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crypto

Tech Business

For The First Time Ever Since June, Bitcoin Rockets Past $10,000

by tech_admin July 27, 2020
written by tech_admin

After the fairly bland recent market acts, Bitcoin soared over $10,000 for the first time since early June. For about 12:31pm, the digital money traded for $10,196.27. According to Coindesk data, Singapore time is 2.55% higher than 24 hours earlier.

Last June, Bitcoin hit $10,000 and has seen a slow fall since then. Yet Bitcoin has grown by almost 11% in the last seven days.

Vijay Ayyar, Head of Business Development at the cryptocurrency exchange Luno, told TechNews NG that big players were debating whether to sell their bitcoin to smaller market entrants who could bring down the price and make it more affordable for bigger traders to buy more digital property.

“This doesn’t seem to have happened,” Ayyar said. “What we have unfolding is potentially re-accumulation by big players, joined by smaller traders in an attempt to push BTC higher past 10K and more past 10.5K, which is the big resistance level, where BTC last put in a high.”

“We still haven’t broken the 10.5K level, if that happens, BTC is probably running to 15K. All signs point to that at this point,” he added.

Although last week’s bitcoin was higher, big indices on Wall Street like the S&P 500 were lower. Yet, on Monday, Gold continued to climb and reached a record high. Gold is viewed as a so-called safe haven commodity purchased by investors in times of uncertainty.

Bitcoin has been often named “digital gold” with supporters saying it may be a strong investment for safe haven. Bitcoin, however, has in recent times appeared to move closer to stock markets, and is known for its immense volatility.
In an attempt to help mitigate the economic effects of the corona virus pandemic, both stock markets and gold have provided funding through the latest economic stimulus packages from governments and central banks all over the world. The European Union, for example, hit a restructuring package of almost 2 trillion euro earlier this month.

Investors are now closely tracking the world’s various corona-virus vaccines. Oxford University recently performed early stage clinical experiments with AstraZeneca, a pharmaceutical giant. According to data reported in The Lancet, the drug developed a positive immune response.

Ayyar said both these stimulus steps and hopes for a vaccine could support bitcoin.

“My view is that with the major governments declaring unprecedented stimulus packages … we will see continued bullish momentum across markets. So that includes equities and gold as well. And BTC and crypto will follow on this regard. Added to the fact that a vaccine seems within reach as well now, no reason to be bearish near term,” said Ayyar.

July 27, 2020 0 comment
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Emerging Tech

Mastercard Extends The Blockchain Platform To Allow More Businesses To Issue Cards On Their Network.

by tech_admin July 23, 2020
written by tech_admin

Mastercard has extended its crypto-currency platform to make it possible for space firms to sell their credit cards themselves.

The business has reached an agreement with Wirex, making the London-based start-up the first “real” cryptocurrency exchange to become a principal member. Which means Wirex will now send cards directly to Mastercard ‘s network.

“The cryptocurrency market continues to mature, and Mastercard is driving it forward, creating safe and secure experiences for consumers and businesses in today’s digital economy,” revealed by Raj Dhamodharan, Mastercard’s executive vice president for digital asset and blockchain products and partnerships.

“Our work with Wirex and the wider crypto ecosystem is accelerating innovation and empowering consumers with more choice in the way they pay.”

Mastercard will now introduce many crypto-currency companies into the Mastercard Accelerate start-up program.

‘Crypto Legitimisation’

The step reflects a broader drive from one of the world’s leading financial services companies in the emerging crypto-currency market. It is worth noting though that payment cards with cryptocurrencies are not new.

Coinbase launched its own card last year, in collaboration with Visa, the biggest rival of Mastercard. Most recently, the company has become a Visa founding partner, enabling it to add more innovations of the card most expand it into new markets.

And before the Mastercard launch, Wirex, which was established in 2014, offered a Visa card too. The firm’s software helps users to purchase and sell bitcoin, ether and other tokens, as well as standard currencies such as the US dollar and the euro.

“This is less a watershed moment and more part of a broader, slow and steady legitimization of crypto as the global regulators increasingly put systems and controls in place,” said Simon Taylor, head of ventures at fintech consultancy firm.

Mastercard and Visa have recently demonstrated their participation in the crypto market, most notably by joining up to become members of the digital currency initiative Libra on Twitter. But last year, the two payment companies left Libra, having cold feet after extreme regulatory opposition was faced with the proposal.

 

July 23, 2020 0 comment
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