business for the likes of Big Blockchain Intelligence.
Early this year the company confirmed the unveiling of Crypto Infusion Center as it sought to take advantage of the growing demand for solutions that can notify and protect people against thefts in the burgeoning sector.
Crypto Fusion Center is Big Blockchain Intelligence solution designed to promote the legitimacy of cryptocurrencies while also protecting investors, by identifying and isolating crypto tied criminal events.
The platform acts as a go-to resource for all blacklisted addresses that crypto enthusiasts should avoid. The platform also provides easy access to comprehensive tracing software among other value-added services.
“With the launch of the Crypto Fusion Center, entities in all sectors will be able to notify major participating exchanges, financial institutions, and law enforcement agencies in a timely manner when cryptocurrency thefts occur. The Crypto Fusion Center will be the go-to resource for learning exactly which blacklisted addresses to be on the lookout for,” Big Blockchain Intelligence in a statement
SBI Holdings Deal
In addition to the launch of the Crypto Fusion Center, Big Blockchain Intelligence has attracted interest from SBI BITS, a subsidiary of SBI Holdings. The two have since signed a multi-service client agreement for the use of BitRank Verified transaction risk scoring solution.
SBI BITS is to use the Big Blockchain Intelligence solution to demonstrate regulatory compliance for its cryptocurrency trading platform SBI Virtual Currencies CO. The use of the solution should allow SBI to investigate instances of suspicious activity on its platforms.
Under the terms of the agreement, Big Blockchain Intelligence stands to earn fees based on the API queries processed through BitRank Verified and QLUE service.
“We’re very excited to count SBI Bits among our clients. BIG’s services will help SBI: deal with cryptocurrencies and cryptocurrency transactions with greater transparency and security; in meeting increasingly demanding compliance regulations. We’re looking forward to working closely with the world-class team at SBI to bring greater security and accountability to their cryptocurrency-related ventures,” said BIG CEO, Lance Morginn.
What Next For Big Blockchain Intelligence
The broader cryptocurrency sector turning bullish in recent weeks is a welcome sign that should continue to strengthen Big Blockchain Intelligence prospects in the market.
Big Blockchain Intelligence is likely to continue strengthening as market sentiments in the cryptocurrency sector keep improving.
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Disclosure: We have no position in CNSX: BIGG and have not been compensated for this article.