Blockchain Stocks Weekly Update – September 21: Altcoins Rebound as Ripple Gains Almost 60% Market Cap

Glance Technologies Inc GLNNF Stock September 21 2018

While bitcoin continued to trade sideways, altcoins like Ripple (XRPUSD) made some serious headway and gained nearly 70% this week. However, Galaxy Digital CEO Michael Novogratz expressed his positive views and said that cryptocurrency market has bottomed and the bitcoin is due for a “Renaissance.”

Meanwhile, the U.S. Securities and Exchange Commission (SEC) continued to assess the viability of an ETF based on bitcoin as they asked for additional comments to consider an ETF backed by investment firm VanEck and financial services company SolidX. If approved, it will be listed on the Chicago Board of Exchange (CBOE) run BZX Equities Exchange (BZX).

There was some good news from regulators as the intergovernmental organization Groupe d’action financière, known as The Financial Action Task Force, said it is getting closer to the establishment of a global set of anti-money laundering (AML) standards for cryptocurrencies, reported the Financial Times.

Also, institutional investors expressed some serious interest to invest in developing blockchain technology as a Consortium of Swiss Investors called Crypto Valley Venture Capital (CV VC) is set to launch a blockchain incubator with a $100 million goal. The incubator will enable a 1,000 blockchain companies getting off the ground every year.

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

HashChain Technology Inc

HashChain Technology Inc (KASH) announced on September 20, 2018, that it has entered into a definitive agreement to amend its previously disclosed asset purchase agreement with Node40. According to the press release, HashChain Technology Inc acquired Node40’s business for a purchase price comprised of US$8,000,000 in cash and a total of 3,144,134 common shares in the capital of HashChain.

However, with the amendment, HashChain Technology Inc has assigned its subsidiary Global Crypto Public Accounting Ltd to pay the cash portion of the acquisition deal. So, it will pay US$2 million on February 15, 2019, to Node40.

On the other hand, Node40 will cancel 3.6 million Shares held by them in exchange for the Masternode Rewards and all Dash cryptocurrency paid to HashChain by customers of the Node 40 accounting software. Moreover, Node40 elected to be paid US$ 1.2 million by Global and receive an aggregate total of 940,894 Shares on February 15, 2019.

HashChain Technology Inc (KASH) Stock September 21 2018

With the amendment, HashChain Technology Inc will significantly reduce its cash debt. As a result, we saw HashChain Technology Inc’s stock daily time Commodity Channel Index (CCI) broke above the downtrend line. As the stock price has already broken above the downtrend line earlier in August, we believe the announcement to amend the deal with Node40 will likely encourage investors to bid up the stock price towards the resistance near $0.2050 per share in the near future.

Glance Technologies Inc

Glance Technologies Inc (GLNNF) just won the 2018 People’s Choice Stevie Awards for Favorite Companies, a feature of The International Business Awards. Awards for Favorite Companies were picked by a worldwide public vote in the summer, which saw more than 22,000 votes cast. The Award will certainly help Glance Technologies Inc to gain good publicity and put the company on the map.

Glance Technologies Inc GLNNF Stock September 21 2018

Moreover, on September 18, 2018, Glance Technologies Inc announced an upcoming new feature that will empower Glance Pay users to pay with Bitcoin. “The new feature, Pay With Bitcoin, will enable Glance Pay users to pair their cryptocurrency wallet with their Glance Pay account, and then purchase Glance Dollars with Bitcoin,” said the press release.

The CEO of Glance Technologies, Desmond Griffin, commented that the new feature will allow Glance users to “unlock the value of their crypto assets for use in their everyday lives.” Also, it will seamlessly open up a new cutting-edge payment method for merchants.

Both positive news helped create some bullish momentum for Glance Technologies stocks this week and the RSI indicator reading went up to 50.0 on the daily timeframe. However, we believe investors should wait for this blockchain stock to break above the $0.3745 per share level before considering increasing their exposure to Glance Technologies stocks.

Bottom Line

As the altcoins resumed the much-awaited uptrend and also, we saw bitcoin price trading sideways, it provided the much-needed support to a range of blockchain stocks. Moreover, the SEC’s decision to seek further information to approve yet another bitcoin ETF invalidated the idea that the U.S. financial regulatory authority will blindly reject any proposed ETF based on crypto assets.

As institutional investors continued to make new deals among peers, including Medici Ventures’ proposed investment in Bitsy, we can all hope these new deals will pour new hope into the blockchain industry and associated stocks in the coming weeks.

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