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Bitcoin Declines as Rising New COVID-19 Cases Disrupt Capital Inflow

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Bitcoin Falls Slightly as Rising COVID-19 Cases Disrupt Capital Inflow

Bitcoin, the world’s most dominant cryptocurrency, dipped on Thursday and Friday following reports of rising numbers of COVID-19 cases.

The digital currency that started mirroring traditional assets closely in March declined from $9460 it traded per coin on Thursday $9167 on Friday.

Bitcoin Declines on Rising COVID-19Bitcoin failed to break the $10,519 resistance level anticipated by investors despite Bitcoin Halving of May 11, 2020.

As projected on Investors King, lack of inflow of outside funds due to COVID-19 uncertainty continues to hurt the attractiveness of Bitcoin and other cryptocurrencies.

Also, recent data points to one of the likely reasons for the decline in the sentiment of Bitcoin bullish run expected by most traders and investors since May.

According to a Coindesk report, about $60 million were reportedly moved to Ethereum in the month of June. Why this is good news given that Bitcoin is being used in varieties of decentralised financial services as Ethereum, it weakened the expected demand needed to sustain Bitcoin price above the current level.

However, Medio Demarco, a former associate at Deutsche Bank and co-founder of a cryptocurrency research firm, Delphi Digital, said “The recent trend shouldn’t come as a surprise and will probably continue.”

Also, Ben Chan, CTO at BitGo, a cryptocurrency payments processor said “The purpose of WBTC is to bring bitcoin to the world of decentralized finance.”

“Yield opportunities for lending and supplying WBTC” in Ethereum-based applications are driving recent growth, he added.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Cryptocurrency

Pizza Hut Joins Burger King, Church’s Chicken to Accept Crypto Payments in Venezeuela

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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.

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Cryptocurrency

Bitcoin Rebounds; Gained 7 Percent to $18,116 Per Coin Amid Renewed Demand

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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.”

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Cryptocurrency: Facebook Owned Libra to Launch Stablecoin in January 2021

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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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