On Mar 27, Bitcoin Shop Inc. (OTCQB: BTCS) stock volume continued to soar, with 1,312,669 shares changing hands, more than 2.5 times its three-month average of 517,632 shares.
This comes on the heels of the Sliver-Spring, Md.-based bitcoin e-commerce company's Mar. 26 announcements that it invested $1.5 million in GoCoin, LLC, another digital currency company.
However, despite this positive news, Bitcoin's share value continued its downward spiral. Just one short month ago, BTCS share price closed at $1.70. On Mar. 27, its share price closed at 39 cents, down 2 cents from its close of 41 cents the previous day.
Surge initially based on Hype
On Feb. 10, Bitcoin shop's share price was more than $4 as a result of the excitement and curiosity swirling around anything to do with the mysterious new Internet currency Bitcoin. But part of the boost was a direct result company launching a new ecommerce website (www.bitcoinshop.us) where consumers can purchase products using virtual currency such as Bitcoin, by searching through selection of over 400 categories and over 140,000 items.
But it appears the hype surrounding the new site has worn off fast among shareholders who might be wondering just how all this will translate into profits, rather than losses. This is especially true with all of the negative news surrounding the Bitcoin currency lately, including the Mt. Gox Bitcoin exchange bankruptcy filing.
A Murky and Unregulated Currency
Bitcoin is a digital or virtual currency that uses peer-to-peer technology to facilitate instant payments. Bitcoin is categorized as a cryptocurrency. That's because it uses cryptography for security, making it difficult to counterfeit. Bitcoin issuance and transactions are carried out collectively by the network, with no central authority, and allow users to make secure, verified transfers.
Although true believers in the digital currency minimize its risks, industry experts recommend using extreme caution when evaluating companies involved with it. Only time will tell which view is the most accurate.
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No News on Innovative Product Opportunities Acquisition Talks
In other news, product developer Innovative Product Opportunities Inc.'s (OTCQB: IPRU) stock volume fell Mar. 27, with just 7,136,590 shares changing hands, nearly seven times less than its three-month average volume of 46,373,647 shares.
The lower than usual stock volume could be tied to the fact that there's been no update on the Huntington Beach, Calif.-based company's acquisition talks with an established, automated target tracking company specializing in the stage, lighting, event and exhibition industries.
On Feb. 21, Innovative said that it’s reviewing the unnamed company with intentions to sign a LOI for their systems which can be used for tracking targets or performers utilizing robotic lighting and video projectors.
"This opportunity is a huge leap forward for us into the exciting field of stage, TV and exhibitions. The opportunities for these products are huge and could very well revolutionize the entertainment production industry," Innovative's CEO Doug Clark said, in a written statement.
So far, there has been no update on the potential acquisition.
On Mar. 27, IPRU's share price closed at 0.0006 cents, unchanged from its closing price of 0.0006 the previous day.
In the energy sector, Independence Energy Corp. (OTCQB: IDNG) stock volume soared Mar. 27, with 14,042,338 shares changing hands, nearly 10 times its three-month average volume of 1,432,979 shares.
The Seal Beach, Calif.-based oil and gas company that is engaged in the exploration for and production of oil and natural gas throughout the United States has not issued any news releases or filed any financial reports since Jan. 31, 2012. At that time, Independence Energy Corp. reported a $136,000 loss.
On Mar. 27, IDNG's share price closed at 0.0025 cents, up 0.0002 from its closing price of 0.0023 the previous day.
Journal of Radiology Inc. Stock Volume Soars
Meanwhile, the Journal of Radiology Inc. (OTCQB: JRRD) experienced robust stock volume Mar. 27, with 9,668,430 share changing hands.
The development stage company based in Santa Monica Calf has not issued any press releases, is not in the news and currently does not have a Web site listed.
The only thing that is certain about the company is that it has not yet realized any revenues from its planned operations. In fact, according to its last financial filing on Jun. 30, 2013, the company had an operating loss of $354,000.
On Mar. 27, JRRD's share price closed at 0.0003 cents, up 0.0001 from its closing price of 0.0002 the previous day.
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