Another week goes past in the Crypto Sphere. Since June 10 Bitcoin and Ethereum have experienced an incredible surge in price. Bitcoin has managed to pull a +28% increase in valuation against the United States Dollar and +29% against the Chinese Yuan. A quick retrace in Bitcoin price some hours ago left the price close to the 2 hour Moving Average.
Cryptocurrencies are looking strong, the perfect storm was formed after the Chinese started to amass increasingly higher quantities of Bitcoins. The reasons for this vary, David Lipton, IMF’s first managing director, said during a conference in China on Saturday:
Mounting corporate debt is a key fault line in the Chinese economy. Corporate debt remains a serious — and growing — problem that must be addressed immediately and with a commitment to serious reforms.
This week saw some good news regarding Blockchain technology adoption, Microsoft (NASDAQ:MSFT) unveiled Project Bletchley, an initiative to increase the scope of its Blockchain as a Service (BaaS) offerings -powered by the Azure platform.
Microsoft has already included various Blockchain protocols and is open to adding more as needed. The company decided once again to sponsor DEVCON, the Ethereum’s developer conference that is going to take place in Shangai this