Today we discuss Bitcoin in July.
Bitcoin Market Health
Bitcoin's price took a tumble over the past week after climbing on Monday and Tuesday in the last couple days in June. The weekend saw it briefly brush below the $9000 mark before settling back up just above $9200.
Coin Metrics and where they are headed in July
Whats ahead…Watch for Facebook release of Novi wallet and $LBR digital currency, look for this to show up on Coinbase shortly after.
Important information from Ryze…Venmo and PayPal To Enable Bitcoin Buys and Sells
What we know:
Three sources have stated on-the-record that PayPal/Venmo will offer direct purchases and sales of crypto-assets to consumers, and will have in-app wallet functionality. They’re working with “multiple exchanges to source liquidity” and the service may be available “in the next three months.” PayPal and Venmo haven’t officially confirmed or denied.
Earlier this year, PayPal CTO Sri Shivananda stated “We are a strong believer in the potential of blockchain,” adding that PayPal was exploring “how the technology itself can contribute to the concept of creating an open digital payments platform that can serve everyone.”
Why it matters:
PayPal was one of the first consumer electronic payments platforms. Over two decades after its inception, the resilient but archaic fintech giant is starting to adopt the very technology that was created to disrupt money— Bitcoin.
Venmo is a household name in the US— “just Venmo me” has weaseled its way into everyday vernacular. In fact, it’s the biggest financial institution in terms of active digital users. Venmo offering Bitcoin support brings Bitcoin to millions of tech-savvy consumers, many of whom are Millennials that Bitcoin appeals to.
PayPal and Venmo are the latest fintech incumbents to offer Bitcoin buys and sells, following in the footsteps of Cash App and Robinhood. Cash App and RH both offer other investment products and enable users to buy and sell stocks/equities. Venmo and PayPal, however, are primarily used only for payments and don’t currently offer any investment services. Depending on how it plays out, payment platforms offering Bitcoin support may shine a light on its use case for cross-border finance, not just as a long-term investment.
Keep in mind…July will be the last bearish month for Bitcoin. Expect a big drop this month.
Resistance levels to consider…still holding $8900 will be crucial this month, watch for price swings in this direction. A further drop to $7800 this month is a very likely scenario. If this resistance level breaks a crash back to $6500 will be in play.
Research and analysis of the Bitcoin market tells me…we are falling in price in July make sure to buy the dip!
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