Tag Archives: bitcoin

Bitcoin Payments: ATampT Customers Can Now Pay their Bill in Bitcoin

Bitcoin Payments: AT&T Customers Can Now Pay their Bill in Bitcoin

              Bitcoin Payments

Mainstream adoption of cryptocurrency is slowly growing

with the latest development being from AT&T Inc. (NYSE:T) which has indicated that from today they will be accepting bitcoin payments as an option of paying for mobile bills.

AT&T customers to pay bills in crypto

AT&T is the first major telecom company in the US to provide the option of paying in crypto. AT&T’s Communication Business Operations VP Kevin McDorman stated that the company is always looking for opportunities for improving and expanding its services. He added that cryptocurrency has become popular nowadays and some customers use it and thus the company is glad to provide them with a payment option of their preference for their bills.

Customers will be allowed to make their mobile bill payments through BitPay in the myAT&T app or by login to the online account. The company has not specified whether the bitcoin payments can be used to pay for purchases of phones and accessories in AT&T stores. BitPay will be processing the crypto payments and then give AT&T a conventional currency.

Although the adoption of cryptocurrency is a significant step, for Joe McCann Passport Capitals’ former hedge fund manager, the move may have come maybe as a result of the company having internal data that shows that more people are using Bitcoin payments nowadays. He added that AT&T did not have an upside to support Bitcoin payments.

Mainstream Bitcoin payment growing

BitPay’s Chief Commercial Officer, Sonny Singh lauded the move by AT&T and the job they have done to make it happen. He added that more companies will soon start the following suit because the adoption of crypto payment by such a big telecom company will motivate competitors to consider joining the trend as most companies are eager to learn.

AT&T follows other major corporation in the US that Accept bitcoin payments such as Subway, Expedia, Overstock, Microsoft, and Shopify. Most recently Whole Foods and a number of retailers began accepting bitcoin payments through third-party partnership.

Article Produced By
Ankit Singhania

Based in India, Ankit is a financial content writer and stock market analyst. He has worked for almost a decade on several financial projects related to the stock market news, fundamental research and technical analysis for several websites. He obtained his Masters Degree In finance (MS – finance) from ICFAI. Currently, he serves as a financial consultant and technical analyst at Tradersinsights.com.

https://cryptocurrencynews.com/bitcoin-payments-att-customers/

Deb Williams (hodlthrive)

3 Altcoins That Are Outperforming Bitcoin and Will Likely Face Consequences

3 Altcoins That Are Outperforming Bitcoin and Will Likely Face Consequences

                                 

The crypto market is going through a period of massive recovery

in the past few months, which has caused the investors’ optimism to return. While all eyes are on Bitcoin (BTC), as usual, the largest coin seems to be struggling with a major resistance level at $8,000 at the moment. While this level was breached a few times now, every breach resulted in a correction. At the time of writing, BTC is approaching this level yet again, with its current price being at $7,985,79, and rising further. The price managed to grow by 1.06% in the last 24 hours, and will undoubtedly hit $8,000 in a matter of hours, if not sooner.

However, while Bitcoin continues to remain volatile and struggles with waves of growth and decline, there are some altcoins that are not following its path. Of course, most of them are performing in pretty much the same manner as BTC, as they always had. But, a few coins have actually managed to outperform Bitcoin in recent months. While optimists believe that this might lead to decoupling from Bitcoin — something that only Binance Coin (BNB) managed to pull off up to this point — it is likely that there will be consequences for these cryptos. This likely means that a price drop for these specific coins awaits somewhere in the near future, as outperforming BTC during bull runs is not something that goes unnoticed — or unpunished.

Altcoins outperforming BTC

1. Bitcoin Cash (BCH)

Out of all the coins in the Bitcoin family, BCH has been one of the best performers ever since April 1st. It even managed to outperform BTC by nearly 25% during this time, which may come as a surprise, considering that this was a project whose update caused a second market crash back in November 2018.

However, this event, which also gave birth to Bitcoin SV (BSV) might be the very reason why BCH is outperforming BTC. Or, rather, BSV itself might be the reason. While BCH has been doing better than BTC, BSV has been outperforming BCH. In other words, the rivalry between the two, rather than the desire to get in line with Bitcoin, might be what fuels Bitcoin Cash’s great performance.

2. BitTorrent (BTT)

BitTorrent has been one of the best performers for a while now. The coin launched on January 28th on Binance Launchpad, and developed within the TRON ecosystem is still growing rapidly. In fact, it is rising through the ranks faster than any other cryptocurrency. Only a week ago, the coin was sitting at 40th spot, while it currently sits at 34th, and is threatening to fulfill Justin Sun’s promise of climbing up to top 20 in less than a month. At the time of writing, the coin’s price is at $0.001317, with 28.71% growth against the USD in the last 24 hours, and 24.07% growth against BTC during the same period.

3. Chainlink (LINK)

Finally, there is Chainlink (LINK), which is currently 26th largest cryptocurrency by market cap. The coin currently has a price of $1.13, with 12.58% growth against the USD in the last 24 hours, as well as 11.65% growth against Bitcoin. The project is seeing a lot of hype due to the fact that its MainNet is expected to see a launch in less than ten days, on May 30th.

The MainNet will allow the coin to migrate to its own network, and create its own ecosystem, which is always followed by the celebration from the community, and hype regarding the project. Whether or not the launch and following token migration will go as planned still remains to be seen. For now, however, this is one of the top performing tokens in the market.

Article Produced By
Ali Raza

A freelance journalist, with experience in web journalism and marketing. Ali holds a master degree in finance and enjoys writing about cryptocurrencies and fintech. Ali's work has been published on a number of cryptocurrency publications.

https://globalcoinreport.com/3-altcoins-outperforming-bitcoin/

Deb Williams (hodlthrive)

Monfex’s Analyst offers more support for a Bitcoin bull market

Monfex’s Analyst offers more support for a Bitcoin bull market

                                

 

According to its TradingView profile,

trading platform Monfex is echoing the general market sentiment by offering a strong buy signal for Bitcoin. Bitcoin is currently just below $8k USD, down from a 30 day high of $8,300 USD on May 16, 2019.

Bitcoin finally seeing daylight

These numbers follow an extended bear market for Bitcoin. This pattern included a nearly five month trough, where BTC struggled to stay above $3,000 USD. 2018’s dismal cryptocurrency market followed an extended period of exceptional growth for cryptocurrency. Led by Bitcoin, cryptocurrency saw unprecedented prices and industry expansion. While prices decreased over 2018, overall industry growth showed no signs of slowing.

Therefore, for dedicated cryptocurrency enthusiasts and investors, recent upward momentum in the charts is merely a sign of technological advancement and increased traditional market visibility. However, this upward price momentum continues to elicit excitement and anticipation amongst the most seasoned cryptocurrency traders. Will it is particularly good news for those with a specific stake in Bitcoin, trends within BTC and ETH have historically led the entire digital currency market.

The numbers don’t lie

Monfex analysis signals a strong buy based on careful technical analysis. Their TradingView profile includes analysis of these predictions. One post in particular outlines a long view trading strategy based on a combination of technical and market factors. One of the first things Monfex notes is that Bitcoin is currently overvalued as a short-term investment. This is based on a significant deviation from its mean value. Mean value is calculated based on a 20-day moving average and a linear regression channel. According to these indicators, Bitcoin should be valued between $7,000 and $7,500 USD. It currently sits at about $7,990. This price is $400 below the May 16 high, but also $400 above the central tendency.

A more recent Monfex post offered an updated point of view. Rather than predicting a slight correction, analysts instead suggested several weeks of flat charts through the end of May. Following this pseudo-correction, strong upward movement to the next plateau is expected. According to Monfex analysts, traders should buy in at $7,400. At this price, they should not anticipate another strong resistance level until about $11,500. This resistance level is a good time to sell. Monfex uses this price as a Take-Profit marker.

Opposing opinions

Other outlets express continued concern over Bitcoin’s viability as a long-term trading option. The primary challenge many analysts see for Bitcoin is its inability to move beyond an investment opportunity into the world of payments. Other experts disagree with this point of view. Even cryptocurrency entrepreneur and visionary Tyler Winklevoss has no qualms comparing Bitcoin to gold in terms of its investment potential.

Tom Lee and Tim Draper both share similarly maximalist opinions, regardless of the state of Bitcoin’s widespread use case. Lee offers 13 key indicators that the bottom of the current cycle is over and the time to buy is now. Venture capitalist and fiat market expert Tim Draper shares similar views, and an even higher Bitcoin price prediction. JPMorgan, however, warns that a continued bear market is not out of the realm of possibility. Noting eerie similarities to the 2017 bull run on Bitcoin, JPMorgan Chase analysts express concern over its unexpected April performance.

Bitcoin prices surged 100 percent, driving the token out of an extended through that lasted over 5 months. The recent surge is likely the result of multiple factors, including international trade relations, particularly between the U.S. and China. Other considerations could be the Consensus conference, particularly its depiction of a cryptocurrency climate evolving toward increased legitimacy. Bitcoin prices were last above intrinsic value during the height of the 2017 bull run. The comparisons between 2017 and today are not without merit. At around 10 percent, current overpricing cannot be considered moderate.

Why trust Monfex?

Built on Bitcoin and simplicity, the Monfex trading platform is a fresh take on cryptocurrency trading. Appropriate for seasoned traders and beginners alike, Monfex provides an easy to navigate, easy to use platform. For those looking for specific key features in a trading site, Monfex provides the following:

  • Bitcoin funded
  • Leverage up to 50 times
  • Traded against USD
  • Currently 12 cryptocurrencies
  • Low minimum trade size
  • No withdrawal fees/low trading fees (spreads and commissions)
  • Cold wallet storage

Proceed with caution

As always, caution should remain at the forefront of any cryptocurrency investment. With just over a decade of history to work from, even the most experienced and savvy of analysts runs the risk of a big mistake. In fact, due to the wide variance in opinions expressed by traders and analysts alike across both fiat and cryptocurrency, the reality is that at least one viewpoint is bound to be very wrong.

Article Produced By
Bitcoin Garden

This content is brought to you by the Bitcoin Garden staff.

https://bitcoingarden.org/monfexs-analyst-offers-more-support-for-a-bitcoin-bull-market/

Deb Williams (hodlthrive)

XRP Likely to Outperform Bitcoin There are 50x More in Circulation Than BTC

XRP Likely to Outperform Bitcoin, There are 50x More in Circulation Than BTC.
                                 

Bitcoin has been the King of cryptocurrency

since it started trading from a few dollars to now thousands of dollars. Experts who have done comprehensive forecast on the performance of all the digital assets believe Ripple XRP will be the future crypto king, outperforming Bitcoin. Craig Cole of CryptoMaps is one of the experts who believe that Ripple XRP will set the stage for cryptocurrency institutional adoption.

How Would XRP Out Perform Bitcoin

Ripple XRP acceptance by banks and other financial institutions will trigger off cryptocurrency institutional adoption. Ripple has brought in innovations into the financial industry via blockchain technology by helping financial institutions save money and maximize profit. The use of digital currency is on the rise and XRP is likely to be the base token for transfers and exchanges. If this happens, XRP will likely reach Bitcoin level or even surpass it.There Are More 50x More XRP in Circulation Than BTCXRP out numbers BTC in existence, like fifty times more than BTC. Though XRP is in drops and BTC in Satoshi, there will be more demand for XRP which will increase its value.

About 59 billion XRP is in escrow, excluding that, will be about twenty times more drops of XRP than Satoshi. These drops have the possibility of appreciating in value depending on the demand. Currently, XRP market performance has improved more than it was a couple of months ago. It has now gone up at 20% since the beginning of the year. The reported volume in the last twenty-four hours at the time of writing is $919m, trading over 22% at a current price of $0.30 and $0.34. XRP investors had been so discouraged by its performance a few months ago, even when BTC picked up, XRP price was still not encouraging. Now XRP is soaring high even at the time when other altcoins are struggling. The market performance is expected to get better, mostly now that Ripple has put some touch on all the features on its platform.

Article Produced By
Judith Riseshine


Hi I am a crypto writer, blockchain enthusiast, financial and travel blogger. Though a finance professional, crypto and blockchain are now my specialty. I write to inform you of what is happening in the crypto space and how the blockchain technology is changing the world. Besides writing, I am a digital marketer, promoting ICOs and other products.

https://todaysgazette.com/xrp-likely-to-out-perform-bitcoin-there-are-50x-more-in-circulation-than-btc/

Deb Williams (hodlthrive)

Bitcoin Is Taxable BTC Is an Asset not a Currency Israeli’s Court Rules to Favour Tax Authority

Bitcoin Is Taxable, BTC Is an Asset not a Currency – Israeli’s Court Rules to Favour Tax Authority
       Bitcoin Is Taxable, BTC Is an Asset not a Currency – Israeli's Court Rules to Favour Tax Authority

Bitcoin (BTC)’s  acceptance as real currencies confront stern challenges

on daily basis. A court in Israel has ruled in favour of the country’s Tax Authority, taking Bitcoin as an asset, but not a currency. Lod’s Central District Court ruled yesterday in support of Israel Tax Authority in its quest to make Bitcoin (BTC) and related digital assets’ trading taxable in the country. During the court session, Judge Shmuel Bornstein stressed that the reliability and existence of Bitcoin is still gloomy, it could be eventually replaced by another virtual currency. The Judge said this scenario will make accepting Bitcoin as a currency a bit difficult, especially for tax purposes.

The Israel Tax Authority in its argument clamoured that Bitcoin (BTC) emerged as an asset and was never a currency.  So cannot be termed as a foreign currency, making all profits made through its sales taxable. Noam Copel, founder of blockchain startup DAV was the appellant in the case. Copel reportedly went into Bitcoin (BTC) trading about 8 years ago, which he later sold with a relative profit of NIS 8.27 million. In Copel’s argument before the Judge, he claimed that Bitcoin should be treated as a foreign currency, and gains from trading it should be classified as exchanges between individuals, not as a business transaction. He reiterated that buying and selling of Bitcoin should not be taxed.

However, Copel’s stance was rejected by Judge Bornstein, and was ordered to pay a sum of NIS 30,000. This ruling makes the appellant due to remit tax of about NIS 3 million. The appellant lost the test case due to his inability to prove that Bitcoin (BTC) has physical and sure manifestation except being virtual currency that cannot represent physical notes in any country’s economic system. Nevertheless, the court action might not stop there as the appellant is liable to proceed to Supreme Court for final verdict.

When Bitcoin came to being in 2009, it was more like a valueless asset, but it grew up to $100 between 2011 and 2013. At press time Bicoin (BTC) is trading at $7,871.85, this implies that whoever that accumulated the digital asset 7 years ago without selling would be known as a multi-millionaire today.

Article Produced By
Solo

I am a creative writer and a cryptocurrency enthusiast. Learning and writing about Bitcoin (BTC), Ripple's XRP, and TRON (TRX) are my hobbies.

https://todaysgazette.com/bitcoin-is-taxable-btc-is-an-asset-not-a-currency-israelis-court-rules-to-favour-tax-authority/

Deb Williams (hodlthrive)

Bank of China Council Member: Owning Bitcoin Is Still Legal in China

Bank of China Council Member: Owning Bitcoin Is Still Legal in China

                                

Sa Xiao, Council Member at the Bank of China Law Research Association,

was reported as saying that holding Bitcoin in China is still legal. Xiao added that in addition to that, trading Bitcoin amongst individuals remains legal in the country.

Holding Bitcoin Is Still Legal in China

China has been one of the strictest countries for cryptocurrency enthusiasts due to the ban imposed on some crypto activities in the country. However, it is still legal to own Bitcoin in the country, according to a Council Member at the Bank of China Law Research Association.

In a report by The Beijing News, Xiao was cited as saying that owning Bitcoin is legal in the Asian country. While cryptocurrency exchanges have been banned from operating in the country, people can still transfer Bitcoin amongst themselves, Xiao added. According to the current framework in place, people have the right to possess virtual properties, Bitcoin included. Also, occasional P2P trading of Bitcoin is in nature a “disposition right,” one of the rights of “ownership.” Therefore owning & occasional P2P trading is legal in the country.

In its report, The Beijing News mentioned a case where over a hundred people were scammed of more than 7,000 BTC. The scammer claimed that they would borrow users’ BTC to arbitrage between exchanges and distribute profits to the users afterward. However, the scammers ran off after the users’ last large deposit. While talking about this, Xiao stated that anyone who runs a Bitcoin trading business and causes significant customer losses with severe consequences, then there is a chance the person could get punished according to criminal law (225#4 Other illegal business practices that severely disrupt market order).

The Chinese Government Still Clamping Down on Cryptos

China’s stance on cryptocurrencies remains harsh despite regulatory efforts by other leading nations around the world. Last month, Blokt reported that the Chinese government is considering banning cryptocurrency mining activities in the country. The National Development and Reform Commission (NDRC), which is the top economic body in the country, recommends that the government should shut down crypto mining facilities in China.

According to the NDRC, cryptocurrency mining is a waste of resources (energy), pollutes the environment, and it is classified as an activity that does not contribute to the overall growth of the country. If the government follows the recommendation of the NDRC, then cryptocurrency mining would join ICOs and crypto trading as illegal activities to carry out in China. The government of Beijing’s Chaoyang district also banned commercial venues in the region from hosting cryptocurrency-related events. At this point, it is unclear if China will reverse its position on cryptocurrencies anytime soon. The country is no longer the leading cryptocurrency trading region in the world, a position it had occupied prior to the ICO and cryptocurrency trading bans.

Article Produced By
Hassan Maishera

Hassan is a cryptocurrency and stock market writer and enthusiast. The financial world has become his primary interest, with movies and books being some of his favorite pastime activities. He is an investor in many blockchain projects including Bitcoin, Stellar Lumens, Cardano, VeChain, Gifto, and Cindicator.

https://blokt.com/news/bank-of-china-council-member-owning-bitcoin-is-still-legal-in-china

Deb Williams (hodlthrive)

Bullish Or Not: People Who Sold Bitcoin At The Low Are Buying Back In

Bullish Or Not: People Who Sold Bitcoin At The Low Are Buying Back In

                                

 

Someone bought Bitcoin back in 2013, sold out in 2014,

and now they’re back trying to get back in the game. That’s according to a tweet by Jake Chervinsky. Apparently, the guy in question is his close friend. In Jake’s opinion, this kind of stuff goes to show that the Bitcoin market has come a long way, and that’s why it’s attracting people who had already jumped out of the boat earlier on. Jake goes on to argue that the fact that people like his friend are dipping their hands back into the crypto business years after they walked and at a time when the crypto has already gone up value means that the market is now bullish.

In For The Long HODL

Going on and in response to a commenter, Jake said he was sure his friend is now getting on board to hang onto the Bitcoin for the long hodl. Of late, numerous analysts and Bitcoin fans have claimed that the crypto is yet to achieve its true potential, with some even arguing that Bitcoin could one day be worth over $250,000. Others believe Bitcoin is on track to replace Gold as a store of value. That’s probably one reason friends like Jake’s are buying even as the crypto is way more valuable than when they sold out.

Insider Knowledge?

Asked about the possibility of the SEC approving a Bitcoin ETF soon, Jake opined that either a yes or no decision is imminent. However, one of the thread contributors was wary that the current Bitcoin surge may be as a result of possible insider trading by people who know about the pending decision.

FOMO And Rekt?

Jake’s tweet wasn’t without some pessimists at the corner, claiming that Jake’s friend buying of Bitcoin during the current surge may have been influenced by FOMO (Fear Of Missing Out), As such, the user argued that such action wouldn’t be bullish as Jake claims but rather bearish. However, Jake was quick to point out that the fact that his friend didn’t buy back during the 2017 surge disapproves the bearish notion.

Article Produced By
Nick James

Nick is a cool guy with lots of love for technology especially cryptocurrencies and blockchain. He likes to share the juicy nitty-gritty about the latest developments in the crypto world. When he's not immersed in his crypto world and creative mindset, you can find him having fun with friends and family. Contact: Nickjames [at] zycrypto.com

https://zycrypto.com/bullish-or-not-people-who-sold-bitcoin-at-the-low-are-buying-back-in/

Deb Williams (hodlthrive)

Was This The Trigger For Bitcoin’s Dump? 3600 BTC Huge Sell-Off Order On BitStamp

Was This The Trigger For Bitcoin’s Dump? 3600 BTC Huge Sell-Off Order On BitStamp

                                

Cryptocurrencies today are down by as much as 15% in a crash

that could be fueled by a ‘whale’ selling over 3,600 BTC on Bitstamp. All the major cryptocurrencies are down at the moment, with Stellar (XLM) being the biggest loser with an almost 15% decrease (24 hours). Coin prices started to fall around 2:49 AM (UTC). During this time, BTC price dropped from $7,749 down to $7,179 in less than 30 minutes with Bitcoin’s 24-hour decline being 8.7%. Binance Coin (BNB) was the luckiest, surviving the crash with a drop of less than 6% while Ethereum experienced moderate (7.70%) and Ripple severe (12.44%) losses.

Major BTC dump in the background

At 3:02 AM (UTC), data shows a massive 3,645 BTC sell order on Bitstamp worth $26 million at that time. While there can be more reasons, it is possible that the Bitstamp sell-off triggered massive dumps across all BTC markets as Bitcoin was falling sharply. “This last drop was likely caused by a combination of profit-taking and also algorithmic trading compounding the sudden fall. We can expect these types of steep rises and drops to continue for some time until institutional investors grow market volume,” Kenetic Capital co-founder Jehan Chu said to CNBC.

The BTC long squeeze

Yesterday, CryptoPotato reported that the number of BTC shorts on Bitfinex had decreased significantly by 40% while Bitcoin long positions remained relatively steady (only dropping by 4%). This event created the settings for a long squeeze, which could have commenced by now. A long squeeze can happen when the number of open shorts is low, while open longs are high.

During a long squeeze, the price of an asset suddenly drops inciting further selling. Basically, the same has happened with Bitcoin experiencing a considerable price drop of $600 within less than 30 minutes. While the number of BTC shorts on Bitfinex remained steady since yesterday’s article, BTC longs have started to drop the same time as the coin’s price crash and continued to fall by a total of over 10%, which is a very rare occasion.

Article Produced By
Benjamin Vitáris

Ben is a crypto journalist and copywriter who has a great passion for blockchain technology. He believes that decentralization empowers people to take charge of their lives, and gives back what we desired for a long time: financial freedom.

https://cryptopotato.com/was-this-the-trigger-for-bitcoins-dump-3600-btc-huge-sell-off-order-on-bitstamp/

Deb Williams (hodlthrive)

Bitcoin BTC Plunges Below 7500 Is This A Chance For The Bulls To Re-accumulate?

Bitcoin (BTC) Plunges Below $7,500, Is This A Chance For The Bulls To Re-accumulate?

                                

 

After a fruitful couple of days for the market,

the dreaded pullback has finally hit. In the last couple of hours, the market has been hit hard by the bears and has since seen a significant drop in prices. Bitcoin has dropped from highs of $8,000 and at the time of press has slipped further below the $7,500 mark to $7,281. This has marked a drop of more than 8% from the last 24 hours. Over the last 24 hours, the market leader has dropped as low as $7,100 before finally finding support and bouncing back again. For now, remaining above the $7,000 support position is crucial. Despite this significant drop, the coin remains bullish with the recent drop a mere pullback after a dramatic surge in the last couple of days.

What Triggered The Freefall?

According to reports, the plummet comes in the wake of several thousand bitcoin sell orders on crypto exchange Bitstamp. For analyst and product developer at Gnosis, Eric Conner, this is exactly the reason that triggered the sell-off.

He stated:

“For reference, someone put a 5,000 BTC sell on Bitstamp, which BitMEX uses for 50% of its feed and it appears to have tripped some algorithms which made a cascade on BitMEX,”

While the sell is usual in the market, many traders and enthusiasts were hoping that given the market is on a positive trend, there would be a quick buy-back, keeping prices up. This was not the case and the delay could have seen prices drip. However, the recent plummet might just have given market bulls a chance to reaccumulate and make another dashing move over the next couple of days. With the bottom in and the only way now for prices looking like up, this dip could be the chance for those looking to accumulate or re-accumulate to buy before the market can regain momentum and forge ahead in its previous trend. If this is the case, the next momentum should see prices breach the $10K position.

Altcoins Also Taking A Dip

Altcoins have also in the last couple of hours been taking a beating following in the trend of Bitcoin. In the last couple of hours, losses among top altcoins have spanned from 5% to 15%. From Ethereum and XRP, two of the largest altcoins, they have dropped by 12% and 11% respectively at the time of press. The total market value now stands at a little over $228 billion.

Article Produced By
John Kiguru

John is an exceptional writer with a liking on technology, finance and the intersection of the two. A firm believer in the transformative potential of cryptocurrencies and the blockchain,. When he is not writing, he likes to listen to Nas, Eminem, and The Beatles. Contact: john.kiguru [at] zycrypto.com

https://zycrypto.com/bitcoin-btc-plunges-below-7500-is-this-a-chance-for-the-bulls-to-re-accumulate/

Deb Williams (hodlthrive)

Bitcoin Has Reached Adulthood Now No Wonder It Rallied Past 8k Says

 Bitcoin Has Reached Adulthood Now, No Wonder It Rallied Past $8k, Says…
                                 

Bitcoin’maturation as an asset is the foremost underlying factor

fueling its recent rally that saw the most popular cryptocurrency in the world surpassing a00 valuation, says a new report.A new report by a web intelligence platform Indexica claims that Bitcoin has now matured as an asset, which might very well be the key underlying factor to have triggered the asset’s recent rally past an $8,000 valuation.

3 Major Driving Forces

The report is based on an index that gathers data using natural language processing of textual documents. The web intelligence platform specifically developed this index to identify the primary factors powering Bitcoin’s recent surge. According to Bloomberg, the Indexica data reveals three key driving forces are acting simultaneously to give Bitcoin an upward momentum. These include:

  • Conversations surrounding Bitcoin are becoming more complex and in-depth
  • Less fear about the asset being an elaborate scam.
  • A shift in the tense used to describe the asset (the majority of Bitcoin-related conversations are now being conducted in future tenses).

More Complex Conversations About Bitcoin

To elaborate on the first point, the Indexica report underlines that a growing number of academics and financial experts are deliberating about Bitcoin and the broader crypto economy as compared to at any point in the past. Furthermore, a growing number of traditional financial institutions have either already come on board or are currently preparing to ride the crypto bandwagon. Among other perks, this changing attitude by key industry players and academics are likely to reduce the chance of a generally frowned-upon speculative growth.

‘Futurity Metric’

The report also implied that the tense used to describe Bitcoin in conversations was also a sign that the asset is now maturing. It specifically mentioned the month of April as a breakthrough point when the tense of the conversations started changing notably. The futurity metric underlines how Bitcoin-related discussions now revolve more around what’s going to happen in the future as opposed to reminiscing events from the past. This factor, according to Indexica, played a major role in fueling Bitcoin’s ongoing rally. Explaining the reasoning behind the “futurity metric,” Zak Selbert, chief executive officer at Indexica,

noted:

“Think about it, executives will speak of good things they expect to happen on conference calls before they happen. They only mention mistakes afterward.”

Worth noting here is that over the course of the past one month, Bitcoin price has surged nearly 60% from around $5,075 on April 15 to its current price of around $8,000. according to CoinMarketCap.

Article Produced By
Shilpa Lama

Shilpa is a management graduate and a network engineer who is deeply passionate about blockchain technology and artificial intelligence. She has been associated with several leading science & tech publications throughout her career as a journalist and columnist. Full-time foodie, semi-skilled musician, wannabe novelist.

https://blokt.com/news/bitcoin-has-reached-adulthood-now-no-wonder-it-rallied-past-8k-says-new-report

Deb Williams (hodlthrive)