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Crypto Recovers; Telecoms Giant AT&T Accepts Payments in Crypto

CryptocurrencyMay 24, 2019 01:14AM ET
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Investing.com - The crypto market recovered on Friday mid-day in Asia with most major cryptocurrencies trading higher.

Bitcoin added 2.20% to $7,834.6 by 12:54 PM ET (03:54 AM GMT). With that said, the coin has not been able to climb back to the $8,000 level since Wednesday, after hitting a 10-month high at $8,287.2 in mid-May.

Like Bitcoin, XRP gained 0.69% to $0.37636 and Litecoin rose 1.60% to $88.799.

However, Ethereum dropped 0.06% to $242.9.

The total market cap went up to $244.5 billion from $239.5 billion the previous day.

The news that excited the crypto advocates on Friday was U.S. telecoms giant AT&T (NYSE:T) will start accepting payments in cryptocurrencies, the major U.S. mobile carrier to provide such option to customers.

AT&T will process online bills paid in digital coins through a platform called BitPay, which converts cryptocurrencies to fiat currency. The platform is said to be used by over 20,000 businesses.

“We have customers who use cryptocurrency, and we are happy we can offer them a way to pay their bills with the method they prefer,” said Kevin McDorman, vice president of AT&T Communications Finance Business Operations.

The move signifies a step towards wider adoption of cryptocurrencies.

"We've met with executive teams at many Fortune 500 companies to explain to them how [crypto] works and we brain storm on how we can work together,” said Sonny Singh, Chief Commercial Officer at BitPay.

Crypto Recovers; Telecoms Giant AT&T Accepts Payments in Crypto
 

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