VIDEO — Blockchain Update June 2018

VIDEO — Blockchain Update June 2018

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

For cryptocurrency and blockchain enthusiasts, June was another month bustling with activity–for better or for worse–in both spaces, keeping investors on alert at all times.

Looking at the cryptocurrency space, bitcoin had another tough month having reached a 2018 low in late-June to under $US5,900. Earlier in the month the Investing News Network (INN) spoke with David Drake, founder and chairman of LDJ Capital who said that a rise in over-the-counter (OTC) trading desks has contributed to bitcoin’s 2018 struggles.

Meanwhile the US Securities and Exchange Commission (SEC) announced on June 6 that it had received a physically-backed bitcoin ETF filing from VanEck and SolidX which, if approved, shares will be priced at 25 bitcoins each, which totals approximately US$200,000 in efforts to attract institutional investors.

In terms of blockchain specific news, Global Blockchain Technologies CSE:BLOC) and Hewlett Packard (NYSE:HPQ) announced a collaboration for a proof-of-concept (PoC) marketplace for cloud services that specifically targets enterprise users. It’s expected the target date for the marketplace will be sometime in Q3 2018.

Two companies in the cleantech space announced their plans in terms of developing energy-savvy cryptocurrency mining facilities. The first being Solar Alliance Energy (TSXV:SOLR), who said it will be developing the first-ever solar-powered cryptocurrency mining facility in Illinois; and the second one, TransAlta Renewables (TSX:RNW), who announced a partnership with BitCity to develop an industrial-scale cryptocurrency-mining facility.

Meanwhile two blockchain ETFs also launched last month. Reality Shares’ China blockchain ETF officially joined the markets as the first-ever China blockchain ETF to provide US-based investors exposures to the Chinese market.

In an interview with INN, Eric Ervin CEO of Reality Shares said the ETF, called the Reality Shares NASDAQ NexGen Economy China ETF (NASDAQ:BCNA), is being looked at as a “unique pure-play” ETF because US-based investors can’t otherwise get exposure to China directly. He also said the country is an underinvested market as a whole.

Horizons ETF Management Canada launched its Horizons Blockchain Technology & Hardware Index ETF (TSX:BKCH), which is based off the Solactive Blockchain Technology and Hardware Index.

Other highlights of the month include the Investment Regulatory Organization of Canada (IIROC) releasing its 2019 priorities in which the organization states it plans to make how to regulate blockchain and digital assets a key area of focus.

Last but not least, SharesPost issued a report stating that blockchain opportunities will surpass US$2.5 trillion over the next 10 years in key areas like financial services, commerce, media, supply chain management and cybersecurity.

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

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. 

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