With arrival of March, spring is in the air and a quiet optimism is blossoming on the cryptocurrency market. In this week’s crypto news recap we’ll examine whether that positivity is justified.
Ethereum’s Constantinople upgrade which was delayed until February 28th due to vulnerability issues has been implemented. Changes include the network’s core protocol specifications, contract standards and client APIs.
The Constantinople hard fork is hoped to bring the Ethereum model from the regular proof-of-work consensus, to a proof-of-stake model, which will help in the long run to develop a durable and sustainable blockchain that can withstand the global financial structure. The potentially game changing innovation has had little effect on the platform’s coin value though, which remains steady at 136 USD, with movement of less than one per cent across the week.
Bitcoin and Ripple also had uneventful weeks, moving only a few per cent in either direction (Bitcoin up 1.5% and Ripple down 2.5%). Today, Bitcoin sits tantalisingly close to the 4,000 USD mark which will be music to the ears of BTC bulls around the world whilst Ripple maintains a third-place market cap of 13 billion USD.
In other news, the Securities Exchange Commission’s decision on Bitcoin ETF – which was due on the 27th February – has been kicked down the road more than once.
Also Stateside, Fidelity Digital Assets has become the first investment bank to receive the torch signalling the entry into the Bitcoin payments realm via the Lightning Network. It’s hoped Kroger, a prominent U.S. grocery store chain, will follow suit in a move inspired by Visa’s exorbitant processing fees, which are apparently making it difficult for the chain to maintain low prices for customers.
Lastly, Samsung has confirmed that its Galaxy S10 will have a in-built cryptocurrency wallet.
So, is all this cause for optimism? Yes, but tentatively so.