That's right Bitcoin prices have reached a whole new territory as the fiat value of one BTC is currently above the $1300 range. Both Bitcoin and Ethereum have had a tremendous run this week collecting more fiat value than ever before. Meanwhile, traditional markets such as stock exchanges and worldwide commodity trading platforms have seen a significant decline over the past few weeks, but the digital asset economy has been a breath of fresh air. Currently, the 24-hour volume shows $847 million worth of cryptocurrencies is being traded daily.
Coinmama’s Weekly Review
SEC Will Revisit Bitcoin ETF Decision
On March 10 the U.S. Securities and Exchange Commission (SEC) rejected the ‘Coin’ Exchange Traded Fund (ETF). Following this, the exchange that would list Coin, Bats BZX Exchange, filed for a “Notice of Intention to Petition for Review.” On April 24 SEC granted the request to revisit the decision. “The SEC ordered that the petition of BZX for review of the Division’s action to disapprove the proposed rule change by delegated authority be granted,” explained the U.S. regulatory agency. After the announced decision to review the case, the news seemed to have reached the ears of bitcoin traders as the price subsequently spiked.
Japanese Banking Consortium Aims to Test Digital Currency System
A blockchain based Japanese consortium that includes banks such as Mizuho Financial Group, the Bank of Yokohama, and Resona Bank are trialing a new virtual currency. According to the regional publication Nikkei, the tests mission was to see if transfers could be settled in real time, 24-hours a day, and hopefully cut costs. The consortium was first initiated by the large financial provider SBI Holdings, and the group has been testing the Ripple blockchain as well. Nikkei says “the hope is that the use of blockchain technology may be able to lower costs compared to SWIFT, the global payments network.”
Bitcoin Has Outperformed Gold for the Third Time
The price of Bitcoin is now higher than one Troy ounce of gold at the time of writing. This is the third time the digital asset has beat the precious metal price wise. A few months ago the price per BTC soared higher than gold and also during 2013 price spikes. The Bitcoin economy is showing the digital asset is indeed a great store of value and has many characteristics that precious metals cannot offer. Not only has Bitcoin surpassed the price of one ounce of gold it has also outperformed every single fiat currency in the world issued by governments.
The United Nations is Very Interested in Blockchain Technology
Reports reveal the United Nations (UN) is actively looking into blockchain applications for certain programs. In fact, seven UN agencies are interested in Bitcoin and Ethereum to disburse financial aid in certain areas around the world. This include groups such as the UN Office for Project Services (UNOPS), UN Development Programme (UNDP), and several others. Furthermore, the global agency has deployed a blockchain working group. "UNOPS and the member organizations of [the] UN blockchain group have been analyzing the possible applicability of the existing or emerging blockchain-based services to the international assistance area,” explains the UNOPS.
Barbuda and Antigua Government Plan to Recognize Bitcoin
The government of Antigua and Barbuda have decided to begin creating laws defining bitcoin and crafting regulatory policies. According to the local publication, the Antigua Observer the Cabinet of the twin-island country will dedicate energy towards bitcoin laws. The Attorney General was asked by officials to start “drafting laws for the implementation of Bitcoin,” explains the Antigua news outlet. “Here in Antigua & Barbuda we know we are always very much front and centre of new developments; we are leaders, trendsetters in the Caribbean,” explained the Minister of Trade and Consumer Affairs.
India May Legalize Bitcoin Like Japan Soon
Various reports from Indian news outlets detail that India’s government may legalize Bitcoin in the near future. A CNBC broadcast reveals India’s parliamentary inter-ministerial committee has been discussing legalizing and taxing the digital currency after some review. “There will be more discussions; a verdict will be declared soon on the legality of the cryptocurrency in India,” explains a member of the Indian inter-ministerial committee. Bitcoin has been growing very popular in the region as India’s citizens have been flocking to Bitcoin’s benefits over the past two years. Bitcoin’s volume has increased exponentially in India as demand spiked after Indian officials started demonizing the country’s national currency.
Overall everything has been very positive for Bitcoin as the high price has helped gain some more attention. Multiple mainstream media outlets have been reporting on Bitcoin’s triumphant rise this past week and following Ethereum’s price spike as well. It's hard not to notice a large $36 billion dollar cryptocurrency market capitalization that's not issued by a government, corporation or individual that's doing so well. The emerging digital asset economy continues to grow, and things are just getting started!
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.