Cryptocurrency Midday Report

Jun 07, 2018

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  • Jihan Wu, CEO of Bitmain Technologies, said he is open to an IPO in Hong Kong for his cryptocurrency chip producing company. The firm recorded USD$2.5bn of revenue last year. Public company comparables give the company a valuation of USD$8.8bn according to Bloomberg. Wu also said that he is open to a listing in an overseas market in US dollar denominated shares, which would give early investors a chance to cash out
  • Vietnamese authorities proposed an embargo on importing Bitcoin (BTC) mining equipment. In the first 23 days of January of this year, 8,000 mining rigs were imported into the nation. This number surpassed the total mining equipment imports in 2017 alone. Vietnam’s Ministry of Finance feels that the absence of laws has allowed this importation of mining equipment to occur. Recently, Vietnam’s prime minister directed several Ministries and financial institutions to disallow crypto-related transactions
  • A recent Bithumb survey found that investors will buy and hold their cryptocurrencies over a long period of time. The survey asked 2,500 users on the Bithumb platform and the results showed that 27% of the respondents are interested in short-term gains. The results also revealed that ~13% had bought cryptocurrencies for investment purposes while the other 10% were because of marriage and property-related goals
  • Cryptocurrency hardware wallet KeepKey has launched native support for ERC20 tokens which will now allow users to transact with 30 ERC20 tokens on the KeepKey device. KeepKey was acquired by ShapeShift in 2017 which has allowed customers to make transactions from their wallet via a two-click process. To learn more about KeepKey and cryptocurrency wallets, check out our most recent Crypto QuantShot titled “How To Secure Your Cryptocurrencies”

Sources:

https://www.bloomberg.com/news/articles/2018-06-07/crypto-s-32-year-old-billionaire-mining-king-is-mulling-an-ipo

https://btcmanager.com/vietnamese-authorities-propose-embargo-on-importation-of-bitcoin-mining-equipment/

http://bitcoinist.com/42-cryptocurrency-investors-will-hodl-long-term-says-bithumb/

https://coinjournal.net/crypto-hardware-wallet-keepkey-launches-native-erc20-token-support/