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Bitcoin [BTC] to be offered as collateral during Uber’s Initial Public Offering [IPO]

Akash Anand

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Bitcoin [BTC] to be offered as collateral during Uber's Initial Public Offering [IPO]
Source: Pixabay

The integration of cryptocurrencies like Bitcoin [BTC] and Ethereum [ETH] with the mainstream financial ecosystem has been a focal point for many proponents of the space, as well as fans of the industry.

In a bid to cement this movement, WCX, a popular Swiss-based Bitcoin trading exchange, has announced that starting on May 10, users on the platform will be able to long and short Uber stocks using Bitcoin during the ride-hailing service’s much-talked about Initial Public Offering [IPO]. The official release from WCX read,



“The IPO is expected to value the company at over $90B. While the company has yet to turn a profit, many signs are pointing to its increasing success. New CEO Dara Khosrowshahi is working hard to reinvent the brand’s image and reignite trust in the business model. Uber is also betting big on technologies such as self-driving cars and food delivery which would allow it to keep scaling its business internationally.”

The platform also stated that users will be able to use Bitcoin as collateral to speculate and guess the future price movement of Uber stocks. WCX also educated its users that if they think the price will go up, they need to go long with Bitcoin and if the opposite is likely, users should go short. Developments such as this are expected to give a boost to Bitcoin’s value, at a time when it has taken a hit due to events such as the Binance hack.

Uber has slowly, but surely, entered the cryptoverse as the company also has tie-ups with Basic Attention Token [BAT] and the TAP Network. Brave users are given the option of redeeming their BAT tokens for gift cards on Uber and other platforms such as Amazon, Apple, and Starbucks.





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Bitcoin

Bitcoin surges by ~7% in under an hour; Has the rally finished correcting?

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Bitcoin surges by ~7% in under an hour; Has the rally finished correcting?
Source: Unsplash

Bitcoin’s price rally in a parabolic curve led most of the community to believe that this was the bull rally, however, the correction of this surge was due, which began on May 16.

The correction wave, as expected by many prominent traders was approximately 30-40%, which would put the price of Bitcoin $5,000 to $5,800. However, the correction seems to have finished as the price of Bitcoin surged by more than 7% in less than an hour.

Source: TradingView

The market cap of Bitcoin, at press time, was $136 billion and most the volume for Bitcoin was coming from BitMEX exchange via trading BTC/USD derivatives. BitMEX contributed a total of $3.38 billion in terms of trading volume, which is 12% of the total trading volume.



A Twitter user @DoveyWan suggested a head and shoulder pattern for Bitcoin:

CNBC suggested something similar, however, the pattern doesn’t seem to be holding. A Twitter user @thecryptomonk, tweeted:





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