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Crypto Scoop: Bitcoin Rallies Closer To $50k
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It is the end of an equally thrilling week in the crypto space. Here are the highlights of this week's episode of Crypto Scoop:
- Bitcoin rallies closer to $50k
- Circle announces intention to become a Crypto National Bank
- AMC Entertainment Holdings Set to Accept Bitcoin Payments
Bitcoin Rallies Closer to $50K
Bitcoin not only started August on the best of note but seems it is now closer than ever to reach its previous ATH of 64K. Bitcoin successfully pulled past the $40k resistance where it had been stuck for the past several weeks. BTC seems to be gathering momentum, which has it rallying closer to breaking the next resistance level, $50,000. On Wednesday, Bitcoin had been trading for as much as $46,636. Though it has experienced certain price fluctuations, it seems set on its bullish run.
Bitcoin remains on an upward trend which bitcoin analysts believe could be traced to the adoption of Bitcoin as a hedge against inflation. With the increase in inflation raining hard on people, it becomes clearer why they prefer BTC over fiat currencies. Even fear of crypto regulations and taxes hasn’t been able to shake bitcoin enthusiasts from their resolve. With the ongoing bitcoin support rally, bitcoin might soon reach its previous ATH and even set a new ATH. Ethereum isn’t left behind in the support rally as it draws closer to its previous ATH of $4,300, breaking past the $3,000 resistance.
Read also: How to Store Your Crypto With Yellow Card
Circle announces its intention to become A Crypto National Bank.
USDC Builder Circle announces its intentions to become a national crypto bank just after announcing its intention to go public. Circle, the issuer of the USD coin, announced that it is working closer to becoming a full reserve national commercial bank. Jeremy Allaire, CEO of Circle, noted that the company anticipated a boom in the growth of USD that would make it a crucial asset in the crypto industry. In this regard, Allaire noted that “Establishing national regulatory standards for dollar digital currencies is crucial to enabling the potential of digital currencies in the real economy, including standards for reserve management and composition.”
Allaire further stressed, “We believe that full-reserve banking, built on digital currency technology, can lead to not just a radically more efficient, but also a safer, more resilient financial system.” The decision to become a full-reserve national bank would place the company under specific responsibilities and duties, including reporting to the Federal Reserve, FDIC, OCC, and the U.S. Treasury. The decision of Circle would place the company in a strategic position to link traditional finance and blockchain.
AMC Entertainment Holdings Set to Accept Bitcoin Payments
AMC Entertainment Holdings running the largest theatre chain is set to accept bitcoin payments for its tickets and concessions towards the end of the year. AMC Entertainment holdings run 593 theatres in the U.S. and about 365 in other countries. Adam Aron, CEO of AMC, noted that the company was exploring how it could participate in the “new burgeoning cryptocurrency universe.” He stressed, “We are quite intrigued by potentially lucrative business opportunities for AMC if we intelligently pursue further serious involvement with cryptocurrency.”
However, there was no mention of the technology or platform it would use to process these payments. Aron also mentioned that along with accepting bitcoin as payment, it would also accept Google Play and Apple pay payments by the end of the year.
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