Bitcoin rising significantly
Crypto Weekly Analysis
It’s been quite a busy week for the cryptocurrency industry, so we decided to put things on paper (well, virtual paper) and help you make sense of it all. It is quite obvious that Bitcoin rising is the most important piece of news here, especially when you take into consideration what is going to be happening in August, but there are also other crucial developments you need to be aware of. MasterCard also featured prominently in crypto news last week for a couple of reasons, plus there are some positive information coming from the political front. We will go through all of that in the rest of this article, so sit back and we will bring you up to date with everything you need to know about cryptocurrencies right now.
Why is Bitcoin rising?
OK, so we’ll start things off with the most important news, obviously. Bitcoin rising has stirred up the crypto community quite a lot because this coin has climbed up to 7820$, which is more than 2000$ more than the 5755$ low which was reached at the end of June. It is expected that Bitcoin will go on to break the 8000$ barrier, which could have a significant (positive) psychological effect on traders and propel the prices even more. But why are we seeing this move right now?
Well, there are several reasons for that. Once could be that we the SEC will be deciding on Bitcoin ETF on August 10, and since Blackrock cryptocurrency team has been formed recently, many people started advocating buying this coin. Furthermore, the market data suggests that Bitcoin is becoming more and more popular at the expense of altcoins and there has been a surge of new mining power, with Bitcoin mining peaking at almost 47 million TH/s. All of this indicates that the whole industry believes Bitcoin is the way to go at the moment, so further surges in the coin’s value can be expected in the near future, especially as we get closer to that August 10 mark. But like we said, there are other news to discuss here, so let’s move things on. Stay tuned!
G20 finance ministers discuss crypto
One of the reasons for Bitcoin rising may also be the summit of G20 finance ministers which was held in Argentina last weekend. The thing that we need to take away from that is the fact that the wealthiest countries have concluded that virtual currencies are not “a global financial risk”, which could actually turn out to be quite significant in the upcoming months. Therefore, it doesn’t seem likely that that the industry will be under governments’ pressure any time soon.
What was discussed on the summit, however, was the issue of regulating cryptocurrencies in a way that would be somewhat coordinated between the countries. To that end, the Financial Action Task Force, an international organization dedicated to cutting terrorists off from their source of income which is money laundering, will give a presentation on the next summit of this kind in October this year about its position on cryptocurrencies. In other words, at least until then you shouldn’t be worried about any institutional problems from the G20 at least, but given the conclusion from the last weekend, that period could very well extend further on, too. At the moment, rash moves seem highly improbable, but we will keep our eyes open, of course. Let’s move on.
Ups and downs of MasterCard
Apart from Bitcoin rising, MasterCard has also been at the spotlight overt the last few days. The first reason for that is that the company has won a patent form the Patent and Trademark Office in the United States for its new way of increasing the speed of crypto transactions. In a nutshell, this new way of transactions would allow people to create their cryptocurrency accounts with the company, but these accounts would then be able to use the existing technology used for fiat currency transactions. This could potentially do a lot not just for speed, but for the security of these transactions, too.
Still, they might want to look at their existing systems too because MasterCard suffered an outage on a global scale earlier in July. This prevented people from executing transactions via this company, and Bitcoin users certainly took notice. They started pointing out that this never happened with Bitcoin and applied some serious pressure on the company to start supporting the coin more openly soon. Interestingly, they were also joined by some Ripple users very soon, so the whole thing turned out to be quite a rally point for the crypto community. Luckily for the company, the aforementioned patent isn’t the only one they applied for, so things could change a lot should they win any more of them in the near future. To see how things develop in those cases, you’ll just have to keep track of our news regularly 😉
Conclusion
We will stop our overview of the latest crypto news here, as we think we have covered pretty much all the most important info you could’ve come across in the last few days. Bitcoin rising is by far the most important story we had to cover, not just because of the cryptocurrency’s significant growth over the last few weeks but also because of the things that are about to happen. SEC’s decision on August 10 could have huge consequences, and the fact that the G20 finance ministers have concluded that virtual coins are not a global threat is also very important. Combine those two with the fact that MasterCard is working hard on developing new patents designed specifically for using cryptocurrencies, and the future looks pretty bright indeed. Stick with us and see how these stories will unfold, or simply find a trading partner with the help our expert reviews. The choice is yours, but in any case – good luck!