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Cryptocurrencies now accepted by Thailand’s Major Cineplex with Rapidzpay

Aakanksha Rana



Cryptocurrencies now accepted by Thailand's Major Cineplex with Rapidzpay
Source: Unsplash

Recently, Thailand’s Major Cineplex Group, the largest operator of movie theaters, announced its integration with cryptocurrency payments using Rapidzpay mobile apps. This will enable its customers to pay via cryptocurrency for the services and products.

The Major Cineplex Group in Thailand was founded by Vicha Poolvaraluk and is headquartered in Chatuchak, Bangkok.

Chanya Tamrongweenichai, director of marketing at Major Cineplex Group, said:

“With RapidzPOS and the RapidzPay mobile app, you’ll be able to buy any services and products from us, such as movie tickets, popcorn and other different products with cryptocurrency.”

The director further added that collaborating with Rapidzpay would help in expanding their business and bring a revolution in Thailand’s financial ecosystem.

Partnering with Rapidzpay, a Swiss payment company, Major Cineplex Group is building a digital payment ecosystem in Thailand. Rapidz point-of-sale [RapidzPOS] is a software that would allow merchants to collect cryptocurrencies as well as fiat currencies.

Rapidzpay encourages fluent transactions between businesses facilitating business-to-business [B2B] and business-to-consumer [B2C] transactions. The company aims to produce a decentralized mode for payment in order to build a strong business model.

In the month of June, Bangkokpost, in their news website said that Securities and Exchange Commission [SEC] of Thailand announced the addition of seven cryptocurrencies. The list includes Bitcoin [BTC], Ethereum [ETH], Bitcoin Cash [BCH], Ethereum Classic [ETC], Litecoin [LTC], Ripple [XRP], and Stellar Lumens [XLM].

Rapidzpay app is available on iOS and Android and the coins that support both these versions include Bitcoin [BTC], Litecoin [LTC] and Bitcoin Cash [BCH]. However, the Major Group has not yet declared the cryptocurrencies that they would be dealing in.

According to Nation Multimedia, Rapidzpay in Thailand aimed at targeting many active users within the first year by winning over both the prevailing and the new cryptocurrency users looking forward to a better and more convenient platform in order to convert between fiat and cryptocurrency.

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Ethereum [ETH] might have caught a break from bears due to formation of ‘Golden Cross’




Ethereum [ETH] might have caught a break from bears due to formation of 'Golden Cross'
Source: Unsplash

Ether, more commonly known as Ethereum, is the world’s second largest cryptocurrency and it might have turned bullish due to the initiation of the ‘Golden Cross’ in the daily chart. Golden Cross, is when the 50-day simple moving average crosses above the 200-day simple moving average, which indicates that the price has turned bullish and that the cryptocurrency has bottomed.

Source: TradingView

Historically, Ethereum’s last Golden Cross took place in February 2017, when the price of ETH was ~$10; the price after this cross was bumped to $1,600, which was a meteoric rise of 15,000%. As bullish as this sounds, this might not be the good news that the crypto community is hoping for, as the ‘Golden Cross’ isn’t absolute and there are times when the crossover could be a fakeout. Crossover fakeouts had occurred for Bitcoin in 2014.

The weekly chart for Ethereum has been consistently forming higher highs since 2019, which is a bullish indication. The MACD indicator and the RSI indicators are both indicating a steady rise since 2019.

All aboard the ‘Speculation Train’

If another meteoric rise is to be expected from the crypto ecosystem, the price has to undergo a parabolic rise. The price of Ethereum at press time was $174 and had a market cap of $18 billion; assuming approximately 10,000% increase [instead of the 15,000% rise], the price of Ethereum would reach approximately $8,000 by March 2020.

A Reddit user @alkalinegs commented:

“if you look at the last golden cross early 2017 it took a few days till something happend. death cross 2018 even resulted in a bulltrap. -> dont expect an immediate reaction.”

Quite a few people use the exponential moving averages and disagree with the use of Simple Moving Averages, which is opinionated. Another Reddit user, @DeliciousPayDay commented:

“I strongly disagree. SMA 200 is more important and everyone in crypto looks at it. After breaking the 200MA at $151 ETH went straight to $180 before being sold off, and bounced directly off the 200MA the next day turning resistance into support. The 50/200 golden cross just happened on the SMA and the last time that happened ETH went from $12 to $1400.”

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