Bitcoin Weekly Recap 6-17-2016
Bitcoin Price Continues Forward March...
Last week, we noted that Bitcoin’s price has been flirting with the $600 mark and wondered whether the momentum could be sustained. Apparently it could. In spite of some analysts’ suggestion that the price might have been ready for a correction, Bitcoin has continued its ascent and surged past $750 mid-week – a high that had not been seen for more than two years. By late Thursday, the price topped the $770 mark, after dropping back below 730. The fact that the currency narrowly avoided an official correction earlier in the week has prompted some to suggest that upward movement may continue for some time, especially with ongoing concerns over Brexit, expanded interest in blockchain technology, and the looming network reward halving.
... But 60% of UK Business Owners Still Believe It Will Fail
According to a recent Smith & Williams Enterprise Index survey, fully 60% of business owners in the UK have little faith in Bitcoin’s ability to gain the widespread acceptance it needs to have a major impact on payment methods or other currencies. Respondents to the survey shared a view that suggested that the cryptocurrency had not been impactful in those areas over the last five years – a failure that they expected to be true over the next five years as well.
Those results may indicate a greater need to raise awareness about the digital currency’s success in recent years, especially in light of the fact that BitPay announced earlier this year that there were now more than 100,000 retailers accepting Bitcoin. With major companies like PayPal and Microsoft beginning to embrace the currency and its empowering technology, and with important sectors of the economy ramping up their interest as well, such pessimism certainly seems unmerited.
Bitcoin Deposits Now Accepted by Digital Bank WB21
Customers using the digital bank WB21 now have one more way to add funds to their checking accounts, as the bank has announced that it will now accept Bitcoin for deposits and transfers. The process uses BitPay for payment processing of customer deposits, enabling its hundreds of thousands of global customers to fund their checking accounts with the currency they select. Those funds are instantly available for spending or wire transfer.
BTCC Mints Five Bitcoin Titanium Coins to Celebrate Fifth Anniversary
To celebrate its five-year anniversary, Bitcoin exchange BTCC this week released new physical Bitcoins - the 2016 V Series Five Bitcoin. Each coin is 50 millimeters in diameter and 5 millimeters thick, and made from solid titanium. The series will be limited to 500 coins total, includes the word “five” inscribed in twenty-one different languages on the back.
Bitcoin Among Investments Traders Believe Will Rally
According to the Street, the collective sentiment of traders using the social trading app Tradebird indicates that Bitcoin is among six key investment vehicles that they expect to do well in the near future. Consensus suggests that there is 92% bullishness where the world’s most well-known digital currency is concerned. Traders have cited a number of reasons for this bullish outlook, including Bitcoin’s increased availability at news agents in Australia, concerns over devaluation of the yuan, and the upcoming halving of Bitcoin rewards. Given the price rally seen in recent weeks, it would seem that these investors are not the only ones sharing that optimism.