Cryptocurrency proponents and investors have been going wild as their favorite digital assets are reaching all-time highs. Currently, the total market cap of all coins in existence is quickly approaching $50 billion as digital currencies are proving to be the best investment in decades.
Over the past four months, Bitcoin and Ethereum markets have been the ultimate investment in 2017. Currently, bitcoin holds a market capitalization of $25.6 billion and one BTC is worth $1530 at press time. Ethereum has lifted off as well and is currently priced at $95 a huge jump in value since January’s $8 price point. Bitcoin has gained 400 percent on the year as Ethereum has increased 1000 percent so far since the platforms initial coin offering. Most of the cryptocurrency demand has been stemming from the Asia-Pacific region and most notably Japan.
Coinmama’s Weekly Roundup
Japanese Bitcoin Trading Skyrockets
This week major Japanese exchanges have been seeing exponential demand as a majority of bitcoin trading is coming from the region. According to market data and mainstream media reports, 50 percent of Bitcoin trade volume on May 2 had been based on the bitcoin/Japanese yen exchange rate. Between the four major exchanges operating in Japan trading platforms operating in the country are processing more that $73 million USD worth of yen-based bitcoin trades. "The Japanese have recently warmed their approach towards bitcoin by treating it legally as a form of payment - a ratification and bringing into the regulatory fold," Bitcoin proponent Charles Hayter told Time Magazine.
Mexico Plans to Regulate Bitcoin
Earlier this week an executive from the Mexican Finance Ministry’s Banking, Securities and Savings Unit, Jose Bernardo Gonzalez, detailed Mexican officials may regulate bitcoin in the near future. The regional publication El Universal reports that Gonzalez states the decentralized currency really can't be controlled. However Mexican authorities can monitor on/off ramps that exit and enter the fiat currency system. “What we are trying to regulate are the sellers and buyers of this type of assets [bitcoin] to third parties, but not the virtual asset itself,” explains Gonzalez.
Members of the Australian Government Wants to End Bitcoin Double Taxation
The Australian Government has released a new report which may produce the end of bitcoin double taxation within the country. Treasurer Scott Morrison has been working on the plan to amend the Australian goods and services tax (GST) law for quite some time. “The report reflects positively on the Australian business landscape. It identifies that it is relatively easy to start a business in Australia and that our rate of start-ups compares favorably by world standards,” explains the Hon Michael McCormack MP Minister for Small Business. Essentially amending the GST will possibly lead to the end of cryptocurrency double taxation in Australia, as well as produce the country’s “Fintech Advisory Group.”
Bitcoin Investment Trust [BIT] Ups Its Stakes to $1 Billion
The Bitcoin Investment Trust [BIT] aims to be an exchange traded trust with a significant offering of US$1 billion worth of bitcoin. This is in stark contrast to the Winklevoss Twins COIN ETF for $100 million. If the U.S. Securities Exchange Commission approves the BIT, then it will be the largest mainstream investment vehicle created for bitcoin to date. BIT is led by the Digital Currency Group investment firms Barry Silbert and now the financial institutions Credit Suisse and Wedbush.
The Largest European Streaming Provider Spotify Goes Blockchain
According to reports, the well-known streaming application provider Spotify is purchasing a blockchain startup called Mediachain. The goal is to better track royalty payments which are a difficult task in the music industry today. Distributed ledger technology the inner workings of Bitcoin and Ethereum protocols will allow for an immutable system in real time so that music artists can be better paid. "A music blockchain would be a single place to publish all information about who made what song, without have to trust a third-party organization,” details the Mediachain startup.
Owner of the NBA Team, the Golden State Warriors, Loves Bitcoin
This week the early Facebook investor and owner of the NBA’s Golden State Warriors told his 60K + Twitter followers about the great benefits of bitcoin. Chamath Palihapitiya, explained on Twitter this week, “Reiterating my belief about BTC. It’s the ultimate insurance policy against autocracy, currency curbs and other forms of value destruction.” When the wealthy venture capitalist was asked if he liked Bitcoin over Ethereum, he stated, “Coke versus Pepsi. Pick the more mainstream option that more people can easily consume. Both will make money, but bigger is always better.”
Bitcoin has had a tremendous week value wise and has finally held a touch of price stability for the time being in the $1530-60 range. The decentralized currency is growing more popular than ever before and cryptocurrency, in general, most notably Ethereum is also gaining a lot of attention. Fifty billion dollars is quite the sum, and mainstream investors are flocking to bitcoins and other cryptocurrencies performances.
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.