Bitcoin and Ethereum Markets See a Slight Price Decline But Still the Best Performing Currencies in 2017
Cryptocurrency values across the board have dropped, but bitcoin is holding strong compared to most of the others. For instance, at the moment ethereum markets are down fifteen percent meanwhile bitcoin markets are only five percent lower. Bitcoin’s market share dominance levels have risen back to above 45 percent. Many bitcoin proponents believe altcoin markets are causing bitcoin’s price dip alongside the uncertainty of the upcoming scaling implementations taking place over the next three months.
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Scaling Upgrades Are Approaching
As stated above starting in mid-July over the next three months there could be some significant changes to the bitcoin network. There is the User-Activated Soft Fork (UASF) happening on August 1st which aims to implement Segregated Witness (Segwit) without the help from miners. To combat the possibility of UASF going wrong another team called Bitcoin ABC has been building a contingency plan which may take effect after UASF’s August 1st flag day. Further, there is the “New York Agreement” which plans to implement a protocol called Segwit2x a mix between Segwit and a 2MB block size increase. Users should watch these events but should stay confident as their bitcoin holdings will be unaffected.
Mt Gox CEO Mark Karpeles Criminal Trial Begins July 11
Mark Karpeles will face the Tokyo District Court system this Tuesday, July 11 for his possible ties to the missing 650,000 BTC from the now defunct Mt Gox exchange. According to Japanese prosecutors, Karpeles may have embezzled funds and manipulated the books at Mt Gox. Japanese media outlets have reported that the former CEO lived lavishly beyond his means and spent funds on prostitutes from the region. According to Karpeles attorney, Kiichi Iino, the former Mt Gox CEO will plead not guilty to the subset of financial manipulation charges.
Russia Gets Closer Every Day Towards Bitcoin Legalization
This week representatives from the Leningrad region have asked Russias’ central bank to legalize bitcoin as a form of payment in the country. According to the news outlet, Vesti reps from Vyborgsky, Kingiseppsky, and Slantsevsky made the request to the bank. The region’s Deputy of the Legislative Assembly, Vladimir Petrov, said; “The measures will increase the attractiveness of Kingiseppsky and Slantsevsky districts to neighboring Estonia, and Vyborgsky district which is located near the border with Finland.” The news stemming from Russia concerning cryptocurrency legalization has been growing quite positive.
The Bitcoin-Tracking Swiss Investment Certificate Vontobel Gains Traction
The Vontobel bitcoin certificate has become the most exchanged product on the Switzerland stock exchange. Created in 2016 the Vontobel bitcoin certificate tracks the value of bitcoin and is seeing “considerable demand” within the country. “The certificate is a success: On many days it is the most traded structured product on the Swiss stock exchange. The initially small issue volume of the certificate for a term of two years was quickly increased to CHF 20 million and now increased to CHF 40 million,” explains the regional NZZ Media Group. Many people believe cryptocurrency indexes and Bitcoin certificates like these will be a hot commodity within stock exchanges worldwide.
Germany’s Food Delivery Service Giant Lieferando.de and 11,000 Partner Restaurants Will Accept Bitcoin
A very popular food delivery service in Germany, Lieferando.de, and its 11,000 associated partner restaurants will now be accepting bitcoin. The company also accepts credit cards like American Express, Mastercard, and Visa, and payment processors Paypal and Giropay as well, now bitcoin will join the lineup. According to the company, its 3.9 million users will now be able to get food delivery utilizing the decentralized digital currency. Further the multi-million dollar establishment’s sister company in Poland, Pyszne.pl, also accept bitcoin for services as well.
The African Nation of Mauritius and the Blockchain Company ConsenSys May Create an ‘Ethereum Island’
According to reports, the Brooklyn, New York-based ConsenSys startup has been in talks with the nation state of Mauritius and looks to create an Ethereum powered technology island. ConsenSys was founded by Joseph Lubin and is a company that builds, consults, and launches decentralized applications using Ethereum. "We expected to encounter significant enthusiasm… but we were overwhelmed with the excitement that we felt in every single meeting. If Mauritius puts together a concerted effort to be a world leader, it will be," explains the ConsenSys founder Joseph Lubin. The island, Lubin says, is meant to be a hub dedicated to blockchain innovators that connect many regions worldwide.
With the price drops happening over the course of the last three weekends people have still been very positive about bitcoin's future. Further, the decentralized currency has been above $2,200 USD for weeks on end and reached a massive all-time high of $3,000. There will surely be a lot going on over the course of the Summer and beginning of the Fall seasons in regards to bitcoin and ethereum. Coinmama will be right there on the front lines to let our readers know about the hottest topics in the cryptocurrency space.
Coinmama’s weekly review is always on a mission to find the very best topics of interest 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.