Bitcoin Price Continues its Rebound as Average Transaction Fees Drop
PR Newswire News Commentary

NEW YORK, March 5, 2018 /PRNewswire/ --

The value of bitcoin rose above $11,000 over the weekend. According to CoinMarketCap, bitcoin value hit a high of $11,528 on Saturday. The total market capitalization of cryptocurrency was stable, as the market cap of 1523 cryptocurrencies totaled $461 billion as of Sunday afternoon. In addition, transaction fees for trading cryptocurrencies are being reduced. According to data from BitInfoCharts, the average transaction fee for trading bitcoin was $2.46, near its lowest level in over a year. DMG Blockchain Solutions Inc. (OTC: DMGGF), Chinanet Online Holdings Inc (NASDAQ: CNET), CME Group Inc (NASDAQ: CME), Cboe Global Markets Inc (NASDAQ: CBOE), Net Element International Inc (NASDAQ: NETE)

Last month, Coinbase and Bitfinex announced the implementation of Segregated Witness (SegWit) upgrade, which aims to reduce transaction times and fees for transactions in Bitcoin. According to MarketWatch, Alex Sunnarborg, founding partner of Tetras Capital, said, "Decreasing transaction fees are very significant and a huge benefit to anyone sending funds on the bitcoin network (making commerce much cheaper and more efficient). The declining fees can be attributed to new exchanges and services implementing SegWit (increasing block capacity for transactions) and transaction batching (combining multiple transactions into one)."

DMG Blockchain Solutions Inc. (OTC: DMGGF) also listed on the TSX Venture Exchange under the ticker 'DMGI'. Earlier today the company announced breaking news that, "their partnership with D-Link to improve the efficiencies of crypto mining. Together, with a group of field engineers from D-Link and industry experts from DMG, the two parties are working towards optimizing crypto mining networking, including hash rate stability, network security and switching performance, all in an effort to create a more efficient and profitable mining operation through best-practices and smart hardware choices.

"Crypto mining and broader blockchain driven applications are a growing trend in Canada and around the world," said Lou Reda, President of D-Link Canada. "We've been fortunate to develop a relationship with DMG, which has given us the opportunity to really get inside this industry and understand the requirements of a large scale blockchain operation. Together, we've been able to meld our knowledge and work towards developing the networking solutions to improve technical operations and therefore increase efficiency within any blockchain application, whether that be for financial, medical or any other industry that uses blockchain distributed ledger as a foundational technology."

DMG partnered with D-Link Canada after reviewing other networking vendors and came to its own conclusion that D-Link offered the best performance and value in the market.

"The D-Link solution exceeded all of our requirements throughout our testing," said Sheldon Bennett, COO and Director of DMG. "On top of having the right hardware for the job, D-Link went well above the competition in offering the support, technical expertise and willingness to work with us to achieve the goals we were looking for, and that is to build the most efficient large scale mining operation in North America."

Chinanet Online Holdings Inc (NASDAQ: CNET) earlier in January announced it has entered into an agreement ("Agreement") with Wuxi Jingtum Network Technology ("Jingtum" or "Jingtum Technology") and Ford tree Beijing)Blockchain Technology Co., Ltd. ("Ford Tree") to establish a new joint venture company ("new JV") to research and develop blockchain technology and its applications for ChinaNet's blockchain technical and business units. ChinaNet will act as the controlling shareholder leading all aspects of the project. The new JV will be registered in the territory of the People's Republic of China and will be established in early February of 2018.

CME Group Inc (NASDAQ: CME) announced on December 1, 2017, that it has self-certified the initial listing of its Bitcoin futures contract to launch Monday, December 18, 2017. The new contract will be listed on and subject to the rules of CME. It will be available for trading on the CME Globex electronic trading platform, and for submission for clearing via CME ClearPort, effective on Sunday, December 17, 2017 for a trade date of December 18. CME Group's Bitcoin futures will be cash-settled, based on the CME CF Bitcoin Reference Rate (BRR) which serves as a once-a-day reference rate of the U.S. dollar price of bitcoin. 

Cboe Global Markets Inc (NASDAQ: CBOE) announced last year that it has created the Cboe Gemini Bitcoin Futures Index, a new strategy performance benchmark index designed to replicate a constant one-month position in Cboe XBTSM Bitcoin Futures (XBT). XBT futures began trading on Cboe Futures Exchange on Sunday, December 10. More than 5,000 XBT futures contracts (single counted) have been traded since launch. A strategy benchmark is intended to provide an objective, rules-based approach to describing a particular investment outcome. Strategy benchmarks can serve as an informational tool or as the underlying interest for investment products.

Net Element International Inc (NASDAQ: NETE) on February 21st announced that it has joined the Enterprise Ethereum Alliance ("EEA"), the world's largest open-source blockchain initiative with over 250 member companies. Net Element's membership to the prestigious alliance is complementary to the Company's recently announced decentralized blockchain technology solution that will enable an unlimited number of value-added services ("VAS") and support the adoption of Ethereum in the enterprise. The EEA seeks to augment Ethereum adoption as an enterprise-grade technology, with research and development focused on privacy, confidentiality, scalability and security. Net Element is developing a decentralized crypto-based ecosystem to act as a framework for a number of value-added services that can connect merchants and consumers directly, via blockchain technology, while increasing the economic efficiency of all transactions conducted within the ecosystem. 

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