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XRP is Now Live on BitPay’s Platform

BitPay is excited to announce that XRP is live on our platform. This means cryptocurrency consumers now can spend XRP with BitPay merchants and clients can pay BitPay invoices with a digital asset designed for global payments.

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XRP is Now Live on BitPay's Platform

BitPay is excited to announce that XRP is live on our platform. This means cryptocurrency consumers now can spend XRP with BitPay merchants and clients can pay BitPay invoices with a digital asset designed for global payments.

With XRP’s addition, BitPay now supports seven digital assets (BTC, ETH, XRP, BCH, USDC, GUSD, and PAX) that make up roughly 80% of the total market capitalization for all cryptocurrencies.

BitPay’s customers and the XRP community are already excited about this addition. Egifter’s CEO Tyler Roye said:

“We’re excited to add XRP as a payment option on the eGifter platform, and we welcome XRP early adopters in the same way we did those of Bitcoin in 2014.”

Ethan Beard, Senior VP of Ripple’s developer platform¸ Xpring, said:

“BitPay provides new and practical opportunities for the utility of digital assets. We hope to build upon this progress, to make it easy for everyone to integrate money into their apps. We’re excited to further our partnership with BitPay and enable the use of XRP for everyday purchases, which benefits merchants and consumers alike.”

If you’re wondering why a digital asset like XRP on a platform like ours would help with global payments, check out our blog post, The Problem with Cross-Border Wires and Why BitPay’s B2B Business is up 250%.

Source: https://bitpay.com/blog/bitpay-xrp-live/

Blockchain

‘Bulls have won’ — Bitcoin whale clusters suggest BTC trend reversal

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Bitcoin (BTC) whale clusters indicate that the price could be in a short-term trend reversal after BTC’s recovery beyond $10,700. In the past two days, BTC price rose by nearly 6% from $10,135 to $10,755 across major exchanges.

Whale clusters form when large investors accumulate Bitcoin and do not spend or move their holdings for significant periods of time. This typically indicates that whales expect BTC price to increase in the near term.

The hourly map of Bitcoin whale clusters

The hourly map of Bitcoin whale clusters. Source: Whalemap

Whalemap, an on-chain analysis firm that tracks whale activity, identified $10,407, $10,570, and $10,667 as whale clusters. In the short term, the three levels are likely to serve as potential support areas if BTC remains above $10,700.

Bitcoin market sentiment is turning optimistic

According to the analysts at Whalemap, Bitcoin can remain in a bullish trend as long as it defends $10,407. 

The analysts emphasized that the trend suggests “bulls have won,” as the market sentiment improves from the recent upsurge. They explained:

“Feels like bulls have won. Many supports below at $10,407 and $10,570 and volume profile support at $10,500. Should not be going below $10,407 to stay bullish.”

An interesting irregularity in the recent Bitcoin rally is that it has decoupled from gold, as Cointelegraph reported. While gold dropped slightly by 0.32% in the last 24 hours, BTC rallied above $10,700.

Willy Woo, an on-chain analyst, said decoupling indicates that the momentum of Bitcoin is strengthening. He said:

“Bitcoin will decouple from traditional markets soon, but driven by its internal adoption s-curve (think startup style growth) rather than changes in perceptions as a hedging instrument by traditional investors.”

Atop the various technical factors buoying the uptrend of Bitcoin, the current fundamentals project a positive near-term outlook. 

Earlier this week, data from Glassnode showed that the number of small Bitcoin addresses abruptly plunged in September. Despite this, the analysts at Glassnode noted that the data is not concerning and does not impact network fundamentals. They explained:

“The recent drop in #Bitcoin addresses holding ≥ 1 $BTC is of no concern and has no relevance regarding network fundamentals. This was merely an exchange doing inhouse cleaning, and merging a bulk of small UTXOs in separate addresses into a single one.”

What do traders expect next?

Cryptocurrency trader Edward Morra believes that the market has to move above $10,830 to confirm a bullish continuation. 

If BTC rejects $10,830 and returns back below $10,500, the $9,800 to $10,830 range could cause BTC to stagnate over a prolonged period. Morra said:

“Below daily resistance, above daily support = Ranging market. Price currently at a bearish throwback at $10,830. If we move above, expect a re-test of daily resistance at $11,200. Not interested in trading chop range – Wait for expansion. Support = $9,800 – $10,100.”

Source: https://cointelegraph.com/news/bulls-have-won-bitcoin-whale-clusters-suggest-btc-trend-reversal

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Dave Portnoy Says Bitcoin is a Big Ponzi Scheme But He’ll Be Back

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Just months after making a grand entrance in the cryptocurrency space, the Barstool Sports Founder Dave Portnoy reaffirmed that he’s out of the field. In a recent podcast with Anthony “Pomp” Pompliano, the controversial day trader justified his exit by claiming that Bitcoin is a giant Ponzi scheme.

Portnoy’s Controversial Bitcoin History

Portnoy has become one of the most influential and controversial faces of legacy market day trading. Earlier this year, he declared that he’s “coming to Bitcoin,” which attracted lots of attention. Even the Winklevoss twins offered their help to educate him on Bitcoin.

However, his controversy quickly followed him in the vigilant cryptocurrency field, where the community rapidly spotted his pump and dump techniques. After buying several altcoins and claiming a loss of $25,000, Portnoy said that he’s out.

In Pomp’s recent podcast, he reaffirmed that he doesn’t own any digital assets as of now. He went even further by asserting that Bitcoin is “in my mind one big Ponzi scheme.” He argued that “you get in, and you just have to not be the one left holding the bag.”

Interestingly, though, his 2020 purchase of Bitcoin wasn’t the first. He admitted that he bought about $50,000 worth of BTC during the parabolic price increase in 2017 at about $15,000. When asked if he still holds the coins, Portnoy said that he lost the hardware wallet.

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Dave Portnoy (Left) And Anthony Pompliano (Right). Source: Twitter
Dave Portnoy (Left) And Anthony Pompliano (Right). Source: Twitter

Lack Of Accountability Is A Problem, But I’ll Be Back: Portnoy

One of the most notable features regarding Bitcoin has been the anonymity of the creator – Satoshi Nakamoto. Although the pseudonym is well-known and disputed, and some people claim to be Nakamoto, the true identity remains a mystery to this day.

Portnoy believes that this is a problem. He argued that if he ends up losing money or being scammed, he prefers to know who’s the person behind the entire operation. With Bitcoin, though, this “lack of accountability” raises concerns that he’s not comfortable with. Nevertheless, he noted that he’s planning to get back into BTC:

“I’ll get back. I’ve been saying that I’ll be back into Bitcoin. I don’t know when, but I’ll be back.”

He argued that the community and mostly the memes attracted him the most in the first place, and it’s what he misses the most.

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Source: https://cryptopotato.com/dave-portnoy-says-bitcoin-is-a-big-ponzi-scheme-but-hell-be-back/

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China’s Blockchain-Based Service Network (BSN) Integrates Tezos

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  • The popular blockchain company Tezos has become the last integrated network into China’s ambitious Blockchain-based Services Network (BSN).
  • Developers can employ the Tezos protocol through BSN’s global public city nodes and portals for a “simplified development and deployment experience.”
  • All three global public city nodes, namely Hong Kong, California, and Paris, have integrated with the Tezos Blockchain in both mainnet and testnet. 
  • Developers wanting to utilize the Tezos blockchain need to set up an account on BSN’s website and head towards the “permissionless services” section.
  • Upon choosing the preferred public city node, developers need to “create a new project” and “choose the chain” (mainnet or testnet). 
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  • After seeing the new project’s creation based on the Tezos blockchain, the next step is to insert Project ID, Project Key, and Access Address from the Project List. 
  • “All APIs provided by Tezos can be accessed in similar ways, and the original data format will be returned.”

  • China’s BSN was released earlier this year after some delays prompted by the COVID-19 pandemic. It enables developers to build applications, smart cities, and even digital economies on top of it without participants having to design a new network from scratch.
  • Prior to Tezos, BSN integrated other popular blockchain companies starting with Chainlink’s oracle. 
  • BSN also integrated the Chinese-based platform NEO to accelerate the adoption of the blockchain technology in the country.  
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Source: https://cryptopotato.com/chinas-blockchain-based-service-network-bsn-integrates-tezos/

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