Crypto Industry News:
AXA, the second largest insurance company in Europe, became the first Swiss all-line insurer to offer its clients the option of paying their bills with Bitcoin, which was made possible by cooperation with the renowned cryptocurrency broker Bitcoin Suisse.
Bitcoin payments will be accepted for almost all AXA products with the exception of life insurance due to regulatory barriers. AXA has cited the accelerated digital transformation of the global economy during the coronavirus pandemic as a key factor in its choice of cryptocurrency integration into its day-to-day operations. However, the insurer notes that already in 2019 it conducted market research, which shows that about a third of respondents aged 18 to 55 already owned or were interested in cryptocurrencies.
According to Claudia Bienentreu, head of open innovation at AXA Switzerland, the acceptance of Bitcoin payments is "AXA's response to the growing customer demand for alternative payment solutions as new technologies play an increasingly important role."
The configuration on the client side will be a simple online transfer with a reference number: the Swiss franc debt amount will be converted into an equivalent amount in Bitcoin and the indicated exchange rate will remain valid for a specified period of time. During this period, clients will not bear any currency risk and AXA will not charge any additional fees to clients who choose to pay their bills in Bitcoin rather than in fiat currency.
AXA itself will not keep any Bitcoin received on its balance sheets. Instead, Bitcoins will end up in the hands of the Bitcoin Suisse cryptocurrency broker. It's worth noting that while AXA itself does not add any Bitcoin payment fees, Bitcoin Suisse includes its own 1.75% commission when calculating the Bitcoin / Swiss Franc exchange rates for AXA clients.
Technical Market Outlook:
The BTC/USD pair has made a new ATH at the level of $64,786 and then broke below the level of $61,226, which is a 38% Fibonacci retracement level of the last wave up. The last local low was made at the level of $61,052 and this level is below the short-term trend line support as well. The next target for bears is a Fibonacci cluster located between the levels of $60,132 - $60,305. The momentum remains strong and the next target for bulls is seen at the level of $70,000. The immediate support is seen at the level of $60,000, but the key short-term technical support is located at $54,719. The weekly time frame trend remains up.
Weekly Pivot Points:
WR3 - $68,058
WR2 - $64,489
WR1 - $62,269
Weekly Pivot - $58,989
WS1 - $56,726
WS2 - $53,045
WS3 - $51,108
Trading Recommendations:
The bulls are still in control of the Bitcoin market, so the up trend continues and the next long term target for Bitcoin is seen at the level of $70,000. Any correction or local pull-back should be used to open the buy orders. This scenario is valid as long as the level of $54,719 is clearly broken on the e daily time frame chart.
