Bitcoin Price Drops to $25,000 Before Recovering
On Monday, Bitcoin experienced fluctuations in its price, dropping from $26,000 to a support level of $25,000. However, it managed to recover and reach $25,672 on Tuesday. Experts predict that Bitcoin will continue to trade between $25,500 and $26,500, with buyers entering near the support level and selling near the resistance level.
David Marcus Believes Bitcoin Won’t Be a Popular Payment Method
David Marcus, co-founder of PayPal and CEO of Lightspark, shared his thoughts on Bitcoin’s future. He stated that Bitcoin is not the currency people will use to make purchases. Marcus believes that Bitcoin’s lightning network, which he is building, will serve as a global payment network. The goal is to enable faster, cheaper, and more practical transactions for small payments. However, fiat currencies will still be used for transactions conducted over the network.
FTX Reveals Crypto Holdings in Bankruptcy Filing
FTX, a bankrupt crypto exchange, recently disclosed its holdings in a court filing. The exchange has $7 billion in assets, with $560 million in Bitcoin and $1.16 billion in Solana. The revelation caused negative price movement for both SOL and BTC.
Bitcoin BSC Launches with BEP-20 Version of BTC
Binance Smart Chain introduced Bitcoin BSC, a token that represents Bitcoin as it was in 2011 when its price was $0.99. The token allows users to stake their BTC and earn rewards similar to mining the coin over 12 years ago. BTCBSC can be purchased with BNB, ETH, and USDT. The project has raised over $1.23 million so far, aiming for a soft cap of $3.96 million.
Hot Take: The Future of Bitcoin as a Payment Method
David Marcus believes that Bitcoin will not become a widely used currency for purchasing goods. Instead, he sees Bitcoin’s lightning network as the future of the cryptocurrency. While Bitcoin will not be used directly for transactions, the lightning network aims to create a universal protocol for money on the internet. This protocol will enable faster and cheaper transactions for small payments, while still using fiat currencies. Marcus’s perspective highlights the potential of Bitcoin’s underlying technology to revolutionize the way we transfer value, rather than replacing traditional currencies for everyday purchases.
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