German State Announces Plan to Establish European Blockchain Institute

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North Rhine-Westphalia has announced that it is founding the European Blockchain Institute in Dortmund later this year.

The government of the German state North Rhine-Westphalia (NRW) announced plans to establish the European Blockchain Institute to research blockchain technology in a press release on May 13.

According to NRW Economics Minister Andreas Pinkwart, the European Blockchain Institute will be founded in the city of Dortmund later this year, inside the Fraunhofer Institute for Material Flow and Logistics (IML).

The press release says that critics of blockchain have voiced concern over the amount of energy consumed by mining bitcoin (BTC). Pinkwart addressed these concerns and praised the benefits of blockchain tech, saying:

“This technology can be safe, decentralized, affordable and, when used properly, not too energy-intensive.”

According to the press release, Europe is behind the United States in blockchain advancements and “has to catch up,” which is a goal that NRW hopes to lead the way in achieving.

As reported by Cointelegraph, Ripple’s Director of Regulatory Relations Ryan Zagone commented at Consensus 2019 on the need for the U.S. to lead the way in implementing blockchain and crypto infrastructure:

“There is a broad discussion in Washington around 5G being dominated by foreign firms and the U.S. being reliant on foreign technology and foreign expertise… With blockchain and crypto, I think there’s a recognition now that these will be part of our future infrastructure… It’s important both for national security and from an economic perspective, that the U.S. is a leader in that.”

Original source: https://cointelegraph.com/news/german-state-announces-plan-to-establish-european-blockchain-institute

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Bitcoin Hovers Over $7,000 as Top Cryptos See Mild Correction

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Most of the top 20 cryptocurrencies are reporting moderate losses on the day as bitcoin hovers just over $7,000.

Sunday, May 12 — most of the top 20 cryptocurrencies are reporting moderate losses on the day by press time, as bitcoin (BTC) holds over the $7,000 mark.

Coin360

Market visualization courtesy of Coin360

Bitcoin is down about 1.5 percent on the day, trading at $7,040 at press time, according to CoinMarketCap. Still, BTC is also over six percent down from its mid-day high of $7,500. Looking at its weekly chart, the coin is up nearly 23%.

Bitcoin 7-day price chart

Bitcoin 7-day price chart. Source: CoinMarketCap

Ether (ETH) is holding onto its position as the largest altcoin by market cap, which currently stands at $20 billion. The second-largest altcoin, Ripple’s XRP, has a market cap of $13.4 billion at press time.

CoinMarketCap data shows that ETH is down over 2.25% over the last 24 hours. At press time, ETH is trading around $189. On the week, the coin has also seen its value increase by over 16%.

Ether 7-day price chart

Ether 7-day price chart. Source: CoinMarketCap

CEO of crypto analytics firm Messari Ryan Selkis recently predicted that Ethereum version 2.0’s transition to proof-of-stake (PoS) will not take place until 2021.

XRP is down just a fraction of a percent over the last 24 hours and is currently trading at around $0.317. On the week, the coin is up 6%.

XRP 7-day price chart

XRP 7-day price chart. Source: CoinMarketCap

Among the top 20 cryptocurrencies, only three coins are posting gains on the day to press time. Bitcoin cash (BCH), binance coin (BNB) and dash (DASH) are all in the green up to 2.5%.

At press time, the total market capitalization of all cryptocurrencies is $212 billion, over 17% higher than the value it reported a week ago.

Total market capitalization 7-day chart

Total market capitalization 7-day chart. Source:CoinMarketCap

As Cointelegraph reported yesterday, Galaxy Digital CEO Michael Novogratz said that bitcoin won’t change the world as it is just a store of value, but decentralized web 3.0 will.

Original source: https://cointelegraph.com/news/bitcoin-hovers-over-7-000-as-top-cryptos-see-mild-correction

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