Bitcoin remained relatively stable over the last week, prompting Bloomberg Intelligence analyst Mike McGlone to say that it is a sign of speculation leaving the market and eventually a bottoming process. On Friday, the BTC/USD just above the support around $6,500. Meanwhile, Ripple reported on October 25 that it has sold $163.33 million worth of XRP during Q3 2018.
Cryptocurrency mining might have become less profitable in recent months, but it is certainly one of the growth areas. This week, we have learned that cryptocurrency-mining startup Bitfury has reached out to a number of global investment banks to raise $3 billion to $5 billion from an IPO in either Amsterdam, London or Hong Kong as early as next year. If Bitfury goes public, it will be Europe’s first major listing in the industry.
There was some interesting development in the blockchain industry this week as credit card giant MasterCard filed a patent with the U.S. Patent & the Trademark Office (USPTO) to utilize the principles of fractional reserve banking with cryptocurrency. If MasterCard successfully develops a blockchain platform that can incorporate the principles of the fiat banking system, it can revolutionize central banking.
Last but not least, the IBM-Maersk TradeLens Blockchain Solution found a new client to pilot their platform and this time, it is the Canada Border Services Agency (CBSA). “This development is an example of the Government of Canada using innovative technology to easily and securely facilitate trade and engage in global trading ecosystems in a modern, productive manner,” said John Ossowski, President, CBSA.
Based on our research, we found that the following blockchain stocks demonstrated notable price movements based on shifts in their company fundamentals.
Coinsilium Group Ltd
Coinsilium Group Ltd (CINGF) supports early-stage blockchain technology by acting as a venture builder, investor, and advisor to technology companies. They are one of the pioneers of the digital token economy and the first global blockchain accelerator to IPO in 2015.
Earlier this month, Lition Technology announced that it is going to carry out a token sale to raise some capital. According to experts familiar with the company, the token sale might raise $25 million. The good news is it has partnered with Coinsilium Group Ltd to issue the token sale.
Eddy Travia, the Chief Executive of Coinsilium commented that both of the companies are working in the blockchain industry and their combined experience will definitely bring the project to the successful accomplishment.
The stock price of Coinsilium Group Ltd has remained range bound since March 2018, and it kept trading within the range of $0.70 per share to $0.1255 per share. However, in October, it momentarily broke below the support around $0.70 per share, but the bears failed to develop any serious momentum to push it any lower. As a result, the stock once again came back within the range.
While the news of Lition Technology partnering with Coinsilium Group Ltd did not have any immediate impact on Coinsilium Group Ltd’s stock price, we believe it will help the company generate some positive publicity in the long-run.
At the moment, Coinsilium Group Ltd’s stock is trading near the bottom of the range and offers a great entry point as the support near $0.70 is very close to the lower Bollinger Band as well. Given the confluence, long-term investors may want to consider taking up long-positions around this price level.
Katipult Technology Corp
Investment crowdfunding solution provider Katipult Technology Corp (FUND) announced that it has secured $120,000 in funding from the National Research Council of Canada Industrial Research Assistance Program (NRC IRAP). The goal of this research and development project is to create a best-of-breed application for eliminating transaction redundancy, enhancing investor experience, and accelerating deal flow, said the press release.
The stock of Katipult Technology Corp remained bearish over the last two months, but this week, we observed that the Commodity Channel Index on the daily chart crossed above the -100 level, indicating a potential end to the downturn.
The grant from the Canadian government to create an application for eliminating transaction redundancy may be a small one. However, securing it showed the viability of its products that can support the development of an “Investor License” application on a decentralized network.
We believe, investors will consider this as a milestone and it will help improve the brand image of the company, and might potentially help reverse the current downtrend. Having said that, we need to wait for Katipult Technology Corp’s stock to break above the downtrend line and close above the next significant resistance around $0.70 per share to confirm our bullish thesis. Hence, investors should wait a bit and look for an opportunity to increase their exposure to Katipult Technology Corp once its stock trades above the $0.70 per share.
We have been hearing about bitcoin reaching its bottom for the last several months. It might have reached the bottom as many experts have told us over and over again. However, we have not seen any major sustained bullish momentum that could attract a significant number of investors to say the bearishness has evaporated.
The latest tightly ranging price action is providing ample hope that the most famous cryptocurrency on the face of the earth is perhaps showing the calm before the storm that market participants have been waiting for months.
Nonetheless, the blockchain industry has a whole continue to show the signs of maturity and the two companies we discussed this week have great potential to revolutionize digital token economy and “Investor License” applications on decentralized networks.
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