- Bitcoin trades at a daily high as yet of USD 6,423
- Tone Vays says Bitcoin bottom could still reach USD 2,800 before halving but that it was quite unlikely now
- Santander plans to expand its Ripple-backed payment solutions to Mexico by 2020
After spending some hours below the USD 6,000 support line on late Sunday and early Monday trading, Bitcoin price made a distinct recovery to push a daily high so far of USD 6,423 (CoinDesk), where it is still trading at time of writing.
Volumes at most exchanges are tapering off, as traders in major cryptocurrency look set to be in a fresh phase of consolidation — or indecisiveness, whichever you want to accept as the reason. Compared to the past weeks of extreme volatility, crypto prices are trading in a tight range, with both Bitcoin and XRP only climbing just over 3% today so far, although Ripple (XRP) is making strong moves at more than 10%, others like Stellar (XLM) and Dash are both also pushing the same 3% gains in the last 24 hours.
Bitcoin commentators are now feeling more and more confident that the worst could be over. YouTube influencer Tone Vays, who has been rather bearish for the short term this year, showed some of his long-term bullish vibes in his latest Trading Bitcoin YouTube series on Sunday, who earlier firmly reminded his listeners of his logic that 20% of the 2019 highs should still be the bottom at USD 2,800.
While he still thinks that it is possible before the halving event for Bitcoin due to happen in May, he did agree that it was probably unlikely to happen after Bitcoin successfully bounced of USD 3,700 levels, a marker Vays does not see as being revisited again this year. He noted:
“I don’t think it’s likely anymore. Because I think this incident, this event earlier this month was close enough $2,800 that I’m no longer expecting $2,800.”
The influencer further backed up his statement by pointing at how Bitcoin has been able to maintain higher levels of support, recovering almost 90% in the fortnight following that 2020 low. He says that had BitMEX not crashed during the dive, USD 2,800 should, in fact, have appeared. He insists:
“If BitMEX did not go down, we probably would have $2,800 and maybe even lower. It’s very possible that if BitMEX didn’t crash, the selling would have just accelerated, but right now, I’m under the assumption that the low is in.”
BitMEX is one of the world’s major players in derivatives trading for Bitcoin and handles most of the world’s recorded volume for derivatives trading. It had denied ever playing a part in the selloff of Black Thursday when the platform suddenly was taken offline.
Meanwhile, Spanish bank Santander has put out plans to roll out its international payments system One Pay FX, which is based on Ripple’s Ripplenet platform, in Mexico before the end of this year. Earlier this month, the bank filed in a Form 20-F with the US Securities and Exchange Commission.
Apparently, One Pay FX will not be affiliated with the XRP crypto and thus does not need the token to run. The annual Form 20-F describes the solution as a:
“Multi-corridor international blockchain solution […] for individuals and SMEs [small-to-medium enterprises].”
Santander already launched the same platform with its banks in Brazil, Poland, Spain and the United Kingdom as early as two years ago, before adding Chile and Portugal to the list. Santander says that currency customer experiences are “sub-optimal” and suffer from “client stickiness” so will roll out this system that is more predictable, transparent, faster and at a competitive cost.
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