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CEO Of BitPay: ‘Fidelity And Bakkt Will Drive The New Big Bitcoin Rally’

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The CEO of the global Bitcoin payment provider BitPay is in the daily cryptocurrency news. From what he said in a recent interview, he doesn’t seem worried about the downward moves in the price of the largest cryptocurrency by market cap.

According to Sonny Singh who is a prominent influencer in the crypto space, Bitcoin will likely surge towards the $15,000 to $20,000 area over the next year as institutional investors launch blockchain-powered products.

BitPay’s Singh talked in an interview with Bloomberg, in which he said that “we shouldn’t look at the price so much” since what really matters right now is what is happening behind the scene. As he believes, there won’t be any significant price movements in BTC (up or down) until institutional names come to market with their own products.

He pointed out to the financial services company Fidelity as one of the examples announcing that it would be launching a crypto subsidiary focused on custody and trade execution. Aside from this, he also mentioned future products by Bakkt, Square and Blackrock as potential drivers of an upcoming bullish move in BTC trading.

Despite Singh’s statement, Bitcoin is still in a mode of free falling and repeating a series of yearly lows, day after day.

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Bitcoin In Myanmar No More: CBM Sees It As Liability

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Bitcoin in Myanmar no more after the Central Bank of Myanmar announced that it doesn’t recognize bitcoin as money. Following the coming altcoin news, CBM considers the number one cryptocurrency as a liability rather than an opportunity. Myanmar is a developing country that is now considering shutting its doors down for bitcoin merely because it poses a threat to the central bank. Bitcoin proposes to replace banks with an improved decentralized network of transaction validators. This means that everyone with an internet connection can join the bitcoin economy and participate in global economies. But, the Central Bank of Myanmar stated previously that it would not allow Myanmarese Financial Institutions to accept or to facilitate transactions conducted with Bitcoin. The same rule applies to all other cryptocurrencies with similar properties. According to reports, Myanmarese investors are increasing their stakes in bitcoin despite the bad news. Local ads for bitcoin exchanges are still increasing and this shows that more people are looking to hop on the bitcoin bandwagon. CBM fears that this process can flush out a large part of the capital from Myanmar’s market to the industry in other countries which is the main reason why the bank is discouraging people from investing and therefore to make no more bitcoin available in the country. An IT professional Aung Aung who works at the Yangon Company pointed out for the latest cryptocurrency news that the people in the country face a lot of restrictions on banking. He admitted that he purchased about $20 worth of BTC in 2017 since he found that the cryptocurrency is perfect for conducting flawless ‘’global e-commerce and aid.’’ There are thousands of people in Myanmar who got into bitcoin for the same reasons Aung did. The bitcoin frenzy began in 2017 when the market valuation jumped up to $313.89 billion which five times more than the current GDP of Myanmar. The downside correction in 2018 brought the rates of Bitcoin to go down by 85 percent. The market now stands close to the $144 billion and there is a huge interest from institutional players. CBM now has two options: restrict people from investing in bitcoin or make Myanmar the perfect crypto-hub such as Japan or Switzerland. The chief executive of the digital commerce platform Get Myanmar pointed out:
 “Before making crypto illegal, its impact on the local currency and compatibility with existing policies should first be analyzed and discussed.’’
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Bitcoin Trader From India Takes His Life After Losing His Investment

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Bitcoin trader from India’s Gujarat State took his own life after he lost his investment that he made on behalf of a senior police officer, according to the latest cryptocurrency news coming from India. According to the reports, Bharat Patel hanged himself on Sunday after the deputy superintendent of police Chirag Savani and his elder brother Harnish Savani pressured him to compensate them the losses they incurred after they put all of their money in Bitcoin. In the suicide note, Patel pointed out that he invested money that belonged to the brothers in Bitcoin. The senior police officer invested previously a huge amount of bitcoin but when the price declined, the two brothers wanted more than they initially invested. An excerpt from his note says:
 “DySP [Deputy Superintendent of Police] had come to my house to invest in five bitcoins. After incurring a loss due to slide in their value, Chirag and his brother Montu were demanding 11.575 bitcoins. I am distraught due to the recovery they are claiming. My life is not worth living. DySP Chirag Savani came to my house and threatened me to return the amount they had invested. I have been forced to commit suicide. The two brothers are responsible for my act.”
The brothers demanded more than double of the bitcoin they invested as compensation. At the current prices, 11 bitcoin is worth about $92,000. According to Patel’s wife Usha, the bitcoin trader from India tried to reason with the brothers and make them accept the payment in installments. However, they wanted cash. Both of the brothers were demanding interest on the payment but the suicide note did not reveal the rate. After the slump of the crypto prices, the suicide rate became a huge issue in the sector. There has been a number of deaths related to suicide after losing an investment made in bitcoin. This is not surprising since this happens in the traditional financial markets as well. Suicides tend to grow when the market crashes. According to research that we read in the best cryptocurrency news sites, about 6,000 suicides are linked to the market crash especially the one ten years ago.
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Tom Lee Thinks That Bitcoin’s $8,000 Upswing Confirms End Of Crypto Winter

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There is no doubt that Bitcoin is in the latest cryptocurrency news as the most dominant coin. Since the beginning of this month, BTC has almost doubled and Tom Lee thinks that the recent rallies prove that the crypto winter is finally over. As the ice appears to have melted, many industry analysts are convinced that it is now definitely over. The Fundstrat Global Advisors' Bitcoin bull Thomas Lee was featured on many best cryptocurrency news sites after tweeting his thirteen reasons why the crypto winter is now over. Tom Lee also stated what he described as a 'disturbing pullback to $6,200' and how the return to $8,000 for Bitcoin was confirmation that the trend is intact. While some of the reasons that Lee shared have more weight than others, he also said that the Bitcoin Cash was has had a lot of effect on the Bitcoin price over the winter. Next, he observed Grayscale's Bitcoin Trust which NAV premium fell to 5% in 2017 but has since surged by 41%. Over the counter volumes (OTC) have also started surging and a lot of brokers are reporting new client activity which shows a 60% to 70% more positive activity compared to levels from four months ago. There was also speculation that US President Trump's escalated trade war with China spurred buyers into loading up on Bitcoin as a safe store of value. Tom Lee believes that the 'golden cross' in late April was a major technical indicator that the trend has reversed. The altcoin news showed a positive action too - following the Binance hack which confirmed major confidence in crypto markets. Finally, this month's Consensys crypto conference proved that the crypto winter is over - as Tom Lee said. https://twitter.com/fundstrat/status/1130088055384215553 While referencing to the past week performance and the massive candle with surges of 13% and upwards (for Bitcoin alone), Tom Lee also added:
“Hell of a bullish weekly close on #Bitcoin with near record breaking volume, solidifying the strength and validity of this rally.”
Right now, Bitcoin looks like it is retracing below $8,000. However, this may be a short correction before a new upswing. Its dominance now sits at 57% and the total market cap is $244 billion.
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Crypto On WhatsApp: Send And Receive Bitcoin Litecoin As Of Today

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The latest cryptocurrency news today show that crypto on WhatsApp is not anymore a distant reality. The popular messaging app has decided to adopt two cryptocurrencies - Bitcoin and Litecoin - as the first two coins to be sent and received via the popular app. According to the official announcement by Zulu Republic, crypto on WhatsApp comes via an ecosystem of blockchain tools and platforms for organizations, businesses as well as individuals. https://twitter.com/ztxrepublic/status/1130169641626689537 Accessing Bitcoin and Litecoin on WhatsApp is now simple. All you need to do is add the Lite.Im WhatsApp bot after which you will receive instructions on what to do and how to start sending and receiving coins. On top of this, there are multiple other options for those who add the messaging bot such as earning digital coins through a referral program. Furthermore, the altcoin news show that users can also tweak the options. As crypto on WhatsApp is now a reality, they can set up a password, choose a language and also set a default coin. There is obviously much work left to be done as the two default languages are now Spanish and English. The company believes that the WhatsApp crypto features might lead to mass adoption. By introducing a new method of sending money through a messaging app, this may also be the benchmark for unbanked and underbanked to gain access to payment channels worldwide. Now that crypto on WhatsApp has landed, the big goals for the evolution of cryptocurrencies is simplifying the transactions. Even though many familiar with how crypto works argue that making transactions is already easy, less tech-savvy individuals might not agree. This is what many best cryptocurrency news sites reported over the past days. With a database that counts over 1.5 billion users, WhatsApp adopting crypto is a major milestone. There are many areas to which this service can expand. On another note, the adoption of cryptocurrencies is advancing rapidly, especially when it comes to Bitcoin. The price of Bitcoin and other altcoins obviously reflect this - which is best seen through the recent activity. As the largest coin is maturing, smaller cap cryptocurrencies are following it and posting gains.  
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