This Week Bitcoin Price Hits $11,000

NEW YORKNovember 30, 2017 /PRNewswire/ Bitcoin hit another record high on Wednesday. The world’s most popular cryptocurrency surged past $11,000 for the first time, even after reaching $10,000 the night before. The recent rally in bitcoin price can be attributed to increasing interests in digital currency for both investors and institutions. According to Bloomberg, Nasdaq Inc. plans to introduce bitcoin futures as early as the second quarter next year, a source with knowledge of the matter said on Wednesday. In October, CME, the world’s largest derivatives exchange, also announced the launch of bitcoin future product this year. Glance Technologies Inc. (OTC: GLNNF), HIVE Blockchain Technologies Ltd. (OTC: PRELF), Riot Blockchain Inc (NASDAQ: RIOT), Bitcoin Investment Trust (OTC: GBTC), Overstock.com Inc (NASDAQ: OSTK)

 

 

The cryptocurrency market is experiencing significant growth this year. Bitcoin is up over 900 percent this year. Ethereum, the second largest cryptocurrency by market capitalization, also hit an all-time high of $522.31 on Wednesday, according to CoinDesk. The total market cap of all cryptocurrencies now reached $300 billion. According to CNBC, hedge fund manager Michael Novogratz said on Monday, “Bitcoin could be at $40,000 at the end of 2018. It easily could…Ethereum, which I think just touched $500 or is getting close, could be triple where it is as well.”

 

 

Glance Technologies Inc. (OTCQB: GLNNF) also listed on the Canadian Stock Exchange under the Ticker ‘GET’. Just earlier today the company announced breaking news that, “it has entered into a non-binding LOI to acquire the blockchain and cryptocurrency with rewards tokenization platform Blockimpact from Ztudium Limited, a company founded and led by leading blockchain influencer Dinis Guarda. Ranking.influencer.world ranks Mr. Guarda #4 worldwide in Blockchain and Crypto.

The LOI contemplates that Glance will acquire all of the intellectual property comprising the Blockimpact platform in consideration for payment to Ztudium of US$1.1 million, 80% of which will be paid upon closing of the acquisition and 20% of which shall be paid on completion of the integration of Blockimpact with the Glance Pay mobile payment platform. Glance has paid Ztudium US$100,000 towards the purchase price.

Glance intends to utilize the Blockimpact cryptocurrency platform to accelerate the creation of its rewards based cryptocurrency, which is also intended to be implemented on the Glance Pay platform. Glance hopes to complete the Blockimpact acquisition within the next 15 days and then work to integrate the Blockimpact blockchain technology with the existing Glance pay mobile payment network architecture. Completion of the acquisition is subject to the parties negotiating and entering into a binding agreement for the acquisition, on the satisfactory completion of due diligence by Glance, and upon the approval of the transaction by Board of Directors of Glance. Ztudium has agreed to a 30-day exclusivity period during which it will not negotiate the potential sale of Blockimpact other than with Glance.

Closing of the acquisition is further conditional upon Mr. Guarda and other members of the Ztudium management team responsible for the development of Blockimpact entering into a consulting agreement with Glance on terms satisfactory to each of Glance and the Consultants pursuant to which Guarda and the Consultants will assist Glance with Glance’s adoption and use of the Blockimpact platform, in planning and executing Glance’s planned rewards based cryptocurrency strategy, and by introducing Glance to blockchain experts, influencers and partners.

“We are selling the Ztudium Blockimpact platform at a significant discount to what we believe is its true value because we are extremely excited about the opportunity to apply our team and technology to the Glance Pay rewards cryptocurrency,” says Dinis Guarda, “We feel strongly that there is a large potential for this in the marketplace and we feel the combinations of our teams, technologies, and marketing capabilities are unmatched in the cryptocurrency space today,” added Guarda.

The Glance rewards based token will be granted as rewards to users of the Glance Pay mobile payment app every time they spend on the Glance Pay mobile payment network, whether they have paid with the new cryptocurrency or via other payment methods. This strategy is intended to support rapid adoption of the cryptocurrency to a broad range of consumers, although the app will also be marketed to crypto users in leading urban centers. Glance also intends to apply elements of its anti-fraud technology to cryptocurrencies to reduce the risk associated with converting traditional currencies to and from cryptocurrencies…”

 

 

HIVE Blockchain Technologies Ltd. (OTC: PRELF) announced recently that it has entered into a legally binding letter agreement dated October 23, 2017 with its largest shareholder Genesis Mining Ltd. (“Genesis”) under which the Company will finance the construction of a cryptocurrency mining data centre in Sweden (the “Sweden Data Centre”). The Sweden Data Centre will be a newly constructed GPU mining facility with an anticipated completion date of December 2017. The Company’s cryptocurrency mining capacity or hashpower is expected to increase by approximately 175% with the addition of the Sweden Data Centre. Harry Pokrandt, CEO and President of HIVE stated, “With the help of Genesis, Sweden represents the next stage of growth for HIVE as we continue to build our portfolio of mining facilities. HIVE is acquiring a facility in a politically stable country with access to excellent infrastructure and complements our existing facilities in Iceland.  We will continue to evaluate other opportunities to ensure we provide our shareholders the best exposure to the blockchain and cryptocurrency.”

 

 

Riot Blockchain Inc (NASDAQ: RIOT) reported earlier this month the acquisition of cryptocurrency mining equipment consisting of 700 AntMiner S9s and 500 AntMiner L3s, all manufactured by industry leader Bitmain. The total hashing power of the equipment is expected to be 9.8 petahash of SHA 256 Bitcoin mining computing power and 250,000 megahash of X11 Litecoin mining. “The closing of this acquisition has positioned us to launch our cryptocurrency mining operation,” said John O’Rourke, Chairman and CEO of Riot Blockchain. “Cryptocurrency mining will be a focal point moving forward, gaining us leveraged exposure to bitcoin and other digital currencies while we help secure blockchains.”

 

 

Bitcoin Investment Trust (OTCQX: GBTC) on November 22nd announced that it has declared a distribution and established a record date for the distribution of a portion of the rights to Bitcoin Gold tokens currently held by the Trust as a result of the fork in the Bitcoin blockchain on October 24, 2017 to shareholders of record as of the close of business on December 4, 2017. On the Record Date, pursuant to the terms of the Trust Agreement governing the Trust, the Trust will appoint Grayscale Investments, LLC as agent (the “Agent”) on behalf of the Record Date Shareholders and transfer the rights to Bitcoin Gold tokens held by the Trust to the Agent on behalf of the Record Date Shareholders. The Agent will thereafter exercise the rights to acquire the Bitcoin Gold tokens as soon as practicable and sell the Bitcoin Gold tokens over a period of time, currently not expected to exceed 90 days, unless the market for Bitcoin Gold tokens subsequently disappears or the costs incurred by the Agent in connection with selling the Bitcoin Gold tokens would exceed the value of such sales, in which case the Agent will abandon the Bitcoin Gold tokens and make a public announcement to that effect.

 

 

Overstock.com Inc (NASDAQ: OSTK) reported financial results on November 8th for the quarter ended September 30, 2017. In the report the company indicated that net- other income, net totaled $5.9 million and $1.3 million for Q3 2017 and 2016, respectively. The increase is primarily due to an increase in realized gains on sales of cryptocurrencies and precious metals of $5.5 million, and a decrease in impairment charges of $2.8 million, partially offset by a decrease in Club O Rewards breakage of $3.5 million due to discontinuing our Club O Silver rewards program in Q4 2016.

 

 

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