NEW YORK, July 6, 2018 /PRNewswire/ --

The cryptocurrency market rebounded as bitcoin traded at its highest level in two weeks. According to data from CoinMarketCap, the total market capitalization of cryptocurrency reached USD 270 Billion on Thursday, up from its Friday's low of USD 235 Billion. Price of bitcoin, the largest cryptocurrency by market cap, rose 4.5% on Tuesday and was trading around USD 6,600 on early Thursday. Bitcoin now has a valuation of about USD 112 Billion, accounting for 42% of the cryptocurrency market. According to bitcoin protocols, there are a finite number of bitcoins, 21 Million, that can be mined. About 80% of the entire bitcoin supply has been mined so far. GD Entertainment & Technology Inc. GDET, Recon Technology Ltd. RCON, Global Blockchain Technologies Corp. BLKCF, HIVE Blockchain Technologies Ltd. HVBTF, Tapinator Inc. TAPM.

According to CNBC, Tom Lee, the Co-Founder and Managing Partner of Fundstrat Global Advisors, sees bitcoin price to reach USD 20,000 by the end of 2018, lower than his previous target of USD 25,000. He said on CNBC's Squawk Box, "I think the reason bitcoin looks really good here is the cost of mining is around USD 7,000 fully loaded, and the difficulty is rising. So, by the end of the year, it's going to be close to USD 9,000. Bitcoin has historically traded at 2.5 times its mining cost. Its' not out of the question that it could be over USD 20,000 by the end of the year at fair value."

GD Entertainment & Technology Inc. GDET announced earlier this week that, "the retrofit of our New Jersey mining facility. The Company has retained counsel from Forest Hill Electric, a major electric firm servicing the Tristate Area. Michael Fiore, CEO of Forest Hill, is overseeing the service upgrade of the New Jersey mining facility with a team of five licensed specialists on site. Mr. Fiore and his team have already surveyed the location and drawn up blueprints for the upgrade. Fiore commented, 'This is a very exciting time for Forest Hill to explore Blockchain technology. We have done many commercial jobs in the past, including data centers, but working with Mr. Idnani has been a pleasure with his technological vision.'

PSE&G has already conducted a site visit, with both engineering team and construction team to approve the service upgrade. The service includes a complete overhaul, which will allow the facility to operate at a capacity of 800 amps. PSE&G has plans to install a brand-new transformer on location as well as transmission lines to accommodate the heavy power. Management is in the process of negotiating with PSE&G to subsidize the supply charge rate in order to lower overhead and maximize the Company's revenues.

With the assistance of Forest Hill, the Company has been able to create its first test run of the Bitmain S9 machines with a total of 15 units operating successfully. Our in-house technicians have already pre-installed the remaining units from last week's delivery and are awaiting the completion of the service upgrade to be fully functional. The Company has also connected the machines in this trial period with our Corporate Mining Account online and have been successfully mining Bitcoin.

We are excited to share our new developments from our management, our partner Forest Hill Electric, PSE&G, as well as town officials very soon."

Recon Technology Ltd. RCON is China's first listed non-state owned oil and gas field service company on NASDAQ. Recon supplies China's largest oil exploration companies, Sinopec SNP and CNPC, with advanced automated technologies, efficient gathering and transportation equipment and reservoir stimulation measure for increasing petroleum extraction levels, reducing impurities and lowering production costs. The Company recently announced that Future Gas Station (Beijing) Technology, Ltd., of which Recon indirectly owns 8%, has recently entered into a strategic cooperation agreement with JD Finance, to establish an information communication mechanism and long-term cooperation relationship. JD Finance is the financial technology arm of JD.com, China's largest online direct sales company. This cooperation will allow customers to refuel their vehicles through the JD Finance App, which will be supported by the FGS platform and linked to the FGS database. "We're excited to see this cooperation between two segment leading companies," stated Mr. Yin Shenping, CEO of Recon, "We are constantly seeking new opportunities to introduce FGS to companies in the car, finance and new retail industries so that such companies may benefit from FGS' gas station platform expertise. We will continue to support FGS' efforts to improve its business and platform."

Global Blockchain Technologies Corp. BLKCF provides investors access to a basket of direct and indirect holdings within the blockchain space, managed by a team of industry pioneers and early adopters of all major cryptocurrencies. The Company recently announced that they have agreed in principle with the two-time Formula 1 World Champion and World Endurance Championship driver, Fernando Alonso, to protect his professional and personal images and videos. As part of the partnership, KODAKOne Platform, an image rights management and protection platform secured in the blockchain, will become the exclusive image registration, protection and license-monitoring solution for certain images and videos of Alonso, including currently archived items and images and videos taken in the future. Shidan Gouran, President & CEO of the BLOC said, "BLOC partners and strategically invests in companies who are committed to innovating and developing technology to improve and change industries. The announcement of KODAKOne becoming the exclusive image registration, protection and license-monitoring solution for all of Alonso's images and videos reinforces our investment in KODAKOne, which should position itself as a dominant force in the digital image economy."

HIVE Blockchain Technologies Ltd. HVBTF is a growth-oriented, TSX.V-listed company building a bridge from the blockchain sector to traditional capital markets. HIVE recently announced the closing of its acquisition of Kolos Norway AS and its 64-Hectare property in Ballangen, Norway as previously announced in the Company's news release dated March 26, 2018. The acquisition of the property supports HIVE's ongoing strategy of acquiring and developing assets with access to low-cost power in cold climates and supplies the Company with extensive flexibility to expand the business. The Company currently operates cryptocurrency mining facilities in Iceland and Sweden with 24.2 megawatts of energy consumption and is fully funded for an expansion of an additional 20 MW of SHA-256 ASIC mining capacity in Sweden to be completed by September 2018. "I am extremely pleased by the completion of the acquisition of Kolos which provides HIVE the capability to rapidly expand our footprint in the Nordic region and maintains HIVE's position as a leading blockchain and cryptocurrency infrastructure company," said Harry Pokrandt, CEO and Director of HIVE. "The property supplies near-term access to an additional 30 MW of capacity and provides HIVE a deep pipeline of opportunities for many years to come. I would like to commend the team at HIVE for their tireless work to complete the Norway Acquisition."

Tapinator Inc. TAPM develops and publishes mobile games and applications on the iOS, Google Play, Amazon, and Ethereum platforms. Tapinator recently announced that it has released the Early Access version of BitPainting, a crypto-collectibles platform for the global art market. "After significant development efforts by our team, we are very excited to announce the initial launch of BitPainting, a new digital platform for collecting iconic art on the blockchain," said Ilya Nikolayev, CEO of Tapinator. "BitPainting allows art enthusiasts to collect and interact with rare virtual artwork on the Ethereum network. Art lovers can acquire iconic works, mint editions, sell, gift and explore famous works from world-renowned artists. BitPainting members can assemble unique collections and browse the artwork amassed by our community. Each artwork on BitPainting is a non-fungible (ERC-721) token, which is stored on the Ethereum blockchain. We have built specialized smART™ contracts which guarantee the scarcity, ownership, and provenance of these works. These smART™ contracts allow BitPainting collectors to create limited editions of their artworks, enabling a form of limited, decentralized supply as well as profit opportunities."

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