Bitcoin Rallies 7% off Lows
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After a 5 day losing streak, everyone’s favorite cryptocurrency is finally catching a break. Today bitcoin prices rallied 7 percent off the daily low. On BTC-E, the day started of as usual, with BTC/USD falling 9 dollars to hit a new low of $480. But by mid-day, prices started to recover and eventually hit a high of $518.98. One BTC is currently trading at $515 per coin.
The DISH network has officially launched bitcoin payments. The DISH network has 13 million customers across the United States. It offers a range of local and national programming, featuring national and local high definition (HD) channels. The decision that the firm will take BTC payments was announced two months ago but the implementation took a while. On May 30th, bitcoin prices hit a two month high on news that Coinbase singed up its biggest client yet, DISH. The total market cap of the company is $26 Billion.This title was later passed on to DELL Computers.
Speaking to Reuters, the CEO of Overstock.com, Patrick Byrne, said that bitcoin payments will add 4 cents to the company’s $0.75 – $0.80 EPS forecast: ‘‘I think the world expects us to make 75-80 cents per share this year. And 4 cents of that would be attributable to bitcoin.”
Overstock is currently getting around $15,000 USD per day in BTC sales, and Byrne forecasts that bitcoin sales will average $6 to $8 Million in 2014. The company was the first major retailer to accept bitcoin for payment. Overstock is currently leading innovation in the BTC merchant space. Recently the company offered to pay employees bonuses in bitcoins instead of USD. The firm is also looking for ways it can use BTC to pay its suppliers.
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