Bitcoin price is proving nothing but the roller coaster in last 24 hours. Earlier in the week, BTC swiftly dropped by 10% after failing to hold above the $8,000 support.
By Thursday, BTC/USD was sitting on the bottom trendline of the descending channel and many investors and analysts were calling for a drop to $7,000.
$6,500 was predicted by few traders, despite this fluctuations in Bitcoin price, traders like Scott Melker and Michaël van de Poppe spotted a series of bullish divergences on the 4-hour and daily time-frame and by Friday morning (Oct. 25) the chart and various indicators on the hourly and 4-hour time-frame were flashing bullish.
Surprisingly, Bitcoin bulls gathered up enough steam and towards the evening of the U.S. trading session bulls pressed Bitcoin price far above the $8,800 resistance to set a higher high at $10,540.
Currently, the crypto community is pointing to Chinese President Xi Jinping’s call for the development of blockchain technology throughout the country. Bakkt’s Bitcoin futures back to back all-time high volume achievements are also being cited as a reason for Bitcoin’s surge.
On Sept. 24. French crypto news outlet Cryptoglobe reported the development during Paris Retail Week, By the year 2020, More than 25,000 major retail stores in France, including sportswear giant Decathlon and cosmetics store Sephora will accept Bitcoin.
The new cryptocurrency payments system is launching via a partnership between point-of-sale technology provider Global POS, the EasyWallet application and payments platform Easy2Play. At the moment of sale, Bitcoin (BTC), funds will be automatically converted into euros.
There are few others who have joined in this initiative. Well-known retailers signing on to the initiative include Boulanger, Foot Locker, World House, Intersport, Cultura, Maisons du Monde, and Norauto.
Stéphane Djiane, CEO and founder of Global POS, has given a statement proposing that:
“This is an important symbolic step in the evolution of payment methods in France. However, more than a symbol, what we bring to 25,000 outlets is the ability to safely enter the world of Economy 3.0.”
According to Forbes, China’s central bank is ready to launch a state-backed cryptocurrency and hand it out to several major institutions in the country.
Some of the Institutions are Commercial Bank of China, Alibaba and Tencent to help distribute the cryptocurrency into the country’s economy.
According to Forbes‘ sources, the plan is to launch the digital currency as soon as Singles Day on November 11, China’s busiest shopping day.
China’s central bank is hoping to eventually spread the currency to the West through participating banks — but it’s unclear if and when that will occur.
Cryptocurrency and telecommunications company Telx Technologies announced the launch of the first crypto SIM card wallet that enables transactions via SMS.
On Aug. 22, The company published a post explaining how this will work, the card allows its users to send cryptocurrencies via SMS with their dedicated crypto phone number. The thing to note here is, these transactions do not require a smartphone or an active Internet connection. On the other hand, the system also offers no control over a user’s crypto wallet.
Telx also mentioned this in its announcement: “At Telx our goal is to make transacting digital currency as easy and accessible as possible. This means creating solutions that technical and non technical people alike can adopt. We believe there is tremendous synergy between payments and messaging.”
According to the post, the crypto SIM card is available in over 180 countries, allows unlimited SMS messaging and supports Bitcoin (BTC), Litecoin (LTC), DASH, Zcash (ZEC) and Bitcoin Cash (BCH). To execute a crypto transaction via this service, its user can send an SMS to any phone number.
The company promises to prevent SIM swapping and phone number porting, to accept transactions originating only from the proper SIM card, to protect the wallet with a dedicated PIN number and to provide backup keys in case of a theft or loss.
Binance recently revealed it’s open blockchain project “Venus” focused on developing localized stablecoins worldwide.
In an announcement on Aug 19, Binance argues it is well-positioned to launch such a currency ecosystem in light of its existing public chain technology, Binance Chain, wide user base and already established global compliance measures.
Binance is looking out for partnerships with governments, corporations, technology firms, and other cryptocurrency and blockchain projects in order to develop a new currency ecosystem that will empower both developed and developing countries.
As per the report, Binance’s vision for the project, is to “build a new open alliance and sustainable community” that enlists partners who wield influence on a global scale.
With its choice of name, “Venus,” Binance is also stepping into the astrological waters of both Facebook’s Libra project and the Winklevoss Twins’ Gemini exchange and Gemini dollar.
While Donald Trump is busy bashing Bitcoin, New Zealand’s tax authorities have ruled that income in cryptocurrencies is legal and provided guidance on how exactly it should be taxed.
In a tax information bulletin published on July 4, the New Zealand Inland Revenue Department summarized the provisions of the public ruling, made under s 91D of the country’s Tax Administration Act 1994.
This doesn’t applies to self-employed taxpayers, it only applies to salary and wage earners, covering both remuneration for services and bonuses, commissions and gratuities.
“In the current environment where crypto-assets are not readily accepted as payment for goods and services, the Commissioner’s view is that crypto-assets that cannot be converted directly into fiat currency on an exchange are not sufficiently ‘money like’ to be considered salary or wages.”
As reported, tax authorities and lawmakers globally are increasingly turning their attention to cryptocurrencies. Last week, crypto industry sources claimed that the United Kingdom’s tax authority was allegedly requesting that digital currency exchanges provide it with information about customers’ names and transactions aiming to identify cases of tax evasion.
Bitcoin miners earned up to four times the revenue accrued by their counterparts on the Bitcoin SV and Bitcoin Cash networks combined in one day!
Bitcoin miners earned $540,000 in transaction fees. This figure is more than four times the $130,000 earned by miners on the BSV and BCH chains combined over the past 12 months, According to August 2, 2019 tweet from “Shakepay.”
BCH miners see under $200 in transaction fees per day and Bitcoin regularly posts $500,000 in transaction fees alone on a daily basis. BSV miners were still running at a loss, five months after the chain split, Back in April 2019.
The top-ranked crypto is still some way off from the likes of Visa in terms of the daily transaction load. Thus, for BCH and BSV, the distance to the pinnacle of global payments appears even more insurmountable.
Similar to Facebook’s Libra cryptocurrency, A new patent filing suggests that United States retail giant Walmart may be developing its own U.S. dollar-backed digital currency. Walmart filed patent for Digital Currency via Blockchain.
Patent filing number 20190236564, “System and Method for Digital Currency via Blockchain,” was published by the U.S. Patent and Trademark Office (USPTO) on Aug. 1. The document outlines a method for:
“Generating one digital currency unit by tying the one digital currency unit to a regular currency; storing information of the one digital currency unit into a block of a blockchain; buying or paying the one digital currency unit.”
Walmart continues to outline that the proposed digital currency project can provide a zero – or low-fee place for users to store wealth, one that can easily be redeemed and converted to store cash at selected retailers or partners. Such accounts could even be interest-bearing, the filing adds.
Early on in the filing, Walmart proposes that the launch of its digital currency could provide low-income households, for whom banking is costly, with “an alternative way to handle wealth at an institution that can supply the majority of their day-to-day financial and product needs.”
“The digital currency may act as a pre-approved biometric credit. A person is the ‘credit card’ to their own digital value bank.”
This would allow customers to buy products or services for themselves and for others — using the platform to hire a technician for repairs, an associate or a designated shopper for a given amount of time.
Bitcoin is one of the most preferred investment options in the world, Bitcoin was intended as currency, rather than an investment tool. As per a new survey by Grayscale Investments, about 36% of the investors in the United States are willing to invest in BTC. That means, despite all the controversies surrounding it, BTC has a potential of over 21 million new investors alone from the US.
The report states “Investors are constantly looking for new ways to diversify their portfolios as traditional assets and markets have begun to move more closely in sync with one another. Increasingly, savvy investors recognize that bitcoin and other digital currencies may have unique investment characteristics that provide diversification far beyond the basic 60% stock/40% bond portfolio allocation.”
At a time when regulators across the globe, including the US President Donald Trump, are criticizing crypto and calling for stricter regulations, the report brings new hope for the US industry stakeholders.
This is a very good news for bitcoin traders and crypto investors! Tech Retailer Newegg Expands Bitcoin Payments to Another 73 Nations.
They made an announcement this Wednesday regarding their expansion of Bitcoin payment. They stated it will accept bitcoin in 73 additional of its country-specific stores. The news means that the cryptocurrency can be used to pay for purchases in nearly all of its 80 served nations.
They have started acception Bitcoin in 2014, soon after expanding the option to Canada.
Anthony Chow, Newegg President Global Sales said, “Five years ago, we were one of the first major online shopping destinations to accept Bitcoin, and our early-adopter customers were quick to embrace this new payment option.”
The bitcoin payments are made possible through Newegg’s partnership with blockchain payments provider BitPay.
Sonny Singh, chief commercial officer at BitPay, said in the announcement:
“Bitcoin allows users to send and receive money just as easy as sending an email, opening up opportunities for businesses and consumers globally as a secure, low-cost transactional option for the merchants. Newegg was among the first companies to see this opportunity and has continued to expand its Bitcoin acceptance to nearly all of its customers around the world.”