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Spanish Telecom Giant Telefonica Embraces Bitcoin Payments

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Spanish Telecom Giant Telefonica Embraces Bitcoin Payments



One of the largest telephone operators and mobile network providers in Spain – Telefonica – partnered with the crypto exchange Bit2Me to allow clients to pay for services in digital assets.

Cryptocurrency adoption seems to be on a high level in the Iberian country. A few months ago, the leading airline company – Vueling – said travelers will be able to purchase flight tickets in bitcoin and other assets from January 2023.

Telefonica Says ‘Yes’ to Crypto

The Madrid-based corporation allowed customers to settle bills in several cryptocurrencies, including Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Circle’s stablecoin USDC, and others on its online marketplace named Tu.

To enable the crypto payments, Telefonica joined forces with the Spanish digital asset platform Bit2Me, which provided the infrastructure and will oversee the transactions.

The news grabbed the attention of the Chief Executive Officer of Binance – Changpeng Zhao (CZ) – since he shared it on his personal Twitter account.

It is worth noting that his company recently expanded its presence in the Spanish market. Two months ago, Binance’s subsidiary – Moon Tech Spain – received regulatory approval to register as a Virtual Asset Services Provider (VASP) in the European country.

“MoonTech’s registration in Spain is an acknowledgment of the hard work and commitment of our teams to providing a platform that places users’ protection above all else,” Zhao said back then.

Vueling Also Jumped on the Bandwagon

Another prominent Spanish firm that joined crypto’s ecosystem in the past few months is the Barcelona-based airline Vueling.

In June, it collaborated with BitPay to allow clients to buy tickets in 13 different digital assets, such as Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Dogecoin (DOGE), Shiba Inu (SHIB), and others.

The move is expected to see the light of day at the beginning of 2023, which would turn Vueling into the first low-cost airline in Europe to embrace cryptocurrencies as a payment method.

BitPay’s Vice President of Marketing – Merrick Theobald – said the Spanish firm “recognizes the potential of cryptocurrencies to transform the airline industry, making payments faster, more secure, and less expensive on a global scale.”

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Litecoin

Price analysis 12/7: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, DOT, LTC, UNI

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Price analysis 12/7: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, DOT, LTC, UNI


The current weakness in BTC and major altcoins shows that investor sentiment remains negative and that bears are active at higher levels.



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Litecoin

Litecoin eyes $100 after ‘rare’ LTC price breakout

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Litecoin eyes $100 after 'rare' LTC price breakout


Litecoin (LTC) could rise another 20% amid a rare trend reversal breakout that has already resulted in LTC outperforming most crypto assets in recent days.

LTC’s not-so-bearish symmetrical triangle

LTC’s price broke out of what earlier appeared to be a bearish symmetrical triangle.

Symmetrical triangles are trend continuation patterns, meaning breaking out of their range typically prompts the price to move in the direction of their previous trend. 

Litecoin formed a symmetrical triangle pattern between May and November after dropping 70% to nearly $40 in the prior trading sessions. Ideally, the LTC/USD pair could have resolved the pattern by breaking below its lower trendline.

But instead, it broke above the upper trendline in early November, as shown below. According to Edwards and Magee, the authors of Technical Analysis of Stock Trend, the breakout move is rare, given only 25% of symmetrical triangle breakouts have historically resulted in trend reversals.

LTC/USD three-day price chart. Source: TradingView

Litecoin followed up with its symmetrical triangle reversal move decisively and now eyes a run-up toward $100, or another 20% by December 2022.

This upside target is measured after calculating the distance between the triangle’s upper and lower trendline and adding the output to the breakout point (around $58 in Litecoin’s case).

Why is Litecoin price up?

Litecoin’s symmetrical triangle breakout move started in late October. It coincided with MoneyGram’s announcement that it would enable users to purchase, store, and use LTC alongside Bitcoin (BTC) and Ether (ETH) for payments.

LTC/USD three-day price chart. Source: TradingView

The LTC breakout lost momentum due to the FTX collapse in the first week of November and its negative impact on the broader crypto market. But, Litecoin resumed its upward trend amid speculations about its reward halving in the summer of 2023.

Related: Litecoin hits fresh 2022 high versus Bitcoin — But will LTC price ‘halve’ before the halving?

“Litecoin tends to rally in the months leading up to the halving,” noted market analyst, The Digital Trend, in his SeekingAlpha op-ed, adding:

“Then, the price tends to stabilize before entering a lengthier and more substantial bull market. Then, around halfway through the cycle, Litecoin enters a bearish/distribution phase like Bitcoin.”

LTC/USD price performance before and after halving. Source: TradingView/The Digital Trend

Litecoin’s price could reach $180 by July 2023 if the halving fractal plays out as intended, as Cointelegraph covered here.

The bearish take

Conversely, Litecoin can see a short-term correction as its three-day relative strength index (RSI) is turning “overbought.” The trigger for the downside move could be the RSI crossing above 70 from its current reading of 68, as shown below.

LTC/USD three-day price chart. Source: TradingView

LTC’s price downside target comes to be at around $40 in the event of a correction trend, down about 50% from current price levels.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.