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MasterCard to Build Crypto and Wallet Products

MasterCard Inc. (NYSE:MA) is planning to venture into the cryptocurrency space with a focus on creating a crypto team of 28 cryptocurrency professionals that will spearhead the development of cryptocurrency and wallet products.

Recruiting of Crypto Experts

On MasterCard’s website, under the career tab, the company notes that it is seeking individuals who will fill the positions of senior blockchain engineer and engineering lead, vice president for product management, product innovation, and development director and product management director for cryptocurrency and wallets.

Equally, there are other senior roles that the company is seeking to fill that also require blockchain tech expertise, such as the director of payments platform and networks, VP of network tech product management, and senior strategic program management analyst, among others.

MasterCard’s requirement for hiring personnel for any of the advertised roles is that candidates have expertise in cryptocurrency and blockchain technology’s operation and functions. The company has indicated that for one to qualify for roles, they have to be aware of the evolution of cryptocurrency as well as have a good command over digital currencies.

The cryptocurrency team will be based in San Francisco, where the company will establish a blockchain headquarter. The team will have the responsibility of advocating blockchain tech concepts within the company.

>> Litecoin (LTC) Gains Momentum Post Halving, Jumps 7%

MasterCard to Compete with Facebook’s Libra

MasterCard is already embracing cryptocurrency and blockchain and is already a member of the Libra Association. Therefore, any progress the company will make in harnessing cryptocurrency will be a major milestone to the Libra Association, which is comprised of 27 companies. The move by the company to create a cryptocurrency team will benefit the planned launch of Libra, as well as being good competition for it.

The launch of Libra delayed after Facebook Inc. (NASDAQ:FB) cited regulatory hurdles as regulators enhance regulatory scrutiny. Libra is also recruiting professionals for its wallet Calibra but has vowed that it will allow free wallet competition from members of the association.

Featured image: DepositPhotos © jbk-photography

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Bitcoin

Bitcoin (BTC) is Back in Momentum

Bitcoin has retaken the $10,000 psychological level after coming under bearish pressure in recent weeks. The spike comes hot on the heels of growing optimism that Facebook’s Libra will make its much-awaited entry into the sector, in the first half of next year. The unveiling of Libra is of great importance as it is poised to fuel mainstream media coverage of cryptocurrencies.

Bitcoin Price Catalysts

The fact that the likes of Visa (NYSE:V), Mastercard (NYSE:MA), PayPal (NASDAQ:PYPL), and Uber (NYSE:UBER) have already invested in becoming members of the Libra Association all but raises the prospects of cryptocurrencies gaining mainstream adoption. In addition to the Libra impact, investors are increasingly buying cryptocurrencies on the dip in anticipation of further rallies to all-time highs.

Bitcoin has also continued to surge in anticipation of its halving event. The much-awaited event will result in the reduction of the number of Bitcoins that enter the market with the addition of a new block. Just as it has been the case in previous years, Bitcoin has always rallied a year in advance to a halving event.

The world largest interdealer broker TP ICAP announced plans to launch a digital asset desk for Bitcoin futures, which is another factor behind BTC’s strengthening sentiments in the market. The desk will seek to take advantage of institutional traders, who are looking for ways to venture into the cryptocurrency business.

>> BitMEX: Us Regulator Launches Investigation into Client Trades

Bitcoin Price Analysis

Bitcoin has continued to elicit buying pressure with each pullback in the market. The cryptocurrency is already up by more than 300% for 2019 as it continues to recoup losses accrued over the past year. BTC is currently trading in the $10,000 to $11,000 trading range with a bullish bias.

However, the Relative Strength Index and Stochastic indicator have started to turn down after clocking overbought levels. Bearish momentum might develop as part of the consolidation seen early in the month, as indicated by a negatively crossing monthly Moving Average Convergence Divergence (MACD). A positively crossing monthly MACD, on the other hand, signals further upside going forward.

Featured image: DepositPhotos © nils.ackermann.gmail.com

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