Coinmama’s Week In Review
As the holiday's approach, the Bitcoin price has been on an upward trend slowly pushing towards new levels. The price came very close to touching the $800 mark and charts suggest a long movement towards the $820 range. 100 and 200 simple moving average (SMA) patterns suggest the digital asset is still not overbought and may continue to rise. Day traders and intra-day strategists have many opportunities to find profits throughout the many small swings. Optimism is positive, and the bullish trend looks as though it's not stopping anytime soon.
Overstock.com Begins Trading Stocks Over The Blockchain
On December 16 Overstock.com’s tØ blockchain platform started its first trading day but with little activity. Even though there wasn't much engagement on the first day the company has become the first to disperse 126,000 shares of stocks using blockchain technology. Overstock founder Patrick Byrne tells Wired the first day was a milestone or a “Sputnik moment.” “It’s not a big Titan rocket. It’s not a moonshot,” explains Byrne. “But it demonstrates that we’re live.”
Dutch Financial Institution ABN Amro Tests Real Estate Blockchain Pilot
The bank ABN Amro has detailed it is working with IBM utilizing blockchain technology to secure real estate transactions. The legacy banking institution explains, “blockchain can offer efficient, reliable and tailormade support to multiparty processes, like commercial real estate transactions.” The firm said it was working with regulatory policy, the central banking system and the Land Registry in regards to the new blockchain pilot. “This latest pilot is part of the bank’s strategy to offer innovative solutions for commercial real estate financing,” details the Dutch bank.
Former Barclays Executive Joins Blockchain
The bitcoin service provider Blockchain has announced that Barclays chief executive Antony Jenkins has joined the firm. Jenkins is a firm believer in blockchain technology transforming finance solutions today. Blockchain founder Peter Smith explains Jenkins has a “dedication to modernizing that system that gets both of us incredibly excited.” Jenkins is also the founder of a new startup called 10X Future Technologies.
Bitcoin’s Value Has Pushed Above All Major Currencies and Gold in 2016
According to Bloomberg, the digital asset Bitcoin has become one of the best investments of 2016. Over the course of the year, the cryptocurrency has been on a tear surging 79 percent in value since last January. Bloomberg reports Bitcoin has surpassed the world's two top physical currencies the Russian ruble and Brazilian real by four times. Bitcoin has even outperformed gold this year exponentially as the currency’s price moved forward. The financial publication has pointed to cash crisis’s in particular countries, and capital controls inflicted on citizens from different global regions.
Indian Researchers Study Digital Assets In Space
A new research report called, “Extra-Terrestrial Applications of blockchains and Cryptocurrencies” written by Dr. Kartik Hegadekatti believes cryptocurrency may be the perfect space money. Hegadekatti who works for the Indian Ministry of Railways details “why cryptocurrencies will be best suited to be the mainstream bills of exchange in extra-terrestrial settlements.” The government researcher believes blockchain based cryptocurrencies will be more efficient by the time colonization happens in space regions such as Mars.
Polychain Capital Blockchain Asset Fund Raises $10 Million
A new startup called Polychain Capital led by former Coinbase employee Olaf Carlson-Wee had received funding from venture capital firms. In a funding round, Union Square Ventures and Andreessen Horowitz has injected $10 Million into the new hedge fund. Carlson-Wee was one of Coinbase’s first employees and venture capitalists believe his startup will provide solid returns with digital assets such as Bitcoin and Ethereum. Carlson-Wee told Forbes, “there will be many types of assets codified into the blockchain, and they are all not just going to be on the Bitcoin blockchain — it’s going to be a number of different assets here. And the best way to invest in that is with a diversified portfolio.”
Cryptocurrency headlines this week and the price value of Bitcoin has been incredibly exciting. Many new announcements have taken place, and of course, digital asset enthusiasts are always pleased to see Bitcoin do so well. Coinmama has our ears to the industry and our eyes peeled when it comes to upcoming chart movements. We'll be keeping our readers informed of next week’s hottest headlines and price trends as they transpire.
Stay tuned next week as Coinmama reviews the hottest most trending movements within the cryptocurrency circuit.