Coinmama’s Week In Review
Bitcoin has been trading significantly better than most sovereign fiat currencies and commodities. Technical indicators suggest over the 4-hour and one-week charts a continued bullish upswing pattern. Currently, the cryptocurrency’s value has corrected a touch and has formed a bottom at $760 ranges. At the moment charts do not suggest any lower sentiment in price at press time.
Ethereum Prices Dive
As Coinmama reported last week over the past two months, the Ethereum network has been experiencing technical difficulties. ETH prices have dipped to a low of under $8 USD its lowest since last spring. Issues with vector attacks from an assailant, hard forks, and difficulties with the Parity and Geth clients may have stirred some investors. At press time one ETH is averaging $7.65 and charts show there may be more bearish decline. Furthermore, Ethereum’s overall market capitalization has dropped well below its billion position to over $660 million. The cryptocurrency is still the second highest token in capitalization just below Bitcoin.
Blockchain Consortium R3 CEV Open Sources ‘Corda’
One of the most talked about blockchain projects of last year R3 has open sourced its distributed ledger code called “Corda.” The platform’s logistics and code resources can be found at this website. According to R3, the Corda platform is the “only Distributed Ledger platform designed by the world’s largest financial institutions to manage legal agreements on an automatable and enforceable basis.”
Multinational Credit Card Services Firm Mastercard Creates Blockchain Patents
The payment processing corporation Mastercard has just recently filed four blockchain related patents. This follows the company’s recent blockchain API release for developers. The patents detail multiple cryptographic settlement methods over a distributed ledger framework. The inventors of these protocols are Ashish Raghavendra Tetali, and Steven Charles Davis according to the patent references. Mastercard joins the many incumbents and startups patenting blockchain software such as Coinbase, Bank of America, Blockstream and much more.
1,000 Year Old Royal Mint Partners With CME Group Creating A Blockchain Gold Platform
The UK’s Royal Mint is a well-known establishment worldwide as the company creates british coinage and sells various precious metals. The Royal Mint announced a partnership with the leading futures exchange CME Group that aims to create blockchain gold assets. The digital token will be called Royal Mint Gold (RMG) and will be distributed throughout the blockchain network. The companies have not yet released what kind of blockchain they are using, but reportedly the software will be created by CME Group.
San Francisco Municipal Transportation Agency (SFMTA) Gets Hacked
This past week the San Francisco Municipal Transportation Agency (SFMTA) was attacked by hackers. The group had demanded 100 BTC from the transit organization to fix the system. SFMTA refused to pay the Bitcoin ransom and over the course of the weekend the system was put back into place. Moreover, the company let passengers ride for free during the weekend suffering a loss of $559,000 according to the SFMTA announcement. Ransomware is on the rise, but most suggest not paying the attackers.
Core Developers Will Bump The Block Size At Some Point
As talks throughout the community focus on the signaling of the soft fork Segregated Witness (SegWit), the discussion has also turned to raising the block size. In a Reddit post earlier this week the post asks “Will there be no capacity improvements for the entire segwit signaling period?” Core Bitcoin developer Luke-jr stated there was capacity size implementations being worked on. “There isn't a change of mind, nor a contradiction here. We do still need a block size decrease, mostly for IBD costs at this point,” detailed Core developer Luke-jr. “However, we're talking here about proposals to increase the block size limit.”
The past week has been quite exciting as the Bitcoin community continues its course down its decentralized experimentation. Many people believe Bitcoin’s bullish price run will continue as geopolitical events in India and many other nations economies shudder. Many global citizens are turning to the cryptocurrency as an economic safe haven. With the past year's price performance it seems like a safe hedge for worldwide investors. Coinmama will keep a keen eye out on next week’s price trends and daily headlines.
Stay tuned next week as Coinmama reviews the hottest most trending movements within the cryptocurrency circuit.