Another week has passed in crypto-land as bitcoin continues to surprise everyone. At press time the price per BTC is roughly $7200 and currently holds a $121B market capitalization. Traders are relentlessly swapping the digital asset everyday exchanges billions of dollars worth of trade volume every 24-hours. The community is relatively optimistic considering there is a fork approaching that might result in a blockchain split again. Mainstream investors are saying that bitcoin could reach a high of $10K per bitcoin by 2018.
Coinmama’s Weekly Roundup
CME Group Plans to Launch a Bitcoin Futures Market for Mainstream Investors
Mainstream investors will be able to get more exposure to bitcoin by utilizing options and futures derivatives based off of bitcoin. A firm called LedgerX already offers this service and is doing quite well, but now the largest FX derivatives market firm in the world CME Group is ready to take on the task. “As the world’s largest regulated FX marketplace, CME Group is the natural home for this new vehicle that will provide investors with transparency, price discovery and risk transfer capabilities,” explains CME Group’s CEO Terry Duffy.
The Russian City of Vladivostok Picked to Trial Cryptocurrency Program
The Russian city of Vladivostok has been chosen to trial two cryptocurrency based businesses under official guidelines. In fact, citizens will be able to get blockchain education and certificates by utilizing the two agencies. The two firms will focus on cryptocurrency law enforcement, and cryptocurrency consultation services. “At the last meeting of the State Duma, a decision was taken to establish a state structure a crypto-detective agency, the first pilot branch of which will be opened in Vladivostok and an advisory center for all those who want to start working with cryptocurrency,” explains the World Trade Organization’s (WTO) Victor Fersht.
The Bitcoin White Paper Turns Nine
Nine years ago on October 31, 2008, the anonymous creator of bitcoin revealed the technology’s infamous white paper. The paper has stirred the revolution of decentralization and is transforming the world’s financial sector exponentially. Nakamoto’s white paper was released online using the notorious cryptography mailing list, and the idea spread from there. Then in January of 2009, Satoshi Nakamoto released the open source code to the world, and the Bitcoin network was born. “[Bitcoin] is a purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution,” details Nakamoto’s white paper.
The U.S. Securities and Exchange Commission Creates an ICO Taskforce
Stephanie Avakian of the U.S. Securities and Exchange Commission is leading a Retail Strategy Task Force and Cyber Unit that will focus on Initial Coin Offerings (ICO). Mrs. Avakian explains these types of investors “are often the most vulnerable market participants who are most in need of our protection.” The latest ICO craze has caused regulators worldwide to start getting concerned about these token sales. Nearly every major government has issued statements about this type of crowdfunding. The question is will they allow ICOs to thrive?
Vietnam May Apply Strict Rules Against Bitcoin
The central bank of Vietnam isn't taking too kindly to bitcoin these days. Currently, government officials have been working on digital asset regulatory guidelines to enforce throughout the country. However, because the laws are in limbo the publication Cong An stated, “Bitcoin users in Vietnam may be subject to criminal prosecution.” “The issuance, supply, [and] use of bitcoin and other similar virtual currencies as a means of payment is a prohibited activity in Vietnam. Under the provisions of Clause 6, Article 27 of Decree No. 96/2014 / ND-CP on administrative sanctions in monetary and banking activities, acts of distributing, including bitcoin and other similar virtual currencies, will be fined fines from 150 million to 200 million [VND],” the news outlet further emphasized.
Overall cryptocurrency enthusiast and investors are very excited about the future of bitcoin and alternative digital assets. Presently the entire cryptocurrency market is worth over $178 billion dollars and continues to climb. The community is concerned about the upcoming Segwit2x fork, but they don't seem worried enough as the value continues to grow exponentially.
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.