VIDEO - Blockchain Update July 2018

Blockchain Investing
Blockchain Investing

What happened in July in the cryptocurrency and blockchain spaces? Here the Investing News Network provides a breakdown of some of the biggest news last month.

July was another bustling month for cryptocurrencies and blockchain, with digital currency favorite bitcoin reaching a two-month high during the month and a number of blockchain mining companies filling the month with progress updates.

Case in point, bitcoin recovered from its 2018 lows of US$,5826.41 in June, starting the month off at US$6,500 before reaching roughly US$8,300 on July 24. By the end of the month, the bitcoin price was roughly US$7,600, which was still a 17 percent increase during the month.

The US Securities and Exchange Commission (SEC) had a number of crypto-related announcements during July, including its application received from CBOE Global Markets to launch a bitcoin ETF with VanEck and and SolidX.

Meanwhile the organization announced that it is delaying its decision on Direxion Investment’s proposed bitcoin ETF filings until September and that it had also denied the Winklevoss’ brothers latest bitcoin ETF proposal in a 3-to-1 vote against it.

In terms of blockchain mining company news, Vogogo (CSE:VGO) announced in early July its acquisition of 14,000 ASIC mining rigs as part of the C$46 million deal of the 828 LP cryptocurrency mining assets.

HashChain Technology (TSXV:KASH, OTCQB:HSSHF) announced it had acquired two crypto-mining companies totalling 5,000 more Antminer S9 rigs to its existing 4,495 rigs. Shortly after that announcement, the company said that just under 8,500 rigs are operational with an additional 2,000 rigs deployed.

Heavy favorite in the industry, HIVE Blockchain (TSXV:HIVE), released its much-anticipated Q4 2018 and full year 2018 financial results mid-month, highlighting that its mining of ethereum and ethereum classic both increased substantially during the quarter.

Q4 production saw 9,800 ethereum and 34,000 ethereum classic coins mined, representing a 136 percent and 170 percent increase compared to Q3 respectively.

Meanwhile DMG Blockchain (TSXV:DMGI) announced that it is installing 85 megawatts of capacity transformer and electricity at its flagship mining location in Canada.

On that note, partnerships and new public companies also made headlines during the month. BIG Blockchain Intelligence Group (CSE:BIGG) and Glance Technologies (CSE:GET) announced a strategic alliance agreement where the companies will work to promote their businesses in addition to finding ways to work together.

Lastly, Global Blockchain Mining (CSE:FORK) officially went public as announced by its parent company, Global Blockchain Technologies (CSE:BLOC).

Watch the video above for more insight into what happened in the cryptocurrency and blockchain spaces for the month of July.

Don’t forget to follow us @INN_Technology for real-time news updates!

Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: HashChain Technology and BIG Blockchain Intelligence are clients of the Investing News Network. This article is not paid-for content.

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