Bulls are eyeing fresh highs as BIG Blockchain Intelligence Group Inc (OTCMKTS: BBKCF) continues to bottom-out from all-time lows. A spike past a critical resistance level has opened the door for the stock to continue climbing the ladder, as the upward momentum continues to gather pace.
BBKCF Catalysts and Price Analysis
The bounce back coincides with an uptick in investors’ sentiments, about opportunities in the cryptocurrency and blockchain space. A good number of cryptocurrencies have bottomed out after harrowing plunge in 2018.
In addition to the blockchain and cryptocurrency sector turning bullish, Big Blockchain Intelligence Group has served a number of catalysts that continue to fuel investor interest in the stock. The acquisition of Netcoins operations is the latest catalyst likely to fuel the stock’s price action activity.
The Company expanding its operations into the Bitcoin Institutional OTC trading and cryptocurrency custody services also continues to prop the stock sentiments among investors. It thus does not come as a surprise that the stock has started trending higher.
A 30% plus spike has catapulted Big Blockchain Intelligence Group above the $0.08 technical level, paving the way for fresh rallies going forward. Above the critical support level, the stock looks set to continue powering high as a bounce-back play.
Failure to stabilize above the $0.08 support level could trigger further sell-offs that could result in Big Blockchain Intelligence Group tanking lower in continuation of the long term bear trend.
What Does Big Blockchain Intelligence Group Inc Do?
Big Blockchain Intelligence Group is a blockchain-focused company that seeks to bring security and accountability into the digital currency space. The Company boasts of a blockchain-agonistic search and analytics engine, designed to make it easy for authorities to monitor and track cryptocurrency transactions. The Company also offers BitRank a risk-scoring tool that provides visibility into cryptocurrency wallets.
Big Blockchain Intelligence Group has started bottoming out on moving to strengthen its prospects in the burgeoning cryptocurrency and blockchain sector, with the acquisition of Netcoins. The acquisition grants the company access to a software that Netcoins is developing, designed to make the purchase and sale of cryptocurrencies easily accessible to consumers.
Netcoins is a major coup as it facilitated transactions worth $58 million last year at a time when the crypto sector was trending lower. It joins Big Blockchain Intelligence Group with a robust footprint made up of 171,000 retail locations and a self-serve crypto purchase portal.
Crypto Custody Services
Netcoins should support Big Blockchain Intelligence Group bid to take cryptocurrency mainstream. The company is currently working on an institutional crypto custody service having signed a deal with BitGo, one of the world’s largest processor of on-chain Bitcoin transactions.
“BIG’s sophisticated AML compliance and reporting suite will give the Netcoins’ transactional product offerings a marketplace edge while allowing our software and services to be marketed by Netcoin’s highly experienced team via their existing sales channels,” said Shone Anstey, BIG’s Executive Chairman.
The acquisition should also go a long way in strengthening Big Blockchain Intelligence Group institutional OTC trading business. Plans are already underway to integrate BIG’s BitRank Verified product into Netcoins operations. The integration is part of an effort that seeks to offer institutional investors a reliable custody service for cryptocurrency offerings.
The lack of reliable crypto custody services is one of the tailwinds that continue to hamper cryptocurrency mainstream adoption. However, Big Blockchain Intelligence Group is looking to change all this by offering service that institutional can bank on to secure their crypto holdings.
“Our clients will have a need for OTC trading, and both Netcoins and its clients can benefit from the compliance and analytics services BIG provides. Mark’s team, with their strong relationships and understanding of the crypto market, will open up new markets to BIG,” stated CEO Lance Morginn.
Big Blockchain Intelligence Group Inc appears to have reached a bottom and likely to continue powering higher after breaking out from multi-year lows. The acquisition of Netcoins marks an important milestone in the Company’s push for revenues in the multi-billion-dollar cryptocurrency sector.
The stock is an ideal bounce-back play as investor sentiments in the cryptocurrency sector have improved a great deal. Given that Big Blockchain Intelligence Group has a lot of room to cover after succumbing to bearish pressure last year, now may be the time to buy the stock.
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Disclosure: We have no position in BBKCF and have not been compensated for this article.