Cinema giant AMC to accept crypto payments; Bitcoin steady; Avalanche crushes it
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Crypto has more big adoption news, this time from US cinema and entertainment giant AMC. And it’s helping to keep Bitcoin and the rest of the market in decent shape today, despite competing negative news swirling.
AMC, headquartered in Kansas, is the largest cinema chain in the world, with almost 8,000 screens in 620 theatres across the US, and more than 2,800 screens in 358 theatres in Europe, according to Wikipedia.
Today it announced it will be accepting Bitcoin as payment for film tickets before the end of the year, along with the likely addition of Ethereum, Litecoin and Bitcoin Cash. (What, no Dogecoin? Don’t expect Elon Musk’s custom, then.)
Cryptocurrency enthusiasts: you likely know @AMCTheatres has announced we will accept Bitcoin for online ticket and concession payments by year-end 2021. I can confirm today that when we do so, we also expect that we similarly will accept Ethereum, Litecoin and Bitcoin Cash. pic.twitter.com/uKcFyQotoJ
— Adam Aron (@CEOAdam) September 16, 2021
It’s welcome positive news amid a mixed bag for the crypto market today, with some fear spreading about Chinese real estate giant Evergrande pulling a “Lehman Brothers moment”, with a possible global market dump as a portfolio-flattening consequence.
That’s all conjecture, of course, and there’s a chance Evergrande will receive a government bailout, but it’s been causing a few jitters here and there. Not for Stock to Flow chart creator PlanB, though.
As for Bitcoin’s performance today, it’s been choppy – pulling down to US$47,336 at one point and bouncing as high as US$48,575. At the time of writing, it’s pretty much bang on US$48K, down 0.5% since this time yesterday.
— Michaël van de Poppe (@CryptoMichNL) September 16, 2021
One rung down from BTC on the market cap charts, Ethereum (ETH), meanwhile, is looking good at press time and trading back above US$3.6K, an important level of support for the market’s leading smart-contract platform. It’s up 3.3% in the past 24 hours.
According to Crypto Briefing, about US$28.8 billion worth of ETH has now been put out of circulation through a combination of the ETH2.0 deposit contract and the gas-fee-burning mechanism EIP-1559 introduced in August.
“Supply shock” incoming? Ethereum fans believe…
The network might be slow, the fees may be too high, but the supply shock is imminent. pic.twitter.com/3QheZ07Yt1
— Ali Martinez (@ali_charts) September 15, 2021
Elsewhere in the market today, Avalanche (AVAX) is crushing it again, surging on the back of more good news…
— Eight (@eight_global) September 16, 2021
Unlike Solana (SOL) the other day, there seems to be no stopping Avalanche just at the moment. At the time of writing, it’s changing hands for US$67.52, a new all-time high, and is up 26.7% since this time yesterday.
Some of the projects in its ecosystem are going well, too. For instance: decentralised exchange Trader Joe (JOE) +52.11%; DeFi aggregator project Snowball (SNOB) +36.1%; and launchpad Avalaunch (XAVA) +27.6%.
Meanwhile, despite a disastrous token sale, in which a front-running whale somehow managed to hack the system and buy about a third of the circulating supply, Ethereum-based automated DeFi protocol Gelato Network (GEL) is also surging (+21.6%).
Not financial advice (naturally), but GEL might be one to watch for a bit of a dip at some point in the not-too-distant future. Whales… they love a good old dump after a pump, don’t they?
Gaming company Gala Games (GALA) is one of the crypto market’s very top performers in the past 24 hours, still riding high after a Binance exchange listing the other day. It’s up 175% in the past 24 hours, and 481% across the past week.
Other coins of note pumping at present, include: decentralised exchange dYdX (DYDX) +43.39%; DeFi token Ren (REN) +21.13%; and decentralised music platform Audio (AUDIO) +19.22%.
Making a short daily losers list are: metaverse project Wilder World (WILD) -16.57%; crypto insurance platform Armor (ARMOR) -16.2%; and Binance Smart Chain IDO platform BSCPAD (-16.1%).
• Aussie crypto hedge fund manager Stefan He Qin has been sentenced to seven years in prison for a Ponzi scheme that cheated investors out of US$54 million.
• Ethereum figurehead and co-founder Vitalik Buterin has made Time magazine’s list of the 100 most influential people in 2021.
• New York-based investor SkyBridge Capital has raised US$100 million for a proposed Algorand-based fund, and has also filed for a new crypto ETF.
• New York Mets owner and billionaire hedge fund manager Steve Cohen is getting into crypto, investing in digital asset-trading firm Radkl and NFT platform RECUR.
• In news distracting from its SEC-related spat, the Coinbase exchange has submitted an application with the US National Futures Association to trade crypto futures.