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Bitfinex Deal to Enable Bitcoin-powered Mobile Phone Top-ups and More 101
Source: iStock/YakobchukOlena

Crypto exchange Bitfinex has struck a partnership deal with Swedish cryptocurrency-powered gift cards operator Bitrefill. The agreement will let customers pay using Bitcoin (BTC) via the Lightning Network protocol – and the parties say they will begin allowing users to pay using other tokens at some point in the future.

Bitfinex chief technology officer (CTO) Paolo Ardoino shared news of the deal on Twitter.

And, in response to a question from a Twitter user, Bitrefill stated,

“Currently [the payment option] only supports BTC, but Bitfinex has plans to automate using [other coins] soon.”

The deal means that shoppers can use Bitcoin to pay for Bitrefill’s services, which comprises more than 2,000 digital gift cards and mobile phone top-up offerings.

Bitrefill says it customers can make gaming- and travel-related payments, and can also buy redeemable restaurant coupons and pay for entertainment platform subscriptions with providers such as Netflix.

Customers make their payments in Bitcoin, say the parties, and Bitfinex and Bitrefill will subsequently settle payments using the Bitcoin blockchain-based Lightning Network protocol – cutting out the need for B2B credit providers. Starting this week, Bitfinex is already running its own Lightning Network node, which users can connect to and open a payment channel with the exchange.

BitRefill has been a quiet pioneer for real-world bitcoin adoption since its launch in 2014. The California-based company started out enabling bitcoin users to top up their mobile phones using digital currency.

Additionally, BitRefill also provides a service called Thor, which helps to onboard users to the Lightning Network by letting them piggyback of BitRefill’s Lightning nodes.

Tim Alper , 2019-12-04 15:01:00 ,

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NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.

While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

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Nick Chong , 2019-11-10 12:00:38

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