Will Bitcoin Rise As ATMs Increase?
Liberty Teller, the MassChallenge startup that opened four Bitcoin ATM machines around the Boston area, has rebranded itself into LibertyX and will now allow users to purchase the digital currency around 2,500 locations in 33 states across the country. LibertyX’s founder says that it include 60 locations around Massachusetts and 9 locations around the Boston area. The startup is now branding itself as a financial services company and has recently partnered with various merchants around the country in order to expand its demographics and reach a wider number of users.
Industry experts believe that the step taken by the company is a positive one and with introducing Bitcoin ATMs’ it will be far easier crypto-currency consumers to access.
In other news, financial services company Bitreserve has created a new gold standard, linking its Bitcoin currency exchange and payment services with gold. The company believes that this is the latest step towards making Bitcoin more mainstream. It will enable users to hold their money in the currency they believe is the most stable and convert it into Bitcoin in order to conduct transactions, thus providing their clientele an added layer of security, and hedging against volatility in the Bitcoin markets.
Technical Analysis
The BTC/USD continues to face resistance near $384. Every time it moves above $380 there is heavy selling pressure, which causes it to fall beneath $380. When looking at the chart, it has resistance at $378.59 and support at $377. Its Stochastic RSI indicator is at 80.80 and is moving up, indicating a buy signal. However, caution is heavily advised.
Actionable Insight
Sell the BTC/USD below $376.5 for target of $373, $368, with a stop-loss of $378.5.
Disclosure: None.
I think it will definitely help Bitcoin because I think the majority of people don't know how or where to purchase Bitcoin from. Although a step in the right direction, ATMs will not ultimately be the saving grace. What is needed more than anything for Bitcoin is price stability. Stability will bring more careful investors into the market.
I think you're right John. The constant and extreme volatility, in my opinion, is the main thing holding Bitcoin back from being an actual currency. As it stands, more people are interested in trading it in order to swing fast profits instead of keeping it in order to exchange for goods and services.