Coinmama’s Weekly Review Oct. 24-31

3rd November 2016

The cryptocurrency landscape has been on fire lately with many announcements and the value of Bitcoin rising exponentially. The industry is seeing increased adoption, new software, and a very positive outlook for the future. Let’s have a look at this week’s most trending moments in the blockchain space.

Coinmama’s Week In Review

Bitcoin’s Significant Price Rise

The price of Bitcoin has been increasingly rising in value over the past week. The fiat value per BTC had grown from US$625 the week before to $648 on October 24. All week long the cryptocurrency has been on a tear climbing to a high of $715 on October 29. Buying pressure and volume doesn’t seem to be slowing down as the digital currency continues its bullish run. Over the course of just a few days, the cryptocurrency saw a dramatic 12.5 percent increase and has held firm at roughly $700 per BTC. This is the highest the Bitcoin price has been since the month of June last summer.

Bitpay Progresses Forward

On October 26 during the Money 20/20 conference in Las Vegas the Bitcoin processing company Bitpay had a few announcements to share. The firm had announced a partnership with WeFunder which allows U.S. investors to invest in startups using Bitcoin. The joint effort opens the barrier to entry within investing in projects across America. In parallel to this announcement the company also revealed Intel integration for its Copay wallet at the Money 20/20 event.

Zcash Enters The Cryptocurrency Realm

While the price of Bitcoin has been on the forefronts of everyone’s minds, another cryptocurrency has entered the market. The particular digital asset Zcash has had a lot of hype surrounding the protocol. Zcash (ZEC) is a cryptocurrency that implements the Zero Knowledge Proofs protocol into its framework. The token utilizes a zero-knowledge proof variant called a zk-SNARKs. When the genesis block was released, the cryptocurrency community watched as trading markets went into a frenzy. Zcash started out trading for thousands of dollars worth of Bitcoin, and at press time one ZEC is still worth 0.8 BTC.

The Largest American Futures Company & Exchange Will Launch a Bitcoin Index

The American company, Chicago Mercantile Exchange & Chicago Board of Trade, otherwise known as CME Group will be bolstering the Bitcoin ecosystem. On November 13 the firm plans to launch its CME CF Bitcoin Real Time Index and CME CF Bitcoin Reference Rate. The launch of the two bitcoin-pricing products is designed “to give clients a reliable reference rate price source for digital assets,” said CME Group’s announcement.

Overstock’s Blockchain Settlement Platform T0 Might Begin Trading This December

Another announcement coming out of the Las Vegas Money 20/20 event is from the retail firm Overstock. CEO Patrick Byrne detailed that the blockchain trading system should begin this December with an initial offering to start in November. The company intends to offer one million shares of its preferred stock and shares to its Blockchain Series A. “This is the culmination of over two years of true innovation and hard work,” said Overstock CEO Patrick M. Byrne. “Through this public issuance of blockchain-based securities the history of capital markets is entering a new era, the era of blockchain-based securities,” Byrne added.

Mastercard Releases Blockchain Framework

On October 31 the credit card corporation Mastercard revealed its blockchain API program for developers. The company has created three APIs concentrating on its core, smart contracts, and a payment network. The American-based financial giant is now following the footsteps of Visa who is working on a similar project. Mastercard believes its blockchain service is far more scalable and relies upon a “proof-of-audit” protocol.

Coinmama’s Conclusion   

Overall the cryptocurrency community has been quite positive as everyone loves when Bitcoin is rising. The industry is growing rapidly with many Bitcoin-related projects and blockchain-based innovations.

Stay tuned next week as Coinmama reviews the hottest most trending movements within the cryptocurrency circuit.

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