BitcoinBites: 5 BTC stories you should know – May 25th, 2022
Bitcoin 'finally' due for $32.8K as long-term BTC price metric flashes overvalued
While appearing uninspiring at first glance, Bitcoin on low timeframes was a source of fresh interest for Cointelegraph contributor Michaël van de Poppe, who predicted a run to near $33,000 next.
“Bitcoin broke through $29.4K and ran towards the next resistance zone,” he told Twitter followers.
Stripe taps OpenNode, Lightning Network to resume Bitcoin payments
This time, Stripe's Bitcoin transactions will be powered by an app created in partnership with OpenNode.
The crypto startup leverages the Lightning Network, a Bitcoin scaling solution that processes transactions off-chain, making operations on the premier blockchain faster and cheaper. In February, OpenNode secured a $20 million Series A funding round.
The speed and affordability offered by the Lightning Network were key to Stripe's return to Bitcoin. Back in 2018, when Bitcoin services were first removed, the firm cited rising fees and lagging transaction times as evidence that Bitcoin had "become better-suited to being an asset than being a means of exchange."
At the time, Stripe identified the Lighting Network as a promising technology that could one day improve Bitcoin's status as a convenient digital currency for customers.
Bitcoin records eighth week of losses, but sentiment indicator suggests upside
Bitcoin (BTC) delivered its eighth straight week of losses for investors for the first time in its history amid weak macroeconomic sentiment, inflation concerns, systemic risk from within the crypto industry, and the lack of immediate catalysts that could drive upside growth.
Prices were at $30,272 late Sunday, after falling as low as $28,700 earlier in the week. Bitcoin last saw a positive week of gains in mid-March as prices jumped from $41,000 to $46,000. It has slid every week since then, falling nearly 60% from November highs of just over $69,000.
Miami Mayor Suarez tells Davos he still takes salary in Bitcoin
Miami Mayor Francis Suarez said he’s still taking his city salary in Bitcoin even after a rout that sent the cryptocurrency down almost 40% over the past two months.
“I will note, for the record, that it’s not my only salary,” he told a panel at the World Economic Forum in Davos, Switzerland, on Tuesday. “It’s a different decision than if a person was deciding to take their salary in Bitcoin if it was the only source of income for them.”
The Republican mayor, who’s been seeking to promote Miami as a cryptocurrency and tech center, said he’s more focused on the utility of the coin and that the collapse of the TerraUSD stablecoin hadn’t changed his vision for fostering the crypto industry in the city. He first announced his plan to take his paycheck in Bitcoin last year and cautioned that people needed to be aware of the high risk and volatility involved with digital assets, in addition to the possibility of high rewards.
Suarez, a 44-year-old lawyer, stressed the difference that exists between protecting people from fraud, and protecting people from losses. He pointed to the “tremendous volatility” that exists in tech stocks as well.
Central Bankers descend on El Salvador to learn about Bitcoin and financial inclusion
What happened in El Salvador to encourage 44 different countries to send representatives from 32 central banks and 12 other financial institutions? The short answer is that last week the country hosted an economic summit to learn about El Salvador’s strategies and experience in financial inclusion. And while the event was not a Bitcoin-specific gathering, the participants, many of whom hail from countries with similar economies to El Salvador’s, received firsthand exposure to the country’s unique and pioneering Bitcoin journey.
Participants in this financial forum are members of the Alliance For Financial Inclusion (AFI), an organization that promotes and develops economic policies that help improve the lives of poor and unbanked populations. In an interview for this article, Mike Peterson from the Bitcoin Beach project, described the organization as the “group of forgotten countries that the economic superpowers often ignore.”
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