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Amazon is set to accept Bitcoin payments and launch a token

Amazon is looking to accept Bitcoin ( BTC/USD ) payments before the end of the year. A report unveiled this news earlier today, citing an insider. The company also posted a job advertisement over the weekend, searching for a cryptocurrency and blockchain lead. Reportedly, Amazon is looking for someone that can leverage domain expertise in blockchain, distributed ledger, central bank digital currencies, and cryptocurrency. According to the job listing , the incumbent’s role will involve developing the case for the capabilities that should be created, driving overall product vision and strategy, and gain leadership buy-in and investment for new capabilities. On top of this, the person that secures this position will have to work closely with teams across Amazon, such as AWS, to create a roadmap that includes the customer experience, the technical strategy, the system’s capabilities, and the deployment plan. While Amazon did not disclose its full intentions, the job description hints a

Enjin (ENJ) price analysis: is October a good month to buy this cryptocurrency?

Enjin ENJ/USD has weakened from $1.77 to $1.18 in less than several days, and the current price stands around $1.33. Fundamental analysis: Millions of people already use Enjin’s products Enjin Network was established by Witek Radomski and Maxim Blagov in the 2009 year. At first, it was a community gaming platform, and in 2017, the network had an initial coin offering (ICO) for Enjin coin. Enjin is the first NFT company accepted into the United Nations Global Compact, which shows the importance of this project. Enjin is committed to the UN Global Compact corporate responsibility initiative, and the mission of this project is to make an ecosystem for exchanging non-fungible tokens (NFTs) easily. The team behind Enjin believes that blockchain and non-fungible tokens (NFTs) are the future of our entire world, and because of this, they have the responsibility to ensure the future of NFTs is sustainable and equitable for every participant. Enjin Coin (ENJ) is a token that powers the E

Ethereum price prediction: Is ETH a buy or sell this week?

The Ethereum ( ETH/USD ) price rebounded during the weekend as investors reflected on the new order by China to ban all cryptocurrency transactions. The token rose to $3,120, which was about 18% above the lowest level in September. Its total market capitalization has risen to more than $367 billion. China crypto ban On Friday, the prices of most cryptocurrencies plummeted after the People’s Bank of China (PBOC) declared that all cryptocurrency transactions were illegal. The bank also warned offshore companies from offering crypto services like derivatives, exchanges, and wallets to Chinese citizens.  This was not the first time for China to express concerns about digital currencies. Back in 2014, the country announced that it was illegal to deal with the coins. And in July, the country intensified its crackdown on Bitcoin mining and other crypto services. It also barred banks and other financial services from offering these services. Therefore, Ethereum price rebounded during the

Crypto market recovery will be slow, says execs

Slow Growth For Cleared Forest

Bitcoin (BTC/USD) has reclaimed the zone around $23,000, which looks like developing into a key support level with price above the 200-week moving average. 

However, like Ethereum (ETH/USD) and many top cryptocurrencies, ranged movement still means potential declines to support levels – $20,000 for instance, remains a psychological buffer zone for BTC.

But are bulls out of the woods yet? According to two crypto executives who shared their perspective during a panel discussion at Asia Wealth Summit, that’s a no – not really.

Crypto market outlook – its still bearish

The crypto market crash following Bitcoin’s peak around $69,000 in November last year saw over $2 trillion wiped off total  market cap as sell-off intensified in 2022. 

But while recovery has seen the market cap break above $1.1 trillion again, the collapse of several crypto companies amid bear market crash has added to the crypto winter pain. And the exit of money from the sector could see recovery take time.

Nanda Ivens, Chief Marketing Officer, Tokocrypto told Bloomberg’s Joanna Ossinger:

I’ve spoken to a lot of analysts and I think the market is going to kind of be a little bit like this for at least another year. The recovery is going to be slow because there are geopolitical issues at large, and in previous bear markets, you know, these geopolitical factors were not at play.”

According to him, inflation, war and other geopolitical factors coming into play will probably hinder recovery. He noted that enthusiasm for crypto remains, highlighted by the exponential growth in users and coins over the past two years. 

An example is in Asia, specifically, Indonesia that has seen crypto user numbers jump from about 2 million to 15 million in that period.

But that doesn’t mean that, you know, the market is going to recover sooner because of that,” he observed.

What could catalyse the next market cycle?

Crypto needs new money, new innovations, said Rich Teo, co-founder and Chief Executive Officer at Paxos, Asia. Like Ivens, Teo also believes the market will struggle in coming months.

“There was a time that geopolitical tensions and all this stuff was actually good for crypto,” he noted, but said this relationship appears to currently be inverted. He does not see more new money coming into the space, which needs to happen (and coupled with new innovations) to catalyse the next market cycle.

I think with what’s going on, there will be more deleveraging of our crypto and with the lack of new money and new projects in this environment, there’ll be less use cases and a lot of tokens with promise of new technology probably would not deliver.”

The crypto market is therefore likely to see fresh downsides over “the next twelve months,” Teo added.

For him, what helps the market recover a few months down the line is “new innovation, new technology [in] a new area that would bring in a net new group of users and then net new money into the industry.

That outlook isn’t so clear at the moment and so a crypto market struggle that extends into early next year is possible, he concluded.

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