24 MAY

Cryptocurrency Markets Skyrocket as Bitcoin and Ethereum Leave Earth's Atmosphere

All eyes are on cryptocurrency markets as nearly every digital asset is gathering significant gains. This week bitcoin enthusiasts saw the value of BTC skyrocket past the $2000 range doubling in price since the first of the year. The following day bitcoin hit its all-time high global average of $2063 meanwhile Ethereum rose well over 40 percent the same day. Both markets are trading close to $2 billion dollars worth of those two specific cryptocurrencies daily.

Coinmama’s Weekly Roundup

Russia Continues to Invest in Blockchain

The Moscow Exchange Group is eying blockchain technology like the rest of the forward-thinking world. According to reports, the stock exchange is looking at the Hyperledger Project’s Fabric software. Moscow Exchange Group's Alex Yakovlev details that using distributed ledger technology, it adds investor confidence into the marketplace. "You avoid miscounting and double-spending because of tokenization. You count inside the blockchain, and you put the results inside it. That's cool for foreign investors because, in the case of Russia, we need the trust from outside," Yakovlev explains.  

Research Paper Says Commentary Can Affect Bitcoin’s Price

A recently published research paper funded by the South Korean Government called “When Bitcoin encounters information in an online forum: Using text mining to analyze user opinions and predict value fluctuation” says there is an 80 percent chance comments can affect bitcoin’s price. “Our approach involved extracting keywords from Bitcoin-related user comments posted on the online forum with the aim of analytically predicting the price and extent of transaction fluctuation of the currency,” explains the researchers. Furthermore, the think tank from Korea University and Kangnam University says the predictions can be more refined for better accuracy.

Czech Online Retail Giant Alza Now Accepts Bitcoin

The leading Czech e-commerce site Alza is now accepting bitcoin and has also added two cryptocurrency ATMs to the company’s headquarter offices. Alza has captured over 15 million orders and netted 643 million euros last year. Jan Sadílek, Alza’s Head of Internet Marketing explains, “The introduction of bitcoin payments is growing in popularity, and this form of payment and the potential of new technologies will dominate.” Alza is widely known across the Czech Republic and Slovakia region and will join Russia’s online retail behemoth, Ulmart who announced accepting bitcoin last week.

South Korea Continues to have Fintech, Bitcoin, and Blockchain Fever

According to the publication Korea JoongAng Daily, a subsidiary of the Korean SK Group is working on a blockchain pilot. The SK Group’s project aims to further shipping and supply chain trade logistics. “Currently, shipping companies and each land carrier have independent logistics systems that are often incompatible. In such a case, cargo management data needs to be reconfirmed and recorded every time the cargo is transferred to another sub-carrier, making the logistics process inefficient," explains SK Group. The firm believes that distributed ledger technology will create a more refined structure when it comes to global trade services.

Bitcoiners Celebrate Bitcoin Pizza Day

On May 22nd, 2010 two pizzas were sold for 10,000 BTC. A developer named Lazlo purchased to Italian style pies for what is now $20 million USD worth of bitcoins. The transaction is accepted by bitcoin proponents as one of the first barter style transactions making bitcoin worth something. At the time of purchase, the pizzas cost $25 dollars and are probably the most expensive pizzas ever at $1.25 million per slice!

Conclusion

A lot of people are happy with the fact that all of us have created an economic cryptocurrency market worth well over $70 billion. Bitcoin’s value continues to shine, and Google Trends details the interest in the decentralized currency is topping an all-time high. Meanwhile, mainstream media and many others are calling bitcoin an asset class for the 21st century. Furthermore, with Bitcoin paving the way for eight years, Ethereum is enjoying an exponential rise in value in just one year. It's going to be an exciting 2017 so far it's been quite memorable.

Coinmama’s weekly review is always on a mission to hunt for the latest topics 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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