Daily Crypto Report: Bitcoin Price Slips Below $3,900; Customers Could Buy Starbucks Coffee with Bitcoin in the US (Soon?)
Bitcoin Slips Below $3,900, Failed to Climb Above $4,000
[zycrypto] In the last 24 hours, Bitcoin has broken a key support position of around $3,900. This follows a long bearish trend beginning during the weekend, triggered by its failure to climb above $4,000.
This was a signal that the bears had strength in the market. Because of this, they have continued to dominate and apply pressure to holders who are afraid that the current bearish trend will persist and continue to send prices further down.
At the time of press, this is the case, Bitcoin has dropped below $3,900 marking a more than 1% drop. Now, Bitcoin is trading for around $3,869. The drop by the crypto leader has also had a wider effect on altcoins as many have followed its lead, dropping by around 1% to 6%. The total market cap, which was trading above $135 billion a few days ago, has now fallen further down to reach a little over $132 billion.
Paying for Your Coffee with Bitcoin at Starbucks in the US
[The Block] Starbucks is currently working on designing and developing an application and a card that will allow the coffee magnum to become “Bakkt’s first merchant-on-platform”.
Initially, only the customers based in the United States will be able to use bitcoin to cover their coffee bill at Starbucks.
The equity stake was issued after the partnership between Starbucks and Bakkt was made official, while Starbucks agreed to allow bitcoin-based payments in return. The partnership announcement was in the meanwhile postponed as the companies were waiting for the decision from CFTC (Commodity Futures Trading Commission.)
New Bitcoin Scam Sweeps Instagram
[cryptodaily.co.uk] The latest major cryptocurrency scam seems to be targeting Instagram users after reports have surfaced discussing how ‘high-end’ brands are being used to manipulate users into parting with their Bitcoin. These reports seem to stem from Sweden, where Swedish Law Enforcement officers have issued warnings to stop more Instagram users being scammed in the future. According to Forbes:
“Products from high-end brands like Gucci, Louis Vuitton, as well as consumer electronics like Apple, have recently been advertised for spot prices between 50 and 300 Euros primarily to the general public in Sweden. In order to finalise the purchase, individuals are being tricked into exchanging fiat currency to cryptocurrency. Once such currency a transfer has been completed, the Instagram seller vanishes with the money, and the luxury products are never delivered to the buyer. This has persisted, even though cases are being reported to the law enforcement authorities.”
Invesco ($800 Billion AUM) Is Launching the “World’s Biggest Blockchain-Focused ETF” on the London Stock Exchange
[CoinDesk] Investment management company Invesco is launching a blockchain exchange-traded fund (ETF) on the London Stock Exchange today.
For the effort, Invesco has partnered with London-based Elwood Asset Management, an investment firm specializing in digital assets, to launch the product called the “Invesco Elwood Global Blockchain UCITS ETF.”
Elwood announced the news Monday, saying the ETF is designed to target companies with the potential to generate “real earnings” from blockchain technology.
Chris Mellor, head of EMEA (Europe, the Middle East and Africa) ETF equity product management at Invesco, said:
“The potential for blockchain to drive real earnings is huge, but it is often hidden within companies involved in other areas. This ETF offers investors access to companies with real earnings now, but with the added potential of blockchain-related earnings not reflected in their share prices.”
German Politician: Blockchain Strategy Should Include Framework for Crypto Trading
[CoinTelegraph] German parliamentary speakers have argued that the country’s blockchain strategy should include an appropriate legal framework for cryptocurrency trading and token issuance that would encourage the sector’s domestic development.
The suggestion was put forward by the Union parties’ finance spokesperson Antje Tillmann and her colleague Matthias Hauer at a public hearing initiated by the Bundestag’s Finance Committee on March 11.
The hearing was exclusively devoted to the opportunities that blockchain technology can offer to Germany as a financial and business hub. It centered on the current and desired state of blockchain development in the country and the federal government’s initiatives in the sector to date.
In their remarks, Tillman and Hauer emphasized that while still in its early stages, blockchain is poised to make a significant and constructive impact as a base technology for national digitization strategies across multiple fields, and that the foundations for its future implementation should therefore be laid today.
Disclaimer: The Daily Crypto Report is curated by DigiFinex for your reference only, it is NOT an investment advice.
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