Another eventful week has passed in the world of cryptocurrency as the entire market capitalization of all digital assets currently surpasses $29 billion USD. Bitcoin is holding steady at the moment with a $19.4 billion dollar market cap as well. The second most dominant cryptocurrency Ethereum is having an excellent run as well with one ether selling for $50 at press time.
Coinmama’s Weekly Review
Craig Wright Associated nChain Firm Sells For High Dollar
According to a few press releases this week a new Bitcoin-based company has been acquired for supposedly over $300 million. Furthermore, the company is associated with Dr. Craig Wright, the scientist who claimed to be Satoshi Nakamoto last year. nChain says the company has possession of all of Wright’s patents and may be releasing some royalty free software in the near future. “This changes everything leading us into what we at nChain call the ‘Internet of Transactions,'” said nChain Holdings Limited, Arthur Davis. “Although undisclosed, we believe the transaction value to be the largest worldwide to date in the development of this industry,” he added.
Bureaucratic Leaders from Washington Design Bitcoin Business Guidelines
U.S. lawmakers are preparing to place new guidelines on digital asset rules for businesses within the states. Senate Bill 5031 is seeing the light of day as Governor Jay Inslee is giving his decree on the matter. The Bill could see increased regulation and guidance towards money transmission. "A licensee transmitting virtual currencies must hold like-kind virtual currencies of the same volume as that held by the licensee but which is obligated to consumers in lieu of the permissible investments required in of this subsection," explains Senate Bill 5031. Regulatory action across the U.S. has been increasing on both the state and Federal level.
The UK Royal Mint and CME Group Announce Blockchain Gold Platform Testing
Last year the Royal Mint and the well known CME Group announced a partnership by preparing to test a blockchain-based gold program. The platform backed by the Royal Mint will allow users to trade valuable bullion across a digital ledger network. The companies are also working with the Bitcoin startup Bitgo for the gold trading platform. Accounts will be using multi-signature technology provided by the company. "This is the first digital gold product that is institutionally targeted – and the first to work with a government entity – to be currently in a live testing state," explained CME executive Sandra Ro.
Microsoft Office Gets Some Bitcoin Blockchain Treatment
Thanks to an add-in for the program Microsoft Office users can now validate documents using either the Bitcoin or Ethereum blockchain. A company engineer revealed the add in Stampery to the world which was applauded by bitcoiners everywhere. Now documents can be immutable and stored on the blockchain in a censorship resistant and non-manipulative way. Ville Rantala details how users can simply certify a document and verify them as well. “An alternative to relying on a single entity (commercial, public, government, etc.) to keep such proof of identity safe is to create a hash of the document and send that hash to the publicly accessible blockchain, such as Bitcoin,” the blog post details.
Russia Looking More Positive Towards Bitcoin
This week in an interview reported on by Bloomberg the Russian Deputy Finance Minister Alexey Moiseev said the country might put legitimacy on the decentralized currency. “The plan to legalize and monitor Bitcoin is taking shape as traditional schemes are drying up,” the Bloomberg article states. Moiseev has had a peculiar relationship with Bitcoin as the finance minister looked at it negatively. However, over the past year, Moiseev has seemed to have a change in spirit concerning BTC. Bitcoin’s legality in Russia has been a bone of contention since the decentralized currency started.
It is sure to be another exciting week in the world of cryptocurrency and blockchain next week. Bitcoin's price has consolidated for the past 48 hours which is a great sign. Technical indicators suggest some stabilization for the time being. Be sure to tune in next week as Coinmama give you the play by play on everything that's happening in the world of crypto.
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