Bitcoin trending sideways – adoption in the USA is growing

After the rally of the last few weeks, Bitcoin is taking a breather. At the same time, adoption in the USA is experiencing a boost.

After the brilliant rally of the past few weeks, the Bitcoin price is stalling again. The digital store of value opened today’s trading day with a slight minus of 2.18 percent. From a weekly perspective, BTC is thus also slightly in the red and falls into a sideways movement. Overall, the price of the crypto currency lost 1.81 percent of its value in the last seven days. At press time, Bitcoin is trading at $ 44,280.

Weekly view of the Bitcoin rate, source: BTC-ECHO.

While Bitcoin has to accept a small correction after the price increases of the past few weeks, the picture in the Altcoin sector is divided. Ethereum (ETH), Binance Coin (BNB), Ripple (XRP), Dogecoin (DOGE) and Polkadot (DOT) all rank between 0.1 and 2.1 percent.

The opposite is the case with Cardano (ADA). The long-awaited “Alonzo” hard fork is getting closer and closer, and with it the long-awaited implementation of smart contracts. Various crypto exchanges are now preparing for the upcoming update and adapting their systems. The euphoria in the community also affects the ADA course. The Ethereum competitor posted an increase of almost 4 percent overnight. Cardano was able to gain 20 percent in the last week alone. In the top 10 ranking, the cryptocurrency now takes third place behind Bitcoin and Ethereum, pushing BNB off the podium. At press time, ADA is trading at $ 2.11.

And Solana (SOL) is also not really impressed by Bitcoin’s sideways movement. Instead, the coin reacts with a gain of 6.44 percent, making it the winner of the day among the ten most valuable cryptocurrencies.

Bitcoin adoption is growing in the US

While the wind has eased somewhat in the sails of Bitcoin, the wave of adoption continues to wash over the United States. Noisy Chainalysis acceptance in the United States is most widespread among all Western countries. On closer inspection, this is not surprising. Just last month, various reports pushed the adoption in the US. The largest provider of Bitcoin ATMs expanded to the United States and Canada. In addition, a partnership between the US financial services provider NCR and the New York Digital Investment Group (NYDIG) opened up the possibility for 650 US banks to offer their customers purchase options for Bitcoin without having to store them themselves.

And that’s not all. Because like now that Detroit Free Press reported, the largest US mortgage holder, United Wholesale Mortgage, wants to offer its customers a payment option in Bitcoin. Then houses, cars and other objects could be financed with the cryptocurrency. The details are currently being evaluated, said CEO Mat Ishbia, but the aim is to be activated by the end of the year. Ishbia does not rule out that other crypto currencies could also follow.

I think we’re starting with Bitcoin, but we’re also looking at Ethereum and other cryptocurrencies. We don’t want to rush anything, but at the same time we want to continue to be a leader in terms of technology and innovation.

UWM CEO Mat Ishbia told Detroit Free Press

Many mortgage lenders saw big gains in 2020 and earlier this year due to the nationwide real estate and mortgage refinancing boom. So does UWM. The country’s largest mortgage holder closed the second quarter with a business record of $ 59.2 billion.