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Bitcoin Price Recovers to $8,000 As AT&T Announce BTC Payment Acceptance

May 25, 2019 at 12:17 by Matt Jackson

Bitcoin prices recovered from their dip to $7,500, now trading at nearly $8,100, following the news that the largest telecomms provider in the world, AT&T, will now accept cryptocurrency payments using the BitPay payment processor to immediately convert Bitcoin to dollars. Analysts believe that the likes of Vodafone will follow suit, representing another step in crypto adoption, and enabling users to pay their mobile bills online using cryptocurrency.

Mainstream adoption has long been seen as one of the most difficult obstacles for cryptocurrencies to overcome. It proved similarly difficult for PayPal, the digital payment processor, when they first launched to market, and the added volatility has made it even more difficult for crypto. However, one company that is helping with mass adoption is BitPay.

BitPay is a payment processor. Once the BitPay gateway is installed on an ecommerce website, it enables users to pay by Bitcoin, which are then immediately converted into USD. Strictly speaking, AT&T will never see any of the Bitcoin that is used, and they are unlikely to store any of the digital gold because of the currency’s wild volatility, but it does mean that investors holding Bitcoin will be able to pay their mobile phone and other telecomms bills using their preferred payment option.

Bitcoin has undergone some price recovery in the past couple of months, rising from a low of around $3,300 in February to reach $4,000 in March, and a high of $5,500 in April. However, the biggest gains were made at the beginning of May rising from $5,300 to a peak of $8,300.

Prices corrected back down to $7,500 on May 23, but buoyed by the news of potential mainstream adoption and supported by ongoing positive sentiment, prices have recovered back to $8,100 with further upside looking likely. Continuing global uncertainty, especially between the USA and China, has also played a part in the currency’s price rise.

In other major cryptocurrencies, altcoins have also enjoyed a positive couple of days. Ethereum (ETH) rose from $232 on May 23 and is now trading at $256.80 while Ripple (XRP) bounced from $0.367 and now costs $0.39. Bitcoin Cash (BCH) was trading at $373 on May 23 but has risen to $410.40 and Litecoin (LTC) has enjoyed an impressive gain from $85.58 to trade at $102.87 at 13:15 GMT.

If you have any questions and comments on Bitcoin today, use the form below to reply.

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