CEO George McDonaugh said that the price of Bitcoin, a key barometer of the sector, had risen to levels not seen for half a year or more and that should this could be a bullish shift from a 54-week long bear market.
KR1 PLC’s (LON:KR1) chief executive, George McDonaugh, has hailed a “major shift” in sentiment in the market for cryptocurrency and blockchain.
In a statement alongside the crypto and blockchain investor’s final results for 2018, McDonaugh said that the price of Bitcoin, often seen as a key barometer of the market, had risen to levels not seen for half a year or more and that should this could be a bullish shift from a 54-week long bear market the had previously driven an 84% correction in Bitcoin’s price down from highs at the end of 2017.
He added that while the previous financial year had presented “challenges” for the company, it was in “a very strong position” for the long-term having sold positions during the highs of 2017, and that shortly before the release of the company’s results it had received “a major boost” from the launch of the Cosmos network, on of its earliest investments.
“We believe we have managed to place ourselves at the heart of the next shift in the lifecycle of this technology and we are very excited for what is to come”, McDonaugh said.
For the year ended 31 December 2018, KR1 reported a loss of £8.3mln compared to a £11.6mln profit the year before, while its shareholders funds had fallen to £6.1mln from £13.5mln.
In lunchtime trading on Friday, KR1’s shares on the NEX exchange were around 9p.
Author Calum Muirhead
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