The value of Bitcoin has more than quadrupled since the start of 2019, reaching $12,400 at the time of writing.
This remarkable surge shows no sign of slowing down and the cryptocurrencies price has soared almost $3000 over the last week. Whilst its current value is still a long way off it’s all-time high of $2000 which it hit in December 2017, many say they believe it will continue to rise. As Bitcoins value continues to increase, so too has the value of bitcoin cash, litecoin, and ethereum which have all registered increases of between 5% and 35% over the last 30 days.
Analyst at eToro, Simon Peters stated that the current increase in value was due to a breakout following the recent strong rally reaching “a point of indecision”.
“After slowing to a jog, crypto prices have again started to sprint…many investors now feel ready to buy again” he said.
Other prominent analysts have echoed his sentiments and suggested that this recent increase is more organic than in 2017 which resulted in a market frenzy that inevitably crashed. The recent increases have also been attributed to crypto-related announcements from big names like Facebook and JP Morgan who have brought mainstream approval to the sector.
Nestle milking blockchain popularity in new pilot
Global food giant, Nestle has jumped on the blockchain bandwagon to assist in tracing its dairy supply chain. Teaming up with Australia-based company OpenSC, Nestle will leverage blockchain technology to increase transparency and accountability in its supply chain. The company has also announced its intention to publicise data relating to its top 15 products, in an effort to “reach full supply chain transparency”.
The new project is designed to allow full disclosure without any interference by Nestle. Data on products and ingredients will be uploaded by every actor along the supply chain and will be made available to anyone that wants to access it. This will allow consumers to make their own judgement on the sustainability factors of the Nestle supply chain.
The company have announced that they plan to go live this year. If the tests are met with a positive response from consumers, the goal will be to branch out into other areas of the business, not just dairy.
Maxine Walters stands against Facebook’s crypto plans
Facebook’s adventurous plan to launch its own cryptocurrency this year could be scuppered by the House Financial Services Chairwoman, Maxine Walters.
Whilst the social media giant has been trying to educate skeptical policy makers in Washington, it seems to have had an opposite effect. Walters who is backed by a coalition of watchdog groups has warned Facebook that they must put the breaks on their Libra plans so that regulators and lawmakers can figure out whether it is a threat to the global economy as well as customers.
“This raises serious privacy, trading, national security and monetary policy concerns for not only Facebook’s over 2 billion users, but also for investors, consumers and the broader global economy,” the lawmakers told Facebook founder Mark Zuckerberg and other executives.