- Reddit stops accepting Bitcoin payments due to some glitches in the system
- Bitcoin is getting closer to a ’death cross’ heralding a possible major change in the long-term
- Ripple donates $29 million of its own cryptocurrency to fund public schools
Digital currencies continued falling over the past hours with Bitcoin leading the losses following the announcement coming from Reddit as the company had decided to stop accepting Bitcoin payments. The social media platform is popular among cryptocurrency enthusiasts, however, on the back of some glitches seen in the system which influenced some users’ purchases, it chose to remove Bitcoin as a payment option. The news came from a Reddit board administration with the user name emoney04. The move undertaken by the social media platform underlines that Bitcoin may face further obstacles to gain mass adoption for payments and therefore nobody should be taken by surprise that the cryptocurrency price loses ground.
This week has brought the Bitcoin price back below a $8k mark and the broader landscape may not reassure the cryptocurrency buyers to say the least. First and foremost, the price is struggling to stay above its medium-term support line serving as a turning point twice thus far. Second, what could be yet more striking, the daily chart illustrates that Bitcoin is getting closer to witness a so-called ’death cross’, the term using to describe a situation when the 50DMA moves below the 200DMA. This is a sign that bulls are losing control and thereby a major change in the ongoing trend could be expected. On the flip side, the Bitcoin data history is relatively short thus a ’death cross’ may turn out to be not so plausible as in case of other assets such as stock markets.
Ripple donates $29 million of its own cryptocurrency to fund public schools
The digital currency start-up Ripple decided to donate as much as $29 million of its own cryptocurrency in order to support US public schools, according to the announcement released on Wednesday. The company boasted that it’s the largest-ever cryptocurrency gift to a single charity and it fulfilled thousands of requests from public schools teachers in the US on the crowdfunding site DonorsChoose.org. The sum is to be used to buy classroom materials for more than 28,000 schools across all 50 states. On the surface it sounds well that the start-up involves in charity, however, traders do not care about it and Ripple remains on the edge of its crucial support line.
Ripple is hovering close to its remarkably important support line. This line rescued bulls twice in the past therefore they could think this time will be similar. However, once the price pushes below this line, it could lead to the levels seen before the cryptocurrency began its rally at the end of the past year. Source: xStation5
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