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Bitcoin Falls below $3,600 As Onslaught by Mainstream Media Continues

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Bitcoin has once again failed to sustain its price at the crucial $4,000 level, shedding close to 10 percent in just a day to fall below $3,600 level on some key markets. The currency was trading at $3,660 at press time, but on some markets such as the dominant BitMEX, the currency had dropped to $3,545. On the Japanese exchange Liquid, Bitcoin was trading at $3590, with Coinbase Pro seeing a similar trend at $3,557.

The digital currency’s woes were not made any better by its coverage on mainstream media outlets, most of which have projected the image of a dying technology that’s on its way to a silent death. Bloomberg and MarketWatch have been some of the most prominent, with several articles claiming that the end has arrived for cryptos.

Bloomberg Analyst Calls For $1,500 As Bitcoin Continues To Be Volatile

Just a day ago, Bitcoin looked very adamant and determined to fight to stay above $4,000. The currency was trading between $3,950 and $4,050 in most markets. However, it has since tumbled to trade at $3,675 at press time. In the past 24 hours, it has shed 4.3 percent.

On BitMEX, which accounts for 30 percent of the daily Bitcoin trading volume, the currency was trading at $3,545. It was also flirting dangerously close to its 14-month low of $3,522 on Coinbase Pro, Liquid, Bitstamp, Kraken and Gemini.

The entire market was on a downward spiral, with the embattled Bitcoin Cash leading the decline. The currency, which lost its fourth place to Stellar recently, shed 13.8 percent to trade at $118. Ethereum shed 8 percent to trade below $100, with Coinbase Pro and Kraken once again trading below average market value at $95.

Bitcoin SV has rediscovered its form and at press time, the currency had gained 13 percent to trade at $101. At this rate, the fork might catch up with Bitcoin Cash which is trading just $17 ahead. BSV is currently just $300 million behind BCH in market capitalization and three spots behind. BSV was the largest gainer in the top 100 cryptos, further underlining its good form.

Having lost over 80 percent of its value this year, the crypto market has continued coming under attack from mainstream media outlets. Bloomberg, which has in recent months increased its coverage of the crypto market, recently predicted that Bitcoin will sink further in the coming months. According to an in-house analyst, the currency will experience a 60 percent drop from its current price to hit $1500. The last time Bitcoin traded at $1,500 was at the beginning of May last year.

Mike McGlone, an analyst with Bloomberg Intelligence stated:

There’s little to prevent fading Bitcoin prices from reaching the continuous mean of $1,500. A rush to the exits among investors seems to be in place

McGlone’s sentiments are supported by the Directional Movement Index which indicates that Bitcoin is experiencing its worst sell-off since July. Back then, the currency had shed $3,000 in weeks to trade at $6,600 and this led a huge number of investors to panic.

Bitcoin

Decreasing trading volume and plateauing volatility sets stage for Bitcoin’s surge?

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As of November 17, 2019, trading volumes across major exchanges dropped to a 3-month low and it looks like it is going to continue dropping. Is it the calm before the storm? If yes, what could be in store – surge or a drop?

The interesting observation is that the trading volume started its decline on November 15 and rapidly declined to the current lows. For Coinbase, the poster child for crypto exchanges in the U.S., the volume declined from $185 million to $65 million. For Binance, the decline occurred from $1 billion to $517 million.

Coinbase Vs. Binance 

For Bitfinex, the trading volume dropped from $96 million to $39 million, whereas, BitMEX’s trading volume dipped from $2.9 billion to $905 million, a whopping 68% decline in BitMEX’s trading volume,

Bitfinex Vs. BitMEX

For all of the above charts, it is clear that the drop is the lowest seen in the last three months. The most brutal drop was seen with BitMEX which saw a 68% decline in trading volume. Following it was Coinbase with a 64% decline, Bitfinex at 59% and the least affected exchange among the lot was Binance with a decline of 48%.

A Look into Volatility

The volatility of Bitcoin hit a low of 2.5% on October 25 which was seen with a reaction from Bitcoin’s price which rose from $7,400 to $10,000 in a single daily candle. Since then, the volatility has plateaued near the 4% point for over 20 days.

The last time volatility moved sideways was after the April-pump when Bitcoin went from $4,100 to $5,600 in 30 days. Following this, the volatility dropped giving rise to more price surges. At present, the volatility looks like it will do something similar, causing a massive price movement. However, the direction in which BTC will move is still unknown.

However, looking at the price chart of Bitcoin, the price keeps forming lower lows on the daily time frame. The price is stuck inside a falling wedge pattern indicating a pump when it breaks out of the pattern. Moreover, the price has also tested the 0.786-Fibonacci level [$8,370] and seems to be supported by it. Disagreeing with the above is the Death Cross which has been clobbering the price and preventing bulls from taking control. This gives a 50-50 chance, meaning BTC could break out either way. However, one thing is sure, the breakout will be volatility induced move much like the one seen on October 25.

Source:ambcrypto

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Adoption: 5 Business Industries That Accept Bitcoin In 2019

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Bitcoin saw the light of day a decade ago, and since then, it attracted serious interest in the financial sector. Even though a lot of people use it mainly to get exposure to its price denominated in fiat currencies, there are a lot of businesses that accept Bitcoin as a payment method.

Traveling With Bitcoin

Back in 2013, the popular American travel agency Cheapair began accepting Bitcoin as a means of payment. This led to other companies implementing it as well, and now clients can use their bitcoins to book flights and hotels all around the world.

The cryptocurrency can be used to directly book a flight with Norwegian Air that also allowed it as a payment option earlier this year. Interestingly enough, the company is also reportedly looking into creating its cryptocurrency exchange.

People can also use Bitcoin to book certain hotels. For instance, a large Canadian group called Sandman Hotels started accepting BTC back in 2014. More recently, a Swiss luxury hotel, The Dolder Grand, announced that its clients could use the largest cryptocurrency to pay for their accommodation.

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Flying with Bitcoin

Entertainment & Sports

If you are into mind-boggling and adrenaline-boosting experiences, then chances are you have heard about escape rooms. Those real-life puzzle rooms where you have to solve a lot of mysteries and problems to get out of a specific space have become nothing short of accessible. Interestingly enough, there are many escape rooms that accept crypto as a means of payment.

On another note, a close variation of an online library, the Internet Archive, that includes vast loads of information, is also accepting donations in crypto. Some of the most popular ones include Bitcoin, Bitcoin Cash, Ethereum, Ripple, Zcash.

As CryptoPotato reported earlier this year, cryptocurrency adoption and usage continue with one of the most popular sports in the world – soccer. A famous Portuguese team, S.L. Benfica, allows its fans to use Bitcoin and Ethereum to purchase its merchandise.

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Soccer teams started accepting Bitcoin

Technology

Since Bitcoin’s idea is to be an electronic, peer-to-peer payment method, it’s only logical that online stores are among the first businesses to ever accept it. The tech giant Microsoft added the popular cryptocurrency back in 2014 for some of its products.

Since then, others were quick to follow in these footsteps. Overstock, the popular US-based online retailer, was among the first major stores to accept Bitcoin as a legitimate payment method. Those who want to purchase their electronics with crypto can do so with Newegg as well, which is a tech-focused online store.

The Food Industry

This is where things get a little bit interesting because it’s still somewhat uncommon to pay for your Sushi with Bitcoin. However, there are plenty of venues which would gladly take it. Clients can enjoy their favorite meals from pizzas to burgers while paying with their cryptocurrency assets.

Back in 2010, on May 22nd, a man from Florida called Laszlo Hanyecz paid 10,000 BTC for two large pizzas. This amount is currently worth millions, and it’s perhaps one of the most famous Bitcoin transactions in the relatively short history of the cryptocurrency. Of course, back then Hanyecz paid someone in Bitcoin just to order him two pizzas for his own FIAT but was also a way of spending your Bitcoins.

Whereas most of the information comes from fast-food chains and takeaways, Bitcoin, as a form of payment, has been recently added to other major outlets in the industry. Reports have it that the Amazon-owned Whole Foods are accepting Bitcoin in their stores as of this year.

Pizza Time
The most expensive pizzas in history

Automotive Industry

Lambo (from Lamborghini) is a term often used in the cryptocurrency community when describing a possible price surge. The question “When Lambo?” is perhaps one of the most commonly used ones within the community. However, it turns out that  Lamborghini dealerships have seen an increased number of transactions involving cryptocurrencies, especially around the 2017 parabolic price boom.

Some venues allow for the most significant cryptocurrency to be used to purchase impressive models from carmakers like Aston Martin and Ferrari. Still, clients can also choose classic cars, as well.

Furthermore, using Bitcoin for car purchases spreads beyond just supercars. Numerous local dealerships, as well as giants in the automotive game,  have adopted it as a payment method.Be the first to know about our price analysis, crypto news and trading tips: Follow us on Telegram or subscribe to our weekly newsletter.

Source: cryptopotato.

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Alibaba Denies Working With Bitcoin (BTC) Company or Support for Crypto: Report

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Contrary to an announcement made by Bitcoin cashback company Lolli, e-commerce giant Alibaba says it has no partnership with the platform.

Lolli announced on China’s Singles Day that its app now allows Alibaba shoppers to earn Bitcoin rewards.

According to a report by CoinDesk, however, Alibaba representatives are denying the partnership. Additionally, Alibaba clarifies that it does not support payments in BTC.

An Alibaba representative tells CoinDesk,

“One of Alibaba.com’s contractors hired a subcontractor who brokered an affiliate marketing program with Lolli. This was done without the knowledge of Alibaba.com. Alibaba.com’s contractor is terminating the relationship with the subcontractor who was working with Lolli. As a result, Lolli should no longer promote or bring traffic to Alibaba.com.”

Lolli’s head of communications, Aubrey Strobel, says Alibaba.com trialed the platform for 24 hours during the Singles Day campaign which drew attention as shoppers broke records and the day’s marketing event, an entertainment extravaganza featuring Taylor Swift, sparked global attention. Shortly thereafter “the partnership” was deactivated.

In a statement reviewed by CoinDesk, Strobel writes,

“It seems as though there was a miscommunication on Alibaba’s end and while that’s unfortunate, we look forward to the possibility of working with Alibaba.com again in the future. In the interim, Alibaba Group’s AliExpress is still live on Lolli.”

In the days following Singles Day, China is showing signs of renewing its crackdown on Bitcoin and cryptocurrencies. While President Xi Jinping has embraced blockchain in addition to removing cryptocurrency mining from a list of banned activities, rolling out mobile app lessons about Bitcoin and calling BTC the first successful use case of blockchain, the country’s anti-crypto stance has not entirely faded. It remains complex.

The Weibo accounts of leading cryptocurrency Tron and trading platform Binance were recently blocked for violating community regulations as China is rolling out new directives that are designed to squash the speculative trading of cryptocurrencies.

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