Bitcoin Tested Support to a 3 Wk Low and Bounced

Bitcoin Tested Support to a 3 Wk Low and Bounced

Bitcoin Tested Support to a 3 Wk Low and Bounced

$BTCUSD,$ETHUSD, $CME

Bitcoin tested and bounced Monday on the news that a Florida tax collector would accept the cryptocurrency for payments of several services.

Currently, Bitcoin is trading at: 8,695.652344,+292.291016, or +3.478256%, as of 3:56a BST, the market is open.

Joel Greenberg, tax collector for Seminole County Florida, teamed up with Bitcoin payments processor BitPay to accept payments in both Bitcoin and Bitcoin cash for driver’s licenses, ID cards, automobile tags and titles and property tax, according to a statement released Monday.

Mr. Greenberg said the cryptocurrency acceptance is a way to bring government services into the 21st Century.

The upward move in the largest crypto came after marking a low of $8,204.50 Saturday, its lowest mark since 19 April 2018.

The critiques continued Monday with the President of the Federal Reserve Bank of St. Louis James Bullard commenting that growth in Bitcoin and other digital currencies is creating a “non-uniform” currency in the United States, which in the past has existed but was ultimately rejected and replaced.

In other cryptocurrency news, CME Group (NASDAQ:CME) announced that it was embarking on launching an ether-dollar reference rate and a real-time ether-dollar index in partnership with UK-based digital asset trading service Crypto Facilities.

Last week a San Francisco Fed research team published a report that said the launch of Bitcoin futures crashed the price of the underlying asset.

In other crypto trading

Ethereum rose 1.4% to $731.43 in the last 24 hours

Ripple traded up 2.5% to $0.73826, and

Bitcoin Cash fell 1.7% to $1,449.2.

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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