Bitcoin Price surged to a two-week high on Thursday. According to data from CoinDesk, price of bitcoin jumped more than $1,000 to hit $8,034 in one hour. It gave up some of its gains later, but it was still traded 9.82 percent higher during Thursday’s trading session. Other major cryptocurrencies also rose sharply. According to Coinmarketcap, Ethereum, the second largest cryptocurrency by market cap, jumped 9.42 percent to $460.51. Ripple was about 12 percent higher near $0.55. Cryptocurrency EOS jumped as much as 19 percent to $8.72 for a market capitalization of about $6.8 billion, topping Litecoin’s $6.7 billion as the fifth largest cryptocurrency by market cap. Chineseinvestors.com, Inc. (OTC: CIIX), ChinaNet-Online Holdings, Inc. (NASDAQ: CNET), Xunlei Limited (NASDAQ: XNET), The Bitcoin Investment Trust (OTC: GBTC), MGT Capital Investments, Inc. (OTC: MGTI)
According to CoinMarketCap, the total market cap of all 1565 cryptocurrencies was about 300 billion on Thursday. The rapid jump forced traders who had stakes against cryptocurrencies to buy back into the market. According to CNBC, Nick Kirk, quantitative developer and data scientist at Cypher Capital, a cryptocurrency trading firm, said: “The ratio of short margin trades versus longs has been increasing recently…Buying volume ticked up today and a lot of these short trades got liquidated, helping fuel the rally.”
Chineseinvestors.com, Inc. (OTCQB: CIIX) yesterday the company announced that it, “will be attending this year’s ‘Invest 2018’ Exhibition on April 13th and 14th in in Stuttgart, Germany, the number one meeting point for the finance and investment sector in Germany. As one of the largest financial sector events in the Germany, this conference attracted more than 12,000 visitors and 144 exhibitors in 2017. Private and institutional investors use the platform to obtain information, compare assets, and invest in new opportunities.
“After a successful presentation at Invest 2017 which sparked the attention of German investors, we look forward to the opportunity to update the German financial sector and potential investors on the Company’s recent business developments including the expansion of its core media and education services business to cover cryptocurrency and blockchain technology, and the upcoming spin off of all of the Company’s hemp related assets scheduled to take place on May 31, 2018,” says Warren Wang, CEO.
“For companies in attendance who are interested in reaching CIIX’s unique data base of high net worth, Chinese investors, we also look forward to providing information regarding the Company’s advertising and public relations related support services for emerging small cap companies and businesses in the cryptocurrency sector.”
The Company recently announced that it will be launching the Bitcoin Trading Academy, the world’s first educational platform covering all aspects of the cryptocurrency market. The first course will be held on June 2, 2018 in our Flushing, NY office with additional offerings in Manhattan, San Gabriel, CA and Arcadia, CA. Just last week, the Company lunched Bitcoin Millionaire VIP Livestream, a cryptocurrency subscription offering live streaming of trading demonstrations and other cryptocurrency topics for 6.5 hours daily.
The Company’s expansion into the cryptocurrency business began in November 2017 with the launch of http://www.newcoins168.com , a premier Chinese cryptocurrency and blockchain technology information and education platform providing straightforward explanations of cryptocurrency basics, trading guidelines, real-time market commentary and analysis regarding mining, blockchain technology, industry hotspots, sector related stock trends and ETFs, and other strategies and opportunities to capitalize on this growing market.”
ChinaNet-Online Holdings, Inc. (NASDAQ: CNET) is an integrated online advertising, precision marketing and data-analysis and management services platform. On January 23, 2018, the company announced it has entered into an agreement with Wuxi Jingtum Network Technology and Ford tree Beijing Blockchain Technology Co., Ltd. (“Ford Tree”) to establish a new joint venture company to research and develop blockchain technology and its applications for ChinaNet’s blockchain technical and business units. ChinaNet will act as the controlling shareholder leading all aspects of the project. According to the Agreement, Jingtum’s Chief Technology Officer and other leading experts will be involved in the establishment of the new JV. The R&D team under the new JV will help ChinaNet design the underlying foundation of unique layered blockchain architecture, develop the cross-chain functionality between the principal and subordinate chains, realize the circulation of certain assets between different chains, design intelligent contract mechanisms to support complex logic, and complete the cloud service model and other important underlying technology. Ford Tree will be responsible for creating and reviewing the operating model for blockchain applications. Ford Tree has a proven track record in developing and operating blockchain applications, especially in the area of digital assets.
Xunlei Limited (NASDAQ: XNET) announced its unaudited financial results for the fourth quarter and the fiscal year ended December 31, 2017. Total revenues were US$82.4 million, an 128.5% increase from the corresponding period of last year and up 83.9% from the previous quarter. In the report the company specified some of its recent developments, including the developed a proprietary “Thunder Blockchain” to improve blockchain performance as well as enable third parties to develop rich blockchain applications. Lei Chen, Chief Executive Officer of Xunlei, commented: “We are very pleased that we achieved solid performance for the fourth quarter of 2017. Our fourth quarter revenues met our upwardly revised guidance range as our cloud computing business expanded at a fast pace during the fourth quarter of 2017. Our priority for 2018 is to gain market shares and continue to improve the bottom line.”
The 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, announced that it has declared a 91-for-1 stock split of the Trust’s issued and outstanding shares. With the split, shareholders of record on January 22, 2018 will receive 90 additional shares of the Trust for each share held.
MGT Capital Investments, Inc. (OTCQB: MGTI) ranks as one of the largest U.S. based Bitcoin miners. Further, the Company continues to execute on an expansion model to grow its crypto assets materially. On February 6, 2018, the company announced that it has executed a new purchase order with Bitmain Technologies for 1,000 S9 Antminer mining rigs, with shipment expected in March 2018. Also, the Company purchased and has received an additional 1,000 new S9 Antminers from a third party. Following shipment and setup, and in conjunction with the Company’s current rigs in operation or undergoing deployment, MGT’s cryptocurrency mining operations will be comprised of over 7,000 Bitmain S9’s plus 50 GPU-based Ethereum miners. The Company expects all rigs announced to date to be operating by the end of the first quarter of 2018, at which point the machines are expected to generate nearly 100 Ph/s of total hash power.
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