August 2018, Bitcoin’s price dropped a further few hundred dollars and currently stands at $7,068, much to the confusion of investors, since recent advancements with NYSE, Microsoft and Starbucks hinted at a stable price for Bitcoin and certainly one of the best weeks for the rest of the crypto world. Cryptocurrency trade rates wave about with the blink of an eye. Bitcoin fell below the $7,000 mark at start of the day and is now struggling to perpetuate its position above $7,000, still dropping 4.01% at press time. Far from delusion, this compounds to be bad news for most. Perceptions of Bitcoin and cryptocurrency being fast, loose and unstable are on the rise.
The rest of the digital market has shown to be luckless, once again reliving the domino effect Bitcoin has on the rest of its kin. Ethereum (ETH) is currently trading at $408, according to coin360, whereas Ripple (XRP) is standing at $0.48. The weekly loss for Bitcoin amounts to a near 15%, whereas monthly gains, previously predicted to be greater in number but inadvertently falling short, near 5%.
Last month, Bitcoin’s price fell to an extreme low of below $6,000 after investors failed to keep their heads in the direction of the blockchain. At the time, Matthew Newton, analyst at eToro, said it’s not uncommon for bitcoin prices to dip around the future settlement date. Otherwise, he pointed to a lack of excitement and volume in cryptocurrency markets. He told CNBC:
There’s no real spark in the market right now to get it moving, it’s just more sellers than buyers. It needs something to get markets back to life, like some development on the technology or regulatory side.
Starbucks, NYSE and ICE partnership
One of the most exciting news for the digital world, Starbucks recently announced the acceptance of digital currency at their stores for purchasing products. To clarify, this hardly refers to Starbucks accepting Bitcoins or any other digital currency for that matter. However, Starbucks will convert user digital assets into US dollars for purchase and retail.
The renowned influential brand, is set to be the largest and most widespread coffee brand to introduce cryptocurrency as a method of payment across their chain of stores, innumerable as they may be. Collaborating with Microsoft to launch a company called Bakkt, Starbucks enthusiasts may be able to leverage Microsoft cloud to create and manage their digital assets, along with conversion of digital currency into US Dollars for use. As one could predict, Starbucks and Bitcoin partnering up in a globally groundbreaking way could bring Bitcoin to the mainstream currency pedestal.
In a statement, Maria Smith, vice president of partnerships and payments for Starbucks, said:
As the flagship retailer, Starbucks will play a pivotal role in developing practical, trusted and regulated applications for consumers to convert their digital assets into US dollars for use at Starbucks
Despite Starbucks and NYSE’s gracious contribution towards cryptocurrency globalization, this week’s staggering price drop for Bitcoin has viewers and investors shaken. Perhaps the support from retailers and merchandises is not enough to keep the bulk entertained for long. Millennials of the 21st century are in constant search for incentives to cling onto. The market has yet to identify and sustain the transient points of interest of millennials, the true users of benchmarks such as Amazon, smartphones, tablets and crypto-friendly digital gear from space and beyond. Specifically for Bitcoin, ultimate potential to be a benchmark on its own is no long shot. Targetting the right audience is crucial. Recent dips in Bitcoin’s trade further corroborates the fact that exciting news is only exciting for a class of investors for only a certain amount of time.
Indefinitely, Bitcoin may soon drop to an ebb resembling its near $6,000 drop in June this year or the record breaking drop in January this year. We all must find ways to stay calm in such predicaments. Starbucks, anyone?