Bitcoin Recently Dropped Below the $9,000 Price Mark Again
Bitcoin (BTC) plunged below the $9,00 price mark for the second time in the past week. Recently, BTC has been trading at $8,960, bouncing $50 or so from the daily lows.
Furthermore, the collapse of BTC under $9,000 comes before the weekly candle close and several days after the monthly candle close.
The timing of this dip might hint that investors expect the A&P 500 and other global markets to open in the red. After all, the price of Bitcoin has traded in tandem with the S&P 500 during the recent month as global markets entered a path of uncertainty.
Now, the recent decline has not awakened a massive liquidation so far. According to data from crypto derivatives tracker Skew.com, about $5.5 million worth of Bitcoin longs on BitMEX were liquidated recently.
Though it may sound like a lot, it is still far below the dozens of millions worth of liquidations you would typically see in declines on a downside.
Also, they can attribute the low level of liquidations to the fact that BTC hardly moved from a macro perspective. It slipped only $100.
The Analysts
Moreover, ever since Bitcoin’s move under $9,000 occurred, analysts keep reacting to it. According to the Blockroots founder, Josh Rager, a move under $8,900 would ignite a movement to even lower levels. Last week, he said in a separate analysis that BTC losing the $8,900 support might end up in a fall to $8,500.
Luckily for the bulls, the crypto has yet to lose to that level. However, considering that this move remains ongoing, it might happen.
On the other hand, others are more optimistic. Bloomberg Intelligence’s senior commodity strategist Mike Mcglone noted, “Volatility should continue declining as Bitcoin extends its transition to the crypto equivalent of gold from a highly speculative asset, yet we expect recent compression to be resolved via higher prices.”
This then came shortly following his release of an extension report stating that Bitcoin will climb higher because of fundamentals.
Partnership with Travala
Meanwhile, Expedia finally lets more than 700,000 accommodations be booked with cryptocurrency through crypto travel platform Travala.com.
In an announcement on July 6, Travala.com added more than 700,000 accommodations to its crypto-powered travel platform’s over 2 million options available in about 230 countries.
Expedia Group’s Senior Vice, President Alfonso Paredes, stated that the firm plans to scale up Travala.com’s business quicker than it has expanded so far. He also explained that the company recognizes innovation and the importance of enabling users to choose their preferred payment method.
This is also the result of a partnership with a subsidiary of travel giant Expedia, called Expedia Partner Solutions (EPS). It let Travala.com access its Rapid application programming interface. This allows the company to offer Expedia’s accommodations to users.
Last November 2019, Travala.com made a similar deal with Booking.com and put its more than 90,000 accommodations to its platform. In the data from the firm in January, the company showed its revenue surging by 33% following the partnership.
Also, crypto accommodation booking service, Travala.com, collaborated with the crypto flight booking service TravelByBit in late May. The merger aims to scale up the platform. This should provide a more thorough service to travelers who want to spend crypto assets.
