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Bitcoin Price Analysis: By the end of 2021, Amazon will accept BTC as a payment method

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  • An insider said that Amazon’s encryption project is “ready to roll” and will accept BTC at the end of this year.
  • The world’s fourth-largest company is working hard to accept leading cryptocurrencies as a payment method.
  • This move was suggested to be initiated by founder and former CEO Jeff Bezos.
Source: BTC/USD on TradingView

With the news that Amazon will accept cryptocurrencies as a payment method, The weekly technical chart of BTC price movements displays an uptrend. According to the pivot point (FIB), the primary support level is $30588. On the other side, if it advances up, the resistance level to follow is $39853. Thus, although the chart forms a bullish engulfing candlestick pattern within the day, it is predicted that the price may reverse and rise, with high reliability.

The exponential moving average (EMA) composed of 20,50,200-EMA acts as a reliable support in the token price. Investors can view that the price pumps above the purple line (50-EMA), confirming the current uptrend. However, the prices are getting rejected by the 200-EMA. It needs to break above the orange line, which will ensure an uptrend for the long run.

Volume of (7.991K) is above the MA of 20-days (6.946K). Buying pressure is high in BTC, beginning its price to rise from the support zone. Investors may also perceive that the volume bars on the chart are decreasing, which indicates that significant volatility is expected in the upcoming trading session.

The Stochastic RSI (overbought) with a value of K-100 D-98 presents a buy signal in the coin. As a result, investors may perceive an inclining slope and a positive crossover in the index. It may remain in positive territory for future trading sessions.

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Amazon Will Accept The Most Popular Digital Currency Like BTC, Ether & Cardano

The e-commerce giant Amazon’s goal is to accept BTC payments by the end of 2021, shortly after announcing job opportunities for cryptocurrency and blockchain leaders. According to people familiar with the matter, Amazon will accept the most popular digital currency.

Amazon, the world’s fourth-largest company, hopes to accept bitcoin payments before the end of the year and further penetrate the digital asset industry. However, an anonymous source added that although using cryptocurrency as part of the payment option is the first step, the digital asset ambitions of the internet giant don’t stop there.

Insiders said: “This is a comprehensive and well-discussed part of Amazon’s future operating mechanism.” According to sources, Bitcoin will be the first accepted cryptocurrency. Despite this, the company is determined to add other popular digital currencies in the future, including Ethereum, Cardano, and Bitcoin Cash.

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Insiders said that this was a decision made by the top of the organization, referring to Amazon founder and CEO Jeff Bezos (Jeff Bezos), who further stated that the process of implementing digital currency payments would not last long since it has been in development since 2019.

As part of the e-commerce giant’s in-depth study of the crypto industry plan, Amazon also plans to create its own cryptocurrency, possibly as early as 2022. This development happened after Amazon recently announced a leading cryptocurrency and blockchain job vacancy announcement. According to the job description, the talent must formulate the company’s digital currency strategy and product roadmap.

This is not the first post on Amazon with a focus on cryptocurrency. The e-commerce giant hired a technical leader in February to help develop its new “digital and emerging payments” platform.

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Resistance: $39853

Support: $30588

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Altcoin

Billionaire Mark Cuban Identifies Altcoin With ‘Most Upside’ As Bitcoin Blasts Above $60,000

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As Bitcoin shoots above $60,000, business magnate Mark Cuban says one altcoin stands above the rest in terms of investment potential.

In a new interview with CNBC Make It, the billionaire says that Ethereum (ETH) is the best crypto prospect on the market.

“As an investment, I think Ethereum has the most upside.”

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Cuban, who previously stated that smart contracts on Ethereum’s blockchain have revolutionized the cryptocurrency market, believes that the second-largest crypto by market cap is the digital asset which most resembles legal tender.

“I wish I had bought [Ethereum] sooner. I think it’s the closest thing we have to a true currency.”

Cuban went on to reiterate his position that Bitcoin (BTC) is superior to gold because not only is its supply scarce, but it’s easier to transfer, store, trade, and fractionalize. That sentiment is shared by fellow billionaire CEO Chamath Palihapitiya of Social Capital and Virgin Galactic.

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Cuban’s comments come on the heels of him saying that customers prefer making payments in Dogecoin (DOGE) rather than BTC at his venues because Bitcoin tends to be a highly appreciable asset.

Ethereum is exchanging hands at $3,839 at time of writing, an 11% increase from its seven-day low of $3,431, according to CoinGecko.

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ProShares Set for Bitcoin Futures ETF Launch on Monday After Apparent SEC Approval

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The US Securities and Exchange Commission has reportedly greenlit the country’s first Bitcoin futures exchange-traded fund (ETF).

ProShares, an ETF provider, filed a post-effective amendment prospectus on Friday that states the company plans to launch the BTC Futures ETF on Monday, a sign that the SEC has approved the product.

The fund doesn’t invest directly in Bitcoin, but it provides price exposure to Bitcoin futures contracts, a first in the US.

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Both Bloomberg and CNBC, citing people “familiar with the matter,” reported earlier in the week that the SEC planned to approve BTC futures ETFs from ProShares and the independent investment firm Invesco Ltd.

Invesco’s ETF is also set to provide exposure to a collection of exchange-traded products (ETPs) and private investment trusts that hold Bitcoin, rather than direct investments in BTC itself.

Last month, SEC Chairman Gary Gensler said he was open to ETFs for Bitcoin futures, noting that they are filed under mutual fund guidelines which provide “significant investor protections.”

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Bitcoin is trading at $61,549.38 at time of writing and is up 6.6% in the past day and more than 40% in the past two weeks, according to CoinGecko.

BTC hit its all-time high of $64,804.72 in mid-April.

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Bitcoin May See Real Peak If ETF Is Approved and I May Cash Out Half My ETH: CNBC’s Jim Cramer

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Jim Cramer shares a common view that Bitcoin has the opportunity to reach a short-term peak or even a real peak if Bitcoin ETFs are approved next week.

Host of CNBC’s Mad Money, Jim Cramer, has talked to Andrew Sorkin from CNBC’s Squawk Box show about the prospects of the Bitcoin price if or when four Bitcoin futures ETFs get the SEC’s approval next week.

Cramer also stated that he may cash out half of his Ethereum stash.

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SEC approval for ETF may push Bitcoin up, Cramer says

Answering Sorkin’s question, Cramer stated that a lot of people believe there is a high chance that the senior cryptocurrency, Bitcoin, may hit a short-term or even a real price peak if four BTC-based ETFs are approved by the SEC next week.

He corrected the host and said that the regulatory agency may approve not just one but four Bitcoin futures ETFs next week.

However, he stated that people are running ahead of a possible ETF approval.

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Bitcoin spikes to $59,500 as chance for ETF approval emerges

Earlier today, the flagship digital currency, Bitcoin, soared to a multi-month high of $59,500 on the Bitstamp exchange. It happened after Bloomberg released a report, saying that so far the Securities and Exchange Commission has not objected to approving multiple Bitcoin futures ETFs that were submitted to it earlier this year.

The Bloomberg article stated that the information had been confirmed by multiple sources close to the SEC and to the matter in question.

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The media giant’s ETF analyst, Eric Balchunas, believes that the likelihood of Bitcoin ETFs getting the green light has now risen to more than 90%. Still, he is not ready to “close the case” yet.

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