According to a local outlet, Adobo Magazine, Grab users in the Philippines can now use Bitcoin (BTC) as a form of payment. Grab has a market value of over $22 billion. The platform also has more than 41 million users. The fact that Bitcoin (BTC) can be used on Grab is a massive milestone in the crypto community. The development sheds some light on the growing desire for crypto-based payments on service platforms.
Grab Stock Rises After Bitcoin Acceptance
According to Yahoo Finance regarding GRAB, Grab Holdings Limited saw a 0.37% rise in its stock value at market close on July 25. The stock has risen by 1.12% on the pre-market on July 28. It is possible that investors viewed the decision to accept BTC as payment as a bullish development. GRAB’s stock could see further rise over the coming days.
Bitcoin (BTC) has also experienced a rebound after its Friday correction. BTC’s price briefly fell to below $115,000. The original cryptocurrency has since reclaimed the $118,000 price level. BTC currently faces some resistance at $119,000. According to CoinGecko’s BTC data, the asset’s price has dipped 0.1% in the weekly charts and 3% in the 14-day charts. Despite the pullback, BTC is up 0.8% in the daily charts, 10.7% in the monthly charts, and 76.2% since July 2024.
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BTC’s correction came after a Satoshi-era wallet offloaded 80,000 coins on the market. The move led to a rise in volatility, causing substantial price dips. The market has since made a slight recovery. BTC hit an all-time high of $122,838 earlier this month on July 14. We may see additional volatility as investors await the Federal Open Market Committee (FOMC) meeting on July 29. There is a low chance of an interest rate cut. The lack of an interest rate cut could lead to retail investors backing away from risky assets, such as cryptocurrencies.