Bitcoin processes transactions worth over $2 trillion, overtakes Visa: expert
Despite battling a relentless bear storm since April, new statistics show that Bitcoin has experienced a spike in its transaction values. Josiah Hernandez, Chief Investment Officer at Satoshi Capital, tweeted that Bitcoin has begun to process more transaction values than Visa, crossing $2 trillion.
With over $2.4 trillion sent in 2018, #bitcoin now processes more transaction value than Visa ($1.3 trillion/year).
Despite the recent bear market, over $200 billion in value is sent per month using BTC. pic.twitter.com/1g0cDPmleG
— ?? Josiah ?? #Impeach45 (@Coinnoisseur) September 16, 2018
According to the data gathered by Hernandez, more than 200 billion in value have been transacted this month in spite of the recent market crash that pushed the Bitcoin values down below $6500. The crash was associated with the US SEC suspending two securities, Bitcoin Tracker one and Ether tracker one.
Bitcoin [BTC] Technical Analysis
Bitcoin prices are plunging in the market. The coin prices are facing mounting seller pressure and have begun trading below $6500. The prices have breached the support level at $6456 and can be seen falling further down to its local support level set at $6180. The 100 EMA line at $6457 is exhibiting a downtrend and the MACD signifies that the prices are in the bearish zone. The coin is currently trading at $6342.3 and is falling against USD by 2.39%.
The tweet further revealed that Bitcoin has beaten Visa in terms of transaction value. Visa is a payment services company which is one of the largest public companies in America. Ranked no.4 in the top regarded companies list, Visa is touted to be the pioneer of electronic payments since 1958. Their payments network spreads over 200 countries and territories. Bitcoin which started its ledger just nine years ago has been able to surpass the transaction value of a company that has been present in the financial market for decades. This implies that there is a huge market for cryptocurrencies and people are quite willing to utilize cryptocurrencies even if there is a price deterioration in the market.
Image via Google
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