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Bitcoin [BTC] and Ethereum [ETH] will be widely used in upcoming technologies, says Coinbase’s Brian Armstrong

Akash Anand

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Bitcoin [BTC] and Ethereum [ETH] will be widely used in upcoming technologies, says Coinbase's Brian Armstrong
Source: Unsplash

The current cryptocurrency market scenario has left a lot of investors and users skeptical about the rise of digital assets, especially after the fall of Bitcoin [BTC] below the $4000 mark. On the other hand, the bear market has left Brian Armstrong, the Chief Executive Officer of Coinbase, unfazed with the official releasing a circular on the adoption of cryptocurrencies in the Virtual Reality [VR] scenario.

In the latest post, the head of the largest cryptocurrency exchange on the planet in terms of users gave out his hypothesis on how Bitcoin [BTC] and Ethereum [ETH] will be a catalyst in the gaming and VR scene. Armstrong stated that virtual world creators can create a centralized digital currency which in his words will be “like Second Life did with the Linden Dollar, which was pre-bitcoin”.



He went on to say that companies also have the option of using existing cryptocurrencies like the popular Bitcoin or Ethereum. According to the Coinbase CEO, another step that organizations could take is to issue their own tokens on established platforms like Ethereum. In the circular given out by Brian Armstrong, he also added:

“It allows participants in these worlds (especially content creators) to earn “real money”. This means more people will spend time in the game. Perhaps they will even earn a living in the virtual world that pays their rent in the real world. If this happens, you could see people spend 8 to 12 hours per day.”

Armstrong’s company has been slowly adding developments and updates onto its platform, with the feature of free PayPal withdrawals being a standout example. Coinbase had announced that the update will allow users to withdraw USD, EUR, and GBP free of charge to their PayPal account. The news was completely out of the blue as Coinbase had not announced the addition on any of their social media handles or official publications.





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Bitcoin

Bitcoin [BTC] surges above $5,500 and breaks major resistance level; collective market rises

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Bitcoin [BTC] surges above $5,500 breaking major resistance level; collective market surges
Source: Pixabay

Bitcoin [BTC] broke out of its sideways trend that saw coins fall after a brilliant start to April. This “break-out” is especially significant since it came days after the coin was trading sluggishly, pulling the market cap below $175 billion.

After breaking the $5,200 level on April 16, the coin held steady, showing no noticeable dips. However, it also began losing the momentum it had gained when it rose by 15 percent on April 2. Many saw the past week as Bitcoin losing steam, opining that a drop to as low as $4,000 would manifest. This pessimism coupled with the delisting dilemma saw the global market decline by 3.31 percent over the past weekend.

Given this backdrop, the present Bitcoin price incline was even more bullish for the collective market. Further, this was not just an effort to shrug off “sideways bears,” but instead, two key levels were broken in order to usher a collective market rise and sustain BTC bullishness.

Source: Trading View

RESISTANCE

The first, as indicated by eToro’s senior market analyst Mati Greenspan, was the resistance level of $5,350. When Bitcoin began to consolidate following the early April high, Greenspan stated that if the BTC price were to punch above the aforementioned level, it “would likely serve as confirmation that we’re pushing higher and will lead to further buying pressure.”

Greenspan stated that the $5,350 level acted as a major support level throughout 2018. Hence, it is incredibly important that Bitcoin surge above it in the next rise to consolidate buying pressure. Another important point to signal the coming of a bullish market was the 200-day moving average which Bitcoin has stayed above since the April 2 rally.

PSYCHOLOGY

The other significant level for the collective market is Bitcoin’s ascendance over $5,500, which it managed courtesy of this rally. Many, including Greenspan, pegged $5,000 as a key psychological level for the coin and hence, the rise above $5,500 less than three weeks after $5,000 was broken will bring back optimism to the BTC market.



Further, as was seen in the April 2 rise, the Bitcoin pump resulted in the king coin increasing its market dominance. At the close of March, Bitcoin was edging closer to losing the majority. However, the rally saw its share increase to 52.4 percent within a day. Following this recent 4.61 percent increase against the US Dollar, the king coin’s dominance increased to 53.2 percent.

Given the elasticity of the collective market to changes in Bitcoin’s price, the market was awash in green as Bitcoin broke the resistance and psychological levels. Amid this bullish charge, some coins stood out for their above-average gains, which included Bitcoin Cash [BCH], Cardano [ADA], EOS [EOS], Litecoin [LTC], and the exchange-ousted Bitcoin SV [BSV].





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