Entertainment Giant Welcomes Cryptocurrency Payments
Bitcoin’s Much Anticipated Taproot Upgrade Is Here
by Bogdan Giulvezan
The crypto market just reminded us how volatile it is and how much it can move in a single day: Wednesday, November 10, Bitcoin charted a fresh All-Time High at $69,000, and the same day it dropped to a low of $62,856. It is currently trading at $64,560, very close to April’s ATH at $64,895.
Despite the drop, Bitcoin traders and investors are bullish, which may be due to the imminent Taproot upgrade. This softfork was first proposed by Gregory Maxwell back in 2018 and was finally locked in when it reached 90% miner approval, in June this year. According to taproot.watch: “Taproot is a softfork to the Bitcoin network that will improve the scripting capabilities and privacy. It enables something called MAST, which can help make smart contracts more efficient and private by only revealing the relevant parts of the contract when spending.”
According to the same source, the Taproot upgrade will go live in approximately 2 days, with only 282 blocks left at the time of writing. Once activated, it will improve Bitcoin’s privacy and smart contract capabilities, but according to experts, it will also lower fees and will enhance wallet functionality.
Another piece of bullish news is that cinema giant AMC Entertainment will accept ticket purchases with Bitcoin, Ether, Litecoin, and Bitcoin Cash. CEO Adam Aron tweeted on November 12: “Big newsflash! As promised, many new ways NOW to pay online at AMC. We proudly now accept: drumroll, please… Bitcoin, Ethereum, Bitcoin Cash, Litecoin. Also Apple Pay, Google Pay, PayPal. Incredibly, they already account for 14% of our total online transactions! Dogecoin next”.
This is of course one more step towards mainstream adoption and shows that crypto is closing the gap on fiat currency. Also, let’s not forget that AMC may soon allow DOGE payments, which is quite interesting but nonetheless bullish for the meme coin.
Chart Analysis – BTC/USD
Bitcoin is currently changing hands at $64,560 and is moving south since Wednesday when it reached the most recent ATH at $69,000. However, the S/R zone around $64,895 is not clearly broken because the Daily candle has not yet closed, and the pair is in a strong uptrend.
That being said, price is trading below the April ATH, which may trigger additional liquidations of long positions, which may, in turn, bring price even lower. Nevertheless, as long as the pair remains above major support ($60,000, $59,000, and the 50 Days Moving Average), the bias is still bullish and the uptrend will likely continue once the retracement is complete.
