Global Blockchain Technologies
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Global Blockchain Technologies Corp (CNSX:BLOC) Outlooks Turns Negative As Sell-Off Gains Momentum

Investors are yet to buy into Global Blockchain Technologies Corp (CNSX:BLOC) management defense as to why the stock has continued to underperform. The stock’s outlook in the market is not looking good as short sellers threaten to push it to new lows.

Global Blockchain Price Action

The stock has lost nearly 60% in market value since the start of the year, an underperformance that also seems to be giving the management team sleepless night. The team has sought to shield itself from the underperformance by attributing it to a sell-off wave that has gripped the greater cryptocurrency space.

BLKCF Daily Chart

However, it appears investors are not ready to buy into the defense if recent price action activity is anything to go by. The stock is currently trading in a steep downtrend. A breach of the $0.18 support level in recent trading sessions raises questions as to whether the stock has what it takes to bounce back.

If price action activity is anything to go by, then the stock looks set to continue trading lower as the sell-off wave continues to gain momentum. Any bounce backs should face strong resistance at the $0.18 mark, above which buyers could assume control.

What Does Global Blockchain Technologies Do?

Global Blockchain Technologies claims to provide investors with access to investments in the blockchain space. Backed by a management team of industry pioneers and early adopters of cryptocurrencies, the company hopes to become a key player in the industry.

The company seeks to become the first vertically integrated originator and manager blockchain solutions as well as digital currencies

Global Blockchain Technologies is currently undertaking a number of projects some with the government as well as private entities, which it expects to have a significant impact on the stock’s outlook.

Peer to Peer Storage Marketplace

Stratus is the new peer to peer storage marketplace that Global Blockchain Technologies expects to have a significant impact on the process of buying and selling storage space among IT users. The blockchain solution will make it easy for companies to liquidate their excess storage space to other users in need.

The decentralized marketplace for cloud services will match users that have excess computing resources with those in need of such resources. The solution is to be’ built on Laser Network a blockchain powered by the company. Global Blockchain Technologies has teamed up with Hewlett Packard to bring the P2P storage marketplace to HPE users

“We are thrilled to give our members the opportunity to try this groundbreaking PoC. It addresses a persisting issue of supply and demand for computing resources that virtually all of the group’s members face. It’s clear that when this PoC hits the mainstream enterprise market, everybody will want to use it,” said Eskander Mirza, Chairman of Hewlett Packard Enterprise’s Storage Users Group states.

The proposed blockchain powered marketplace is to operate the same way Airbnb simplifies the process of renting houses. The solutions should be up and be running in the third quarter. With computing resources constantly on demand, the new P2P storage solution could provide a unique opportunity for the company to generate significant value going forward.

Growing Cryptocurrency Exchange Business Line

In addition, Global Blockchain Technologies is aggressively growing its portfolio of cryptocurrency exchanges as part of its new business line. According to the chief executive, Shidan Gouran there is some value worth pursuing in the sector as assets continue to grow and mature.

The company’s exchange division currently comprises of Hyperion exchange that seeks to offer an advanced exchange for security tokens in North America. The exchange is set to go online at the same time that tZero another decentralized security taken that has already raised $250 million goes live.

Laser Network is another exchange that acts like a Swift network for cryptocurrencies. The service allows blockchains of various cryptocurrencies to interact with one another without the help of a centralized exchange

“Several exchanges are just garage or basement operations that handle millions upon millions of dollars in trading volume. BLOC’s focus on exchanges addresses this, and it enables investors to benefit from the growth of the professionally-managed exchanges that will prop up the cryptocurrency market and introduce major trading forces such as institutional capital,” said Company’s Chairman Steve Nerayoff.

What Next For Global Blockchain Technologies

The management team has made it clear that the company remains well positioned to drive healthy revenues given recent developments in the blockchain industry. While indeed true, investors are yet to buy into the claims depicted by the stock’s price action.

A sell-off wave that has hit the cryptocurrency and blockchain space, in part, has had a significant adverse impact on Global Blockchain Technologies sentiments in the market. Until sentiments in the industry improve, it might be wise to maintain a cautious approach when it comes to investments in the stock.

We will be updating our subscribers as soon as we know more. For the latest updates on BLOC, sign up below!

Disclosure: We have no position in BLOC and have not been compensated for this article.

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Global Blockchain Technologies Corp (CNSX:BLOC) Outlooks Turns Negative As Sell-Off Gains Momentum
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