Current Cryptocurrency Market Developments

PR Newswire

NEW YORK, November 13, 2017 /PRNewswire/ --

According to a report published by Market Research Future, the cryptocurrency market is expected to grow to about USD 51 billion by 2023, with a compound annual growth rate of 14 percent. The report indicated that the major drivers of the growth in cryptocurrency market are rising demand for better income saving structure, advanced technology implementation as well as improving safety and security associated with the currency, increase in purchasing power of people, elimination of third party and less chances of security threats. North America has the largest market share due to better network infrastructure. LottoGopher Holdings, Inc. (OTC: LTTGF), MGT Capital Investments, Inc. (OTC: MGTI), HIVE Blockchain Technologies Ltd. (OTC: PRELF), Overstock.com, Inc. (NASDAQ: OSTK), BTCS Inc. (OTC: BTCS)

The surge in cryptocurrency prices also helped boost the market. Bitcoin cash, which was split off from bitcoin in August, jump over 36 percent on Friday. The price of bitcoin cash hit a three-month high of $872.24, according data from Coinmarketcap. Chris Burniske, author of "Cryptoassets: The Innovative Investor's Guide to Bitcoin and Beyond.", said in a CNBC report: "You can see people playing back and forth between bitcoin and bitcoin cash trading depending on where they think near-term catalysts may be…It's been a battle of investors versus traders that were stockpiling bitcoin to get their bitcoin2x dividend."

LottoGopher Holdings Inc. (OTCQB: LTTGF) is also listed on the Canadian Securities Exchange under the ticker symbol "LOTO". Earlier today the company announced breaking news that, "the addition of Jeff Koyen as an Independent Advisor. Mr. Koyen will guide the company in developing and launching applicable blockchain technologies as it relates to online lottery, including the verification of ticket ownership on a public ledger. Mr. Koyen, a cryptocurrency and blockchain investor, trader and enthusiast, is also an award-winning journalist and media strategist. Previously, he held editorships with New York Press, Forbes Traveler, Travel and Leisure, Dow Jones Mansion Global, Vocativ, and Digiday. He was recently appointed Strategic Advisor for 360 Blockchain.

"There is a great opportunity for LottoGopher to lead both lottery messenger services worldwide and the traditional state-operated lottery industry in setting a new standard for transparency and security using blockchain technology," commented Jeff Koyen. "A blockchain is essentially an incorruptible ledger of transactions, with the information spread across a network of computers, constantly updating. Both online and traditional lotteries could benefit from the development of a 'Lottery Blockchain' to increase trust and visibility for the ownership of the actual ticket."

"We are very pleased to welcome Jeff to the Advisory board to lead our lottery blockchain initiatives," commented James Morel, CEO of LottoGopher. "Jeff's knowledge and experience will be invaluable to LottoGopher in our drive to implement blockchain technology to improve compliance and transparency in the lottery industry. It has been and will continue to disrupt the way businesses operate into the foreseeable future, and we are in preparations now to leverage this technology for lottery-specific applications."

Mr. Koyen is currently the President of Chaotic Neutral, an incubator LLC for companies and projects. Previously, Mr. Koyen was CEO of Assignmint.com.

What is a 'Blockchain'? Digital Data named "blockchain" the top trend for 2018. The global blockchain industry is estimated to be worth anywhere between $7-$20 billion by 2024, with around 90 percent of the banks in Europe and North America reported to be exploring the technology already. A blockchain is a decentralized, digital public ledger of all cryptocurrency transactions. The ledger is continuously growing as 'completed' blocks (transactions) are recorded and added in chronological order. Market participants keep track of digital currency transactions without central recordkeeping. Each node (a computer connected to the network) receives a copy of the blockchain, downloaded automatically."

MGT Capital Investments, Inc. (OTCQB: MGTI) ranks as one of the largest U.S. based Bitcoin miners. Recently, the company announced that it has executed a Distribution Agreement with Interwork Technologies for the marketing and sale of the Company's Sentinel network intrusion device. The agreement is non-exclusive and covers the North American marketplace. Interwork is one of the largest value-added specialty distributors of cybersecurity, information management and network solutions. Interwork provides its 2,500 reseller channel partners with the technology expertise and support required to effectively bring products to market.

HIVE Blockchain Technologies Ltd. (OTC: PRELF) is a growth oriented company building a bridge from the blockchain sector to traditional capital markets. HIVE is strategically partnered with Genesis Mining Ltd. to build the next generation of blockchain infrastructure. HIVE owns state-of-the-art GPU-based cryptocurrency mining facilities in Iceland, which produce mined cryptocurrency like Ethereum around the clock. On October 23, 2017, the company announced that it has entered into a legally binding letter agreement with its largest shareholder Genesis Mining Ltd. under which the Company will finance the construction of a cryptocurrency mining data centre in Sweden. The Sweden Data Centre will be a newly constructed GPU mining facility with an anticipated completion date of December 2017. The Company's cryptocurrency mining capacity or hashpower is expected to increase by approximately 175% with the addition of the Sweden Data Centre.

Overstock.com, Inc. (NASDAQ: OSTK) is an online retailer based in Salt Lake City, Utah that sells a broad range of products at low prices, including furniture, décor, rugs, bedding, and home improvement. Recently, the company reported financial results for the quarter ended September 30, 2017. Other income was $5.9 million for Q3 2017, The increase is primarily due to an increase in realized gains on sales of cryptocurrencies and precious metals of $5.5 million. In August 08, 2018, the company announced an integration with ShapeShift, the world's leading instant digital asset exchange, that allows customers to use all the major cryptocurrencies, including Ethereum, Litecoin, Dash, Monero, and the new Bitcoin Cash, to buy online from Overstock's selection of nearly 4 million products.

BTCS Inc. (OTCQB: BTCS) is an early entrant in the Digital Asset market and one of the first U.S. publicly traded companies to be involved with Digital Assets and blockchain technologies. On October 25, 2017, the company announced it has closed on the remaining balance of its previously announced financing, which was co-led by Blockchain Global Ltd. Blockchain Global (formally Bitcoin Group) is a leading multi-national pure-play Blockchain Technology company operating across four business segments, including transaction verification services, an institutional exchange platform, a blockchain start-up accelerator, and a blockchain technology consultancy.

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