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Bitcoin Holds Near Record as Mastercard Forges Crypto Path

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Bitcoin Holds Near Record as Mastercard Forges Crypto Path

Bitcoin hovers near record territory after Mastercard says it is following in Tesla’s footsteps to both support the cryptocurrency and utilize it.

Bitcoin hovered near record territory on Thursday, holding gains made earlier in the week after Mastercard (MA) – Get Report said it was following in Tesla’s (TSLA) – Get Report footsteps to both support the cryptocurrency and utilize it.

Both Twitter (TWTR) – Get Report and Amazon (AMZN) – Get Report indicated that they too were exploring how to transact in and support digital currencies.

Bitcoin traded at $47,495, up 4.38%, according to CoinDesk, bringing its week-to-date gains near 8%. Earlier in the week, the digital token touched a record high of more than $48,000. Ethererum was up 2.29% at $1,788.94, while XRP was up 2.28% at 52 cents.

Payments giant Mastercard said it was regulatory joining other large companies now embracing bitcoin, revealing in a company blog that it plans to start supporting select cryptocurrencies directly on its network later this year.

The decision comes three months after rival PayPal Holdings (PYPL) – Get Report said it would add select cryptocurrencies to its platform, and just a few days after electric car maker Tesla announced in regulatory filing that it has invested $1.5 billion into Bitcoin, and plans to accept the digital token as payment.

While Mastercard didn’t disclose which digital currencies it will support. A source familiar with the matter told CoinDesk that digital currency payments would settle in cryptocurrency at participating merchants.

Mastercard already has existing partnerships with prominent crypto payment firms Wirex and BitPay but currently requires a conversion of digital currency payments back to fiat currencies on its network.

Twitter also alluded to embracing bitcoin, with Chief Financial Officer Ned Segal telling CNBC that the company has done some “upfront thinking” around how to handle bitcoin, including if employees and vendors ask to be paid in the cryptocurrency and whether the firm needs to have the digital asset on its balance sheet.

At the same time, Uber Technologies (UBER) – Get Report CEO Dara Khosrowshahi quashed the idea of working with bitcoin or other digital currencies, saying on CNBC that the company considered and “quickly dismissed” putting any of the company’s cash in cryptocurrencies.

Uber on Wednesday reported fourth-quarter earnings below estimates, though received a raft of price-target boosts from Wall Street analysts on Thursday.

Separately, Amazon reportedly is also planning to get into the digital currency game, with plans to launch a digital currency project in Mexico, with plans to hire for the effort in Mexico and the U.S.

The e-commerce and cloud computing services company has named the new project “Digital and Emerging Payments,” which will allow the conversion of cash into digital currency, according to recent internal job postings listed at Amazon.

“This product will enable customers to convert their cash into digital currency using, which customers can enjoy, online services including shopping for goods and/or services like Prime Video,” one of the job posts described the project.

For its part, bitcoin is designed to have a fixed supply of 21 million coins, underpinned by a blockchain-based digital ledger distributed across computer networks. It has more than quadrupled in value over the past 12 months amid strong demand from institutional asset managers including pension funds – and now companies.

At the same time, bitcoin’s stunning ascent has also raised concerns about a bubble – chiefly because there remains little agreement on exactly what gives bitcoin and other digital currencies their underlying value, other than what someone is willing to pay – though bitcoin supports argue its value is in the computing network that supports it.

Meantime, WallStreetBets, the popular Reddit forum at the center of the recent retail investor frenzy, is talking about cryptocurrencies as well. The unverified Twitter account “Wallstreetbets mod” posted a call to buy bitcoin as well as marijuana stocks.

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.

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Bitcoin

Bitcoin Near $60,000 Per Coin After Bloomberg Report Favour Bitcoin ETF

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Bitcoin Price - Investors King

Bitcoin, the world’s most capitalised cryptocurrency, rallied near $60,000 per coin after a report by Bloomberg said bitcoin futures exchange-traded fund (ETF) will clear the U.S. Securities and Exchange Commission (SEC) late on Thursday.

Cryptocurrency’s most dominant coin rose to $59,961 per coin before pulling back to $59,258.38 at the time of writing.

The SEC is reviewing around 40 bitcoin ETF filings with multiple decision deadlines on futures-linked products hitting next week. According to Bloomberg, the regulator is expected to approve at least some of them, clearing the way for trading to begin.

The SEC does not need to take any formal action to approve the filings. Under federal law, applications can become effective if the SEC allows a mandated deadline to pass by without requesting changes or directing the aspiring issuer to pull the filing.

Bloomberg named applications by ProShares and Invesco as two proposals that may be allowed to launch under this law next week.

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JPMorgan CEO Continues to Think Bitcoin is Worthless

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bitcoin to Nigerian Naira - Investors King

CEO of New York-based international investment bank JPMorgan Chase Co, Jamie Dimon says in his personal opinion Bitcoin is worthless although the bank’s customers think differently.

The executive shared his views during an Institute of International Finance event on Oct. 11. At the same time, he said he doesn’t want to be a spokesperson. Dimon noted if clients want to purchase BTC, the bank can’t custody that, but gives legitimate exposure.

Dimon says he also finds that smoking is bad, but people want cigarettes and the demand is what makes markets. In July, JPMorgan started offering wealth managers access to crypto funds.

Joseph Young, a crypto and blockchain analyst noted on Twitter, there is no Bitcoin bull run without Jamie Dimon saying the coin is not worthy. Previously, JP Morgan CEO said several times that BTC has no future. Meanwhile, Bitcoin’s price hit a 5-month high, breaking above $57.500. The coin’s market cap stands at above $1 trillion.

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Bitcoin Hits 5 Month High; Trades at Over $54,000 a Coin

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Bitcoin - Investors King

Bitcoin, the world’s leading cryptocurrency, gained 9.64 percent on Wednesday to $54.900.10 per coin, a 5-month record high. The cryptocurrency has gained 24 percent in the month of October alone despite China’s regulations and restrictions.

“Bitcoin’s move to a five month high comes as no surprise to those who have been following this asset closely over the last few months,” said Jason Deane, analyst at Quantum Economics.

Markets often move on momentum and sentiment – especially after periods where it has been trading for a while in a price range, according to Deane.

Sentiment has significantly improved over the first week of October, signalling a shift away from the previous few months’ market panic. Bitcoin was trading at $43,798 on the first day of October, and has jumped over $10,000 since, to $54,220.

Denis Vinokourov, head of research at Synergia Capital, attributed today’s price pump to the U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler telling Congress on Tuesday that the SEC has no plans to ban crypto.

“Gensler may have come across as very anti crypto but he is not here to kill off crypto,” said Vinokourov.

“Tectonic plates have come together with the threat of a ban being removed,” said Charles Morris, founder of ByteTree Asset Management.

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