Cryptocurrencies are on the move after the ‘Crypto Winter’ of 2018 as many digital assets saw losses this year. However, this week traders and enthusiasts are starting to see brighter skies ahead as there has been a strong rebound as of yesterday’s market trading sessions. Ethereum has a strong market valuation of $50 billion USD at the time of writing. Meanwhile, Bitcoin markets are commanding a capitalization of around $137 billion. There’s been an uptick in trade volume over the past six days and cryptocurrency proponents are optimistic this spring will yield good tidings.
Yahoo! Japan Jumps Into the Cryptocurrency Space
The firm Yahoo! Japan is getting into the virtual currency realm by launching a Japanese cryptocurrency exchange this fall. Yahoo! Japan Corporation is a publicly listed firm and has been around since 1996. The story about Yahoo! Japan was originally reported a few months ago but the company denied the rumors at the time. “We decided to expand the virtual currency business by collaborating with Z Corporation,” the publication Nikkei Asia reports CMD Lab Representative Director Yoon Hee Yuan stated. "By utilizing the service operation and security expertise of the Yahoo group, we support the operation of exchanges operated by BitArgo Exchange Tokyo," Yahoo Japan also noted.
The Central Bank of Kenya Warns Against Businesses Dealing With Cryptocurrencies
There are a few central banks worldwide who disagree with the idea of cryptocurrencies. The Kenyan central bank (CBK) is one of them as the country’s financial administrators are warning domestic merchants from dealing in cryptocurrencies. This week the governor of the national bank, Patrick Njoroge, stated, "There are risks associated with cryptocurrency particularly on consumer protection, fraud, hacking and loss of data and they are prone to be used as pyramid schemes." The CBK hasn't made any laws against digital currencies but the warning shows the central bank does not seem too friendly towards its use cases spreading in Africa.
The Bermuda Monetary Authority Wants Cryptocurrency Regulations to Make Innovation Flourish
On the other hand, there are other regions worldwide who have been very open to cryptocurrencies like Japan, and Bermuda. This week the Bermuda Monetary Authority’s (BMA) Minister of National Security, Wayne Caines, told the publication the Royal Gazette that he wants to see the cryptocurrency industry fuel phenomenal business growth. "We can't keep up with the number of people who want to come to Bermuda. We're going to London at the weekend and we have 20 companies lined up to meet us. It's actually phenomenal," the Minister of National Security stated.
Mastercard Wants to Hire Blockchain Engineers
The financial credit card company Mastercard told the public this week in a press release that it was hiring 175 IT specialists and many of them are blockchain developers. Sonya Geelon, Mastercard Ireland's country manager explains to the publication Coindesk this week, "We're driving projects that promote financial inclusion at home and abroad, and are working to provide consumers, businesses, and governments with the most innovative, safe and secure ways to pay." Mastercard has been developing blockchain API for two years now and there is a shortage of blockchain engineers worldwide.
74 Beauty Clinics In Japan Now Accept Bitcoin
The Japanese payment processing firm Bitflyer has partnered with the company SBC Medical Group who owns all 74 Shonan Beauty Clinics in the country. Due to the partnership, the Shonan Beauty Clinics will now accept bitcoin nationwide for a wide range of services. People can purchase 2 million yen worth of acupuncture, cosmetic dental, eyelid surgery, liposuction, and more with BTC. Thanks to partnerships like these retail chains like Marui Group stores and BIC Camera among many other brick n’ mortar chains accept bitcoin through the payment processor.
A Company is Producing Luxury Ethereum and Bitcoin Pens
The luxury pen maker Ancora1919 is currently releasing limited edition 888 rollerball and 88 fountain ethereum pens. During the “pre-production stage,” individuals who order will be able to get a luxury pen for half off. The 888 rollerball pen will be $1,000 USD per unit while the fountain pen costs $1,250 during the pre-production sale meant to make fun of the initial coin offering (ICO) madness these days. After the sale, the pens prices will increase to a maximum of at $2,250 and $2,500 per pen depending on the product. Rumor has it Ancora1919 will be developing a bitcoin (BTC) luxury pen set as well.
Overall optimism is bright as we enter the spring season and new horizons for the cryptocurrency ecosystem look positive. Traders and enthusiast know that the blockchain and cryptocurrency evolution will be a marathon not a sprint and it's going to take time for this industry to mature. Further mainstream Wall Street analysts like Fundstrat’s co-founder Thomas Lee believes the price of bitcoin (BTC) will spike to a high of $25K per BTC. It’s a whole new year and the winter is ending with the crypto-spring in full effect!