17 OCT

Bitcoin Surpasses $5K — While Ethereum Prices Spike With Increased Market Optimism

Another exciting week has passed in the world of cryptocurrencies, and it seems bitcoin’s value is starting an uptrend towards new all time highs. After falling below the $3K territory for 48 hours, the price is now trying to push past resistance to the $5840 territory! The cryptocurrency community is super optimistic, even though there is still quite a bit of infighting between Core software developers and Segwit2x programmers. For now, the bitcoin community is expecting a hard fork this November that will increase the protocols block size to 2MB. The problem is of course not everyone agrees with the hard fork, and this November bitcoin proponents could see a blockchain split again. Despite this bitcoin’s price is soaring past many people’s expectations.

Coinmama’s Weekly Roundup

 

The Large Financial Institution Goldman Sach May Start Trading Bitcoin

 

According to reports the financial management firm Goldman Sachs is planning to possibly begin bitcoin trading. "In response to client interest in digital currencies, we are exploring how best to serve them in this space," a Goldman spokeswoman told The Wall Street Journal. The investment bank has been interested in blockchain technology for quite some time and just recently started showing interest in BTC trading. Speculators believe that Goldman Sachs could use the boost as the company’s bond trading is floundering by 40 percent.

 

Japanese Government Approves 11 Bitcoin Trading Platforms

 

Last week Japan’s Financial Services Agency (FSA) announced they've approved 11 bitcoin exchanges in the country for licensure. The CEO of Bitflyer, Yuzo Kano said, “Japan has been exploding with demand for both Bitcoin trading as well as virtual currency services.” Ever since April 1st Japanese Bitcoin legislation the country has been all about virtual currencies this year. Additionally, according to reports, 120 Japanese banks are forming a consortium in order to research and develop blockchain technology protocols.

 

Head of IMF Warns Central Banks About Disregarding Cryptocurrencies  

   

The head of the IMF, Christine Lagarde, has said that banks should not ignore bitcoin and other cryptocurrencies. While talking with ABC News, Lagarde said, “In many ways, virtual currencies might just give existing currencies and monetary policy a run for their money. The best response by central bankers is to continue running effective monetary policy, while being open to fresh ideas and new demands, as economies evolve.” Although Lagarde detailed that cryptocurrencies would not replace traditional fiat soon but still thinks banks should not discount the technology.

 

The U.S. Department of Justice Announces the Forfeiture of $48M in Silk Road Bitcoins

 

The U.S. acting attorney for the Southern District of New York revealed the forfeiture of $48,238,116 in proceeds (the “Proceeds”) from the sale of the 144,336 Bitcoins seized from the Silk Road’s administrator Ross Ulbricht. “In connection with the investigation of Silk Road, the Government seized 144,336 bitcoins derived from Silk Road’s illegal activities that were found on Ulbricht’s laptop computer,” explains the DOJ report. “ These bitcoins were ultimately sold by the United States Marshals Service pursuant to Court order.” The acting attorney, Joon H. Kim, says that the forfeiture is due to multiple charges against Ulbricht.

 

The U.S. Securities and Exchange Commission (SEC) Busts its First ICOs for Fraud

 

The U.S. regulator SEC has been gearing up efforts to regulate the initial coin offering (ICO) hype that's been taking place all around the world. According to the SEC department, the agency has charged the ICO REcoin and its creator Maksim Zaslavskiy with fraud. Zaslavskiy told investors that REcoin was backed by “real estate and diamonds.” SEC details the man's company had no associations with these types of businesses. “Investors in REcoin Group Foundation and DRC World (also known as Diamond Reserve Club) have been told they can expect sizable returns from the companies’ operations when neither has any real operations,” reveals the SEC’s first criminal charges against blockchain-based token sales.

Conclusion

All in all, bitcoiners seem pretty positive this week as the price appears to be getting back to normal after the large correction three weeks ago. Speculators believe China’s exchanges may return this month and there is a slew of other Japanese exchanges waiting in line for FSA approval. Currently, Japan and South Korea, have been dominating the cryptocurrency trade volumes over the past few weeks since the demise of Chinese exchanges. Japanese trade volume is representing nearly 60 percent of global bitcoin trade volume. At an all-time high of $5,840 Bitcoin proponents hope that the decentralized currency continues its upward trend in value towards the $10K zone and higher!

 

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.

 
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