Coinmama’s Weekly Review Nov. 7th – 14th
U.S. Election Ends Bitcoin’s Price Rises
The week in Bitcoin-land has been exciting as the price has been bouncing, activity is growing, and finally the U.S. election came to an end. Donald Trump had won the presidential race in the United States, and global markets went crazy. Worldwide stock markets saw volatility and the following day say Bitcoin’s price rise to $735. This followed last week’s rumors of the Chinese government banning Bitcoin and the price dipping significantly. However, the value has been in a bearish decline since the rise after the election.
Digital Asset Holdings Creates New Blockchain Tech
In a submitted document Digital Asset Holdings publicized its new Global Synchronization Log (GSL). The company led by the former JP Morgan executive Blythe Masters has been on a mission to standardize blockchain technology. The white paper details GSL is a “component that can serve as a common foundation for distinct Distributed Ledger Technology implementations.” GSL framework will run parallel with the Linux Foundation led Hyperledger project.
The Rootstock (RSK) Network Prepares For Arrival
RSK founder Diego Gutierrez has revealed the Turmeric test network for smart contracts at the Latin America Bitcoin & Blockchain Conference (laBITconf), on November 4. RSK’s launch of Turmeric brings the experimentation of smart contract technology into the Bitcoin network. Many people have been excited about this project for quite some time. In addition to the Turmeric test network, the multi-currency Jaxx wallet announced RSK integration. The RSK platform will also be compatible with the Ethereum network.
Indian Prime Minister Narendra Modi Declares Large Rupee Denominations Illegal
On November 8 Prime Minister Narendra Modi gave a speech declaring 500 ($7.50) and 1000 ($15) rupees will soon be banned in India. Many Bitcoin proponents hope this economic decision will create a greater influx into the Bitcoin environment within India. The authorities have leaned towards the rupee ban to disrupt black market money within the region. Many Bitcoin startups within the region have been seeing a strong Indian Bitcoin market this year.
Cell411 Introduced As A Decentralized Uber That Accepts Bitcoin
Uber, Lyft, and even the decentralized ride sharing app Arcade City has some new competition. The startup Cell411 original was designed to help people with emergencies and now is adding ridesharing. With Cell411 passengers can pay with a variety of cryptocurrencies including Bitcoin and precious metals. The startup will face competition with Arcade City a similar platform that will be based on the Ethereum network.
The Ukraine Central Bank Promises Blockchain-Based Platform By 2017
According to Konstantin Yarmolenko, an advisor of the Ukraine’s e-government agency blockchain technology will be introduced to the country’s payment system. “The Ukraine E-Government agency is preparing some simply fantastic news relating to a pilot scheme for transfer of state registers to the Blockchain,” said Yarmolenko. Many central banks worldwide have been showing keen interest in blockchain including China, Canada, and more.
Deutsche Bank Market Participants Say Blockchain Will Be Mainstream In Six Years
Deutsche Bank published a report which surveyed 200 market participants who seem positive about blockchain technology. In fact, 87% interviewed believe the protocol will transform global securities. Another survey question revealed that 75% of the market participants believed blockchain technology was headed for mainstream success within 3-6 years.
Singapore Continues To Open Its Doors To Fintech
Singapore’s central bank wants the country to continue to be a leader within the fintech industry. Recently the Monetary Authority of Singapore announced a joint effort with the blockchain startup R3. The collaborative partnership will build a distributed ledger resource centre. Additionally the Deputy Prime Minister of Singapore, Tharman Shanmugaratnam announced the country aims to create more lax regulations towards fintech and blockchain-based startups.
Blockchain Startups Aim To Help Marijuana Industry
After the U.S. election, many states within the country have legalized cannabis on the recreational and medical level. However, due to the substance being illegal on the federal level many of these marijuana businesses are having a hard time with the cash. The election has brought in a bunch of new states that can utilize the marijuana legislation. As the industry grows, Bitcoin and blockchain proponents believe the market could use a boost with cryptocurrency technology.
Overall the volatile BTC price has people’s sentiment focused on outside distractions however no one really can ever pin-point exact reasonings of uptrends and downtrends. Over the course of the year, the price has been exceptional and has increased dramatically in 2016. In addition to this over the past nine months, $1.4 billion dollars has been injected into the blockchain ecosystem. A vast majority of the capital in these venture funding rounds were directed at Bitcoin-related startups. The cryptocurrency environment continues to grow and thrilling innovation awaits.
Stay tuned next week as Coinmama reviews the hottest most trending movements within the cryptocurrency circuit.