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Payments Giant Visa Acquires Fintech Firm Plaid for $5.3 Billion

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Payments behemoth Visa acquired financial technology firm Plaid for $5.3 billion, according to a press release published on Jan. 13.

Per the release, Plaid has developed a network that allows users to easily connect their financial accounts to the apps they use to manage their financial lives.

The firm’s products reportedly allow for convenient sharing of financial information with thousands of apps and services by allowing users to link various accounts. 

The announcement states that 75% of the world’s internet-enabled consumers used a fintech application for moving funds. As such, it has “become increasingly important to facilitate consumers’ ability to use fintech applications.” Visa Chairman and CEO Al Kelly commented:

“Plaid is a leader in the fast growing fintech world with best-in-class capabilities and talent. The acquisition, combined with our many fintech efforts already underway, will position Visa to deliver even more value for developers, financial institutions and consumers.”

Plaid also serves cryptocurrency wallet Abra, while cryptocurrency exchange Coinbase also uses the firm’s services to obtain customer’s banking information.

Visa’s interest in innovation

Visa hopes that the acquisition will enable it to work more closely with financial technology firms. Kelly explained that Plaid’s acquisition transitions Visa from connecting buyers and sellers to connecting consumers with fintech services.

The acquisition is still subject to regulatory and customary closing conditions and will have no impact on Visa’s previously announced stock buyback program or dividend policy. The deal is expected to close in the next three to six months.

Visa has shown an active interest in innovations in the fintech sector. In October, Kelly said that the company is still in discussions with Facebook regarding Libra, despite pressure on the project from regulators globally. 

In late September, Visa announced that it partnered with the United Kingdom-based digital banking app Revolut. The partnership allowed Revolut to roll out its product in new jurisdictions including Australia, Brazil, Canada, Japan, New Zealand, Russia, Singapore and the United States.

Source: https://cointelegraph.com/news/payments-giant-visa-acquires-fintech-firm-plaid-for-53-billion

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Bitcoin Price Ready to Push Above Key Resistance to Hit $10,000

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Bitcoin (BTC) price sees a tremendous start of the year as it surged 25% year-to-date. Not only has Bitcoin been flourishing over the past few weeks, but altcoins have also been following along. Will Bitcoin continue the upward momentum, or is it a temporary top close?

Crypto market daily performance. Source: Coin360

Crypto market daily performance. Source: Coin360

Bitcoin breaks the 7-month downtrend

The price of Bitcoin broke through the downtrend a few weeks ago, which marked the possible end of the downwards pressure. The slight test of $7,600 confirmed this breakout, after which price continued to rally towards $9,000.

BTC USDT 12-hour chart. Source: TradingView

BTC USDT 12-hour chart. Source: TradingView

The price of Bitcoin broke above $8,200 and rallied towards $9,000. This level is currently providing a barrier to go through and is the next resistance.

BTC USDT 4-hour chart. Source: TradingView

BTC USDT 4-hour chart. Source: TradingView

The 4-hour chart is showing a similar move upwards. Remarkably, the $8,600 level instantly flipped to become support in the past few days, after which the price of Bitcoin continued to rally towards $9,000.

The occurrence of a possible bearish divergence is currently showing up on the charts. However, to confirm this bearish divergence, the price of Bitcoin needs to drop below $8,800.

But, $8,800 is currently holding, and the price has been moving in a tight range between $8,800 and $9,000. Thus, a breakout in the coming days looks likely. The question remains to which side this breakout will happen and what are the targets?

Total market capitalization breaks downtrend too

The total market capitalization has also broken the downtrend upwards and is currently hovering around $248 billion.

Total market capitalization cryptocurrency chart. Source: TradingView

Total market capitalization cryptocurrency chart. Source: TradingView

As the recent article showed, the next resistance is at $247-248 billion. The green zone at $195 billion became support, after which price continued to rally. A similar flip occurred at $207 billion, which led to the breakout of the downtrend.

The next resistance shows at $247-248 billion (our current price level) as that level supported during the summer period of 2019. This level should typically be where traders who are anticipating a breakdown to short or sell their positions. Breaking through this level would put the next targets at $268 and $350 billion.

Total market capitalization cryptocurrency 3-day chart. Source: TradingView

Total market capitalization cryptocurrency 3-day chart. Source: TradingView

The total market capitalization chart often shows a brighter view than the Bitcoin chart alone. The chart shows that the market capitalization bounced off a significant trendline. This trendline could define the support and trend for the coming years.

Aside from that, the $173 billion levels showed support and marked a bottom, after which the market capitalization rallied to the next resistance of $250 billion as discussed above. A breakthrough would generally lead to the continuation of this trend towards $350 billion.

Altcoin market capitalization looks identical to February 2019

Total altcoin market capitalization. Source: TradingView

Total altcoin market capitalization. Source: TradingView

The altcoin market capitalization is showing similarities with February 2019. The total altcoin market capitalization hovered below the support of $48 billion in that period, after which the breakout led to a surge of 190% in the months after.

A similar structure is shown in the recent chart. The total market capitalization had support at $52 billion, after which a break and flip of $58 billion caused a rally to the next resistance. The next resistance is the price level of $80 billion, where the current altcoin market capitalization is hovering.

If the altcoin market capitalization breaks through this zone, the next targets are found at $92 billion and $130 billion, which would mean that this market cap is at the same level as it was during the summer of 2019.

Bitcoin Dominance on the edge of breaking down

Bitcoin dominance chart. Source: TradingView

Bitcoin dominance chart. Source: TradingView

The chart of the Bitcoin dominance is showing signs of a potential breakdown. If the dominance of Bitcoin drops below 67%, a continuation of that drop towards 60% is likely to occur. Such a dropdown would lead altcoins to outperform Bitcoin.

The top of the Bitcoin dominance chart is displaying bearish divergences, which usually means a trend reversal. Similar signs were shown at the top in September 2018.

The bullish scenario for Bitcoin

BTC USD bullish scenario. Source: TradingView

BTC USD bullish scenario. Source: TradingView

The momentum is currently upwards, so the bullish scenario is likely. Based on the recent price movements, holding $8,800 is essential for continuation towards the upside.

If $8,800 holds as support, a breakthrough of the $9,000 level is likely to occur. The next resistance levels which I’m targeting are $9,400 and $10,000.

Overall, Bitcoin started to rally since $6,400, so the upwards continuation will be stopped at some point to consolidate. That’s the main thing I’m expecting in the coming weeks from Bitcoin. If Bitcoin breaks upwards again, it’s most likely to start ranging between $9,000-$10,000 for some time in preparation for the next push upwards.

Where do we establish that range? At this point, it’s not certain as we don’t have full confirmation of any short-term trend reversal, and the price is still looking to push upwards. If the price of Bitcoin breaks through $10,000, then FOMO (fear of missing out) could come back into the market, triggering the price to go towards $11,600.

The bearish scenario for Bitcoin

BTC USD bearish scenario. Source: TradingView

BTC USD bearish scenario. Source: TradingView

As stated previously, bearish scenarios are only bearish scenarios for short-term purposes, where the price generally needs to establish a range. Usually, bouncing from a new support level would lead towards a continuation in the trend, which has been upwards over the past weeks.

Resistances are found at $9,000 and $9,400. If the price of Bitcoin can’t break through $9,000 and drops below $8,800, bearish divergences on short timeframes confirm a short-term trend reversal and the main target would then become $8,250. If that doesn’t hold, the next destination for support is $7,600.

A similar perspective is given if $9,400 doesn’t break upwards (through which Bitcoin makes a blow-off top). Targets for the retracement would then still be $8,250 and $7,600 as the main support zones.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Source: https://cointelegraph.com/news/bitcoin-price-ready-to-push-above-key-resistance-to-hit-10-000

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‘Weak Hands Are Out’ — Trader Who Called $20K Bitcoin Top Calls Bottom

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Bitcoin (BTC) investors who are waiting for a price dip to even $6,000 have “missed” their opportunity already, veteran trader Peter Brandt says.

In a market discussion with Cointelegraph on Jan. 17, the 40-year market stalwart said that contrary to what some believe, BTC/USD has already hit its floor.

Brandt: “The weak hands are out”

“They all now want to sit and buy a break back to $6,000 or $5,000 and they’ve missed the bottom — and during that bottom, I think you had a lot of people accumulate with strong hands,” he summarized.

Brandt continued:

“The weak hands are out; the strong hands own it.”

As a long-time Bitcoin advocate, Brandt was continuing a bullish streak he began on social media earlier this month.

As Cointelegraph reported, his personal sentiment has undergone a change since late 2019 — as recently as December, he had warned there remained a chance for Bitcoin to put in lower lows in 2020 thanks to novice investors he described as “cryptocultists.”

In early 2018, one month after Bitcoin reached its all-time highs of $20,000, Brandt warned markets would not be going any higher, and that an 80% retracement was likely. BTC/USD hit local lows of $3,100 — 84.5% lower — a year later.

Now, however, the danger has subsided, Brandt suggested, in comments echoed in the discussion by fellow trader Alessio Rastani.

“Anybody” should have 10-20% BTC portfolio

“I think anybody who is interested in what Bitcoin has to offer has to have at least 10-20% of an ownership position relative to the capital that they could commit to Bitcoin in a bigger perspective,” he advised.

Bitcoin has sealed monthly gains of around 35%, with 2020 progress alone at 25%. Markets reached local highs of $9,000 on Friday, before encountering resistance, which coincides with the 200-day moving average price, something which has historically stifled bullish progress.

The latest statistics meanwhile suggest that interest in Bitcoin extends beyond lay consumers — volume surges on futures markets signal institutional commitment as well, commentators have said.

Cointelegraph regularly produces Market Discussions, Interviews and Documentaries. To watch more of our videos, subscribe to Cointelegraph’s YouTube channel.

Source: https://cointelegraph.com/news/weak-hands-are-out-trader-who-called-20k-bitcoin-top-calls-bottom

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Bitcoin SV Drops 40% as Lawyer Admits Craig Wright Has No Private Keys

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Controversial altcoin Bitcoin SV (BSV) has crashed 17% overnight after its main proponent failed to prove he has access to $9 billion in Bitcoin (BTC).

Data from Coin360 and Cointelegraph Markets confirmed a difficult 24 hours for BSV holders, who saw huge gains over the past week as Craig Wright’s court case delivered fresh revelations. 

Wright evidence “did not include” BTC keys

After Wright had promised to prove he was the controller of funds linked to Bitcoin creator Satoshi Nakamoto, BSV — the hard fork of BTC he claims is the “real” Bitcoin — shot up to all-time highs of $436.

In the event, Wright disappointed. After what he described as a “bonded courier” delivered evidence in the multimillion-dollar legal battle to confirm his identity, Wright’s lawyer subsequently confirmed it contained no private key information at all.

“The file that he’s received did not include private keys,” Andres Rivero told cryptocurrency news outlet Decrypt on Jan. 18.

Bitcoin SV 7-day price chart.

Bitcoin SV 7-day price chart. Source: Coin360

Even before the information went public, BSV began descending from its highs to hit press-time levels of $262 — 40% below its Jan. 15 peak.

Bitcoin Cash reclaims market cap

While BTC has sustained higher levels in recent days and weeks, BSV’s fortunes now appear inextricably tied to developments with Wright. 

As Cointelegraph reported, the events triggered derision among online commentators, with memes involving fake BTC transactions circulating on social media. 

BSV has now lost the position of fourth-largest cryptocurrency by market cap, which it briefly took from fellow hard fork, Bitcoin Cash (BCH). By contrast, over the past 24 hours, BCH/USD gained 7%.

In the top twenty, only Dash (DASH) matched BSV for losses, shedding 15% after likewise experiencing sudden gains in January.

Source: https://cointelegraph.com/news/bitcoin-sv-drops-40-as-lawyer-admits-craig-wright-has-no-private-keys

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