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KR1 boss hails “major shift” in crypto market sentiment

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

Cryptocurrency
McDonaugh added that the company was in “a very strong position” for the long-term having sold positions during market highs in 2017

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.

WATCH: KR1 PLC predicts we've seen the Bitcoin bottom with significant growth ahead

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.

Quick facts: KR1 PLC

Price: 5 GBX

NEX:KR1
Market: NEX
Market Cap: -
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