Bitcoin’s trading volume has been ‘muted’ in the past month, which has had an adverse impact on crypto wallet companies. Some analysts are attributing this to the U.S. tax season, which is why in recent sessions following the April 18th tax deadline the industry is starting to rally.
Needham & Company’s John Todaro joined CNBC’s “TechCheck” to discuss the topic, “That’s likely why we are seeing a little bit of a rally here, I think certainly on the retail side after the tax liabilities were paid, folks are looking to put a little bit more money back into crypto assets.”
This increase in activity will lead to more investors in crypto wallet stocks as well, evidenced by the rise in trading activity of Robinhood (Nasdaq: HOOD). The company saw a spike in its valuation after announcing it agreed to acquire London-based fintech crypto app Ziglu to bolster its global expansion. Ziglu is one of the few crypto companies that has successfully registered with the U.K.’s Financial Conduct Authority. Robinhood’s revenue from cryptocurrencies jumped 304% to $48 million in the fourth quarter.
Investors searching for more crypto wallet plays to capitalize on the post-tax season rally should start with Everdime Technologies, Inc. (OTCMKTS: RGST). The company announced Wednesday that its Everdime Mobile Wallet App ‘eDime’ is now in full beta test mode. This exclusive new App features secure access to more than fifty (50) Blockchains, including the popular Bitcoin, Ethereum, Binance, and Solana platforms.
Everdime Technologies’ novel eDime wallet is supported for Android and IOS devices including fingerprint security access.
What separates RGST’s technology from many crypto wallets is that it will be integrated into Unity, a game building platform
Sandor Miklos, Everdime CEO summarizes as follows, “The work that Simon and his team have provided not only gives our users security and confidence to store their cryptocurrencies; but when fully developed, allows them to rent out their customized Avatars and/or form in-game alliances with other players to gain in-play advantages.”
Everdime Technologies, Inc. (OTCMKTS: RGST) expects the “app to be released to the public on or before June 1.”
The next catalyst for the crypto market could come from “an easing of geopolitical tensions or a taming of inflation,” according to Todaro. So investors may want to start researching now before the next big rally in the sector.
Todaro’s firm Needham & Company also has ‘buy’ ratings on crypto wallet stocks Coinbase (NYSE:COIN) and CompoSecure Inc. (Nasdaq:CMPO).
Todaro said “These companies are down to three, four times revenue, so I think these are quite discounted here.”
Make sure to start your research on crypto wallet stocks today.
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