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World Bank Digs Deeper Into DLT and FinTech for Financial Inclusion

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Why Etsy will not accept Bitcoin as payment ‘right now’

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Etsy Inc., which reported a strong revenue growth last year, alongside a surge in e-commerce amid the pandemic, does not intend to accept Bitcoin as payments on the leading e-commerce website, at least for now. According to President and CEO of Etsy, Josh Silverman until more people buy and also use the digital currency, he does not think that the Bitcoin payment integration will be very useful for the website.

However, the chief executive who admitted that he has held Bitcoin for the past six to seven years, believed that the asset can be “an interesting” store of value. In a recent interview with CNBC Squawk Box, Silverman explained his stance on the asset:

I’ve held Bitcoin for 6-7 years now on the theory that I think it can be an interesting stored value. 

It could be an interesting tender some day. We need a whole lot more people to buy it and own it before I think it’s really useful  

Although Etsy does not accept Bitcoins currently, users seem to have found a way around to accept crypto payments. A popular crypto influencer pointed out how some users make use of the ‘Other’ payment method as means to connect with users who will accept Bitcoin. Customers usually mention in a note that they prefer to pay in BTC and contact the customer directly with a Bitcoin payment address and amount. 

This goes to show that if the company were to integrate the asset as a payment option on its website, it could tap into a new market.

Moreover, the user base of cryptocurrencies is only growing, with 106 million global crypto users as of January 2021. A surge in crypto adoption has already influenced some institutions to integrate the payment network. As in the case of one Massachusetts-based hospital that set up a Bitcoin wallet to receive a donation of $800,000 BTC recently. 

In fact, many believe that firms like Tesla, MasterCard and the BNY Mellon Bank, which have already pushed Bitcoin toward mainstream adoption will attract others to mirror the firms’ BTC investment strategies. 


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Source: https://ambcrypto.com/why-etsy-will-not-accept-bitcoin-as-payment-right-now

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Will Chainlink find enough momentum for a recovery run?

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Chainlink’s price has risen exponentially since the start of 2021, both independently and on Bitcoin’s own coattails. However, LINK’s correlation being a double-edged sword has ended up hurting the crypto’s price aspirations after the coin fell by close to 35 percent over the week.

While the said drop is insignificant when compared to LINK’s growth this year, the coin’s price depreciation after having sustained a prolonged uptrend may be concerning for traders who have invested and supported its rally.

Interestingly, since the aforementioned drop, LINK has been facing resistance in its attempt to go on a solid recovery run. In the case of the crypto-market, while it is hard to ascertain in which direction the market will move, it is judicious to look at a few indicators and parameters to give us a better understanding of the coin’s fundamentals and its near-term price trends.

With sellers lower in number and buyers likely to enter the market, LINK will be able to maintain its current position and will look at initiating a bull run that can cover the losses it faced over the past week.

Source: Santiment

In such a scenario, it is important to understand whether coins are flowing in or out of popular exchanges. If LINK is now entering exchanges, one can argue that sellers are still willing to sell their tokens before the price falls even further. In the case of LINK, the opposite seems to be true, which in turn, is a positive sign for the coin and its price action.

According to data provided by Santiment, a major spike in exchange outflows for LINK has taken place over the past ~42 hours, with the same foreshadowing the price moving upwards. However, since then, LINK has been unable to go past key levels of resistance and has remained range-bound.

This is not unique to LINK as the entire crypto-market has had to endure bearish pressure thanks to the price slump Bitcoin has been subjected to. With the king coin having fallen below the crucial $50k-mark, many altcoins too have seen much of their gains disappear.

LINK’s correlation with Bitcoin is quite interesting to look at. According to market data, the BTC-LINK correlation is quite high with a value of 0.81, at the time of the writing, and this high correlation with BTC may also be the reason why LINK has been unable to fully initiate a recovery run.

Source: Glassnode

However, on the bright side, LINK’s fundamentals are still strong and make the possibility of a price rebound very probable. Transfer volume for Chainlink, for instance, continues to be extremely positive, with the same hitting a 2 year high yesterday. Finally, network data revealed that LINK’s transfer data was at a 1-month high with a value of 1,093.533 LINK.

Supplementing LINK’s bullish prospects, the token has also been able to establish an ATH of 56.189 percent with regard to the supply in smart contracts, according to data provided by Glassnode. The healthy state the network finds itself in can be taken as a sign that the price drop was temporary, and while the high correlation with BTC is still a limiting factor (such is the case with the general altcoin market), LINK may be able to build enough momentum to recover its losses.


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Source: https://ambcrypto.com/will-chainlink-find-enough-momentum-for-a-recovery-run

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Market Roundup: Bitcoin Bearish Run Still Holding Firm

Bitcoin continued to struggle on Friday as the market battled to maintain bullish momentum. The market was predominantly red on Friday as the global sell-off across the equity and stock market likely played a part.  Bitcoin dropped to $44,100 early on Friday before recovering back to the $47,000 range. Still unable to break or hold … Continued

The post Market Roundup: Bitcoin Bearish Run Still Holding Firm appeared first on BeInCrypto.

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On Friday, the crypto market experienced mixed emotions as bitcoin continued its struggle to push over $50,000. Cardano is among the altcoins that made huge strides as the crypto market starts looking ripe for the weekend investors. 

Bitcoin continued to struggle on Friday as the market battled to maintain bullish momentum. The market was predominantly red on Friday as the global sell-off across the equity and stock market likely played a part. 

Bitcoin dropped to $44,100 early on Friday before recovering back to the $47,000 range. Still unable to break or hold above the important resistance of $50,000. 

Source: Tradingview

Market Turning Green

While Bitcoin did not look so promising on Friday. The fact that it has managed to hold the around $47,000 indicates that the sell-off could be coming to an end. The weekend over the past few weeks has generally seen green before Monday and Tuesday dumps. It seems possible this weekend is setting up for a similar round of activity. 

Altcoins have already begun to turn green on the 24 hour time frame. 

Cardano Overtakes Binance Coin 

Proof of altcoins seeing green on Friday, while most altcoins were in the red, Cardano (ADA) saw a new all-time high of $1.29. 

Cardano has seen a phenomenal rally over the last month. The project has climbed over 250% from $0.34 this time last month, to breaking all-time highs at $1.29. 

Source: Tradingview

Cardano was likely the only project that had a great Friday. Not only did the project flip BNB to take third place behind Bitcoin and Ethereum. It was also the biggest top 100 gainer. Cardano was the biggest gainer on Friday, and it was also the only gainer in the top 100 to see double digit gains. Nothing in the top 100 came close to the performance seen by ADA. 

Source: CoinGecko

With the current market sentiment aimed at expecting weekend rallies and volatility. It is once again very likely that the market sees bullish price action across the board on Saturday and Sunday before seeing corrections on Monday and Tuesday. 

All eyes will be on the market this weekend to see if we do actually get more bullish buying. The total market capitalization of the market saw its fifth straight day of red. So while the short term looks bullish, we have not witnessed five red days in market capitalization since September 2020. Those five days of correction were not as sharp either.

Let’s see what the market has in store for the weekend. 

Source: Tradingview

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Ryan is a Fintech specialist with a passion for cryptocurrencies and blockchain adoption. He discovered Bitcoin in 2016 when investing in a Ponzi scheme, and it was the best decision he ever made.

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Source: https://beincrypto.com/market-roundup-bitcoin-bearish-run-still-holding-firm/

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