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Your January Newsletter for All Things BitPay and Crypto

Republished by Plato

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In this edition of the January Cryptie, we have decided to look back at 2020 in review for BitPay. Despite a rollercoaster of a year for the world, one thing has remained certain: cryptocurrency remains at the forefront of the future of finance. On January 1, 2020, Bitcoin (BTC) opened at $7,194.89 USD. Three hundred sixty-five days later, that value nearly quadrupled to $29,001.72 USD at the end of December 31, 2020. We believe that 2021 will be the year that crypto becomes widely adopted not just for speculation but also for payments and other utilities. We expect that improved regulations and enterprises like Square and PayPal will drive crypto to become an accepted form of payments globally.

Graph Courtesy of Coindesk – https://www.coindesk.com/price/bitcoin

In This Issue:

BitPay’s Key Accomplishments in 2020

Deloitte Fast 500 Award

Red Herring Award

  • BitPay placed among the Inc. 5000 list for 2020, demonstrating strong annual growth for three years straight. Learn more here.

  • Frost & Sullivan, a leading market research and consulting firm, recognized BitPay as the Company of the Year in the alternative payments space.

  • BitPay was honored with the Best Alternative Payment Solution award. from CNP Summit. Each year, the CNP Awards is the only awards competition honoring the companies, programs and solutions that have distinguished themselves in the card not present space throughout the year.

New Product(s) and Services from BitPay

  • BitPay launched our first-ever US prepaid Mastercard that can be loaded with dollars that are converted from cryptocurrency. With instant card reloads, no conversion fees*, a $10,000 daily load and spending limit, and the ability to spend at millions of locations worldwide, the new BitPay Card will enable you to live your life on crypto.

  • BitPay expanded its partnership with Coinbase in 2020. Coinbase customers can now spend their bitcoin, USD coin, ethereum, and other blockchain-based payment systems at BitPay-enabled merchants — without having to pay fees or experience any latency. To find out more, you can read about it here.

How BitPay Has Been Leading the Industry

  • Stephen Pair, Co-Founder, and CEO of BitPay gave a recent interview to the popular “Leaders in Payments” industry podcast. You can listen to the podcast here.

  • Bill Zielke, Chief Marketing Officer of BitPay, made a guest appearance on PayPod: The Payments and Fintech Podcast, talking about the mechanisms that enable merchants to accept crypto as payment. Listen here.

  • Eden Doniger, BitPay’s General Counsel & Chief Compliance Officer, was on an International Panel of FinTech, Trade, and Global Payment professionals discussing the latest industry trends and developments. Watch the replay here.

  • A commissioned study for BitPay from Forrester Research confirmed in writing what merchants are already discovering in real-life practice: that businesses adopting bitcoin and other cryptocurrencies as payment methods experience, on average, 40% more customers, a twofold increase in order values, and fewer chargebacks, among many other benefits

    Forrester-Report

2020 BitPay Numbers at a Glance

  • BitPay’s wallet now has over 3 million users globally and in December 2020 had almost 100k new users in Nigeria alone.

  • Nearly 33k global merchants registered with BitPay in 2020, with top countries being the United States, Nigeria, United Kingdom, Canada and Germany. Top industries included Apparel/Fashion, Computer Software/Engineering, Retail, Marketing/Advertising/Sales, and VPN Hosting.

  • 40% of BitPay merchants’ sales were net new customers, and these customers also had order sizes on average twice that of a credit card.

Latest Industry News

BTC now has a market cap of $525 million which makes it the 5th largest currency in the world (behind USD, EUR, CNY, and JPY). Ethereum now has a market cap of $80 billion so BitPay merchants now have access to over $600 billion of market cap spend globally. BitPay also supports Bitcoin Cash and 4 stable coins. Here are some other interesting developments in the space:

Interested in accepting bitcoin payments? Click here to get in touch with a BitPay representative today.

BY USING THIS CARD YOU AGREE WITH THE TERMS AND CONDITIONS OF THE CARDHOLDER AGREEMENT AND FEE SCHEDULE, IF ANY. This card is issued by Metropolitan Commercial Bank (Member FDIC) pursuant to a license from Mastercard International. “Metropolitan Commercial Bank” and “Metropolitan” are registered trademarks of Metropolitan Commercial Bank ©2014.
Mastercard is a registered trademark and the circles design is a trademark of Mastercard International Incorporated.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://bitpay.com/blog/your-monthly-newsletter-for-all-things-bitpay-and-crypto-january/

Blockchain

XRP, Dogecoin, Cardano Price Analysis: 12 May

Republished by Plato

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With Bitcoin, the world’s largest cryptocurrency, still holding a position below $60k and ETH surging past the $4,300-mark at press time, the rest of the market’s altcoins had two directions to choose from for their own price actions. While the likes of XRP and Dogecoin seemed to be losing steam, others like Cardano noted some resurgence on the price charts.

XRP

Source: XRP/USD on TradingView

After weeks of bullish movement on the back of positive developments in the SEC v. Ripple Labs case, the past 10 days or so have seen XRP depreciate on the charts once again. In fact, a 50-day window alone saw the crypto fall by over 14.5% before some gains followed. At the time of writing, XRP was trading at a level that was well away from its local top. What’s more, the alt was 56.25% away from its ATH.

As can be observed on XRP’s daily charts, the mouth of Bollinger Bands has closed over the past few weeks thanks to falling volatility. Further, the past few trading sessions also saw MACD line dip below the Signal line as bearishness took over the crypto market.

As mentioned, positive developments have indeed helped in pushing the altcoin’s price north. However, some concerns persist, concerns that may have precipitated corrections for XRP.

For instance, many in the community remain worried about the likelihood of the SEC coming after them with sanctions.

Dogecoin  [DOGE]

Source: DOGE/USD on TradingView

Dogecoin, the crypto-market’s premier meme-coin, like Bitcoin and Ethereum, has been one of the cryptos to grab the attention of mainstream media over the past few months thanks to its extraordinary performance on the price charts. Its price action in the month of May itself was a case in point, with DOGE climbing by almost 85% in 5 days, before falling by over 35%.

Here, it’s worth noting that the uptick came on the back of anticipation associated with Elon Musk’s SNL appearance, an appearance which turned out to be a damp squib. News of Barry Silbert shorting DOGE didn’t help either.

It wasn’t all bad news, however. While Parabolic SAR’s dotted markers had switched trends to take the bearish side, the Chaikin Money Flow remained healthy and was above zero.

According to some analysts, this could be an opportunity to “buy the dip.”

Cardano [ADA]

Source: ADA/USD on TradingView

Cardano, now the sixth-largest cryptocurrency in the market, like XRP and Dogecoin, has had a good 2021 with YTD returns of 918%, at press time. While the price action of ADA was fairly stable in the months of March and April, the last few days have seen the altcoin climb up the charts again. On the back of a weekly hike of almost 40%, ADA surged to a new ATH of $1.82 a few hours ago.

Bollinger Bands were diverging, at the time of writing, a sign of the crypto’s price candles making room for incoming price volatility. With Awesome Oscillator’s histogram picturing an uptick in positive market momentum, ADA’s near-term price action was likely to be northbound.

Cardano was in the news recently after Charles Hoskinson took issue with some claiming that it is a “blatant scam.”


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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/xrp-dogecoin-cardano-price-analysis-12-may

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Blockchain

Tesla Halts Bitcoin Payments Over Environmental Concerns, Sending the Cryptocurrency to Session Lows

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Earlier this year, in what appeared to be a massive win for the crypto space, Tesla began accepting payments in Bitcoin. The move was heralded for legitimizing Bitcoin’s transactional utility beyond just a speculative asset class. 

But now, Tesla is backtracking its monumental decision.

Tesla CEO Elon Musk took to Twitter to announce that his company would no longer accept payments in Bitcoin, citing concerns over “rapidly increasing use of fossil fuels for Bitcoin mining.” 

Bitcoin’s environmental concerns are certainly nothing new. Many have criticized the digital asset and its proof-of-work (POW) system for its hefty electrical consumption. 

Bitcoin’s surge in price has further incentivized miners to expand their operations, leading to annualized consumption levels surpassing that of small nations. According to University of Cambridge’s Bitcoin Electricity Consumption Index, Bitcoin miners around the world account for approximately 147 terawatts in electrical consumption — roughly 0.5% of global power usage. 

Bearish Sentiment Sets in for Bitcoin Following Tesla News

Following Musk’s announcement, Bitcoin prices immediately plummeted 10%, dropping down to $51,000.

Bitcoin saw immense selling pressure following Elon’s announcement on Twitter, leading to the major cryptocurrency to crash 10% within 2 hours. Source: Tradingview.com

According to options data from Deribit Metrics, bearish sentiment appears to be setting in on the futures market as well. The volume on Bitcoin May 28 puts skyrocketed to a daily notional value of $225 million — more than double of the trading volume on May 28 calls. At press time, Bitcoin’s put/call ratio sits at 0.88.

Despite the negative sentiment, however, investors should consider that Tesla has not sold most of its Bitcoin holdings. 

Earlier this February, Tesla revealed that it had purchased $1.5 billion worth of Bitcoin. The tech company soon after announced that it would begin accepting Bitcoin — a catalyst that helped Bitcoin rally past $60,000. During its first quarter earnings on April 26th, Tesla revealed that it had sold $272 million of its Bitcoin investment– which was worth well over $2.5 billion at the time. 

While Tesla was no longer to accept Bitcoin for vehicle purchases, Musk specified that the company will continue to hold the Bitcoin on its balance sheet, while actively searching for more environmentally friendly alternatives. “We are looking at other cryptocurrencies that use <1% of Bitcoin’s energy/transaction,” he said.

Featured image from UnSplash

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://bitcoinist.com/tesla-halts-bitcoin-payments-over-environmental-concerns-sending-the-cryptocurrency-to-session-lows/?utm_source=rss&utm_medium=rss&utm_campaign=tesla-halts-bitcoin-payments-over-environmental-concerns-sending-the-cryptocurrency-to-session-lows

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Blockchain

In Less than A Week, How Internet Computer (ICP) Climbed To The Top 10

Republished by Plato

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Internet Computer Price (ICP) is Dfinity’s solution to give users more control over the internet. Research firm Messari has compiled a report, written by Mira Christanto and Wilson Withiam, on this project. Launch less than a week ago, it has managed to smash its way into CoinMarketCap’s top 10 with a $36,312,740,874 market capitalization and a $1,18 billion in trading volume.

Its developer, Dfinity, sits amongst the longest and best-funded smart contract platforms in the crypto space, claims Messari. As shown below, only Polkadot has raised more capital than the $121 million obtained by Dfinity for their project with an estimated additional $40 million for ecosystem development.

Internet Computer Price ICP ICPUSDT
Source: Messari

Build since 2016, Internet Computer hasn’t gained more interest due to its complexities and “abstract vision”. Its objective is to give developers the tool to create and host software without relying on big corporations.

Thus, the internet, its uses cases, data, and ecosystem will no longer be in the hands of a few big tech companies and users will enjoy more benefits. Under this platform, they will have a saying on how “a new internet” should be run. Messari claims:

The problem Dfinity is addressing extends beyond just blockchain technology. It aims to build a decentralized, scalable cloud-like platform that can store data, perform computation, and support community-driven governance. It’s addressing the issues plaguing traditional internet, such as relatively low data security and an oligopoly consisting of big tech companies.

ICP has been launched on major exchanges, such as Huobi, Binance, Coinbase Pro, OKEx, and others. At the time of its debut, ICP traded for around $506 and dropped south of the $290 price mark. Since then, it has oscillated in this range.

ICP ICPUSDT
ICP on a downtrend after exchange debut. Source: ICPUSDT Tradingview

Internet Computer Price (ICP) And Its Unique Tokenomics

Dfinity’s platform could be defined as a project to expand internet access, eliminate the “monopoly” enforced by big tech, and offer developers, users, enterprises, and governments a mechanism to deploy “software and services directly to the public internet”. Messari adds:

It aims to not only reduce platform risk but also reduce complexity in building and maintaining systems. This would also accelerate the time it takes developers to launch a new product. Executed correctly, Dfinity hopes to offer the first blockchain that runs at web speed and can scale to support any volume of smart contract computations and any amount of data.

ICP will have a total supply of 469,213,710 with the majority distributed to seed investors, the DFINITY Foundation, team members, early contributors. 0.80% will be destined for a community airdrop and 0.48% for early community members.

Internet Computer Price ICP ICPUSDT
Source: Messari

As researcher Mira Christanto pointed out, ICP will have initial low inflation. As the image above shows, a large percentage of its supply will remain locked for at least 3 years. ICP will be used for 3 purposes: incentive and enable the governance model, provided validators with rewards, and produced a stablecoin called CYCLES.

The stablecoin is produced from ICPs and will have a burn mechanism to “fuel computation” for the Internet Computer.

Internet Computer Price ICP ICPUSDT
Source: Messari

As Christanto said, this burn mechanism will contribute to the stabilization of computation demand, maintaining low gas feed, and keep ICP’s price “independent”. The researcher concluded:

Competition among programmable Layer 1s is intense. Dfinity has luckily launched during a bull market. But creating the ultimate world computer is still at play.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://bitcoinist.com/in-less-than-a-week-how-internet-computer-icp-climbed-to-the-top-10/?utm_source=rss&utm_medium=rss&utm_campaign=in-less-than-a-week-how-internet-computer-icp-climbed-to-the-top-10

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