The Market is Rising
Around 18:30, the Bitcoin price got a real boost and jumped from $ 6500 to $ 6770 in less than an hour. The rise came about at the same time as Square received a license to offer Bitcoin’s trade in its Cash app. Read more about it below.
At the time of writing, Bitcoin is up 4% in the last 24 hours and costs just over $ 6700. The total market value of course follows and now amounts to around $ 286 billion.
The technical analysts at Cointelegraph look at $ 6715 as a key level in the short term, and that the price must overcome it in order to reverse the short-term negative trend in 20-day moving average.
Square Receives Bitcoin-licence
Financial Services Provider Square, founded by Twitter CEO Jack Dorsey, has now received BitLicence in New York. This means that customers who go to New York can now trade Bitcoin in the Cash app. It also opens up opportunities for stores that use Square’s payment solutions to accept Bitcoin com payment.
The signaling effect that the New York Department of Financial Services (NYDFS) gave the license probably contributed to the market lift yesterday afternoon. The news and the promise came at the same time. The statutory standpoints that the state of New York agrees to put the lead for other states and that they open up for both Square and ItBit (see next section) agree to legitimize Bitcoin and krypto.
Last week, the crypto-exchange ItBit also received the approval of NYDFS to expand the range of cryptocurrencies they offer on their trading platform.
BIS Published Negative Raport
A 24-page report published by Bank of International Settlements criticizes crypto currencies such as Bitcoin, using the proof-of-work method to reach consensus. BIS consists of 60 central banks around the world.
The criticism is that this solution is not scalable enough to act as a global currency and that the risk of accumulation in the network is large if the usage should increase on a large scale. The Proof-of-Work method requires powerful computers and a lot of power to work, thus creating a risk to the environment.
Source: Financial Times
«Blockchain is a must»
Group CEO, Sergio Ermotti, in the Swiss giant UBS Group, says in your interview that blockchain is almost a must for companies.
Ermotti said in an interview with CNBC that technology can help companies become more efficient and reduce costs in some operations. He says that technology will generally help to free up resources and thus make businesses more efficient.
Furthermore, he says the industry is under pressure on margins, and companies must deliver on price, not just customer service and products. Here, blockchain technology can be disruptive.