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Hike in Blockchain Investment Signals Long-term Growth for Bitcoin, Cryptocurrencies: Report

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  • Urvashi Verma
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    Public companies’ increased stakes in mining rigs and cryptocurrency payment platforms, signal long-term growth for cryptocurrency markets

Hike in Blockchain Investment Signals Long-term Growth for Bitcoin, Cryptocurrencies: Report
Cover image via u.today

The first quarter of 2018 marked a surge in Blockchain tech investments as companies increased stakes in mining rigs and cryptocurrency payment platforms, the move may signal that cryptocurrency markets are here for the long-run.

Worldwide spending on Blockchain solutions is forecasted to double and reach nearly $2.1 billion in 2018 compared with last year,  according to a recent report by IDC global market intelligence firm. By 2021 investment is expected to reach $9.7 billion, the report says.

"2018 will be a crucial stage for enterprises as they make a huge leap from proof-of-concept projects to full blockchain deployments,” said Stacy Soohoo research manager, Customer Insights & Analysis at IDC in a press release.

Several public companies that have placed bets in blockchain technology solutions in the first quarter of 2018 include Victory Square Technologies Inc (CSE: VST) , Marathon Patent Group, Inc. (NASDAQ: MARA), NXT-ID Inc (NASDAQ: NXTD), Integrated Ventures, Inc. (OTC: INTV) and Net Element, Inc. (NASDAQ: NETE).

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Public Companies Boost Investments in Mining Rigs, Payment Processing Sectors

Victory Square Technologies, Inc. (CSE: VST)

Canadian-based block-chain investor Victory Square Technologies Inc. (CSE: VST) announced last week that it will acquire 100 percent of the interest in  Limitless Blockchain Technology, LLC for nearly $4 mln. The acquisition brings three anchor products to consumer markets including Limitless Hash, a data centre in Nevada, which runs more than one thousand miners of Bitcoin, Ethereum and LiteCoin; Limitless VPN,  a user-based desktop miner for household use with more than 11,000 users and Limitless Audio a streaming application in late-stage development that provides artists the capability to mine cryptocurrencies in exchange for using streaming.

Marathon Patent Group, Inc. (NASDAQ: MARA)

Marathon announced last month that it has started bitcoin mining at new facility in Quebec, Canada. The company purchased 1,400 Bitmain Antminer S9 miners ("Antminer S9s") and leased 26,700 square feet of data center space in Quebec which is expected to utilize approximately 2.0 MW and deliver approximately 19 Ph/s of ASIC mining capacity.

Integrated Ventures, Inc. (OTCQB: INTV)

Integrated Ventures, Inc. (OTCQB: INTV) reported the purchase of 20 Antminer X3 mining rigs last month.  Antminer X3 along with all recently purchased mining rigs: (1) Antminer L3, (2) Antminer S9, (3) Panda Miner B3 Pro will be installed at its soon to be opened, third mining facility, capable of hosting up to 1,250 units.  The latest purchase combined with current (less units sold) inventory, totaling 350 units, is projected to deliver annual revenues of $2.2 million per year, based on bitcoin pricing at the time of the release the company said last month.   

Net Element Inc. (NASDAQ: NETE)

Net Element, Inc. (NASDAQ: NETE) operates a payments-as-a-service transactional platform for small to medium enterprise companies plans to grow transactional revenue combining blockchain technology solutions and Aptito, its cloud based, restaurant and retail point-of-sale solution. The company launched a multi-channel payments platform, Netevia which connects payments across sales channels through a single integration point in February and says it will use decentralized Blockchain technology solutions to connect merchants and consumers to increase the efficiency of transactions within the ecosystem.

NXT-ID Inc. (NASDAQ: NXTD)

NXT-ID, a comprehensive platform provider the Internet of Things (IoT) technology products and services announced that it is accepting pre-orders for Flip™, a new contactless payment device that will enable cryptocurrency holders to use the value of their currency to make purchases at retail locations in February. The  device uses value exchanged from cryptocurrency to make traditional payment transactions. Flip will accept value exchanged from Bitcoin and expand to other cryptocurrencies in the future the company said in its press release.

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About the author

Urvashi Verma is a Chicago-based reporter who writes about the convergence of technology and business. She is interested in fintech, digital currencies, blockchain and currency markets. Urvashi formerly worked with the Times of Israel covering Israel's booming tech industry including Start-Up Nation, venture capital investment, and crowd-funding platforms.

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XRP Price Likely to Hit $0.56 in Early December, Crypto Trader Says

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  • Yuri Molchan
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    A crypto trader analyses a crucial fractal on the chart, saying that a possible outcome could be $0.56 for 1 XRP by early December

XRP Price Likely to Hit $0.56 in Early December, Crypto Trader Says
Cover image via 123rf.com

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Despite the active expansion of the Ripple ecosystem and signing up over 300 new customers on RippleNet this year, the XRP price remains below $0.3.

At press-time, XRP is declining by 2.85 percent and is exchanging hands at $0.24.

XRP price CMC
Image via CoinMarketCap

A win-or-bust XRP forecast

The community has been eager for the price to surge throughout 2019. On Wednesday, U.Today published a story with bullish forecasts regarding the price.

Today, a crypto trader @TheCryptHawk has shared a chart on his Twitter page. It shows a possibility of XRP surging to $0.56 in early December if the fractal depicted on the chart in in play.

If not, the trader says, the price may collapse to $0.17-$0.18 and then – down to $0.12.

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XRP below the $0.25 support

A short while ago, XRP dropped below the $0.25 support level, where the coin had not been in several months. This is happening despite the recent Swell conference, which was expected to push the coin’s price way upward.

The community was expecting a bull run, since last year in November, as many believe, Swell triggered it. As a result, in January 2018 XRP hit its all-time high of over nearly $4.

This year, the loyal XRP community expects a bull run every now and then but all those expectations are in vain so far. This seems strange to many, since Ripple has indeed expanded its network significantly and provided a lot of actual utility cases for XRP.

Optimists are buying on the dip while the price is low (same as many doing when the Bitcoin price drops), hoping to reap their profits later on when XRP skyrockets.

 

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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