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The cryptocurrency market continues to get recovered as almost every cryptocurrency has seen an upsurge in its price. The price of Bitcoin has headlined the advance and has leaped the $10,000 mark for the very first time since 1st February.

The cryptocurrency market cap has surged above $475 billion, which means that the cryptocurrency market is seeing a speedy recovery since it recently fell to $382 billion.

Bitcoin Price Hits $10,000 Mark:

Bitcoin continued to resist its critics even on Thursday and showed a 6% progress in its price with striking distance of $10,000 for the very first time since the starting of February. But since, the top cryptocurrency has yet been able to break through this barrier and it is now valued at $10,100 which means it has finally surpassed the $10,000 mark. Bitcoin has a market cap of $170 billion at this very moment, which has aided its market share to rise up to 39%.

bitcoin price surge

Ethereum Price Joins Bitcoin:

The price of Ethereum has also joined Bitcoin price surge, even though its recovery is not as speedy as Bitcoin’s. Ethereum is trading at $933 at this time, which represents a 24-hour decline of about 0.20% in its price. This leads Ethereum with a total market cap of $91.5 billion and 19.1% market share.

Altcoins:

Substantially, altcoins accomplished positive development against the dollar. But, these advances were rough, and just a few assets sort of protected the index.

Ripple has seen a decline of 2.24%, which basically halted the fact that Western Union, which is a “money-transfer giant” has confirmed the rumours that trial based on Ripple blockchain is going to include XRP integration.

Bitcoin Cash continues to protect its mark with gains of around about one-half-of-one percent whereas Stellar has seen a decline of 1.89%.

The cryptocurrency which is ranked on number 5th, Litecoin, declined by another 7%, which brings its price to $212 with the market cap of $11.7 billion. It’s one of the closest competitors, Cardano, has also seen a decline by 3.29% however it still holds the sixth position in the rankings.

NEO, which is ranked on number 8th has declined by 1.73% and is priced at $122, with the market cap of $7 billion. There is a 2% decline in the price of EOS, which is valued above $9 at this time whereas, IOTA is here to round out the top 10 with a 1.9% upsurge, which leads its value to $2.10 at this time.

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Bitcoin Is Rapidly Overtaking Fiat In Venezuela

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A prolonged hyperinflation of the Venezuelan bolivar has made it just about unusable. Over the last couple of months, bitcoin has taken control over the country as the primary currency and the citizens have been using the digital currency to buy basic goods, medicine, and other key items.

Patricia Laya, Venezuelan Bureau Chief at Bloomberg, has revealed that the daily limit of country’s ATMs is set at 5,000 bolivars, worth around $0.05. Laya expressed that she had held up 20 minutes in line to get $0.05 in hyperinflated currency worth just about no value.

Because of the deficiency of money and the quick decrease in the valuation of the Venezuelan bolivar, the residents have started to investigate different strategies for payments since the start of 2017. Since the estimation of money has dove and the residents, organizations, and experts have effectively dismissed the cash, the majority of the Venezuelan population has started to opt for alternative forms of money.

Consistently, the fame of bitcoin inside Venezuela has surged, as a rapidly expanding number of individuals have begun to use the digital money as the primary cash, medium of trade, and store of value.

In a meeting with the Associated Press, Venezuelan inhabitant John Villar expressed that he has purchased two plane tickets to Colombia, his better half’s medicine, and paid his workers with bitcoin in the previous month. Villar stated that he plans to keep using bitcoin like the majority of Venezuelans.

“This doesn’t involve politics. This involves survival,” said Villar.

Currently, it is nearly impossible to buy any goods or services with Venezuelan bolivar, given its low value and adoption in the country.

In coming days, Venezuela may become the first country where bitcoin takes over the national currency and becomes country’s main financial system.

But Why Bitcoin, And Not Some Other Currency?

In Venezuela, the majority of the people have lost trust in the government, national bank, and banks. Its currency is almost broken and its esteem has dived to a point where no goods or services can be acquired with it.

Bitcoin is a decentralized and peer to peer currency framework, store of significant value, and a safe haven asset that shows a trustless ecosystem. Anybody inside the system can send and get payments from each other on a shared premise, without the involvement of intermediaries.

In future, bitcoin will probably rise as the real substitute to the declining fiat monetary standards. In the long term, bitcoin could even replace multi-trillion dollar fiat currencies like the US dollar, Japanese yen, and Chinese yuan, if it continues its current development rate and exponential increment in value.

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Samsung Electronics Considers Blockchain For Tracking Its Global Shipments

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Samsung, which is best known for manufacturing electronics is taking blockchain platform in its consideration to track the shipments of its immense global supply chain network. According to this Samsung global news, it is considering an extensive implementation of a blockchain ledger platform so that it can track its shipments, globally.

blockchain and supply chain

Song Kwang-woo, who is the blockchain chief at the IT subsidiary of the Samsung, Samsung SDS, unveiled it while speaking to Bloomberg that a blockchain system could cut the shipping costs by 20%. Conspicuously, Kwang-woo also ensured that SDS is currently working on the development of blockchain platform for Samsung Electronics.

Involvement in Blockchain Technology

SDS has demonstrated its involvement in the implementation of blockchain technology for the shipping industry, effectively finishing a 7-month trial-project to track and record shipping logistics of both imports and exports in the vast shipping industry of Korea by the end of the year, 2017.

Related to the blockchain and supply chain collaboration, Kwang-woo also added:

“It will have an enormous impact on the supply chains of manufacturing industries. The blockchain is a core platform to fuel our digital transformation.”

SDS introduced a blockchain pilot for a shipping industry of Korea, in May 2017, so that it could keep an eye on the imports and exports of cargo shipments in real-time by leading an association, which included:

  • Korean Ministry of Oceans and Fisheries
  • Hyundai Merchant Marine
  • IBM, which is considered as a technology giant.
  • Korea Customs Service

 

Also known as a member of the EEA (Enterprise Ethereum Alliance), Samsung SDS successfully accomplished its first pilot-run of a shipment that perceived the whole procedure of a shipment, as well as delivery and booking, from Korea to China. As it’s also mentioned above, SDS settled its trial by the end of 2017 that eventually intended to handle all exports and imports in Korea via blockchain.

The metropolitan government of the capital city of South Korea, Seoul, chose Samsung SDS in November 2017, to develop a roadmap and organize blockchain technology to the whole administration of the city, as a method to advance transparency and boost citizen expediency. The government of Seoul has formally announced its purpose that by 2022, it would utilize blockchain technology across the whole municipal administration.

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Atlanta Hack! Hackers Demand Bitcoin by Shutting Down Government Computers

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On 22nd March, a cyber-attack was discovered in the US city of Atlanta. In the attack, hackers shut down the main computer systems and demanded $51,000 in Bitcoin for re-enabling the affected systems. It was noted that this disruption was affecting systems through which some consumers used to pay bills and access information related to court. Computer hacking isn’t something new to hackers as cryptocurrency related hack has been attempted by them many times before.

bitcoin demand

According to some reports, the officials of the city are working with the US Department of Homeland Security FBI, and Microsoft to discover the extent of this violation and to find ways to resolve it. City officials invigorated citizens on 23rd March, in order to check their personal accounts and information, if any of them think that their personal information could be conceded in the hack.

Public Announcement of The Attack

The attack was announced by the mayor of Atlanta, Keisha Lance Bottoms, in a press conference on 22nd March. The members of the press were told by her that the officials still don’t have any idea about the extent of the attack or if bank accounts or personal data of anyone will be compromised as she stated:

“All of us are subject to this attack.”

Is there anything done to resolve the situation?

However, the situation still needs to be resolved. The price of Bitcoin is trading at $8,469 at this very moment, which shows that the demanded ransom is going to cost the city around 6 bitcoins as this is not the very first attempt of hackers to hold municipal computer systems as a hostage in exchange for the cryptocurrencies.

Former Attacks Linked to Bitcoin

Back in November 2017, Sacramento Regional Transit system was attacked by a hacker for a ransom of 1 bitcoin demand, and bitcoin had the worth of $8,000 at that time. Another malicious example of ransom for Bitcoin is from December 2017, when a parcel bomber in Germany demanded a €10 million ransom to be paid in the form of Bitcoin as he sent this in a message to a Potsdam Christmas market. However, the package failed to explode and had a QR-code for depositing bitcoins, as well as explosive material that was derived from nails and fireworks.

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