NEW YORK, December 14, 2017 /PRNewswire/ --
According to data from Coinmarketcap, the total market capitalization of all cryptocurrencies has surpassed $500 billion for the first time and hit a record high of $506 billion on Wednesday due to the surges of Ethereum and Ripple prices. Ethereum, the second largest cryptocurrency by market cap, hit an all-time high of $747 on Wednesday. Ripple also posted an impressive gain in the past two days. Ripple price rose 27 percent to $0.48 in the last 24 hours. Bitcoin is still leading in the cryptocurrency market, with a market cap of over 278 billion. Chineseinvestors.com, Inc. (OTC: CIIX), Bitcoin Investment Trust (OTC: GBTC), MGT Capital Investments, Inc. (OTC: MGTI), Riot Blockchain, Inc. (NASDAQ: RIOT), Xunlei Ltd (NASDAQ: XNET).
According to Yahoo Finance, RBC Capital Markets analysts, Mitch Steves and Amit Daryanani, believe the cryptocurrency market could be worth $10 trillion. In a research note on December 12th, they said, "On a near-term basis we think it is quite difficult to make price statements which is why we are flagging the move now in the case that it sustains. Longer term, we think crypto currencies are here to stay and will likely become a large market (our long-term estimate for the Cryptocurrency space is in the $10 Trillion dollar range versus ~ $500B today)."
Chineseinvestors.com, Inc. (OTCQB: CIIX) announced on December 5th that it has entered into an agreement with Blockchain BTM, LLC to host a Bitcoin ATM at its San Gabriel, California office with plans to expand to serve other Chinese Communities throughout the United States. The Bitcoin ATM, located in the lobby of the Company's offices in the highly trafficked San Gabriel Hilton Plaza, is open from 9 a.m. to 6 p.m., Monday through Friday, making it convenient and easy to purchase Bitcoin. Purchasers will have access to on site customer service representatives available to provide instruction regarding the Bitcoin ATM in both Chinese and English. The machine however offers translation into five languages including traditional and simplified Chinese, English, Spanish, French and Korean.
Cryptocurrency enthusiasts can purchase up to $7,000 worth of Bitcoin daily from the ATM. If the purchaser does not already have a digital wallet to hold the cryptocurrency, the ATM is able to digitally print a wallet. Alternatively, there are many digital wallet smartphone apps available for download for Android and iPhone. For those that wish to make a more significant investment, over $7,000, the Company can provide information on how to facilitate much larger transactions.
In recent weeks the Company unveiled its new cryptocurrency education and information services, including the first Chinese Daily Video Newscast, Bitcoin Multimillionaire, broadcast from the NYSE covering Cryptocurrency and Blockchain Technology. In November the Company launched a free bitcoin news and education website in the Chinese language under the domain name newcoins168.com to serve Chinese cryptocurrency investors globally. In addition, the Company will launch new cryptocurrency subscription products in January 2018.
"Although there has been some volatility in the cryptocurrency market, Bitcoin's price resilience is impressive, reaching over $11,000.00 in the last week, with a Friday close of $10,814. With each rebound in price relative to news, we see more evidence that the concept of digital currency is taking root with investors and the general public alike," says Warren Wang, Founder and CEO of CIIX. "In addition to providing skilled investors with news about digital currency, ChineseInvestors.com, Inc. hopes to satisfy the average person's curiosity about cryptocurrency, including how to purchase Bitcoin. Moreover, the underlying Blockchain Technology is extremely compelling and we expect to see many interesting developments in this area. Bitcoin ATMs are just one example of how this area is moving forward. We are excited to make this service available to the Chinese community."
Bitcoin Investment Trust (OTCQX: GBTC) recently announced the launch of its third investment vehicle, the Zcash Investment Trust (the "Trust"). A trusted authority on digital currency investing, Grayscale Investments, LLC has assets under management of $1.3 billion. The Trust's shares are the first securities solely invested in Zcash ("ZEC"), the digital asset that powers the Zcash Network. The investment objective of the Trust is for the shares to reflect the value of the ZEC held by the Trust, determined by reference to the TradeBlock ZEC Composite Reference Rate at 4:00 p.m. New York time, less the Trust's expenses and other liabilities. The Trust is a passive investment vehicle that is not actively managed. The Sponsor believes that, for many investors, the shares will represent a cost-effective and convenient investment relative to a direct investment in ZEC.
MGT Capital Investments, Inc. (OTCQB: MGTI) ranks as one of the largest U.S. based Bitcoin miners. Further, the Company continues to focus on an expansion model to grow its crypto assets materially. On Decemeber 6th, the company announced that it has executed a new purchase order with Bitmain Technologies for an additional 500 S9 Antminer mining rigs, with shipment expected early in the first quarter of 2018. "To meet the ongoing and projected ramp of our mining footprint, we are exploring cost-efficient locations for hosting and electricity on a global basis. In addition to the economics, we are focused on immediate availability of adequate power," stated Stephen Schaeffer, President of the Company's Crypto-Capital Strategies business unit.
Riot Blockchain, Inc. (NASDAQ: RIOT) is leveraging its expertise and a network of professional advisors to build and support blockchain technologies. On December 11th, the company announced that its majority owned Tess Inc. has entered into a non-binding letter of intent to merge with Cresval Capital Corp. TessPay is a blockchain company developing a supply chain payment platform for businesses to attempt to guarantee payment on time and in full. After the closing of the anticipated merger, TessPay will be publicly traded on the TSX Venture Exchange and change its name to "TessPay Inc.". Jeff Mason, Chief Executive Officer of TessPay, stated, "The decision to take the company public provides us access to traditional capital markets as we continue developing our blockchain technology solution. This environment will also foster transparency and accountability moving forward, providing confidence to investors and prospective customers alike."
Xunlei Ltd (NASDAQ: XNET) provided an update recently according to which it currently has 28.77% equity interest in Shenzhen Xunlei Big Data Information Services Company Ltd. and has no management control over Big Data. In response to certain public statements made by Big Data recently, the board of directors of the Company issued an open letter and firmly supported the Company's endeavor to utilize its expertise of technical know-how in the field of distributed computing to explore commercial applications with the help of blockchain technology.
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