Corporate Giants Embracing Crypto is Massive Boon For Bitcoin: Researcher

Binance’s loss of 7,000 Bitcoin (BTC), Bitfinex and Tether’s trouble in court, and the continual disapproval of BTC exchange-traded funds (ETFs) aside, the crypto news cycle has been widely positive. This trend continued on Thursday, with a multibillion-dollar telecommunications giant revealing that it would be taking its first foray into cryptocurrency, shocking investors this ecosystem over.

Related Reading: Bitcoin Currently Consolidating After Dropping Towards $7,700, But a Strong Bounce May Be Imminent

AT&T Partners With BitPay

Announced Thursday, AT&T, a Texas-based American technology giant valued at $234 billion, will be accepting Bitcoin payments for its services through the Atlanta-headquartered BitPay. Per a press release, AT&T is now the first “major U.S. mobile carrier” to provide its millions of customers with the ability to purchase services for cryptocurrency. Speaking on the matter, Kevin McDorman, vice president of AT&T Communications’ Finance Business Operations unit drawled:

“We’re always looking for ways to improve and expand our services… We have customers who use cryptocurrency, and we are happy we can offer them a way to pay their bills with the method they prefer.”

As this news broke, many in the crypto community saw this as validation of the return of the Bitcoin bull. Because why would a massive company accept an asset that is “dying” is “already dead”, right?

This is notable, as it comes as Bitcoin has remained to a leading payment rail on the global stage, despite what you hear in harrowing news reports. Researcher Kevin Rooke notes that over the past week, Bitcoin has seen $6.3 billion worth of value transferred on average each day. This is still shy of Visa’s and Mastercard’s volumes, but impressive nonetheless.

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Swelling Crypto Adoption

This isn’t the first bout of major adoption that the crypto space has seen. Tor, the de-facto go-to privacy- and anonymity-centric browser provider, unveiled a donation jar that accepts cryptocurrencies earlier this year. Tor’s website now accepts payments in nine leading cryptocurrencies: Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Stellar Lumens, Monero, ZCash, and Augur.

Weeks prior to this, Avnet, one of the world’s most prominent electronic components distributor, revealed it had integrated a payment portal from the Atlanta-based BitPay. Avnet’s team sees cryptocurrencies as a step above traditional rails, as a company release argued that such assets can reduce the “time, cost and complexities of bringing products to market.”

And most recently, Flexa, a little-known startup looking to make “cryptocurrency spendable everywhere”, will be making Bitcoin, Bitcoin Cash, Ethereum, and Gemini’s in-house stablecoin available to spend in 30,476 retail outlets. Chains accepted the aforementioned digital assets include Crate & Barrel, GameStop, Lowe’s, Nordstrom, and arguably most importantly, the Amazon-owned Whole Foods.

Related Reading:Big Day for Bitcoin Acceptance: Crypto Welcomed at Multi-Billion-Dollar Pair of Retailers

This may be just the tip of the iceberg though. As NewsBTC has reported previously, Square, the fintech company headed by Twitter’s Jack Dorsey, is looking to make BTC spendable as the Internet’s currency in more places. He specifically wants to integrate the Lightning Network into Square’s Cash App, which already sells Bitcoin at a breakneck pace.

Is This Good Or Bad For Bitcoin?

While the aforementioned news stories broke at different times, the responses shared a similar theme: Is Bitcoin really gaining traction/adoption if the BTC received by vendors is being sold by Bitpay?

As Bryant Eisenbach kindly points out, this isn’t exactly adoption, as AT&T likely did this due to a growing demand for cryptocurrency-related services from its clientele, not because the firm truly believes in this innovation. Or, this might just be an elaborate PR play to get some good crypto-centric press as the bull run seemingly nears.

https://platform.twitter.com/widgets.js

Crypto influencer Omar Bham echoed this slightly pessimistic sentiment. He wrote that real adoption will take the form of businesses, whether big or small, corporate or grassroots, accept “REAL crypto”, not selling Bitcoin or any other digital asset they receive for cold, hard fiat immediately. Some have, however, taken this news with a bit more of a positive spin.

Popular commentator and researcher Willy Woo is the best example of an optimist in this somewhat sardonic environment. Woo recently noted that the AT&T development and announcements of a similar caliber come at a perfect time, with crypto’s next bull market being seemingly right on the horizon.

https://platform.twitter.com/widgets.js

He explained that whenever common Joes and Jills use Bitpay to pay their AT&T bill or purchase an item or service through other retailers, which is technically a negative selling pressure on BTC spot, “thousands more will see it and consider buying a few thousands of BTC as an investment.”

In other words, this system will likely not hamper the growth of Bitcoin’s value. Instead, it should actually be a positive growth catalyst, as lower prices may entice more investment in the space, especially as digital assets’ value proposition continues to grow each and every day. As Woo concludes:

“Everyone keeps debating why accept it as a currency. TLDR; “who cares, it’s the marketing exposure it generates.” It adds to the Bitcoin SoV borg effect.”

Featured Image from Shutterstock

The post Corporate Giants Embracing Crypto is Massive Boon For Bitcoin: Researcher appeared first on NewsBTC.

Corporate Giants Embracing Crypto is Massive Boon For Bitcoin: Researcher

A Blockchain is a growing list of records, called blocks, which are linked using cryptography. Cryptography is the practice and study of techniques for secure communication in the presence of third party adversaries. Cryptocurrency is a digital currency that uses encryption (cryptography) to regulate the generation of currency and verify the transfer of funds, independently of a central bank.

Blockchain 101 · Crytpo Currency Market
—————————————————
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Corporate Giants Embracing Crypto is Massive Boon For Bitcoin: Researcher

Binance’s loss of 7,000 Bitcoin (BTC), Bitfinex and Tether’s trouble in court, and the continual disapproval of BTC exchange-traded funds (ETFs) aside, the crypto news cycle has been widely positive. This trend continued on Thursday, with a multibillion-dollar telecommunications giant revealing that it would be taking its first foray into cryptocurrency, shocking investors this ecosystem over.

Related Reading: Bitcoin Currently Consolidating After Dropping Towards $7,700, But a Strong Bounce May Be Imminent

AT&T Partners With BitPay

Announced Thursday, AT&T, a Texas-based American technology giant valued at $234 billion, will be accepting Bitcoin payments for its services through the Atlanta-headquartered BitPay. Per a press release, AT&T is now the first “major U.S. mobile carrier” to provide its millions of customers with the ability to purchase services for cryptocurrency. Speaking on the matter, Kevin McDorman, vice president of AT&T Communications’ Finance Business Operations unit drawled:

“We’re always looking for ways to improve and expand our services… We have customers who use cryptocurrency, and we are happy we can offer them a way to pay their bills with the method they prefer.”

As this news broke, many in the crypto community saw this as validation of the return of the Bitcoin bull. Because why would a massive company accept an asset that is “dying” is “already dead”, right?

This is notable, as it comes as Bitcoin has remained to a leading payment rail on the global stage, despite what you hear in harrowing news reports. Researcher Kevin Rooke notes that over the past week, Bitcoin has seen $6.3 billion worth of value transferred on average each day. This is still shy of Visa’s and Mastercard’s volumes, but impressive nonetheless.

https://platform.twitter.com/widgets.js

Swelling Crypto Adoption

This isn’t the first bout of major adoption that the crypto space has seen. Tor, the de-facto go-to privacy- and anonymity-centric browser provider, unveiled a donation jar that accepts cryptocurrencies earlier this year. Tor’s website now accepts payments in nine leading cryptocurrencies: Bitcoin, Ethereum, Litecoin, Bitcoin Cash, Stellar Lumens, Monero, ZCash, and Augur.

Weeks prior to this, Avnet, one of the world’s most prominent electronic components distributor, revealed it had integrated a payment portal from the Atlanta-based BitPay. Avnet’s team sees cryptocurrencies as a step above traditional rails, as a company release argued that such assets can reduce the “time, cost and complexities of bringing products to market.”

And most recently, Flexa, a little-known startup looking to make “cryptocurrency spendable everywhere”, will be making Bitcoin, Bitcoin Cash, Ethereum, and Gemini’s in-house stablecoin available to spend in 30,476 retail outlets. Chains accepted the aforementioned digital assets include Crate & Barrel, GameStop, Lowe’s, Nordstrom, and arguably most importantly, the Amazon-owned Whole Foods.

Related Reading:Big Day for Bitcoin Acceptance: Crypto Welcomed at Multi-Billion-Dollar Pair of Retailers

This may be just the tip of the iceberg though. As NewsBTC has reported previously, Square, the fintech company headed by Twitter’s Jack Dorsey, is looking to make BTC spendable as the Internet’s currency in more places. He specifically wants to integrate the Lightning Network into Square’s Cash App, which already sells Bitcoin at a breakneck pace.

Is This Good Or Bad For Bitcoin?

While the aforementioned news stories broke at different times, the responses shared a similar theme: Is Bitcoin really gaining traction/adoption if the BTC received by vendors is being sold by Bitpay?

As Bryant Eisenbach kindly points out, this isn’t exactly adoption, as AT&T likely did this due to a growing demand for cryptocurrency-related services from its clientele, not because the firm truly believes in this innovation. Or, this might just be an elaborate PR play to get some good crypto-centric press as the bull run seemingly nears.

https://platform.twitter.com/widgets.js

Crypto influencer Omar Bham echoed this slightly pessimistic sentiment. He wrote that real adoption will take the form of businesses, whether big or small, corporate or grassroots, accept “REAL crypto”, not selling Bitcoin or any other digital asset they receive for cold, hard fiat immediately. Some have, however, taken this news with a bit more of a positive spin.

Popular commentator and researcher Willy Woo is the best example of an optimist in this somewhat sardonic environment. Woo recently noted that the AT&T development and announcements of a similar caliber come at a perfect time, with crypto’s next bull market being seemingly right on the horizon.

https://platform.twitter.com/widgets.js

He explained that whenever common Joes and Jills use Bitpay to pay their AT&T bill or purchase an item or service through other retailers, which is technically a negative selling pressure on BTC spot, “thousands more will see it and consider buying a few thousands of BTC as an investment.”

In other words, this system will likely not hamper the growth of Bitcoin’s value. Instead, it should actually be a positive growth catalyst, as lower prices may entice more investment in the space, especially as digital assets’ value proposition continues to grow each and every day. As Woo concludes:

“Everyone keeps debating why accept it as a currency. TLDR; “who cares, it’s the marketing exposure it generates.” It adds to the Bitcoin SoV borg effect.”

Featured Image from Shutterstock

The post Corporate Giants Embracing Crypto is Massive Boon For Bitcoin: Researcher appeared first on NewsBTC.

Corporate Giants Embracing Crypto is Massive Boon For Bitcoin: Researcher

A Blockchain is a growing list of records, called blocks, which are linked using cryptography. Cryptography is the practice and study of techniques for secure communication in the presence of third party adversaries. Cryptocurrency is a digital currency that uses encryption (cryptography) to regulate the generation of currency and verify the transfer of funds, independently of a central bank.

Blockchain 101 · Crytpo Currency Market
—————————————————
Trezor: Hardware Wallet
Binance: Exchange for Traders
Ledger Nano S: Hardware Wallet
Coinbase: Exchange for Investors
CoinSwitch: Wallet-to-Wallet Exchange

Another Pullback Paused as Bitcoin Bounces Back Towards $8k

For the second time in as many weeks the Bitcoin pullback that was expected has not materialized. BTC found support above $7,800 and its slide has been halted … for now.

Bitcoin Bounces Back

Yesterday NewsBTC reported that the correction had started and there was a strong possibility of Bitcoin dropping all the way down into the low $6,000s. After failing to break resistance at $8,300, following several attempts, BTC started a move downwards that looked pretty convincing. It reached an intraday low of just over $7,500 before turning around and marching back upwards. Crypto markets dumped around $15 billion as a result.

Since then BTC has recovered over 5 percent to climb back over $7,900 where it has been for the past few days. Clearly there will be another test of resistance over $8,000 again. Crypto trader ‘CryptoFibonacci’ has been looking at the charts and has found a few areas of support and resistance which line up with exponential moving averages;

“$BTC Daily Chart. Hugging the 10 ema, with support from the 20 ema hanging just under. If that 20 breaks, a retest of the flash crash low should happen. Still bullish the longer it hangs in this area as it builds a new base to move off.”

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Longer term moving averages such as the 50 and 200 day are used to predict longer term trends but these short ones can provide a good indication of support and resistance on a daily basis. On the one hour chart Bitcoin is posting lower highs as it tries repeatedly to break resistance;

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It does appear to have settled back in the channel and may well remain there for a few more days. Trader Josh Rager has previously commented on the 30% corrections that Bitcoin has gone through several times in the past. This year has yet to see one of that magnitude but it is still to be expected. From current prices a 30% pullback will send BTC back to $5,500. Rager added that these patterns provide a great opportunity to take profits from shorter term trading;

“$BTC: Reward of buying pullbacks. Previously examined how Bitcoin often experienced 30%+ pullbacks during last uptrend. But we didn’t discuss how buying these pullbacks can reap rewards. The average gain after a 30%+ pullback was over 153% profit before the next strong pullback,”

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Many traders and investors are still waiting for this to occur as prices have been surging upwards without any significant retreat since early February. Last Friday’s flash crash knocked just 15 percent off Bitcoin’s price so a larger correction is still expected. At the time of writing Bitcoin had recovered from yesterday’s minor 5 percent pullback and was heading back to the $8k area once again.

Image from Shutterstock

The post Another Pullback Paused as Bitcoin Bounces Back Towards $8k appeared first on NewsBTC.

Another Pullback Paused as Bitcoin Bounces Back Towards $8k

A Blockchain is a growing list of records, called blocks, which are linked using cryptography. Cryptography is the practice and study of techniques for secure communication in the presence of third party adversaries. Cryptocurrency is a digital currency that uses encryption (cryptography) to regulate the generation of currency and verify the transfer of funds, independently of a central bank.

Blockchain 101 · Crytpo Currency Market
—————————————————
Trezor: Hardware Wallet
Binance: Exchange for Traders
Ledger Nano S: Hardware Wallet
Coinbase: Exchange for Investors
CoinSwitch: Wallet-to-Wallet Exchange

Crypto Market Wrap: $8 Billion Back as Correction Gets Quashed

Crypto markets bounce back; No correction for BTC yet, NEM, THETA and Waves flying.

Market Wrap

Crypto markets have rebounded as another correction gets quashed. The big dump from yesterday was expected to accelerate today and throughout the weekend but Bitcoin and its brethren appear to have settled at higher levels of support and have even started to rally again. Total market capitalization as a result is back over $240 billion.

Bitcoin did fall back to an intraday low of $7,530 but did not hang around there for long. The bulls took over and BTC started to head north again topping out at $7,940 a few hours ago. It is currently trading at $7,850, up almost 3 percent on the day.

Ethereum has followed suit with a slight recovery from yesterday’s dump. ETH moving back towards $245 and is likely to hit $250 again within the next few hours. Daily volume is still solid at over $10 billion.

The top ten is back in the green during Asian trading today as altcoins bounce from their dumps yesterday. Gains are not that great though and most are only adding between 2 and 3 percent.

More movement can be seen in the top twenty where NEM has made back nearly all that it lost. With a 9 percent surge NEM has managed to flip NEO which has hardly moved. Tezos and Cosmos are also doing well today adding 4 percent each since yesterday. The rest are up a couple aside from Bitcoin SV which continues to slide.

FOMO: Theta Fuel Fires Up

Yet again Binance has been the instigator of today’s pump as TFUEL gets listed on the world’s leading exchange. The video delivery based token spiked 150 percent in the past two hours as South Koreans load up on Upbit which has 90 percent of the volume in KRW. The fomo pump is likely to fade very quickly though.

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As expected the associated THETA token is also pumping but it only gets 30 percent. Santiment Network Token has surged into the top one hundred with a 27 percent surge and Waves is also doing well with 26 percent.

At the red end of the table is Insight Chain still dumping, losing another 12 percent today. It is the only altcoin in double digits as most are on the make today.

Total market capitalization 24 hours. Coinmarketcap.com

Total crypto market capitalization has recovered $8 billion from yesterday’s slide and is currently at $244 billion. Daily volume has dropped back marginally but the formation is still sideways for markets. Since the same time last Friday markets have gained 6 percent.

Market Wrap is a section that takes a daily look at the top cryptocurrencies during the current trading session and analyses the best-performing ones, looking for trends and possible fundamentals.

The post Crypto Market Wrap: $8 Billion Back as Correction Gets Quashed appeared first on NewsBTC.

Crypto Market Wrap: $8 Billion Back as Correction Gets Quashed

A Blockchain is a growing list of records, called blocks, which are linked using cryptography. Cryptography is the practice and study of techniques for secure communication in the presence of third party adversaries. Cryptocurrency is a digital currency that uses encryption (cryptography) to regulate the generation of currency and verify the transfer of funds, independently of a central bank.

Blockchain 101 · Crytpo Currency Market
—————————————————
Trezor: Hardware Wallet
Binance: Exchange for Traders
Ledger Nano S: Hardware Wallet
Coinbase: Exchange for Investors
CoinSwitch: Wallet-to-Wallet Exchange

Bitcoin (BTC) Price Facing Uphill Task: Another Dip Before Higher?

  • Bitcoin price declined recently and tested the key $7,500 support area against the US Dollar.
  • The price rebounded and traded above the $7,780 and $7,850 resistance levels.
  • Yesterday’s highlighted key declining channel is acting as a barrier near $7,980 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could drop once again towards the $7,720 support area before it starts a fresh increase.

Bitcoin price rebounded nicely above $7,700 and $7,850 against the US Dollar. However, BTC is facing a strong resistance and it could decline again before the bulls take control.

Bitcoin Price Analysis

Yesterday, we saw a major downside correction in bitcoin price below the $7,850 support against the US Dollar. The BTC/USD pair traded below the $7,720 support level and the 100 hourly simple moving average. Besides, it broke the key $7,660 support and tested the $7,500 support area. A swing low was formed at $7,475 and the price recently rebounded nicely above $7,660. The bulls pushed the price above the $7,720 and $7,850 resistance levels.

However, it seems like the price is struggling to gain momentum above $7,950 and $8,000. Moreover, yesterday’s highlighted key declining channel is acting as a barrier near $7,980 on the hourly chart of the BTC/USD pair. The recent high was at $7,994 and the price is currently moving lower. An immediate support is near $7,800, below which the price could test the 50% Fib retracement level of the upward move from the $7,475 low to $7,994 high. The current price action indicates that the price is facing a strong resistance near $7,980 and $8,000.

If there is a successful close above $8,000, the price could start a solid rise towards the $8,200 and $8,300 resistance levels. Conversely, there is a risk of another drop below $7,800. The main support is near $7,670, and the 61.8% Fib retracement level of the upward move from the $7,475 low to $7,994 high.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price rebounded nicely from the $7,475 level. However, the $8,000 barrier stopped upsides and it might start a fresh decline below $7,800. Once the current correction is complete near $7,670 or $7,600, the price is likely to climb back sharply. In the mentioned case, the price may perhaps surpass the $8,000 resistance. The next key resistances on the upside are near $8,200, $8,300 and $8,500.

Technical indicators:

Hourly MACD – The MACD is about to move back in the bearish zone, with a few negative signs.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently moving lower and it could test the 50 level.

Major Support Levels – $7,670 followed by $7,600.

Major Resistance Levels – $7,950, $7,980 and $8,000.

The post Bitcoin (BTC) Price Facing Uphill Task: Another Dip Before Higher? appeared first on NewsBTC.

Bitcoin (BTC) Price Facing Uphill Task: Another Dip Before Higher?

A Blockchain is a growing list of records, called blocks, which are linked using cryptography. Cryptography is the practice and study of techniques for secure communication in the presence of third party adversaries. Cryptocurrency is a digital currency that uses encryption (cryptography) to regulate the generation of currency and verify the transfer of funds, independently of a central bank.

Blockchain 101 · Crytpo Currency Market
—————————————————
Trezor: Hardware Wallet
Binance: Exchange for Traders
Ledger Nano S: Hardware Wallet
Coinbase: Exchange for Investors
CoinSwitch: Wallet-to-Wallet Exchange