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Classified in: Science and technology, Business
Subject: INO

Bitcoin Price Rises on Positive Cryptocurrency Market Developments


NEW YORK, July 19, 2018 /PRNewswire/ --

Bitcoin price extended its gains on Wednesday, a day after it jumped more than 10%. According to data from Coinbase, Bitcoin, the world's most valuable cryptocurrency by market cap, was trading up 1.74% to USD 7,442.19 during the Wednesday trading session. On Tuesday, the price of Bitcoin rose sharply above USD 7,000, the highest level since June. The cryptocurrency market also rebounded this week. The market capitalization of all cryptocurrencies now has a valuation of USD 295 Billion. According to CNBC, billionaire investor, Marc Lasry, thinks that the bitcoin price could reach USD 40,000. He said in a "Squawk Box" interview, "As it gets more into the mainstream, and as more markets end up allowing it to trade where it's freely tradable, to me that's more of the bet." Chineseinvestors.com Inc. (OTC: CIIX), Overstock.com Inc. (NASDAQ: OSTK), Riot Blockchain Inc. (NASDAQ: RIOT), Bitcoin Investment Trust (OTC: GBTC), MGT Capital Investments Inc. (OTC: MGTI)

The sudden move in Bitcoin may be driven by some positive news in the cryptocurrency industry in the recent weeks. Earlier this week, Reuter reported that asset-management firm, BlackRock, has set up a working group studying the blockchain and cryptocurrency. Last week, Stock trading app Robinhood announced its decision to allow the trading of two new cryptocurrencies, Bitcoin Cash and Litecoin. According to CNBC, Joe DiPasquale, CEO of Cryptocurrency Fund of Hedge Funds, BitBull Capital, said, "There have been a lot of positive catalysts this week, from Coinbase receiving approval to list security tokens, to BlackRock expressing their interest in crypto assets."

Chineseinvestors.com Inc. (OTCQB: CIIX) earlier this week announced the, "official launch of its new cryptocurrency trading courses offered through its newly established Bitcoin Trading Academy LLC.

The Company officially launched the following three-part course offering on July 7th, 2018:

Bitcoin Trading 101: Students are provided with a basic knowledge about Bitcoin including how to open and trade on different cryptocurrency trading platforms, how to set up a cryptocurrency wallet, futures trading strategies, both long and short, how to use Bitcoin Futures to properly hedge one's Bitcoin portfolio, and how to properly use beginner-friendly trading techniques.

Bitcoin Trading 201: The second course in the program focuses on coins such as Ethereum, including coins with significant underlying technology such as EOS, XLM, ADA and NEO, and altcoin trading platforms, such as Binance and Bittrex. In addition, this course will provide instruction on how to use information such as a coin's underlying utility, current industry and sector news in combination with technical analysis in an effort to maximize returns; and effectively scrutinize and understand social media feeds.

Bitcoin Trading 301: Professional ICO analysts will teach students what to look for when vetting a new cryptocurrency offering, including how to read a white paper, analyze the professional teams and advisory boards associated with an offering, the role that technology, marketing, trends play and what pitfalls to avoid.

"We are pleased with the turn out for the first live course offerings in New York City and we expect even better attendance once the word spreads about this innovative cryptocurrency education opportunity. Courses are also offered online in English and Chinese. In addition, the Company plans to expand its live course offerings to Asia in the coming months," says ChineseInvestors.com Inc. CEO, Warren Wang."  

Overstock.com Inc. (NASDAQ: OSTK) subsidiary tZERO, the global leader in blockchain innovation for capital markets, announced in June that it has signed a letter of intent with GSR Capital for a purchase of USD 160 Million in tZERO Security Tokens at a price of USD 10.00 per token, pursuant to the Simple Agreement for Future Equity. To accommodate the investment from GSR, tZERO's Security Token Offering (STO) has been extended until August 6th, 2018. In addition to the investment from GSR, as of June 28th, 2018, tZERO has entered into executed SAFEs in excess of USD 168 Million for Security Tokens, of which over USD 95 Million has been already funded. Holders of unfunded SAFEs will be able to fund those SAFEs on a first-come, first-serve basis until the STO is completed. Approximately 1,000 people from 30 countries participated in the token sale. This announcement follows tZERO's recently-announced joint venture with BOX digital Markets to launch the industry's first regulated security token exchange, which will be funded by a portion of the STO investments.

Riot Blockchain Inc. (NASDAQ: RIOT) is focused on building, supporting, and operating Blockchain technologies, primarily through its cryptocurrency mining operations and other internally developed businesses, as well as joint ventures, acquisitions, and targeted investments in the sector. Earlier this month, the Company announced its unaudited cryptocurrency mining production yield for the month of June 2018. The Company produced approximately 117 Bitcoins during June, including the BCash that was mined and converted to Bitcoin throughout the month. The Company also produced approximately 290 Litecoins. The June production brings the Company's total unaudited yield for the 2nd quarter to 348 Bitcoins (including converted BCash) and 318 Litecoins.

Bitcoin Investment Trust (OTCQX: GBTC) enables investors to gain exposure to the price movement of bitcoin through a traditional investment vehicle, without the challenges of buying, storing, and safekeeping bitcoins. Recently, Grayscale Investments, LLC, the sponsor of the Bitcoin Investment Trust, released the inaugural Grayscale Digital Asset Investment Report, a first-of-its-kind report that highlights industry trends and analyzes investment activity across the Grayscale family of products during the first half of 2018. Grayscale raised USD 248.4 Million into its single-asset and diversified investment products, marking the strongest fundraising over any six-month period since Grayscale launched its first product, Bitcoin Investment Trust, in September 2013. Bitcoin continues to be the most popular digital currency for Grayscale investors, with 63% of capital raised into Bitcoin Investment Trusttm and 37% into Grayscale products tied to other digital currencies.

MGT Capital Investments Inc. (OTCQB: MGTI) ranks as one of the largest U.S. based Bitcoin miners. When fully deployed, MGT will own and operate approximately 7,000 Bitmain S9 miners, and 50 GPU-based Ethereum mining rigs. Further, the Company continues to execute on an expansion model to secure low-cost power and grow its crypto assets materially. On June 7th, 2018, the Company announced that it has received net proceeds of USD 3.7 Million in debt financing as it moves to expand its Bitcoin mining operations. Notwithstanding recent increases in the Bitcoin mining Difficulty Rate and the flat price action of Bitcoin itself, the Company believes the opportunity to make strategic large-scale purchases of Bitmain Antminers, will provide MGT with very attractive cash on cash returns.

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