Cryptocurrencies: Another Nobel Prize winner criticizes Bitcoin

Summary:

• Paul Krugman, a Nobel Prize winner, criticizes Bitcoin

• The biggest Thai movie theatre chain will accept cryptocurrency payments

• Bitcoin (BITCOIN on xStation5) slides to around the $7550 handle

Tuesday has brought significant declines on the cryptocurrency market, but Wednesday paints a different picture. Bitcoin dropped below the $7500 mark. Major cryptocurrencies has depreciated over the past 24 hours sending the capitalization of the whole market below $275 billion. Bitcoin market cap sits a notch above the $130 billion handle. Today’s major topics concern Nobel laureate’s critical remarks and Thailand’s movie theatre chain.

BITCOIN has experienced one of the largest drops among cryptocurrencies recently. The cryptocurrency pulled back to the mid-July’s price level after it broke below the short term support zone localized around $7800 mark. BITCOIN is trading below the $7600 handle at press time. In case no positive news concerning this coin surface anytime soon we may witness price pulling back towards the range of the previous consolidation. Source: xStation5

Firstly, let’s mention Paul Krugman, a Nobel Prize winner, as he has addressed Bitcoin recently. Krugman, who won the Nobel Prize in economics, claimed in his New York Times article that Bitcoin, just like other cryptocurrencies, erases 300 years of monetary system legacy. Economist stated that cryptocurrencies have no tether to reality, so the collapse of this market is likely. Let us recall that this is another Nobel Prize winner that has criticized digital currencies recently after Joseph Stiglitz expressed downbeat remarks.

ETHEREUM retested July’s lows a notch above the $400 mark. Ether bears may have been fend off for now, but renewed downward pressure may resurface in case some negative news concerning the cryptocurrency market spoil the sentiment in the nearby future. The virtual currency with the second largest capitalization is trading a notch below $420 handle at press time. Previous month’s lows may be treated as a possible technical roadblock for now. Source: xStation5

Let’s move to Thailand where the largest movie theatre chain called Major Cineplex announced it will accept cryptocurrency payments. Therefore, movie-goers will be able to buy any products and services with cryptocurrencies. This is another step hinting at increasing adoption of cryptocurrency payments in the modern world,  a trend that will most likely continue through upcoming years. The Major Cineplex theatre chain has nearly 700 screening sites across Thailand.

RIPPLE has been probably the most interesting cryptocurrency today. The virtual currency saw the significant drop to around $0,42 , but the coin managed to rebound  to the $0.45 area. The latest “buy” candlestick shows a divergence between this coin’s performance and the rest of digital asset market. Source: xStation5

Last but not least, let us note that this year’s edition of Ripple “Swell” conference will be attended by the former US President Bill Clinton. As Ripple tweeted, former US President will deliver a keynote speech during the conference. While we have seen various celebrities attending crypto-related conferences before it is probably the first time when the former leader of such a big economy will do so.