Bitcoin Breaks New 2019 High
Bitcoin has surpassed the $9,700 mark, thus recording yet another high this year. $10,000 now appears to be a very easy target if the bulls persist.
The Bitcoin price has just reached its highest level since May 5, 2018, when it hit $9,811. To put this into perspective, Bitcoin was below the $4,000 level in March 2019 before its price started to rise at a dizzying pace on Apr. 2.
Even a slew of loud controversies, such as the Bitfinex-Tether imbroglio, didn’t reverse the bullish trend, and Bitcoin would keep soaring after minor pullbacks.
Bitcoin reaches its highest price in more than 400 days.
As for the reasons why the BTC price is recording fresh highs almost on a daily basis, analysts tend to agree that mainstream adoption is the main catalyst.
On the one hand, Bakkt is expected to test its physically-delivered Bitcoin futures on June 22, Facebook diving head-first into crypto also gave a lot of mainstream exposure to Bitcoin.
On the other side, gold is soaring and the US Federal Reserve is cutting rates.
The cryptocurrency community is anticipating the $10,000 price tag with bated breath.
Earlier, Fundstrat’s Tom Lee pointed out that the degree of FOMO will reach its highest level once BTC breaches this psychologically important price level.That essentially means that retail investors, who are yet to join the party, will start buying BTC en masse.On the flip side, there could be a lot of selling pressure in the market. (Positive)
20 Bitcoin ATMs at Circle K Convenience Stores
DigitalMint, a Chicago-based over-the-counter cryptocurrency trading platform, has installed bitcoin kiosks at 20 Circle K convenience stores as part of a pilot program across Arizona and Nevada.
This represents the largest expansion for the crypto platform since its founding 2014, according to a press release. In five years, the company has established either ATM or in-person teller branches to 250 locations in 25 states.
DigitalMint ATMs allow consumer access to buy and trade up to $20,000 bitcoin, ethereum, and litecoin per day. The company charges 12 percent of a transaction, though rate reductions are available according to the company’s website.
Purchases must be made with cash, as the company does not accept debit or credit cards. Bitcoin can also be purchased through bank wire, but the company sets a $5,000 minimum. Approved customers can have transaction limits pushed above $1 million. (Positive)
Insurance Giant MetLife to Use Ethereum to Revolutionize Life Insurance Process Claims
New York-based insurance company, MetLife, is planning to revamp the life insurance claims process by utilizing Ethereum’s blockchain. MetLife’s Singapore-based incubator, LumenLab, is partnering with Singapore Press Holdings, a media group, and insurance cooperative, NTUC Income, to release a smart contract platform built on Ethereum called Lifechain.
MetLife has previously used blockchain technology and public ledger for a mobile app called Vitana, which was supported by Ethereum to pay out claims to expectant mothers who contracted gestational diabetes. The core smart contract platform that is used in Lifechain will be very closely related to what was built for Vitana, the company’s first successful pilot.
The private nature of life insurance will sometimes leave families of the deceased unaware if the deceased was insured. This innovation could also lower prices and develop new services around tokenization. After the loss of a family member, Lifechain will programmatically determine if a person was protected by a policy and will automatically file a claim, eliminating the multiple steps involved in the process.
A death certificate will be issued by a government database, following which the system retrieves the deceased person’s National Registration Identity Card. This is further encrypted onto the Ethereum blockchain and this triggers queries on NTUC Income’s database looking for a matching policy. Once the match is found, Singapore Press Holdings will inform family members and release an obituary, while the NTUC Income initiates the life insurance claim process. (Positive)