Úno 22

What’s Causing Bitcoin’s Current Bullish Run?

Source: bitcoin

What’s Causing Bitcoin’s Current Bullish Run?

The price of Bitcoin has been trending upwards for the past couple days giving some people the opinion that it is in a bullish phase. The value of the cryptocurrency has been quite eventful as it had been sitting at USD $375 over the past couple of weeks until just recently bumping up over the $400 mark. On the 21st of February, the price had touched $450 per BTC and seemed to be edging towards the $500 mark. However, the market value hit resistance and now is hovering in the $425-435 range.

Also read: Linux Mint Backdoor Puts Users and Bitcoin Miners at Risk

Bitcoin’s Bullish Run Trends Upwards

A few publications including Forbes believe that it’s possible the recent Miners agreement, and the Bitcoin Classic node adoption has increased the price. Sentiment has seemed to be in good spirits from some camps and others have been negative about the two subjects. Speculation on the fact that these two proposals are lifting the price doesn’t seem to be the case as both sides still have disagreements. The early discussions of consensus possibly coming to a conclusion could be making the price rally, but it’s not too clear if this is the reasoning behind it. There have been a few positive write-ups by mainstream media at times but nothing too sensational that has seemed to be the direct cause of the price spike.

Others have felt that institutional awareness has brought the price up a touch from corporate entities such as Microsoft and IBM. However, these two companies in particular and a whole slew of other businesses have clearly established they are not too interested in the Bitcoin blockchain. Most of these firms are creating and using other distributed ledgers that are permissioned by design. Some are using altcoin blockchains such as Ethereum, and this has caused a spike in price with ETH bringing it just below Bitcoin’s market capitalization.

As said above a few Bitcoin announcements have been made that have created enthusiasm within the crypto-community such as Steam integrating the digital currency. Other announcements like the fast-food restaurant Burger King accepting the virtual money in “Bitcoin City” of Arnhem has also made headlines. One positive outcome this past week was an announcement from Kraken explaining that the Mt Gox bankruptcy claims were moving along making “significant progress.” 21inc has revealed some new Bitcoin developments with its 21 computer such as a fee prediction service and micropayment platform. Despite the few announcements concerning the digital currency most news in the industry pertained to just blockchain technology.

As the Bitcoin Reward Halving Approaches Hashrate Decreases

The Bitcoin price after rallying to the $450 mark has corrected but shows there still may be some uptrend in the near future. There could possibly be a second spike shortly with current Relative Strength Index (RSI) levels looking positive. The value could still make it to the sought after $500 mark this week if it can eat through market resistance. The weekly chart looks like a steady bullish trend, and the 4-hour chart look as though there may be a breakout but it may go downward.

The upcoming reward halving is taking place soon, and miners are getting prepared for this as we speak. Many believe there currently is a shift in the mining space due to the changes coming, and some say this has, in turn, lowered the hashrate at the moment. At press time, we are seeing a slight advance from last night’s drop so a second run up may be coming soon. Currently, the price is at $438 per BTC via Bitstamp at the time of this writing.

 

What do you think about what’s causing the upswing in Bitcoin price? Let us know in the comments below.


Images courtesy of Pixbay, Blockchain.info, and BitcoinCharts.com

 

The post What’s Causing Bitcoin’s Current Bullish Run? appeared first on Bitcoinist.net.

What’s Causing Bitcoin’s Current Bullish Run?

Share
Úno 18

Burger King Arnhem Now Accepts Bitcoin Payments




Source: bitcoin

Bitcoinist_Burger King

Many businesses around the world have started accepting Bitcoin, and it is only a matter of time until the popular digital currency gains more use cases. Up until this point, a lot of people saw Bitcoin as e-money that could only be spent on goods and services online. Slowly but surely, that is starting to change, as Burger King Arnhem is now accepting Bitcoin payments.

Also read Multi-sig Wallet BitGo Integrates with ShapeShift.io API

Arnhem Bitcoinstad Welcomes Burger King

One thing Bitcoin lacks is a major use case for everyday consumers, such as paying for food at a major brand,  or paying for public transportation. Companies like Plutus are working on solving that latter problem, as their mobile application will be released later today, letting consumers pay with Bitcoin wherever NFC payments are accepted.

At the same time, the first issue is slowly being solved as well, thanks to initiatives such as Arnhem Bitcoinstad and Ghent Bitcoinstad. Both of these major European cities are converting local businesses into places where consumers can pay for goods and services with Bitcoin.

Speaking of Arnhem Bitcoinstad, they have recently welcomed the 100th participant. Not only is this a joyous occasion, but the team also managed to add a significant food location to their list of Bitcoin merchants, as none other than Burger King Arnhem is now accepting digital currency payments.

It seems to make a lot of sense for companies like Burger King to accept Bitcoin payments, as this is a global payment method that removes any friction associated with credit cards or foreign currency exchange. However, such a decision will not be made easily, and the Arnhem location is the first Burger King restaurant to experiment with Bitcoin.

Mystery Event To Celebrate Bitcoin Efforts

To celebrate the 100-retailer milestone, a mystery event will be held at Burger King Arnhem tomorrow evening, starting at 19:02 GMT+1. This meetup is organized by the Arnhem Bitcoin Users group, and further details are unknown at the time of publication. What we do know is how this meetup will be a great way for Burger King staff to get acquainted with Bitcoin payments.

It goes without saying how initiatives such as Arnhem Bitcoinstad are doing an excellent job of putting Bitcoin on the map in Europe. Up until a year or two ago, it was all but impossible to spend Bitcoin at a physical location, and now there are one hundred in Arnhem alone. More efforts like these are needed throughout the rest of Europe, as well as across other continents.

Source: Facebook

Images courtesy of Arnhem Bitcoinstad, Burger King, Shutterstock

The post Burger King Arnhem Now Accepts Bitcoin Payments appeared first on Bitcoinist.net.

Burger King Arnhem Now Accepts Bitcoin Payments




Share