Bitcoin and Chinese Tech Stocks Surge After Xi Jinping Touts Blockchain
After previously being tough on cryptocurrencies, Chinese President Xi Jinping highlighted the potential of blockchain last week, fueling a surge in related stocks and bitcoin.
An index that tracks 53 blockchain-linked stocks in mainland China rose nearly 9% on Monday. It is worth noting that in China, the daily maximum gain any stock can have is 10%.
But shares of Nasdaq-listed Xunlei, a Chinese software company that offers blockchain-based services, surged by 107% on Friday, the largest single-day gain since the company went public in 2014.
Also, not everyone was sold that Jinping's announcement alone was the true catalyst behind the 40%-plus BTC spike. This is one of our favorite hot takes.
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Dodgy deals, dubious characters, and links to Hillary Clinton's hackers - they all feature in this long-form investigation into the post-Soviet cryptocurrency boom.
| | U.S. Bound Crypto Mining IPO
In other news – Crypto mining giant, Canaan Creative, has publicly filed for a US Initial Public Offering with the intent of raising $400M.
The second-largest ASIC manufacturer after Bitmain (who can't seem to catch a break after their failed Hong Kong IPO), Canaan, will list its shares on the Nasdaq under the symbol "CAN."
According to the company's SEC filing, the company generated $394 million in revenue in the fiscal year of 2018, with a net income of $8.3 million.
| | Crypto Visualized: Watch the Fall of Poloniex And Rise of Binance
A pretty neat data visualization is making its rounds across the web. You can watch it here. The visual shows you just how far Poloniex has fallen... while, at the same, how quickly Binance became the industry leader.
Speaking of Poloniex, the company announced last week that it will be spinning out of Circle, its parent firm. Going forward, Poloniex will now be called Polo Digital Assets, Ltd... and they won't be able to include US customers anymore. Oh, the fun we had.
| | This Technology is More Important Than electricity?
Amazon shot up from $85 to over $1,800 a share. If you'd invested in Amazon, you would've made a 14,950% gain. But now Amazon's stellar rise is under threat. It's all because of this one new technological advancement – one so important that the Harvard Business Review says that companies that fail to implement this technology may never catch up.
Find out what this threat is and how you could profit in this latest video presentation.
| | Fire Before Growth: The Likely Fate Of Ethereum Killers
Chris Burniske – one of our favorite crypto investors over here at CoinSnacks – wrote a monster essay about the future of layer-one protocols (aka "Ethereum Killers"), many of which are scheduled to launch soon.
This quote sums up the post nicely:
"...most [layer one smart contract platforms] set expectations too high in exuberant private markets, and are now attempting to maintain those valuations in a public market that's looking for blood."
TLDR; Ethereum's competition has a long and bumpy road ahead of them. And despite their "superior technology" claims... these new market entrants ultimately have to compete with Ethereums burgeoning ecosystem that is actually beginning to find product market fit.
We're not picking sides here though – just sharing some fundamental food for thought...
| | Bitcoin is for Stackers
There's a common myth that Bitcoin allows anyone to spend money anywhere. That's incorrect — very few merchants accept Bitcoin. Bitcoin is useful because anyone can receive money, anywhere.
Here's a short and enjoyable read (big-picture) on where Bitcoin really gets its value.
| | $6.4 Billion Worth of Crypto Is Being Staked
A recent report by Binance Research shows that $6.4 billion worth of cryptocurrency is being staked.
Staking is the process of holding funds to support the operations of a blockchain network through a reward-driven process.
According to the report, Synthetix Network (SNX) and Energi (NRG) had the highest yields, 61.9% and 31.4% respectively.
| | Paxos Gets SEC Nod to Use Blockchain to Settle Stock Trades
Paxos Trust Co., a blockchain company that caters to financial institutions, has been given the green light to settle stock trades in near real-time in a direct threat to the Depository Trust & Clearing Corp.'s half-century equity market dominance.
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