16 MAY

Bitcoin Breaks New Records Again, While Mass Adoption Seems Closer Every Day

Bitcoin is still on a roll as the decentralized cryptocurrency is continuing to hold a phenomenal price range. Currently, bitcoin encompasses a $28 billion market capitalization which is larger than the global coffee capitalization. Overall cryptocurrency markets, in general, are capturing $54 billion dollars at the time of writing. Ethereum is still roughly $90 per ether while commanding a $8.4 billion market cap holding steady within the cryptocurrency ecosystem.

Coinmama's Weekly Roundup

Russia's Largest Retail Chain to Accept Bitcoin

On May 11 the largest online retailer in Russia, Ulmart, announced it would be accepting bitcoin this September. Ulmart was created in 2008 and respectively gathers 30,000 orders a day through the platform. The company stated on Wednesday, “Ulmart, Russia’s largest online retailer, plans to start accepting bitcoin as a form of payment from 1 September 2017.” The news was welcomed by many bitcoin proponents who've been focused on the legality of bitcoin in Russia. However 2017 has been a good year for bitcoin as Alexey Moiseev, the Russian Deputy Finance Minister has been looking at bitcoin in a positive light this year.

Chinese Exchanges May Bring Withdrawals Back Online This June

Bitcoin trading platforms in China have ceased withdrawals during inspections that have been happening for months initiated by the People’s Bank of China (PBOC). The on-site inspections had caused quite a stir within the country as exchanges stopped offering margin trading, halted withdrawals, and added fees to every bitcoin trade processed. Furthermore, the central bank added new regulatory policies that each exchange must follow. According to local Chinese publications, bitcoin exchanges may start withdrawals again this June.

U.S. Citizenship and Immigration Services (USCIS) Considers Bitcoin

According to a U.S. Homeland Security EB-5 National Stakeholder Engagement, Division Chief Lori MacKenzie explains the agency is considering bitcoin as a form of payment. This means immigrants can apply for Visas and pay for citizenship fees with the decentralized currency. “USCIS is currently considering issues involving virtual currency such as Bitcoin,” MacKenzie details. The government agency says they will continue to monitor and evaluate the benefits of using a virtual currency for these services. “We will determine whether the relevant statutory and regulatory requirements have been met,” explains the USCIS Division Chief.

Norway’s Internet Bank Offers Bitcoin Accounts

An internet-only bank, Skandiabanken, based in Norway and Sweden is now offering bitcoin account integration for their web bank. "We recognize cryptocurrency as an investment class on an equal footing with other securities," says Christoffer Hernæs, the bank’s chief digital officer. Now users will be able to view their cryptocurrency portfolios via the bank’s online system while maintaining savings and checking accounts. “We acknowledge that this is something people want to put their money into,” says Hernæs. “The bank winners will be those who collaborate with new players and new technology, not those who deny it,” he noted.     

South Korea is Warming Up to Bitcoin

South Korean officials are planning to lower capital requirements for individual bitcoin companies within the region, most notably remittance startups. The government will provide foreign exchange (FX) transfer services this summer on July 18. According to reports the capital requirement drop from 2 billion South Korean Won (KRW) to 1 billion KRW with a goal to boost fintech innovation in the South Korean region. South Korea currently commands the fifth-highest Bitcoin trading volume as the KRW is at the forefront in global bitcoin volume this year.

Conclusion

Bitcoin’s remarkable rise is continuing to show how resilient the decentralized network is providing a significant digital store of value for the world. Proponents are quite pleased with the cryptocurrency’s meteoric price spike as the currency is closer to the $2,000 vicinity. It’s very well possible that in the next two weeks bitcoin could make it to these levels. Coinmama is always following leading-edge headlines concerning this innovative technology. Let’s wait and see, shall we? ;)

Coinmama’s weekly review is always on a mission to hunt for the latest topics being discussed within the digital currency space. Follow us here every week to keep up-to-date with current events concerning Bitcoin, Ethereum, and blockchain technology innovation.

Back to blog