NEW YORK, August 9, 2017 /PRNewswire/ --
Bitcoin prices yesterday continued to surge crossing the $3,500 mark and reaching new all-time highs. The recent surge in value of the cryptocurrency is likely a result of the recent split in Bitcoin, and the spinoff Bitcoin Cash or 'Bcash'. After the split on August 1st, Bitcoin holders received an amount of Bitcoin cash equivalent to their number of bitcoin tokens. That appeared to create billions of dollars overnight and according to a report by Fortune, investors rather than trading their bitcoin in for Bcash, appeared to trade their Bcash in for Bitcoin. SinglePoint, Inc. (OTC: SING), First Bitcoin Capital (OTC: BITCF), Bitcoin Services, Inc. (OTC: BTSC), Shopify Inc. (NYSE: SHOP), Bitcoin Investment Trust (OTC: GBTC).
"After the split, investors holding Bitcoin were also given Bitcoin Cash. Initially, the market cap of Bitcoin Cash rose to $12 billion, but we've since seen a lot of people selling their Bitcoin Cash in order to buy more Bitcoin," said Matthew Newton, a market analyst at online trading platform eToro, according to Fortune. "In recent days, we've seen $8 billion wiped off the market cap of Bitcoin Cash, and $9 billion added to the market cap of Bitcoin."
SinglePoint, Inc. (OTC: SING) announced yesterday that its, purchase of $Weed which is one of the newest fiat currencies floated in the booming Cryptocurrency markets. The large block purchase is from crypto industry leader, First Bitcoin Capital (OTC: BITCF). After many months of collaboration, the two companies have decided this initiative is the starting point for a much larger play in the cryptocurrency markets. Weed 'Coin' is a crypto currency geared toward solving the payment problems found in the cannabis industry. The coin recently had its ICO launch resulting in an impressive yet illiquid market cap of close to $60,000,000.
Currently WeedCoin is already listed on three exchanges. SinglePoint and First Bitcoin Capital plan to list and market the coin on many more exchanges soon. Additional listings and marketing efforts could generate greater interest levels found in such competitors as PotCoin as part of a partnership to move towards a massive consumer first approach. The consumer-first approach overcomes the traditional issues of making a payment at dispensaries using cryptocurrencies.
A big barrier in making a payment at cannabis retail stores using cryptocurrency is that the consumers do not yet have a wallet set up. This takes time and slows down this entire process. SinglePoint and First Bitcoin Capital plan to invest heavily in getting the consumers to sign up first, making sure they have the ability to quickly go in and make a purchase from a dispensary, painlessly. The consumer approach also lets the companies build in multiple programs such as loyalty, special offers, and the ability to track what kinds of products people are buying which leads to a massive database of what is popular, how much it is being sold for on average and many more insights to the cannabis industry.
Bitcoin Services, Inc. (OTC: BTSC) has business operations based on the internet for consumers that consist of bitcoin mining and blockchain software development. On May 3rd, Bitcoin Services announced that it began mining Monero in the 1st quarter of 2017. Monero is currently one of the top digital currencies with a market cap of over 300 million USD.
Shopify Inc. (NYSE: SHOP) is the leading cloud-based, multi-channel commerce platform designed for small and medium-sized businesses. Merchants can use the software to design, set up, and manage their stores across multiple sales channels, including web, mobile, social media, marketplaces and physical retail locations. Shopify accepts bitcoins as an easy, fast, cost-effective way to accept payments. The emerging bitcoin market provides Shopify access to many new customers looking for places to spend their bitcoins.
Bitcoin Investment Trust (OTCQX: GBTC) is a publicly-quoted security that is invested in and originating value from the market price of bitcoin. The BIT exposes the value and price movement of bitcoin to investors through a traditional investment vehicle, without requiring the purchase, storing and safekeeping of bitcoins. The Bitcoin Investment Trust tracks the bitcoin market price, fees and expenses.
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