Bitcoin Hovers Under $10,000 but the Big Picture is Still Positive

May 24, 2020, by Maayan
Bitcoin price is catching its breath as governments eye blockchain currencies.

PBOC and U.S. Dems Still Pushing Digital Currency

The price of Bitcoin is struggling to shake off sellers above the $10,000 level but these are short-term traders. Only a lack of real buying volume can let sellers win the day, however BTC is still emerging as a digital form of gold. The arrival of Wall Street hedge fund legend Paul Tudor Jones was another step in that direction, while governments are pushing digital currencies in the background.

The recent virus stimulus bill in the U.S. saw Democrats insert a digital dollar in their proposals. This was dismissed and removed due to the immediate need, but it’s clear that politicians are discussing the idea and the U.S. Federal Reserve has also noted in the past that they are studying the idea.

Further afield in China, the People’s Bank (PBOC) have been driving research into a digital Yuan as they seek to get a head start on other nations. A proposal last week was for a digital coin to be backed by four Asian currencies – The Yuan, Japanese Yen, Hong Kong Dollar, and the Korean Won. It’s clear that the world is heading for digital money. Some coins will win, some will lose, but Bitcoin has a clear lead as the gold standard.

Litecoin Partners with Video Game Group Atari

Litecoin’s price was still higher on the week at $43.00 after trading near $48.00.

In development news Litecoin has signed another partnership, and this this time it is with the Atari Group, which is seeking to get involved in the growing crypto involvement in the gaming industry.

Atari will now accept payments in BTC and LTC, while the company’s upcoming Video Computer System will be offered at a discount on the LTC Foundation site if paying in the crypto coin.

Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.