Bitcoin News Today — Headlines for May 20
By Coin Gyaan on The Capital
CashApp: Automatic Recurring Purchases of Bitcoin Are Now Available Here
The highly popular mobile payment service, Cash App created by Square Inc. that has always provided with a streamlined mode of money transfer, has now turned the tables of the financial world. With its brand new feature, Square Cash App is extending its prominence in the crypto world.
Jack Dorsey, CEO, Square Inc., made a Twitter announcement regarding the new feature of the cash App. The app now allows the users to make the automatic recurring purchase of Bitcoin. The users can purchase on a daily, weekly, or bi-weekly basis. The world knows the inclination of Dorsey towards BTC. When the app was launched in 2015, within 2 years, it started Bitcoin sale to facilitate traders to use the money transfer app for crypto trading. This brand-new revelation comes right behind the reported revenue of $306 million from the sale of BTC on the Square Cash App, that too, in the first quarter of 2020. Undoubtedly, it is a significant reason to bring automatic recurring purchases to make it better for users.
You can now do automatic recurring purchases of #bitcoin in @CashApp. Daily, weekly, or every 2 weeks. And change the display to sats. #stackingsats pic.twitter.com/kOlxQtkuwd
- jack (@jack) May 18, 2020
Bitcoin is one of the highly popular crypto coins that everyone is ready to invest in. Not just the users are happy, but they are highly supporting the brand new feature from the Square Cash App. Dorsey has rightly catered to his influence on Bitcoin to add to the new feature. It would be exciting to see how the financial services platform makes changes in its services to include BTC and cultivate crypto trading. The traders have widely praised this new feature.
Bitcoin Is Outperforming Major Banking Stocks In 2020 So Far
The world is indeed facing the wraths of coronavirus, and its consequences are bringing down the economy. March was a crucial month for the financial industry as it made the trade standstill. Even Bitcoin witnessed a sharp fell in its price. Fortunately, Bitcoin has recovered miraculously by soaring over 14% on April 30. It has reclaimed all the pre-corona bull run that it has bagged in 2020. On April 30 the Bitcoin price was quoted at $8,852.46 with an intraday high of $8,973.08 and low of $7,755.07.
The most significant digital currency is up by 30% from its low and outperforming all the stocks. It is important to note that Bitcoin is a non-correlated asset class that is not largely affected by economic, geopolitical, or pandemic conditions. These situations cannot impact it directly due to its decentralized nature.
After recovering from the March lows, Bitcoin charged back into the stock market with its optimal force. Bitcoin’s performance shunned the U.S stock market. Indeed, the Bitcoin has left the U.S banking stocks in the dust.
The “Pomp trade” having an epic year.
“Long bitcoin, short the bankers”
cc: @APompliano pic.twitter.com/YlCSLkT2pf
- Ryan Selkis (@twobitidiot) May 18, 2020
The founder of Messari (crypto analytics data provider), Ryan Selkis, made this tweet on Monday, where he highlighted the fortunes of Bitcoin and major U.S banks until Mid May 2020.
The stocks of Citi, Bank of America, Wells Fargo, and JPMorgan has been left behind as Bitcoin soars up to 37%. According to the analytics data, the major banks’ stocks have plunged down by 30–50% due to the massive staggering of Bitcoin. JPMorgan, the best performing asset, was running at negative 37.2%, and Bitcoin cleaning stripped it off by 300%. Both the stocks fell drastically in March, Bitcoin is significantly recovering, but JPMorgan standstill.
Mike Novogratz Has Forecasted Bitcoin’s Post-Halving Path
The founder and CEO of Galaxy Digital (crypto investment bank), Mike Novogratz, is particular about Bitcoin’s success after the halving. Novogratz says that Bitcoin will continue to stagger up after the much-awaited halving. He also added that Ethereum has got a lot to catch up with. Mike Novogratz revealed his views pon Bitcoin at an interview on Fast Money, CNBC. The crypto investment bank CEO believes that a growing number of investors will continue to buy Bitcoin after Paul Tudor Jones has referred the cryptocurrency as the “fastest horse” in his trading portfolio. Mike has taken reference from Paul Tudor’s comment to explain the hike in Bitcoin’s performance throughout the rest of the year.
On May 11, Bitcoin faced a sharp fall by 15% when it soared as high as $10,000 and fell hard to $8,400. Yet the Wall Street billionaire Mike Novogratz was certain with his prediction on Bitcoin and stated that it would rally up to $20,00 before wrapping up the year. In the wake of the halving event, the Galaxy Digital on his interview with CNBC interview rooted for Bitcoin’s performance when it had just witnessed a massive 15% fall.
Mike’s forecast was solely based on the strong backdrop of the recent happening and the supposed contribution by government, but the technical aspects of this prediction also seem bullish. When the Bitcoin with other cryptos crashed by 50% within a few days, many analysts were positive about a speedy recovery. Many analysts were bullish about the Bitcoin’s performance for the rest of the year despite its volatile situation.
Crypto Whale Has Sent 14,922 BTC to Anon Wallet
Recently Crypto Whale sends 14,922 BTC to Anon Wallet in the form of Average Fee. According to trading expert Mati Greenspan, the average fee for BTC trading is $6, and whales have sent invested around $143 million in Bitcoin and $53 million in EOS. The jaw-dropping transaction has left the crypto market in amazement. The crypto whales have yet again showcased a daring move and proved their hold on to the crypto market. In a recent Whale Alert, it was found that the key players in the market have moved $14,922 BTC to Anon Wallet and created a buzz in the market. In the wake of this startling new, Mati’s comment on the Bitcoin transfer fee also came as a shock. However, the industry experts emphasize on the recovery of Bitcoin fees.
The Whale alert made a shocking revelation of two gargantuan blockchain transfers over the past twenty hours. It has created a wave of amusement among traders and investors. The massive transaction was done in two parts; each of the transactions was conducted between anonymous wallets and the crypto whales. The total funds sent to these wallets’ values around $143,962.779 BTC. Along with BTC, EOS was also transferred, which valued around $51,185,238. The reason for this massive move is still unknown. One of the wealthiest Bitcoin holders has stunned everyone with his transfer that cost around 0.00003138 BTC or $.30.
Whale Alert threw light on the massive transaction and stated that a big player in the Bitcoin space had moved $14,922 BTC from his wallet. Later many revelations came regarding the whale. This particular BTC holder has been accumulating BTC in his wallet since last month. Until 13 May, the wallet continued to accumulate and became the 48th richest Bitcoin address. After the Black Thursday in March, the Bitcoin addresses having thousand BTC were dropped drastically. But soon it recovered to higher levels when the market recovered. The wale account was constantly under the scrutiny when it started accumulating Bitcoin.
Originally published at https://www.coingyaan.com on May 20, 2020.
