Summary:

  • South Korea holds off on banning cryptocurrency trading as sufficient consultations have to be conducted
  • Bitcoin (BITCOIN on xStation5) hovers just above a support, another huge company begins accepting Bitcoin payments
  • Portuguese commercial bank halts reportedly Bitcoin-related transactions

The cryptocurrency block was quite calm during the weekend after rising on Friday after the South Korean authorities chose to postpone a trading ban for cryptocurrencies. Nevertheless it does not mean the end of this thread hence digital currencies might become under downward pressure in the near term. Let’s begin with the hottest news regarding virtual currencies along with a technical look at Bitcoin.

Cryptocurrencies bounce back as South Korean holds off on banning them

According to the South Korean government’s official announcement published at the end of the past week a ban of cryptocurrency trading was set aside. It could have been a response to a massive backlash and criticism which occurred against the country’s Ministry of Justice. Since then the Korean watchdog released subsequent remarks claiming that a decision whether to ban cryptocurrency trading (meaning a shutdown of exchanges) will be made after sufficient consultations. Even as a ban is unlikely to come imminently, risks related to it are expected to hang over the whole industry which therefore could weigh on the Bitcoin price.

link do file download linkBitcoin (BITCOIN) is hanging around a pivotal support area until the price stays above it a resumption of a rise could be expected. Source: xStation5

Taking a look at a daily time frame one may notice that the Bitcoin price has been hovering above a notable demand zone for a while. For that reason one may suspect that until the price moves above this level a more severe pullback appears to be unlikely. Having said that a rebound toward a descending trend line might be a base scenario given quite the upbeat end of the South Korean thread (at least so far).

Canadian KFC starts accepting Bitcoin payments

Another supportive of Bitcoin story came from Canada where the country’s fried chicken chain KFC has begun accepting the cryptocurrency in payments. To be precise Bitcoin payments will be accepted for fried chicken, however it will not be so easy as you would think. Instead walking into a KFC location in Canada the company will be accepting Bitcoin only via BitPay as one of the options through an online check-out page. When a payment is made the so-called ’Bitcoin Bucket’ will be delivered directly to the customer’s address (a $5 fee will be added to the bill though).

link do file download linkKFC in Canada introduces the so-called Bitcoin Bucket to its menu. Source: coindesk.com

Banco Santander Totta reportedly halts Bitcoin transactions

According to local media outlets Banco Santander Totta, the Portuguese branch of Spanish bank Santander, has reportedly stopped accepting Bitcoin-related transactions from various digital currency exchanges. The official reason was guesswork that those exchanges are transacting in non-regulated financial products. Among cryptocurrency exchanges from which Banco Santader Totta has probably stopped accepting Bitcoin payments are Coinbase and Bitstamp.