Blockchain Stocks Weekly Update – October 19: Glassdoor Reports Growing Demand for Blockchain Talent

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The key support near $6,400 held the bitcoin from sliding further down this week and we even saw a massive spike on October 15 that momentarily pushed the price above $7430. However, the bullish momentum diminished in the last few days.

News like cryptocurrency-based hedge fund Gelfman Blueprint, Inc. getting a $2.5 million fine by the New York federal court certainly made investors concerned about getting caught in Ponzi schemes. After all, with the craze going on around blockchain and cryptocurrencies, it is not easy to make a sound investment decision if you are not very tech-savvy – and most investors are not. However, we also learned that Apple’s co-founder, Steve Wozniak, has joined a blockchain-powered venture capital fund called EQUI Global as a co-founder. So, there is no shortage of good investment opportunities in the industry.

Bermuda based The Royal Gazette reported that Uulala, a fintech company with a certain social mission, won the approval to launch an ICO under the country’s new regulation. The company is looking to raise up to $50 million in its sale of tokens and it might be the start of a new era of financing that may fuel Bermuda’s ambition to provide a regulated environment for ICOs.

Human Resource company Glassdoor gave a good news that jobs related to cryptocurrencies and blockchain have significantly increased over the last year. The growing demand for talents in the industry signaled sustained growth in decentralized applications.

There was some significant development with huge potential for cryptocurrency mining this week as chip-maker Samsung announced to start producing EUV-based 7nm LPP Process. The press release said Samsung’s new 7LPP allows up to 40% increase in area efficiency with 20% higher performance or 50% lower power consumption, resulting in better yields with significantly fewer layers. So, with the new chip could potentially lower energy consumption and lower cost, adding to the bottom line of miners.

Based on our research, we found that the following blockchain stocks demonstrated notable price movements based on shifts in their company fundamentals.

BTL Group Ltd

BTL Group Ltd (BTLLF) is the company behind Interbit, a next-generation blockchain platform. Their goal is to make the Interbit platform includes a suite of API’s and smart contracts that allow enterprise application developers to rapidly, confidently, and efficiently create blockchain-based applications.

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On October 18, 2018, Singular Research published an article about BTL Group Ltd, highlighting some of the potentials of the company. According to the researchers, BTL Group Ltd has got the leverage as it has the first mover advantage as one of the first publicly-traded blockchain technology companies that are working to develop an interbank settlement platform.

“The proof of concept used BTL’s interbank settlement platform, Interbit, to explore the ways in which a blockchain-based settlement solution can reduce the friction of domestic and cross-border transfers between banks,” said Hendrik Kleinsmiede from Visa Europe.

BTL Group Ltd already finished phase 1 testing with Visa Europe and they are planning to start phase 2 of the project it will focus on the energy industry.

We believe long-term investors have a great opportunity to add BTL Group Ltd to their portfolio as the company is still building its foundation and its products are still in the pilot phase. The latest article from Singular Research that gives BTL Group Ltd a positive review will certainly attract a number of large-scale investors. In fact, the stock of the company has already turned bullish on the daily timeframe and has the potential to reach the resistance near $3.12 per share.

DataMetrex AI Ltd

DataMetrex AI Ltd (DM) is a technology company that is implementing Blockchain technology for secure data transfers through its joint venture company, Graph Blockchain. It also has another subsidiary called Ronin Blockchain Corp that is involved in cryptocurrency mining on an industrial scale.

Recently, DataMetrex AI Ltd started another subsidiary called the Canntop AI Inc., which has been established to focus on the global cannabis industry. The goal of this subsidiary is to gather and analyze vast amounts of unstructured data from social media and industry players. Then, provide government agencies, cultivators and dispensaries with business intelligence that allows them to better understand their clients and markets.

On October 16, 2018, they announced the common share and stock option issuances for Canntop AI Inc.

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The subsidiary is created to use Nexalogy’s trusted and proven toolsets and unique algorithms to focus exclusively on the Cannabis industry. Given that Canntop AI Inc. will operate in a newly-born and exponentially growing Cannabis industry, it has vast potential to grab a significant market share.

While DataMetrex AI Ltd’s stock remained bearish at the moment, the CCI reading just crossed above the -100 level a few days ago. Furthermore, the successful issuance of options and shares of Canntop AI Inc. will certainly have a positive effect on its share price.

Currently, DataMetrex AI Ltd’s stock is trading at $0.045 per share, but if we see an influx of bullish momentum in the next couple of days, it might move up towards the resistance near $0.07 per share. However, more conservative investors should wait for the price to break above this key resistance before increasing their exposure.

Bottom Line

Blockchain industry is still in its infancy and a lack of regulation is allowing some dishonest people to attract novice investors. However, the case against Gelfman Blueprint, Inc. and the subsequent fine proved regulators are catching up pretty fast.

The two companies we have reviewed this week, BTL Group Ltd and DataMetrex AI Ltd, are involved in very different types of blockchain applications. Nonetheless, both companies are deploying resources to solve critical industry problems and have vast potential to become leaders in their respective service area. Especially, BTL Group Ltd’s Interbit platform can revolutionize interbank settlements in the long-run.

Disclaimer

Blockchain Stocks has not been paid to mention any stock /company within this article nor do we own any stock in any company mentioned in this article. More information about our full disclosure can be found here – Full Disclaimer.