The week has been more than kind to the cryptocurrency ecosystem with a climb in total market climb and a hike in token prices including Bitcoin (BTC), check out how the coins faired out and what other developments occurred this week.
After experiencing a brief dip in the middle of the week, the total market cap consistently climbed and finished off at $143.3B on Friday. Taking in the last weeks’ cap of $140.4B into account, the market steadily grew a healthy two percent this week.
Price Points this week
Initially, BTC jumped from $4,100 to $4,153, but after a 24-hours loss of 0.16 percent, the foremost cryptocurrency dropped and was trading at $4,089, at the time of writing, as per CoinMarketCap. As for Ethereum, it led the pack of top ten cryptocurrencies in terms of growth and with a 2.10% gain, whereas, XRP couldn’t keep up and lost 1.67% over the last seven days.
This month, Litecoin [LTC] rode on a bull wave, however, this week it was overtaken by a surging EOS, the coin slipped against the US Dollar by 0.76 percent and was trading at $60.69, at press time. Litecoin was valued at $3.71 billion, trailing EOS by over $120 million. EOS surged 17.92%, Cardano – 20.27%, Basic Attention Token – 43.63%, 44.79%.
Blockchain Spending to increase drastically by 2025 – A new report titled as the “United States Blockchain Business Opportunities and Outlook Databook Series (2016-2025)” predicts that the Blockchain spending in the United States is expected to observe a compound annual growth rate (CAGR) of 44.5 percent by 2025 and will increase from $3.12 billion to $41 billion by 2025.
BMW, Intel, and Nielsen collaborate with Tribe – A blockchain accelerator backed by Singapore government, Tribe has collaborated with BMW Group Asia, Intel, and in order to build an “inclusive” ecosystem “ready for industry 4.0.” As per the announcement by Tribe Accelerator on Friday, within the corporate partnership, the three firms will share their knowledge and subject expertise in their respective fields with Tribe’s startups. For instance, BMW Group Asia will provide “masterclasses” and mentoring sessions over the implementation of blockchain solutions in a mass market situation.
OKEx is planning to launch a self-owned blockchain – The Malta-based Crypto exchange has been reportedly working on developing a blockchain dubbed as OKChain to provide the underlying tech for its “first” decentralized exchange, OKDEx. The company announced it plans to launch a decentralized exchange (DEX) on its own blockchain on Friday. Currently, at the “final” development stage, a test network of OKChain is expected to launch in June, as stated by the company.
Indian Coffee Farmers Can Now Fetch Better Price With Blockchain – Eka Software, an Indian digital commodity solutions provider has developed a blockchain based marketplace that will enable Coffee growers in the country to have a say in deciding the price for their beans. The said blockchain-based marketplace is basically an app for the Coffee Board via which growers can directly transact with the buyers.
Launched by Coffee Board on Thursday, the app will connect growers to buyers directly, eliminating middlemen. Commerce Secretary Anup Wadhawan from New Delhi and Executive Director of the International Coffee Organisation Jose Sette from Nairobi activated the app.
Börse Stuttgart collaborates with Axel Springer – Börse Stuttgart, second largest stock exchange of Germany is partnering with Axel Springer, a European digital publishing titan, and its subsidiary Finanzen.net in order to jointly launch a blockchain-powered trading venue. Reportedly this new partnership is aimed at combining investment information services and a blockchain-powered trading venue under the canopy of one platform.
Universal Protocol (UP) Alliance plans its own stablecoin – A blockchain firms consortium, Universal Protocol (UP) Alliance that includes crypto exchange Bittrex, Uphold, university-based eco-system for blockchain Blockchain at Berkeley, blockchain startup CertiK, open-source pay-to-surf browser Brave, and events firm Cred, plans to launch its own euro-pegged stablecoin in April.
Cryptocurrency tokens backed by palladium – Vladimir Potanin, the Russian billionaire who is also the CEO of the Russian nickel and palladium mining and smelting company MMC Norilsk Nickel PJSC (Nornickel), plans on creating cryptocurrency tokens that are backed by palladium. Reportedly, Potanin plans on deploying cryptocurrency tokens for trading palladium via a Switzerland-based palladium fund. He also aims to launch several digital platforms.
As per Bitrefill’s announcement via a tweet on March 27, the said card would be a technically a voucher product, meaning that customers purchase a U.S. dollar equivalent for Airbnb with cryptocurrencies and subsequently receive a voucher code to use on the platform. The Airbnb itself does not accept or handle the cryptocurrency.
Yahoo – backed cryptocurrency exchange shall trade from May – Taotao, a Japan-based cryptocurrency exchange, owned by 40% owned by a subsidiary of Yahoo! Japan, plans to start trading a limited range of cryptocurrencies including Bitcoin (BTC) and Ethereum (ETH) in May. Reportedly, Taotao will initially trade BTC and ETH with margin positions available in three additional cryptocurrencies: Litecoin (LTC), Bitcoin Cash (BCH) and Ripple (XRP). Willing users can now sign up for an account and participate in a promotional giveaway scheme.
Amaury Séchet quits Bitcoin Unlimited – A Leading Bitcoin Cash (BCH) developer, Amaury Séchet quits the development team of Bitcoin Unlimited, a BCH node software, citing his unhappiness with the way Bitcoin Unlimited is developed and managed as the key reason for his exit.
Ontario incorporates Payment Of Property Taxes With Bitcoin – The Ontario town of Innisfil, Canada is currently running a pilot blockchain program that will enable the residents to pay their property taxes with cryptocurrencies. The program was approved through voting the Innisfil Council on March 27.
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