Here is the what you will learn:
- Google to accept Bitcoin and other cryptocurrencies for Cloud services with the partnership with Coinbase. As a result, Google steps into crypto payments.
- Simultaneously, the crypto market cannot leave the bearish zone. The sell pressure causes bitcoin to drop consecutively for a couple of days in a row.
- Bitcoin reaches its all-time high mining hash rate as the miners do not find it profitable.
Google To Add Cryptos As A Payment Method For Cloud Services
One of the leading tech companies, Google decided to accept payments for Cloud services in cryptocurrencies. The services will be available for only a limited number of customers.
To provide this service Google selected Coinbase as the main provider. It is mentioned that the US-based crypto exchange Coinbase will begin to provide this service in early 2023. According to Amit Zavery, only a small portion of Web3 customers will benefit from the services with the Coinbase Commerce service.
Coinbase Commerce supports only some of the cryptocurrencies in the market. Those cryptocurrencies are Bitcoin, Bitcoin Cash, Dogecoin, Ethereum and Litecoin, and other 6 cryptocurrencies.
Coinbase will benefit from this with the small commission fees from the operations. Given that many cryptocurrencies have lost their value significantly in recent months, this can be a positive move for cryptocurrencies and can tackle other companies offering similar products to include digital currencies in their payment systems.
It is also mentioned that Google can use Coinsfera Prime services to store their cryptocurrency holdings.
Bitcoin Price Analysis
Bitcoin price had shown a downward trend for a long time since 6th October when the price of Bitcoin was around $20k. According to Tradingview, Bitcoin does not show bullish sentiment. BTC/USD chart shows the current price of Bitcoin as $19232.
Some analysts and indicators support that this can be the actual bottom for Bitcoin. In the latest Glassnode insights, they name it as “A Calm Before the Storm.”
“In stark contrast to highly volatile equity, credit, and forex markets, Bitcoin has remained remarkably stable in recent weeks. With Bitcoin gaining ground on many traditional assets, we evaluate if true bottom formation may be in play, and adjust several metrics for the influence of lost coins.”
In stark contrast to volatile equity, credit, and FX markets, #Bitcoin has remained remarkably stable in recent weeks.
In our latest report, we evaluate if true bottom formation may be in play and adjust several metrics for the influence of lost coins.https://t.co/LUprQjANBA
— glassnode (@glassnode) October 10, 2022
Bitcoin has been less volatile in recent timeframe and it gives grounds that something big is going to happen. For almost a month, Bitcoin went up and down between $18k-$20.5k. If you want to buy bitcoin in Dubai the currency price is $19323. The market cap of Bitcoin currently is $367.3 billion and it is the top cryptocurrency with the highest market cap.
Record-Breaking Bitcoin Hash Rate
According to the hash rate charts, Bitcoin has recorded an all-time high hash rate value. The popular Bitcoin-themed Twitter page showed that the hash rate has reached ath level of 35.6 trillion hashes. This high value is associated with the price drop in Bitcoin as bitcoin miners did not find it profitable to continue mining.
— Documenting Bitcoin 📄 (@DocumentingBTC) October 11, 2022