Last week’s roundup detailed bitcoin’s price was moving back up the ladder after dropping to a low of $2100-2200 the week prior. Currently Ethereum and Bitcoin markets are suffering through another day of losses for the third day in a row. Both markets are trading pretty massive volumes at the start of the week as each cryptocurrency is trading roughly $1.3 billion USD worth of ETH and BTC daily. However this is approximately half of what each market was pushing 2-3 weeks ago processing over $2 billion dollars worth of volume. Even though the digital assets are declining a touch in value they are still very valuable digital commodities with bright futures ahead of them. Corrections are natural within financial markets and currency valuations.
Coinmama’s Weekly Roundup
Private Montessori Schools in Manhattan Are Now Accepting Bitcoin
Two affluent private schools for children in the Manhattan section of New York are now accepting bitcoin for tuition. The Montessori Schools have announced on June 22 that they are allowing parents to pay for their children's schooling with the digital asset. Marco Ciocca, co-founder of the Montessori Schools, says there have already been parents who've paid for their children's tuition so far. “It happens to be that we’re the first pre-kindergarten school to accept it as a form of payment,” Ciocca tells the press. A full-day program costs $30,950 for children looking to attend the schools in each city.
Bitcoin Regulation is Coming to India Soon
The Indian government has been talking about regulations for bitcoin for quite some time now. It seems politicians from the country may be gearing up to enforce regulatory framework in the near future. The government revealed they were looking into virtual currency regulation six months ago and now it seems appropriations are being taken by the country’s regulatory taskforce. According to a regional CNBC news brief, some believe the regulations could take place this summer but people are not certain how favorable the new rules will be towards bitcoin.
ICO Craze Gives South Korean Government Bad Vibes
Lately, the country of South Korea has seen a lot of cryptocurrency use and trade volume over the past year. Just recently the regional news outlet Business Korea has reported that government officials from the region have a distaste for Initial Coin Offerings (ICO) which is making them approach Ethereum and Bitcoin cautiously. According to the report, South Korea’s National Intelligence Service (NIS) is currently investigating the speculative behavior within these markets and at the moment refuses to believe cryptocurrencies are an investment vehicle.
Ethereum ICOs Heavily Congest the Network’s Blockchain
Nearly every week there seems to be a new Ethereum based ICO happening, and the developers are raising millions of dollars. During these crowd sales, a lot of strain has been hurting the Ethereum network’s performance. This past week the decentralized messaging app called Status and a few other new tokens like Civic, held their ICOs. Subsequently, people and many trading platforms had severe issues with deposits and withdrawals and sending Ethereum was extremely slow during these periods. Furthermore, the network has experienced increased fees while crowd sales are taking place.
The U.S. Navy Plans to Test Blockchain Technology
This week the U.S. Naval service announced in a blog post that the organization would be testing blockchain technology alongside 3D printing. Lieutenant commander Jon McCarter explains, "This summer the NIAC will conduct a series of experiments (including a proof of concept) using blockchain technology to both securely share data between Additive Manufacturing sites, as well as help secure the digital thread of design and production." The Lieutenant commander’s post seems to show excitement for blockchain technology’s possible innovations alongside the 3D technology experimentation.
The Unicode Consortium Finally Adds the Bitcoin Symbol
Bitcoin proponents can finally rejoice because the Unicode Consortium has at last added the Bitcoin symbol after years of petitioning. The “B” character is now available on everyone’s keyboards as long as they have the latest update on their computers. In addition to featuring the bitcoin symbol amongst the other currency characters, the Unicode Consortium also added emoji characters to the suit. Getting the bitcoin symbol to be a showcased Unicode symbol has been an effort for many bitcoiners since 2011. “8,518 characters have been added. Most character additions are in new blocks, but there are also character additions to a number of existing blocks,” explains the Unicode Consortium.
Overall cryptocurrency enthusiasts are in high spirits still as they believe there will be plenty more price run ups in the near future. Many are forecasting an all time high of $3000-4000 by the end of the year, while others believe the price might hit below $2000 again. As traditional markets globally continue to shake up and attract more bitcoin users it's likely both Ethereum and Bitcoin will remain extremely valuable for a very, very long time. See you all next week as Coinmama uncovers the many fascinating aspects within the cryptocurrency and blockchain universe.
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.