Cryptocurrency markets improve as Bitcoin hits a three-week high

Bitcoin
Bitcoin was up 6%, rising above $11,500, the highest it has been in over three weeks.

Bitcoin’s value fell from $20,000 in December to below $6,000 on February 4. This week, the cryptocurrency got a boost after an unknown investor bought $344 million worth of bitcoin between February 9 and February 12. This reportedly triggered a buying spree by crypto enthusiasts. Based on the current political and regulatory climate, it isn’t expected that any overarching policies that could affect the market will be implemented in the near future. Innovators in the cryptocurrency market are taking advantage of this steadying force by implementing new strategies and releasing new platforms for investors. It said that cryptocurrencies’ underlying blockchain technology could lead to “positive” disruption in finance. Blockchain networks are decentralized, and maintain a continuously growing record of cryptocurrency transactions.

Active Companies from around the market with current developments this week include: Bitzumi, Inc., Marathon Patent Group, Inc. (NASDAQ: MARA), Long Blockchain Corp. (NASDAQ: LBCC), NXT-ID, Inc. (NASDAQ: NXTD), NVIDIA Corporation (NASDAQ: NVDA)

Bitzumi, Inc. (“Bitzumi” or the “Company”), a digital content and asset platform that plans to enable users to transact in the cryptocurrency and blockchain marketplace, recently announced the launch of its Regulation A+ offering, allowing any investor the opportunity to own stock in the Company. With the goal of raising $10 million USD, Bitzumi is offering 4,000,000 shares at $2.50 USD per share. The Company has filed a listing application with the NASDAQ Stock Market to list its common stock.

Co-founded by cryptocurrency expert James Altucher and Wall Street veteran Scot Cohen, Bitzumi is building a next-generation decentralized exchange and acquiring a network of crypto and blockchain related digital properties.

In other cryptocurrency, blockchain developments:

Marathon Patent Group, Inc. (NASDAQ: MARA) closed up slightly on Tuesday at $2.68 by the market close. MARA recently announced that the Company’s wholly owned subsidiary Marathon Crypto Mining, Inc., has executed a lease for 26,700 square feet of a 48,600 square foot purpose-built facility in Quebec. As our operations grow, we have the option to lease the entire building. The facility is expected to be completed by month end when the Company anticipates putting its recently purchased 1,400 Bitmain’s Antminer S9 miners (“Antminer S9s”) into production. The 1,400 Antminer S9s are expected to utilize an estimated 2.0 MW of power once fully deployed and add approximately 19 Ph/s of ASIC mining capacity. The Antminer S9s are able to mine any cryptocurrency using the SHA256 algorithm, including Bitcoin and Bitcoin Cash.

Long Blockchain Corp. (NASDAQ: LBCC) this month announced that it will not acquire the 1,000 Antminer S9 mining rigs and 1,000 APW3++ PSUs pursuant to its previously announced purchase agreement. After thoughtful consideration and in consultation with outside technology advisors, the Company will instead focus its efforts on seeking to enter into and ultimately consummate its previously announced proposed merger with Stater Blockchain Limited (“Stater”), a technology company focused on developing and deploying globally scalable blockchain technology solutions across the financial markets, and exploring additional opportunities and strategic investments across the ancillary blockchain ecosystem. Shamyl Malik, head of the Company’s Blockchain Strategy Committee, commented, “While we continue to believe in the value of mining equipment to the blockchain ecosystem, the purchase of these machines – which was negotiated as a no-risk option to the Company – was just one of the multiple strategic avenues we have been considering.

Gino M. Pereira, the President and CEO of NXT-ID, Inc. (NASDAQ: NXTD) recently discussed the company’s overall business strategy, its subsidiaries LogicMark, LLC and Fit Pay, Inc. and how the company’s payment technology has evolved from the Wocket to flye and now Flip, its new contactless payment device created for the cryptocurrency market. NXT-ID Inc.’s upcoming Flip™ will enable customers to pay with bitcoin wherever near field communication (NFC) payment options are accepted, according to company President and CEO, Gino Pereira.

Flip is a product under which we provide a crypto-wallet, that individuals can deposit bitcoin,” he said. “That bitcoin is converted into what is essentially a prepaid debit card, that is then available for use to spend as cash anywhere that accepts NFC payments.

Flip, which will operate on NXT-ID’s FitPay platform, will initially only support bitcoin and the U.S. dollar. Pereira said the company plans to expand to other options after the rollout, however.

According to an article published on Motley Fool, during the third quarter of 2017, NVIDIA Corporation (NASDAQ: NVDA) reported that it had generated $70 million in cryptocurrency-related revenues, which accounted for just 3% of its top line. However, that represented a 53% sequential drop from $150 million in the second quarter, and indicated that demand for the GPUs — which are mainly used to mine alternative cryptocurrencies — was leveling off. CEO Jensen Huang noted that crypto-related revenues were “small for us, but not zero” during the conference call. Meanwhile, NVIDIA’s gaming GPU revenues rose 25% annually to $1.56 billion, or 59% of the chipmaker’s total revenues for the quarter. Therefore, even if cryptocurrencies lose their luster, declines in crypto-related sales would be easily offset by sales of GPUs for its core gamers. NVIDIA is also posting impressive growth in the data center market, where its high-end Tesla GPUs are being used for machine learning purposes, and connected cars, where its Tegra CPUs power infotainment, navigation, and driverless systems in high-end vehicles. That’s why analysts expect its revenue and earnings to respectively rise 37% and 64% for the full year.

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