A local media outlet reported that Adobo Magazine, Grab users in the Philippines can now use Bitcoin (BTC) as a form of payment. Grab’s market capitalization is over $22 Billion. Platform users number more than 42 million. Grab’s acceptance of Bitcoin (BTC), which is the most popular cryptocurrency, represents a significant milestone within the crypto world. This development sheds light on the increasing demand for cryptocurrency-based payment on platforms.
Grab Stocks Rise After Bitcoin Acceptance
According to Yahoo Finance regarding GRABGrab Holdings Limited experienced a rise of 0.37% in the stock price at close of business on Thursday, July 25. Stocks rose by 1.12% in the premarket of July 28. The decision by investors to accept BTC in payment could have been viewed as bullish. GRAB stock may continue to rise in the days ahead.
Bitcoin (BTC), too, has experienced a recovery after Friday’s correction. BTC’s value briefly dropped below $115,000. BTC has recovered its $118,000 level. BTC faces resistance currently at $119,000. According to CoinGecko’s BTC dataThe price of the asset has dropped 0.1% from the charts for the week and by 3% from the charts for the next 14 days. BTC’s price is still up 0.8% per day, 10.7% monthly, and 76.22% in total since July 20,24.
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BTC’s correction occurred after a Satoshi era wallet released 80,000 coins to the market. This led to an increase in volatility and a significant price drop. In recent weeks, there has been a modest recovery in the market. BTC hit a new all-time record of $122,838 in the first week of July. As investors wait for the Federal Open Market Committee’s (FOMC) July 29 meeting, we may witness additional volatility. A rate reduction is not likely. A lack of interest rate cuts could cause retail investors to shy away from high-risk assets like cryptocurrencies.
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Source: watcher.guru
