Bitcoin News Today – Headlines for August 9

  • Bitcoin adoption and recognition is on the rise
  • Bitcoin and other cryptos to be used by a pilot project for payments
  • Crypto trader said Bitcoin might correct towards $10,300 before the next major move

Bitcoin News Today – The adoption and recognition of Bitcoin are on the rise. As the digital currency continues to make waves in the digital space, more institutions, entities, and individuals are beginning to acknowledge and recognize its benefits. Recently, a pilot project – Haeundae Beach System in Busan – revealed its plan to offer digital currency payment solutions to beachgoers in the summertime.

Bitbeat-affiliate company CIC Enterprise is in charge of the pilot project, and the project wants to offer digital currency payment solutions at two of the busiest beaches of the country. According to a report, the company partnered with Innotech – a card and cash payment provider – for the crypto-powered payment solutions.

With this program, people will be able to pay for life jackets, water sports-related activities, and parasol rentals with Bitcoin (BTC), Ethereum (ETH), MCI, and WAY ERC20 tokens via the smartphone-based app.

Bitcoin (BTC) Price Today – BTC / USD

NamePrice24H %
bitcoin
Bitcoin(BTC)
$29,788.00
-15.47%

Bitcoin Adoption is on the Rise

According to Bitbeat, the crypto payment could be processed in less than ten seconds, and it would be using QR codes for any wallet in the world. The firm said:

“We hope that the virtual currency used in the Haeundae-gu beach system will be more widely used in real life. We will try to provide a cryptocurrency payment environment.”

The firm believes that on summer days, people would prefer renting services within the Haeundae beaches, rather than bringing their own things. In Busan, a private-public consortium in South Korea also revealed its plan to build a blockchain-based medical tourism platform, but they have not set the launch date yet.

Analysts Expect Bitcoin’s Price to Correct to $10,300

Bitcoin has been hovering around the higher $11k zone for the past few days. Traders have now left BTC, shifting their focus towards smaller altcoins. Bitcoin is currently trading around $11,700, and analysts are saying that the importance of that level should not be underestimated. Bitcoin is more likely to close over the $11,700 mark. Nevertheless, an analyst is turning bearish on the short-term of Bitcoin, with a downside target of about $10,300.

Last weekend, Bitcoin surged as high as $12k before it encountered a strong rejection and plunged lower. After hitting its lower-$11k area, the digital currency was able to amass more traction and regain control over the market. On the upside, the major hurdle for the digital currency is the $12k mark.

One analyst said that the digital currency cannot break over that level in the near term, and another rejection would push the price of the digital currency towards the $10,300 mark.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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