Bitcoin Trading Alert: $500 current downside barrier

Simon Fraser University has become the first such Canadian tertiary education institution to accept donations in Bitcoin, the university reported:

Simon Fraser University is the first Canadian post-secondary school to accept donations in Bitcoin, a digital currency that can be exchanged electronically.

And SFU alumnus Scott Nelson and Simon Fraser Bitcoin Club president Mike Yeung are the university’s first Bitcoin donors, contributing the cash equivalent of $6,000.

“We are embracing Bitcoin because it is innovative, open source, entrepreneurial and fits well with SFU's mission to engage the world,” says Yeung, who hopes his donation will be used by students to spark conversations on how non-profits in developing areas can use the virtual currency.

“Bitcoin can be moulded in ways that can benefit people (in every part of the globe and every segment of society) in many ways,” adds Yeung, who is also the founder and CEO of Saftonhouse Consulting Group. “And those benefits can only be realized when Bitcoin is driven by community efforts and the passion of those with vision and determination – the very traits that SFU breeds and supports.”

The university is yet another institution accepting Bitcoin, this time as donations, not as payment for goods or services. This shows us that Bitcoin is gradually transpiring not only into the world of retailers but also into other forms of activity, donations for educational purposes being only one example.

We’re obviously still early on the road to Bitcoin adoption – SFU is, after all, the first university in Canada to accept the cryptocurrency – but, as we have numerously expressed, this is precisely where the opportunity with Bitcoin lies. The currency is still in the early stages of possibly redefining the payment systems we know.

For now, we’ll focus on the charts.

On BitStamp, we saw a move down yesterday. This was a second day of depreciation. Such a situation might naturally evoke the question whether anything has actually changed as far as the short-term outlook. This is the question our readers probably ask themselves and we understand where it’s coming from and also ask ourselves similar questions and check them against the current market conditions to arrive at conclusions. Today is no different and we provide you with our opinion on where the market is headed.

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