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Cryptocurrencies Extend Gains Post-Tax Day

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Cryptocurrencies Extend Gains Post-Tax Day

FinancialBuzz.com News Commentary

PR Newswire

NEW YORK, April 24, 2018 /PRNewswire/ --

The cryptocurrency market continued its post-Tax Day rebound on Monday. According to data from CoinMarketCap, the total market capitalization of all cryptocurrencies reached $400 billion for the first time since March 8th. Bitcoin, the largest digital currency by market cap, rose above $9,000 over the weekend. Bitcoin has gained nearly 15 percent from a low of $7,881 hit on April 17, the deadline to file taxes this year. According to CNBC, Tom Lee, co-founder and head of research at Fundstrat Global Advisors, said in a note to clients Friday: "We believe the 'winter' is ending for Bitcoin, as the crypto to fiat pressures from tax day subside, and as headline risks seem to be fading." DMG Blockchain Solutions Inc. (OTC:DMGGF), HIVE Blockchain Technologies Ltd. (OTC:HVBTF), Big Blockchain Intelligence Group Inc. (OTC:BBKCF), Hut 8 Mining Corp (OTC:HUTMF), Neptune Dash Technologies Corp. (OTC:NPPTF)

Bitcoin Cash lead the cryptocurrency market rebound on Monday. The cryptocurrency jumped 14 percent, extending its gains to 80 percent over the last week. The upcoming bitcoin Cash fork is considered as the factor that drove the bitcoin cash rally recently. According to Business Insider, Mati Greenspan, an analyst with trading platform eToro, said in an email on Monday: "Bitcoin Cash is moving towards a hard-fork on May 15th. The planned fork that will increase the maximum block size from 8 MB to 32 MB and will also remove the SegWit protocol."

DMG Blockchain Solutions Inc. (OTC:DMGGF) also listed on the TSX Venture Exchange under the ticker (TSX-V: DMGI). Earlier today the company announced breaking news that, "Charlie Lee, inventor of Litecoin and former director of engineering at Coinbase, has joined DMG's advisory board as the Company prepares to add litecoin (LTC) mining as part of its Mining-as-a-Service (MaaS) operations, as well as apply the Lightning protocol for cross-chain atomic swaps between blockchains such as Bitcoin and Litecoin.

Mr. Lee is a celebrity figure in the cryptocurrency world, having created Litecoin just two years after the first Bitcoin appeared. LTC has remained one of the top-valued cryptocurrencies. Mr. Lee's Litecoin hashing protocol uses a different algorithm from Bitcoin and was designed to reduce blockchain transaction time by almost 75 percent, which potentially makes litecoin better suited for higher volume transaction applications like retail shopping and online payments. Lee graduated from MIT with a computer science degree and developed Litecoin while working at Google as a software engineer. He left Google in 2013 to become one of the first hires at Coinbase, and in 2017, Lee stepped down from his position at Coinbase to work full time on LTC as managing director of the Litecoin Foundation.

"Next to bitcoin, our global Mining-as-a-Service (MaaS) customers are requesting litecoin mining services. Thus, as we prepare to expand our unique MaaS offering beyond bitcoin, we are fortunate to have Charlie Lee as an advisor," said Dan Reitzik, CEO of DMG Blockchain Solutions, Inc. "As for Charlie, every employee in DMG Blockchain Solutions knows him by reputation, if not personally, and we are all excited to have his industry knowledge and his personal attention on DMG's strategy and development going forward."

"I am delighted to see DMG's interest in supporting LTC," said Charlie Lee, managing director of the Litecoin Foundation. "I'm looking forward to advising both DMG's industrial mining and engineering teams as the company expands into the LTC ecosystem.""

HIVE Blockchain Technologies Ltd. (OTC:HVBTF) continues to execute on its growth strategy to maintain its position as a market leader in the blockchain infrastructure industry and is fully financed to build out and bring online the balance of the Sweden GPU Data Centre by April 2018 and the Sweden Bitcoin Data Centre by September 2018. HIVE's annualized run rate revenue (defined below) is projected to be $153 million once its announced Sweden expansion is fully online, which is expected by September 2018. The annualized run rate revenue is calculated strictly on the basis of value of the digital currency earned at the time of mining, and does not include any adjustment for revaluation gains (or losses) for digital currencies held after that date.

Big Blockchain Intelligence Group Inc. (OTC:BBKCF) announced recently that it has signed a BitRank Verification ServicesTM purchaser agreement with Coinme, Inc. ("Coinme"). Located in the United States, Coinme has locations servicing California, Colorado, Kansas, Louisiana, New Mexico, Texas, Utah and Washington State. Coinme's mission is to humanize the power of blockchain technology by providing the most accessible, secure and user-friendly solution for exchanging cryptocurrencies around the world. Under the agreement, BIG will receive a fee on addresses checked by Coinme that will utilize BIG's proprietary cryptocurrency risk-scoring and verification product, BitRank VerifiedTM.

Hut 8 Mining Corp (OTC:HUTMF) last month announced that it has entered into definitive agreements with the City of Medicine Hat ("CMH") for the supply of 42 MW of electric energy and the lease of land upon which Hut 8 will construct and operate its mining facilities near the City of Medicine Hat's new Unit 16 power plant. The expansion marks Hut 8's commitment of a $100 million construction investment in the community, all of which is fully funded. Through its partnership with the Bitfury Group, the world's leading full-service blockchain technology company, Hut 8 has secured world-leading technology and operational expertise. This partnership, together with the success of Hut 8's recent capital raising efforts and the provision of land and electricity through CMH, will enable the Company to service the full complement of 57 BlockBox Data Centers with an aggregate power capacity of approximately 60.7 MW.

Neptune Dash Technologies Corp. (OTC:NPPTF) builds and operates Dash Masternodes and invests in Dash blockchain related technologies. Dash is a digital currency created to address Bitcoin's scaling challenges. Earlier this month reported that Business in Vancouver ("BIV") has named the Company's going public transaction on the TSX Venture Exchange with concurrent $21 million financing as the top blockchain deal in 2017 (in the category of non-mining mergers and acquisitions).  The Transaction was ranked #16 on BIV's list and was the only blockchain / fintech deal listed in the top 20.

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