Cryptocurrency markets and the token’s associated fiat value are continuing their meteoric rise into the new year. Bitcoin is trading at significant levels on January 3 swapping over 20 billion worth of BTC over the past 24-hours worldwide. Digital asset optimism and spirits are still high after last week’s holiday price corrections. Ethereum continues to hold immense value as the currency crossing for the first time $1,000 per ETH. Right now the world is trading over 5 billion worth of ethers today as markets have risen in value over the past 12-hours. As prices rise, mainstream media and retail investors are looking into cryptocurrency investments far more than a year ago as the new year begins after 2017’s thrilling ride.
Coinmama's Weekly Review
Facebook Investor Peter Thiel Invests Millions Into Bitcoin
The famous Facebook investor and tech enthusiast surprised bitcoiners this week when the Wall Street Journal revealed he invested millions worth of bitcoin for his venture capital firm. The publication reports, “The Founders Fund, a venture-capital firm co-founded by Peter Thiel, has amassed hundreds of millions of dollars of the volatile cryptocurrency bitcoin.” According to the financial news outlet, the firm began investing in bitcoins roughly around mid-2017, but the news did not reach the streets until this week. After the announcement was made, bitcoin’s price rose from $13,500 to $15,200 in a matter of hours.
South Korean Officials Clamp Down On Cryptocurrency Anonymity
According to regional reports in the area, the Korean government is planning a “real name” system for those purchasing digital assets using domestic exchanges. Cryptocurrencies like bitcoin and ethereum have been soaring in price in the South Korean region. The government has revealed regulatory policies are coming on January 20. Sources familiar with the matter stated, “the South Korean government has been developing a system that is likely to start banning the use of anonymous accounts in cryptocurrency transactions from around Jan. 20.” Rumors of South Korean exchanges being banned was the talk of the town last week, but since this announcement, those stories have been deemed false.
U.S. Securities and Exchange Commission Wants Public Commentary Concerning Bitcoin ETFs
The U.S. Securities and Exchange Commission (SEC) is interested in public opinion concerning bitcoin-based exchange-traded funds. The SEC plans to get the opinion for two new rule changes that essentially will list the filing as a municipal ETF. One of the filings was introduced by the Chicago Board Options Exchange (Cboe) the largest options exchange worldwide. One of the filing claims reads, “ "There is [no] inside information about revenue, earnings, corporate activities or sources of supply; manipulation of the price on any single venue would require manipulation of the global bitcoin price in order to be effective.” Many people believe the recent bitcoin-based futures launch has paved the way for exchange-traded funds.
Ethereum Foundation Plans to Grant Millions for Scalability Research and Development
This week the inventor of Ethereum the smart-contract powered cryptocurrency, Vitalik Buterin, announced the “Ethereum scalability research and development subsidy programs.” This means the Ethereum Foundation plans to grant millions of dollars in funds to provide vital research and development associated with scaling. "Independent teams of developers, companies and university and academic groups are all welcome to apply; we recognize that different types of applicants may require different formats and processes and we are willing to be flexible to accommodate individual teams’ needs,” Buterin details in his recent blog post. Many Ethereum supporters believe the announcement has sparked optimism in the markets pushing the price of ether to new heights.
Lightning Network Progress Developed for Ethereum
This week the assistant professor Arthur Gervais from Imperial College London demoed a new video showing Lightning Network (LN) capabilities with an Ethereum wallet. Users can use the wallet like any Ethereum based client on the market but also create hubs. The project is called the “Liquidity Network,” and Gervais show the working simulator transacting with small amounts of ether otherwise known as “wei.” Ethereum proponents are thrilled about the idea and are also looking forward to Raiden another LN compatible protocol for ether transactions.
Overall crypto enthusiasts are still very optimistic for Bitcoin, Ethereum, and digital asset markets in general. Its safe to say 2017 will be a hard year to match but many digital currency advocates believe the new year will bring great tidings. There's a lot to look forward to with the latest bitcoin-based exchange-traded funds, and the intense development of Ethereum going on under the hood.
Coinmama’s weekly review is always on a mission to find the very best topics of interest 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.