Crypto Week in Review: NEM Surges, Amazon & Accenture Expand Blockchain Exposure: Here’s a summary of what’s been going on in the cryptocurrency market in the past few days.
First off, NEM’s token, XEM saw over a 14% surge on Monday, and briefly reached the highs of early August at around $0.14 before erasing some of the gains. The jump could be linked to the news that Tokyo-based cryptocurrency exchange Coincheck resumed XEM’s trading for the first time since 500 million of the tokens were stolen from Coincheck’s digital wallets on On Jan. 26th, 2018.
Some industry news, Amazon has partnered up with a new blockchain startup, Kaleido, to launch an Ethereum-based marketplace for enterprises, helping them implement the blockchain technology.
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Another global giant, Accenture unveiled a brand-new blockchain-based software asset management tool on Monday. In its press release, Accenture announced that the blockchain-based application is aimed to simplify how they track its software licenses.
Another good news for the industry was Sqauer’s third-quarter revenue report which showed steady growth in Bitcoin revenue, indicating that cryptocurrencies are becoming more mainstream. According to their report, of the $882 million in net income, Bitcoin-related transactions generated $43 million in revenue for Square in the third quarter of the year, up $6 million from the $37 million generated in Q2. Bitcoin-related profits were also up, reaching over $500,000 for Q3.
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Despite all these positive headlines, the cryptocurrency market as a whole had a rather quiet day. Besides NEM’s gains, the rest of the top 50 cryptocurrencies saw minor changes of up to 5%. Things to watch out for this week include Bitcoin Cash hard fork that’s scheduled for November 15th.
Don’t forget to complete your risk management due-diligence before developing your investment strategy.