Bitcoin Emerges from Almost A Month Low During Asian Trading Session
Bitcoin rebounded on Tuesday from almost a month record low of $8888 to $9464 a coin during the Asian trading session.
Cryptocurrency’s most dominant coin had plunged with about $10 billion drops in cryptocurrency market capitalisation on Sunday, according to the available data on CoinMarketCap.
This was because cryptocurrency institutional investors were perturbed by the Federal Reserves’ comment that the US economy might take a few years to recover from the current pandemic downturn.
However, unlike the stocks and other traditional assets, Bitcoin recovered about 50 percent of its losses within two days. Also, this is another sign that the cryptocurrency ‘is to some extend’ correlated with traditional assets and their underlying fundamentals.
Global uncertainty continues to weigh on the entire global assets, including Bitcoin and other cryptocurrencies as outside capital inflow from institutional investors remains weak.
Edward Morra, a cryptocurrency analyst on Twitter, said “BTC Volatility nearing the 3M lows. We are back to 7th of March pre-crash levels. Expecting “big moves” this upcoming week. Probably worth setting a straddle option set.”
Again, the digital coin remains within the bearish zone and above the $8730 key support level established in May.
We will need a sustained break of $10,519 resistance level to validate bullish continuation as explained last week.
Meanwhile, JPMorgan has described Bitcoin as a resilient asset for surviving the March economic downturn. This is coming after Goldman Sachs, one of the world’s largest investment banks, rubbished Bitcoin and other cryptocurrency.
Goldman told clients in May that Bitcoin and other cryptocurrencies are not investment vehicles and should not be regarded as such.
Pizza Hut Joins Burger King, Church’s Chicken to Accept Crypto Payments in Venezeuela
Pizza Hut has joined other global fast-food chains like Burger King and Church’s Chicken already accepting crypto payments in Venezuela.
This was confirmed by a crypto services firm, CryptoBuyer, on November 27 after pizza Hut stores in the South American nation partnered with Mega Soft to drive adoption in Venezuela by encouraging crypto payments in its over 20,000 shops and businesses in the country.
“Pizza Hut nowadays cannot be detached from these technological advances and all those incorporating new approaches for daily necessities,” said Richard ElKhouri, General Director for Venezuelan operations of the pizza chain, in an interview with local news outlet ElAxioma. “It is important that we accommodate young people, modern adults, and people technologically knowledgeable.”
According to Elkhouri, customers can buy pizza with Bitcoin (BTC), Litecoin (LTC), Dash (DASH), Binance Coin (BNB), Binance USD (BUSD), Ether (ETH), Tether (USDT), Dai (DAI), and its native token XPT.
This will further help deepen cryptocurrency adoption in the country and across the South American region.
Bitcoin Rebounds; Gained 7 Percent to $18,116 Per Coin Amid Renewed Demand
Bitcoin recovered most of its lost ground in the last 24 hours after dropping about $3,000 from $19,400 it exchanged a week ago to $16,800 per coin.
The world’s most dominant cryptocurrency gained 7.01 percent to close at $18,116.31 per coin on Monday morning at 8:46 am Nigerian time.
Investors jumped on the digital currency after Guggenheim Funds Trust filed an amendment with the U.S. Securities and Exchange Commission to allow its Macro Opportunities Fund to invest as much as 10 percent or $500 million of its $5 billion net asset in Bitcoin through Grayscale Bitcoin Trust (GBTC).
The news bolstered Bitcoin attractiveness as cryptocurrency investors interpreted as a new capital inflow that could aid the coin above the $20,000 per coin obstacle or resistance.
According to the amendment filed: “The Guggenheim Macro Opportunities Fund may seek investment exposure to bitcoin indirectly through investing up to 10% of its net asset value in Grayscale Bitcoin Trust (“GBTC”), a privately offered investment vehicle that invests in bitcoin. To the extent the Fund invests in GBTC, it will do so through the Subsidiary.”
Cryptocurrency: Facebook Owned Libra to Launch Stablecoin in January 2021
Facebook Inc led Libra Association is planning to launch Libra stablecoin pegged to only the United States Dollar as early as January 2021, according to three anonymous people quoted by the Financial Times.
The stablecoin was initially proposed to be pegged to a basket of multiple currencies before the group faced several setbacks after the US parliament pressure Facebook on data breach and other issues that allegedly allowed Russia to meddle in the 2016 US presidential election.
The social media giant has now cut down on its ambition to focus on US dollar-pegged stablecoin in an effort to reduce regulatory bottleneck.
PayPal Inc., one of the first members of Libra Association that pulled out after regulators increased scrutiny on Facebook operations, has since started a cryptocurrency exchange business.
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