News That Can Break Bears
Well that was random. Does anyone like turtles btw? Let me know in the comments if you do.
Pretty hype news today, no price activity. Aaaah. Today we have news that a few organisations, but Microsoft and Starbucks primarily, are integrating BTC payment methods: https://www.nasdaq.com/article/intercontinental-exchange-plans-to-form-bakkt-20180803-00433
Noice.
In terms of retailers it doesn’t get much bigger than Starbucks. There are more Starbucks locations than there are McDonalds in the states. I’m assuming this BTC payment solution will only be implemented in US stores at first.
The way they’re going to implement it isn’t quite what you think. It’s not a point of sale device which directly transacts on the Bitcoin blockchain. No, bitcoin is far too slow for that. More like a 3rd party exchange where you send Bitcoin to a wallet they control and you can instantly trade your coins and that transaction is later settled on the actual blockchain. The article says it’s going to be like the lightning network, but not really, or could you use, you know, the lightning network.
Still fantastic news, brilliant to see a major retailer pick up Bitcoin. Expected to be rolled out later this year. Amazon next.
Now we’ve long known about the next coins on CoinBase. https://dailyhodl.com/2018/08/03/confirmed-coinbase-custody-exploring-ripples-xrp-eos-neo-and-stellar-among-37-cryptocurrencies/ Lots of speculation about Ripple, about 0x.
Coinbase custody, not the same thing as coinbase, a custodial service for institutional investors with big money, have come out with a statement, or rather a list, of 37 coins they may potentially list including some as of yet undisclosed ERC20 tokens.
Will this effect the market? Well the news of it won’t clearly, maybe on the day of confirmed listing, nothing confirmed as of yet, I think they’re doing it this way to not get into any legal trouble for causing price pumps, but will use of this platform cause price action?
Short term it’s unlikely. There are a few ways institutional money can get involved in cryptocurrency, futures contracts for example, while the volume is growing for these types of investment methods, the volume is rather low on a grand scheme of things.
Still it ties into what I was describing yesterday in my video What Scares me Most About Crypto, in that all these platforms could effectively reduce the duration of a bear market.
According to Coinbase, any cryptocurrency additions made on Coinbase Custody have no bearing on whether they will be added to other Coinbase products.
Smash like if you enjoyed this video. Thank you for all of the support, and I’ll see you in the next one.
Its like you keep saying, all the bullish news is having no impact, last year any one of the news pieces we have heard in the last 8 months would have sent BTC, and crypto generally, for a moon shot, but this season, this market is different.
I suspect its in large part do to downward pressure from MT gox, or worries about that liquidisation at least.
I like turtles.
I still feel that the bear market has one last big run down before it ends. This should be good news for any of us that are getting crypto now, because we can buy cheap. Hopefully things will look better by the autumn but this is why people should only invest what they can afford to lose. None of us know the future, ignore those that think they do.
We are experiencing the opposite of earlier this year in that prices are now moving down despite great news. This is probably due to the perception of value now catching up to the fundamentals of the protocols and projects out there in the blockchain space.
With cryptocurrencies, price movement due to speculation is fickle. Price movement due to adoption will be steady and always trend upward.