The news of this week inspires optimism: Bitcoin’s market capitalization is getting bigger, Ether is on, and Blockchain technology is being integrated into many fields and operations.

While some companies invest in bitcoin as a strategic asset, private companies, as well as governments, realize the benefits of blockchain implementation. This leads to a lot of useful daily services in different countries now operating on blockchain-based technologies. 

Read about this and other news in our short summary of the main and current affairs in the cryptocurrency market this week:

1. Bitcoin’s (BTC) market capitalization reached $217 billion and this amount is almost the same as Bank of America’s market cap, which holds at slightly over $226 billion. Despite this huge progress, Bitcoin (BTC) still failed to cross the $12,000 market price line, by the end of this week its market price was $11,460.
2. Good news for Ethereum followers, the Ether price by the end of the week broke the $420 market price line, but its average transaction fees have reached over $7.50.
3. Blockchain tasked with product supplying and quality issues. The Cannabinoid Association of the Netherlands announced a blockchain-based tracker platform for those customers who complained about product quality. The tracker platform allows users to trace the journey from seed-to-sale. The U.S. Department of Agriculture (USDA) Agricultural Marketing Service (AMS) is proposing the department utilize DLT to trace the supply chain of organic products. The supply chain of organic products would be traced due to the implementation of blockchain technology.
4. South Korea implements blockchain technology in the transport sector. KEB Hana Bank signed an agreement with Korea Expressway Corporation, due to this partnership the nation’s highway will be operated by a blockchain-based toll payments system. South Korean drivers also benefited from blockchain technology, due to the project launched in May by the National Police Agency in partnership with the Korea Road Traffic Authority, more than 1 million South Koreans got blockchain driver’s licenses. Crypto has pushed even further in the banking sector, the top South Korean banks announced plans to implement crypto-asset services.
5. China’s blockchain sector increased by number of blockchain companies. In the first seven months of 2020, more than 10,000 companies were established in China and the highest number of blockchain startups registered in Guangdong Province. And to provide global developers to the blockchain industry, China’s National Blockchain Network Launched an International Website.
6. Several tokens got the greenlight from The New York State Department of Financial Services. State regulators have approved 8 cryptocurrencies for listing and trading. Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Binance USD (BUSD), Pax Gold (PAXG), the Paxos Standard Token (PAX) and others got licenses to trade.
7. Precious metal will be traded on a blockchain-based platform. Mitsubishi Corporation RtM Japan Ltd. has launched a blockchain platform ECO to digitize metal trades. ECO will generate, manage, and execute invoices and trade confirmations.
8. MicroStrategy Buys 21K Bitcoin for $250M. According to the official comment, this move “reflects our belief in Bitcoin”, that’s why the world’s largest publicly traded business intelligence company decided to adopt Bitcoin as its primary reserve asset.
9. The Southern Indian state of Telangana announced its plan to use blockchain technology in the voting system. Hopefully, they will be more careful and avoid the Russian scenario where more than 1 million Russians’ passport data was linked to the darknet.
10.  Blacklist of the week: several websites for foreign exchange and digital currency investment are under suspension in Cyprus. All investors should be careful, none of these companies got approval for providing investment services. 

All information stated above is provided only for general information purposes. We do not promote any cryptocurrency, do not recommend or advise anything. All decisions about investments should be made by yourself. Our team works to satisfy our clients’ needs.

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Crypto News Weekly Digest: 8- 14 August - Lumi Wallet Blog.