NEW YORK, August 25, 2017 /PRNewswire/ --
The price of Bitcoin increased over 2% Thursday, or above $4,200 as most major cryptocurrencies recovered after several days of instability. The total market value of Bitcoin currently stands at about $70 billion. The recent volatility of Bitcoin was triggered by the adoption of a new protocol, the Segregated Witness protocol, or simply SegWit. According to MarketWatch, Bitcoin was in need to increase transaction sizes in the blockchain network. The adoption of SegWit, which was meant to solve the scaling issue, wasn't smooth. Some users rejected it, which has led to the split of bitcoin that created Bitcoin Cash. The recent advances in bitcoin, along with the recovery in Ethereum, brought the total market capitalization of all cryptocurrencies above $150 billion, MarketWatch reported. Chineseinvestors.com, Inc. (OTC: CIIX), MGT Capital Investments, Inc. (OTC: MGTI), United American Healthcare Corp. (OTC: UAHC), Bitcoin Investment Trust (OTC: GBTC), BTCS Inc. (OTC: BTCS).
Experts such as Crypto Analyst Petar Zivkovski, claim that at this point, 'SegWit is old news for the market.' According to CoinDesk, Zivkovski explains that the SegWit upgrade, even though impactful, was simply a 'buy the rumor' event for many traders. Therefore, before Bitcoin adopts the top-level payment networks and other next-generation features enabled by SegWit, profit-taking is expected. On the other hand, Arthur Hayes, CEO of bitcoin derivatives exchange BitMEX, is more optimistic in the long term. "My upside price target is $4,500 then $5,000," he told CoinDesk.
Chineseinvestors.com, Inc. (OTCQB: CIIX) on August 14th announced, "The launch of its cryptocurrency education and trading subscription service on Chinesefn.com, the Company's dynamic financial website that provides real-time market commentary, analysis, and educational related services to Chinese-speaking investors. The new subscription service will cover timely news and will provide analysis regarding all aspects of the emerging digital currency world, including coverage of cryptocurrencies including bitcoin and ethereum, industry trends, price movement, sector related stocks and ETFs, etc.
Cryptocurrency has attracted a lot of attention in recent years from the creation of bitcoin, the world's first decentralized digital currency to blockchain technology, which allows cryptocurrency to transfer value across the globe without resorting to traditional intermediaries such as banks. The ability to transfer value solely through software is a huge breakthrough. The cryptocurrency market has also created new phenomena such as currency mining, trading, tender, and storage. At the same time, it has significantly impacted industries such as cybersecurity, cloud computing and storage, and semiconductors."
"Cryptocurrencies like bitcoin have become a global phenomenon," says Warren Wang, Founder and CEO of CIIX. "Since January 2015, the price of Bitcoin has increased 500% from $200 to $1,000 in January 2017, and just spiked to a record high over $4,000 as US-North Korea tensions escalated. Likewise, ethereum has surged from less than $10 to more than $300 this year. With the use and trading of cryptocurrencies on the rise in Asia, it appears that a much wider adoption of digital assets may be right around the corner. With an estimated 85% market share, China is one of the dominant players controlling bitcoin volume, along with Japan (which recently legalized bitcoin as a form of payment) and the United States. While many see the unique opportunity that cryptocurrency poses for investors and desire to capitalize on this market opportunity, they may not have a full understanding of the concept of digital currency or how the system works. CIIX intends to provide fundamental knowledge to Chinese speaking newcomers to cryptocurrency, including straightforward explanations of the basics of cryptocurrency, how to buy it and straightforward trading guidelines. For those with cryptocurrency experience, the Company will provide more detailed information regarding currency mining, blockchain technology, stock trends and ETFs. Through its innovative cryptocurrency education and trading subscription service, the Company endeavors to be the leading Chinese educational site providing up to date news and information on digital currencies."
MGT Capital Investments, Inc. (OTC: MGTI) is a U.S. based Bitcoin miner. Further, the Company continues to focus on an expansion model to grow its crypto assets materially. This week the company announced that it has closed on financing to allow the Company to materially ramp up its Bitcoin mining operations. The financing consists of a $2.4 million 10% convertible note (convertible at $1.05 per MGTI share) issued to a single institutional investor, UAHC Ventures LLC. UAHC Ventures is a subsidiary of publicly traded United American Healthcare Corp. The note is self-amortizing with a maximum repayment of $160,000 per month. In conjunction with the note, the Company also issued the investor approximately 862,000 warrants with an exercise price of $1.05 per MGTI share. Stephen Schaeffer, President of MGT Crypto-Capital Strategies, stated, "Today's announcement is further evidence of our commitment to being the leading miner in the North America. We are currently constructing our third location in Washington State, and plan to deploy new mining rigs in this facility in early October 2017."
United American Healthcare Corp. (OTC: UAHC) announced on Wednesday that its wholly-owned subsidiary, UAHC Ventures, LLC, has partnered with MGT Capital Investments, Inc. by providing a $2 million investment to MGTI, the proceeds of which will be utilized by MGTI to further expand and develop its Bitcoin mining operations. "Today we see Bitcoin and related-mining activities as a promising and fast-growing segment of the digital currency sector. Accordingly, we've identified MGT Capital Investments, Inc. as a leader in Bitcoin mining that is uniquely poised to capture market value as it expands its mining operations. As our commitment to making strategic investments through UAHC Ventures continues, we will further explore potential value-adding opportunities in the digital currency space, as they present themselves," said John Fife, CEO of UAHC Ventures, LLC.
Bitcoin Investment Trust (OTCQX: GBTC) is a wholly-owned subsidiary of Digital Currency Group, Inc., which builds and supports bitcoin and blockchain companies by leveraging its insights, network, and access to capital. Earlier in the year the company announced that it has filed a registration statement on Form S-1 relating to the proposed registration of the Bitcoin Investment Trust's shares with the Securities and Exchange Commission. The investment objective of the Bitcoin Investment Trust is for the registered shares to reflect the performance of the value of a bitcoin, before liabilities and expenses of the Trust, as represented by the TradeBlock XBX Index.
BTCS Inc. (OTCQB: BTCS), a blockchain technology focused company, announced on August 21st that it signed a non-binding 'Letter of Intent' to merge with Blockchain Global Limited, an Australian blockchain company, which will be subject to a number of conditions detailed at the end of this press release. "The blockchain space continues to suffer from a talent void," commented Charles Allen, CEO of BTCS. "Together with BCG, and their track record of success, we're positioning ourselves to fill this talent void, ultimately capitalizing on the immense opportunity in blockchain technologies and leveraging our early-mover advantage."
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