This Week in Crypto – 2-9 February
Mastercard CEO Reveals Why The Company Left Libra
Compliance appears to have been the primary cause for the sudden decision. The Libra association’s key members reportedly refused to commit to “not do anything that is not fully compliant with local law.” Specifically, Banga pointed to anti-money laundering, know your client and data management regulation.
Mastercard’s CEO was, predictably, a harsh critic of any attempt at making national payment systems:“The economic cost of building siloed [payment] systems in a world where citizens travel globally is really stupid, and where crime travels globally is even more stupid, and where technology is completely global is even three times more stupid.”
According to him, local networks fragment the transaction data necessary to do analytic work. This makes tracking crime more difficult in an age where terrorists do not respect borders, argues Banga.
BitPay CEO: Platform Will Support Mora Cryptocurrencies and Possibly Lightning Network
While Pair was unable to disclose which cryptos would be added to the platform next, he mentioned there’s focus on the top-performing blockchains with the highest market capitalization.
BitPay, which has been operating since 2011, has become a leading Bitcoin payment service provider. According to Pair (the CEO of BitPay), the company conducts over a billion dollars a year in payment volume and has about 30 thousand active merchant accounts. Major enterprises like AT&T and Microsoft also use BitPay to allow customers to make transactions using cryptocurrency.
BitPay recently added support for XRP, the cryptocurrency used by Ripple’s payment network. BitPay’s CMO, Bill Zielke, said that BitPay merchants everywhere are now able to accept XRP without any additional integrations required.
BitPay also supports 3 stablecoins pegged to the U.S. dollar – USD Coin (USDC), Gemini Dollar (GUSD) and Paxos Standard Token (PAX). The platform, however, has been criticized for not supporting Tether (USDT), which is the stablecoin with the biggest trading volumes.
Can XRP Price Rally 180% Again if it Breaks 2-Year Downtrend?
When looking at the daily XRP chart one can see that there’s more potential upside to be attained.
The last time XRP broke such a tremendous downtrend, the price rallied 180%. A similar breakout and move would lead towards a target zone of 0.00006600 satoshis. It wouldn’t be a surprise to see such a move, as XRP usually makes a swift jump in a few days, without any retrace.
As the chart is showing, the previous breakout in September 2018 led to a push of 180%, after which price stabilizes and doesn’t make any higher highs.
Many similarities can also be found between today’s price action and XPR’s market structure at the beginning of 2016. The same similarities are shown in the XRP chart. The price of XRP fell below the support in 2015. This breakdown led to a significant push of 200% and the breakout of a downtrend.
Bitcoin Sees Bull Revival as Price Bounces Above $9.4K
Bitcoin has bounced strongly in the last 24 hours, reviving the immediate bullish view.
The top cryptocurrency by market cap started picking up bids at lows below $9,100 late on Tuesday and rose sharply above $9,400 soon before press time, according to CoinDesk’s Bitcoin Price Index.
Bitcoin was facing selling pressure yesterday and had looked likely to slide to the 200-day average at $8,867. After all, bitcoin had dropped below the former resistance-turned-support of $9,188, validating the bull fatigue, signalling by Monday’s Doji candle.
The decline, however, was cut short near $9,075 as noted above and the 3.5 percent bounce seen since has neutralized the case for a deeper drop.
A UTC close above Monday’s high of $9,615 would likely cause more buyers to join the market, leading to a quick rise to $10,000.
CoinFlip Adds Support for Stellar XLM to Its 450 Crypto ATMs
The listing increases XLM’s availability in bricks-and-mortar stores, Polotsky said. CoinFlip operates about 450 ATMs in gas stations and convenience stores across the United States, allowing customers to buy a variety of cryptocurrencies with credit cards.
It also runs 40 two-way ATM locations where users can sell their crypto for hard cash USD.
CoinFlip ATMs already offer customers access to bitcoin (BTC), litecoin (LTC), ether (ETH), dash (DASH), komodo (KMD), chainlink (LINK) and tron (TRX). Polotsky said XLM’s high daily liquidity and market prominence – plus his customers’ requests – prompted him to list the token.
CoinFlip plans to continue adding coins as it rapidly expands its own ATM network, which already has clearance to run in over 40 states, according to Polotsky.
“We’re trying to push out 20 [ATMs] a week,” he said.