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Rising Bitcoin Popularity Worries MasterCard

Published 12/03/2014, 05:53 AM
Updated 07/09/2023, 06:31 AM

The Bitcoin (BTC-eUSD) 4-hour chart below shows that buying pressure overwhelmed the bears, with the price up $5.73 or 1.52%. It is above the cloud, along with the lagging line, giving a strong indication that the price is currently experiencing an uptrend. The price action has risen above its first daily resistance level at $380.83, which has held as strong support. The next resistances will be found at $383.03 and $386.57.

The green span is additionally moving above the red span. Additionally, its relative strength index isindicating an upward trend, signalling that the price has the potential ascend before returning. The cloud that is projected ahead is relatively flat, indicating support at a constant level for the next few days, around the $375 mark.

BTC/USD 4-Hour Chart

Mastercard (NYSE:MA) used a submission to the Australian Senate Enquiry to discourage digital currency adoption. They noted that Australian lawmakers should enforce regulation to address the anonymity of transactions that occur with digital currencies. They additionally added that Bitcoin can be used to launder money and engage in illicit activities, as opposed to their payment service. It seems that MasterCard feels threatened by Bitcoin and other digital currencies, which may end up forcing them to re-think their business model. The committee on digital currencies in Australia is scheduled to release its findings in March, 2015.

Citi reckons that the auctioned Bitcoins from the Silk Road dark net website will be sold at discount prices. The U.S. Marshalls Service (USMS) is set to auction 50,000 Bitcoin this coming Thursday. The recent decline against the dollar is cited as one reason why bidders may post lower prices during the auction. The USMS has roughly 90,000 more Bitcoin to auction, which are likely to be sold below the market price. However, the ‘know your customer’ requirements for USMS auctions may put off some investors, who could just buy them on the open market.

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The daily chart below shows that yesterday the price failed to close above the cloud. However, the price looks set to close above the cloud today, indicating an upward trend. Unless the price closes below, the candle will be above the cloud. The cloud projected forward has turned to green, with the green span moving above the red span, which is a strong bullish signal.

However, the base line remains above the conversion line, and a close above the base line at $397.16 would give an indication of bullish momentum. A strong break above $400 would be expected to materialize if this occurs. Additionally, its relative strength index is slightly bullish, since it is more than 50, currently at 54.62, indicating that the price should move higher before retreating towards the cloud.


Latest comments

I think they go good together. I have a prepaid Mastercard that I refill with Bitcoin. So, I can use in effect, bitcoin for my local purchases at places that don't accept it directly! One OR the other at this time would make things more difficult. Of course, I envision that in the future, the Mastercard part of the combination will be the less useful part.
i havent noticed any bitcoin popularity after mark karpeles stunted the whales into crushing the plankton, but its resilience SHOULD worry mastercard, i get like things no one will sell me because i dont have a mastercard and i dont want a mastercard, i want a simple system that gives me one-time payment and thats it, my name's still on it since i still get the bill. so, your article proves, the only thing that ever held the btcoin back but karpeles is the lobbies of old financial vampires not knowing what to do with it. ADOPT IT ofcourse, check out okpay, they have no problem with it, only thing is i cant gat a credit card there if i use crypto ... as if i care, the world will adapt, too late, as usual, but the ones who do first will be there first, i never knew money to be biblical so the first will be the first
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