Last Week in Crypto
Top Stories This Week, May 7-13
Improvement Code Casper For Ethereum Network Released
A new version of Casper, a code upgrade for the Ethereum network that aims to improve the economic consensus protocol, was released this week on Github. The Casper code combines Proof-of-Work (PoW) with Proof-of-Stake (PoS), with the eventual goal for Ethereum to switch entirely to PoS.
Owner Of New York Stock Exchange Mulls Over Addition Of Crypto Trading
The New York Times reported this week that the NYSE might be giving its customers the option to buy and hold Bitcoin, an assertion backed up by documents, emails, and anonymous sources that confirm these future crypto traders contracts.
Facebook Considers Blockchain Tech For Messaging App, Explores Cryptocurrency
The head of Facebook’s Messenger app--David Marcus, who is also on the board at crypto exchange and wallet Coinbase--announced this week that he is setting up a small working group for looking into blockchain use across Facebook. Media outlets also reported that Facebook is allegedly “very serious” about plans to launch its own cryptocurrency.
Iranians Use Crypto To Move $2.5 Bln Out Of Country
Iranians are increasingly turning to Bitcoin (BTC) and other cryptocurrencies in the wake of the US exit from a multilateral nuclear accord with the country this week. The news has plunged the country into economic turmoil, resulting in a surge of interest towards crypto.
Federal Reserve Bank Of San Fran Attributes BTC Decline To Futures Release
The Federal Reserve Bank of San Francisco wrote in an economic letter this week that Bitcoin’s decline from December’s high of $20,000 to February’s low of below $7,000 can be attributed to the natural process following the introduction of a futures market--and both the CME and the CBOE launched Bitcoin futures last December.
Adoption
America’s First Partially Blockchain-Based Election Takes Place In West Virginia
West Virginian officials are conducting an audit of a recent voting exercise – the first in a US election to record votes using blockchain technology.
World’s Second Largest Software Firm Enters Blockchain Sphere
Software company Oracle will be releasing a platform-as-service product this month and decentralized ledger-based applications next month, working with both a Chilean bank and the Nigerian government in their expansion into blockchain.
Australian Blockchain Companies Repurpose Old Real Estate For BTC Mining
A coal-fired power plant in New South Wales, Australia is to be repurposed to provide cheap electricity to blockchain enterprises.
More Australia News--Gov’t Considers Blockchain For Trade Supply Chains
Australia’s government is looking into using blockchain for the country’s trade supply chain, which would improve the methods of validation and analysis of trade data, said a spokesperson for Australia's Department of Home Affairs (DHA).
Telecom Companies Work With Blockchain Startup On Proof Of Concept
A collaboration between two major telecom companies and a blockchain startup has successfully tested inter-carrier settlement of services with blockchain. The tests will now be extended to other members of the ITW Global Leaders’ Forum
Diamond Mining Giant Tracks Diamonds From Mine To Retailer With Blockchain
De Beers has announced it has successfully tracked 100 high-value diamonds from the mine to the store using blockchain tech, as part of their commitment to only deal in conflict-free diamonds.
Laws And Taxes
Colorado Passes Blockchain Bill For Records, Cyber Security
The Colorado Senate passed a bill this week that requires government offices and regulatory agencies to consider blockchain use for the protection of confidential records, citing the technology’s use in preventing criminal or unauthorized exploitation and theft.
China Government Body Considers Blockchain Standards Release In 2019
The director of the Blockchain Research Office at China’s IT Ministry said this week that a working group had already begun research on producing nationwide blockchain standards, with the goal to release the standards by the end of 2019.
European Crypto Exchanges Call For Regulation...Of Themselves
A UK crypto trading platform and an Austrian crypto exchange have asked for more clear crypto regulation in order to “know where we stand.” According to the two crypto companies, the current AML/KYC regulation leaves them uncertain as to how their businesses fit into the existing regulatory landscape.
Ukrainian Legislative Body Considers Recognizing Crypto As Financial Instrument
The head of Ukraine’s National Securities and Stock Market Commission said this week that the growth of the crypto industry has made it necessary to legally recognize cryptocurrencies and adapt financial regulations: “the point of no return is the past.”
Mergers And Acquisitions
Bloomberg Partners With Crypto Merchant Bank For Crypto Price Index
Bloomberg has announced the release of the Bloomberg Galaxy Crypto Index (BGCI), created in collaboration with former Wall Street exec Mike Novogratz’s crypto merchant bank, Galaxy Digital Management. For the start, ten coins from the “most liquid” part of the crypto market will be listed, including BTC, ETH, XRP, and others.
Gainers and losers
The crypto markets saw a slight dip this week--most likely correlated to the news of the police investigation of South Korean exchange Upbit--bringing Bitcoin below $9,000 and Ethereum below $700. At week’s end, total market cap is around $397 bln.
Top three altcoin gainers of the week:
Kin (36.52%)
Ontology (13.11%)
Skyecoin (12.84%)
Top three altcoin losers of the week:
WaykiChain (-7.93%)
Cryptonex (-4.56%)
Mithril (-4.43%)
For more info on crypto prices, make sure to read Cointelegraph’s market analysis.