Bitcoin’s fundamentals are intact, but the price remains under pressure. Most recently, fintech company Verifone announced a new partnership with BitPay that will give more merchants the opportunity to accept cryptocurrency payments.
Meanwhile, the bitcoin price has fallen by 4% in the last 24 hours to approximately $42,000 as fear continues to dominate the investment landscape. The bitcoin Fear & Greed Index now hovers at a reading of 25, which reflects “extreme fear” among investors.
Fundamental Flow
Payments platform Verifone will support cryptocurrency payments on its U.S. e-commerce and brick-and-mortar platforms. The fintech company is turning to BitPay’s blockchain payments tech to do it, giving businesses the opportunity to attract more customers by supporting crypto payments. In addition, business owners will be shielded from the volatility in cryptocurrency prices via BitPay’s solution. Verifone will enable crypto payments by the end of the year.
Users will be able to pay for transactions at Verifone-enabled merchants with their digital wallets across the major cryptocurrencies, such as bitcoin, Ethereum, Dogecoin and others, including stablecoins. Consumers will use their mobile device to scan a QR code via their digital wallet to make the payment, which will be verified and settled by BitPay. The merchant will receive the speedy settlement of transactions in U.S. dollars.
Verifone is the latest company to integrate cryptocurrency payments, coming on the heels of others. Twitter is working to deliver bitcoin tips, while movie chain AMC Entertainment will start accepting payments from a handful of cryptocurrencies, including bitcoin and Dogecoin, by year-end.
Bitcoin Price
Bitcoin is on track to end the month of September trading at around the $42,000 level, which is about where analyst PlanB said it would be now “based on price and on-chain data.”
PlanB’s bitcoin stock-to-flow valuation model has the bitcoin price trading at more than $100,000 by the end of the year. The analyst says that “$100,000 is an average for this four-year halving cycle” and also predicts that the bulls will remain in control in 2022.
Bitcoin price predictions are also coming out of Wall Street. JPMorgan CEO Jamie Dimon recently told the “Times of India” that the bitcoin price could increase tenfold in the next half-decade. That does not make him a bitcoin fan, however, as Dimon also made it clear that he has no horse in this race.
This article was originally posted on FX Empire
