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BTCS Stock | Market, Pandemic and Recovery

BTCS Stock price

October 29, 2021 | 

2656 Views | 

Jesus Guzman | 

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BTCS Stocks was founded in June 2013 and is based in Silverspring in the US state of Maryland. The company claims to be one of the first US companies to focus on digital assets and blockchain technologies, and is also developing "a data analytics platform for digital assets".

The BTCS stocks themselves have been posting strong gains since mid-April 2020, after reaching a long plateau between March and mid-April, which in turn followed a steady decline from around mid-February. From mid-May until today, however, the BTCS share price appears to be on another plateau.

It is likely that the low price volatility in March and mid-April was influenced by investors' uncertainty towards the markets due to the fear of the coronavirus and the economic blockade.

The coronavirus pandemic had a similar impact (and even led to some negative volatility) on crypto markets, including BTC and ETH. After COVID 19 reached a pandemic status, the value of BTC fell massively but has since recovered overall (as has the rest of the market).

Bitcoin stock market - btc

BTCS Stocks News

BTCS Stocks announced via press release on 21 April 2020 that it has increased its cash: to the tune of $500,000 in additional funds. This was achieved through 'convertible bond financing' and a $42,000 loan from the CARES Act Paycheck Protection Programme.

The CEO of BTCS, Charles Allen, confirmed our suspicions that the coronavirus had an impact on the company's shares when he stated that:

"The coronavirus pandemic has sent shockwaves through the global economy... While digital assets slumped with the initial sell-off in equity markets in March, we believe this is an anomaly that could provide us with an opportunity to accumulate digital assets at attractive prices. With a strengthened cash position and lower consumption, we are in an ideal position to increase our exposure to digital assets at low prices."

Earlier, on 29 July 2019, Charles Allen had sent a letter to BTCS stocks´ shareholders informing them of ongoing activities and the long-term strategic vision/roadmap.

The letter mentioned that BTCS would focus on the "blockchain space" and seek to "bridge the gap between listed company experience and blockchain expertise".

The letter highlights that in the first half of 2019, the company "signed an equity line of credit (ELOC) agreement to raise up to $10 million, an agreement consistent with our objectives to avoid toxic financing and seek the lowest possible cost of capital while minimising shareholder dilution." The company claims to have successfully raised $1.24 million since January 2019.

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