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Bitcoin [BTC]: ATMs can now be used to purchase cryptocurrency via debit card in New York

Jibin M George

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Bitcoin [BTC]: ATMs can now be used to purchase cryptocurrency via debit card in New York
Source: Pixabay

A few days after New York’s Department of Financial Services (DFS) approved and granted licenses to Robinhood Crypto, citizens of New York will now be able to use their debit cards to purchase Bitcoin [BTC] at select ATMs across the city. This service to the citizens of the city will be provided by Libertyx, a bitlicensee that was granted a license on the same day as Robinhood Crypto.

Libertyx has been instrumental in facilitating the easy purchase of cryptocurrencies through ATMs across the United States. It opened its first ATMs in February 2014 in Boston, before it expanded to open Bitcoin ATMs at Harvard and MIT later.

It was only last year that Libertyx, in partnership with Genmega, an ATM manufacturer, launched the nation’s first debit bitcoin ATM, wherein the purchase of Bitcoins was seamlessly integrated into a regular withdrawal process.  There are currently over 100,00 ATMs offering such a facility throughout the country and is now, available to use for New Yorkers.

The New York State Department of Financial Services has with this move, taken a major step towards becoming a leader in the field of banking and fin-tech innovation. In a statement they said:

“To date, DFS has approved sixteen charters or licenses for companies in the virtual currency marketplace. In New York, Libertyx, which will provide consumers the sale of bitcoin through debit terminals, is the first [NY]DFS virtual currency licensee to allow customers to use debit cards to purchase bitcoin from traditional ATMs.”

Using such an ATM using a debit card requires the user to simply download the Libertyx mobile application and register an account. An approved account holder can then purchase Bitcoins up to the value of $3,000 every day.



The new wave of approvals being granted to bitlicensees by regulators is a welcome step towards the wider adoption of cryptocurrencies in our day-to-day business as many enthusiasts have showed their support over twitter.

Often, the lack of functionality and ease is associated with a mode of exchange not being widely adopted by people. By seamlessly blending the process of a Bitcoin transaction with that of a regular cash withdrawal, Libertyx’s services have opened up the possibility of wider cryptocurrency use in the near future.





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Analysis

Bitcoin [BTC]: King coin’s Golden Cross confirmed; Greenspan hints at bullish market

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Bitcoin [BTC]: King coin’s Golden Cross confirmed; Greenspan hints at bullish market
Source: Pixabay

Bitcoin’s much-awaited Golden Cross, which many analysts claimed will lead to a resurgence of a bullish market, has been confirmed. The intersection of the 200-day moving average and 50-day moving average, which indicates the Golden Cross, was achieved over the past few hours.

Earlier today, the top cryptocurrency saw a massive rise after days of sideways movement. Bitcoin’s ascendance saw it break the $5,350 resistance level, which eToro’s Mati Greenspan had previously suggested will consolidate “buying pressure.”

Source: TradingView

Additionally, a major psychological level of $5,500 was also surpassed less than three weeks after Bitcoin broke the $5,000 mark.

The Golden Cross theory holds credibility among analysts in the cryptocurrency realm as it infers that the coin’s average price is above its 200-day equivalent. For the first time in over a year, the cryptocurrency market has seen its 50-day MA move above the 200-day MA, which according to many is a sign of a bullish market.

On the opposing side of the Golden Cross indicator is the Death Cross, where two indicators cross over into a bearish market i.e. the 200-day MA moves above the 50-day MA. The Death Cross manifested in April 2018, after the prices went into a free fall following the December 2017 high.

In April 2018, BTC was priced at just over $7,000, following which it lost more than 50 percent of its price by the end of the year. The price of the king coin has recovered exceedingly well in 2019 however, winning back almost 50 percent of its lost value.

Many analysts, including Greenspan, agree that the crossing of the two moving averages is a clear testament to the return of the bull market. Although he didn’t quite use those words, Greenspan tweeted,

“Ladies & Gents… The Golden Cross!
Bitcoin’s 50-day moving average (gold) crossing above her 200-day moving average (blue). 📈
This is yet another sign that we’re back in a🐂market. 🚀🌛”

However, in an exclusive interview with AMBCrypto last week, Greenspan had stated that the Golden Cross theory is a “lagging indicator,” as the Death Cross was last seen in April 2018, months after the market took a bearish turn.



In his view, the 200-day moving average is the key indicator. On April 2, Bitcoin broke this mark for the first time since March 2018, by recording a massive 17 percent daily gain and rising above $5,000.

Based on historic price changes with reference to the Golden Cross, the last time the 50-day MA soared above the 200-day MA, price of Bitcoin rose by over 8000 percent from $246 in October 2015 to almost $20,000 in December 2017. Given past market movements, the current market scenario, and the optimism in the air, the Golden Cross may just have initiated the Bitcoin bull market.





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