The cryptocurrency phenomenon continues as the total market cap of all digital assets has surpassed $243 billion in market capitalization this week. Bitcoin is dominating by 56 percent with a market cap commanding over $136B. The price per BTC reached the $8K region during the afternoon on November 19. For twelve hours the price hovered around this point, and on November 20 the price climbed another two hundred dollars touching a high of $8250. Ethereum markets haven’t risen as much but are still performing very well this week. ETH markets are capitalizing $36B at the time of writing, and people are swapping $747M worth of the currency over the past 24-hours. The demand right now for both coins has been extremely fervent.
Coinmama’s Week In Review
CME Group to Launch Bitcoin Futures Markets This December
This week the largest FX exchange worldwide, CME Group, revealed its futures exchange options would be released December 10 pending approval from U.S. regulators. The bitcoin community is excited about this product as it may bring more mainstream and institutional investors into the bitcoin space. Terry Duffy, CME Group’s CEO is excited about the new bitcoin investment vehicle for the masses stating, “given increasing client interest in the evolving cryptocurrency markets, we have decided to introduce a bitcoin futures contract. 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.”
Israel May Initiate Bitcoin Regulatory Guidelines Soon
According to the Israeli Ministry of Finance, the organization is working with a team and other financial executives in order to understand digital assets better. The entity held a meeting last week, but there are no confirmations thus far detailing if the, Finance Minister Moshe Kahlon and fellow collaborators have established firm guidelines. This past summer the Tel Aviv district court issued rulings towards banking and bitcoin-based businesses while the Israeli Tax Authority has also started its own framework. Speculators believe that after the Ministry of Finance’s meeting an outcome of where Israel stands according to its bitcoin regulations will come soon.
Australia’s Government Officials Will Fund a Blockchain Project
According to the Australian government, the country wants to get ahead of the game regarding blockchain technology. Australian federal funding will give AU$8 million ( USD$6 million) to energy saving distributed ledger proof of concepts. Curtin University will be assisting with the project as well. "We will develop a smart metering, battery storage, and blockchain trading system to allow energy and water efficiencies between critical dispersed infrastructures that would otherwise have required physical co-location,” explains Curtin Professor Greg Morrison.
Ethereum May Launch ‘Casper’ Testnet in the Near Future
The current Proof-of-Work (PoW) blockchain protocol, Ethereum, will transform into a Proof-of-Stake system in the future. Currently, ETH developers are building a Casper PoS testnet, and Ethereum founder Vitalik Buterin says more Casper features are on the way. The Casper network will be heavily tested for security as well. At the moment the team has revealed a full Python client has been built and testnet research and development will begin in the near future.
Nasdaq Explores Blockchain Based Asset Ownership
The well-known stock exchange, Nasdaq has revealed a patent in regard to blockchain technology this week according to the U.S. Patent and Trademark Office. Nasdaq has been steadily researching and developing blockchain based infrastructure according to reports in the past alongside many incumbent financial management services. This particular project aims store digital asset ownership on a distributed ledger. Information regarding the ownership of particular assets (e.g., shares in a company, etc.) are stored in a blockchain, and various data processing operations (referred to below as "application processing") are performed using this ownership information,” explains Nasdaq’s patent application.
Overall bitcoiners and cryptocurrency enthusiasts are very excited about the new price highs. Further many speculators believe that CME Group’s bitcoin futures products will bring a broad swathe of investors to the ecosystem. At over $8,000 per BTC many people also believe the $10K region is drawing near. Forecasters think there's no doubt the last wave this year will bring markets to this price range. There are less than two months left, and many seasoned bitcoin proponents know really anything could happen. Per Usual dull days in Bitcoin-land are far and few between.
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.