Bitcoin Sell-out on Black Friday, Buy Your Christmas Presents with Crypto

Black Friday, a shopping event that is very popular in Western cultures, has begun. The shopping event is known for offering big sales the day after thanksgiving and offers shoppers the opportunity to catch bargains while wrapping up christmas shopping early. For the sixth year in a row it’s also coming to holders of the cryptocurrencies.

Bitcoin has fallen an additional 6.30% in price for Black Friday, now sitting at $4280. Ethereum also continued to drop in price, seeing a further 8.74% decline in price on Friday, down to $124.

Store owners are hoping that crypto hodlers could be looking to spend some cash on the annual shopping day on digital assets. Some of the bigger discounted coins in the top 100 include $POLY, $OMG and $BCH all dropping over 14% on the day.

Speculators have mentioned that the sell off on Black Friday usually relates to people cashing out digital assets to purchase good on sale with fiat. Still, with the whole market being in a bad place for the past two weeks, it’s hard to believe that Black Friday would help the situation which is starting to look more depressing as time goes on.

The Christmas shopping period comes at a turbulent time for bitcoin, coming at the end of a week of dramatic price drops, though this hasn’t put off online retailers hoping to cash in on the cryptocurrency.

“While most consumers are flooding into supermarkets and retail stores, there’s a quiet revolution brewing in the corners of the internet,” states the Bitcoin Black Friday website, which says it will publish all the best deals from merchants on Friday, 23 November.

“Bitcoin Black Friday is a one day event that brings together bitcoin merchants and bitcoin users. Merchants simply list their bitcoin-exclusive deals, and users can check out all the deals in one place. This year, we’re focused on quality merchants that care about the bitcoin community.”

Nigel Green, founder and CEO of financial services firm deVere Goup, recently said the recent price crash has created a buyers’ market:

“Savvy investors understand that digital currencies are the future of money and, as such, they will be capitalising on the lower prices in order to build their portfolios and shore-up their positions. Prices might fall further over the next few days, but we can expect a long-term upward trajectory for the crypto sector.”

Some bitcoin exchanges are offering bitcoin giveaways in an effort to entice people to their platforms.

Isle of Man-based exchange CoinCorner is giving away £20 of bitcoin to new customers starting Thursday, 22 November, so long as they register and buy £100 worth of the cryptocurrency.

CoinCorner co-founder Danny Scott said that their mission is to make buying bitcoin quick and easy for everyone and that they are delighted to provide new cryptocurrency users with an offer that will give them a great first experience into the world of bitcoin.

Inspired by Rebecca Black’s viral hit “Friday” dated back to 2011, Rachel Siegel, CEO & Founder of Crypto, Finally YouTube channel, has released “BitPay”  version, wherein the chorus concludes:

“Everyone’s adopting bitcoin, don’t be a weirdo… They won’t accept my BitPay, what’s the point of Black Friday sales fiat losers?”

Reacting to the video in the comment section through its official YouTube account, BitPay said:

“Whoa! We love this, and we are beyond flattered. We’re so happy that you’ve had a chance to use the card to shop at more places that are a little behind on the tech adoption curve 😉 We’d say you’ve topped Rebecca Black, and with any luck, Black Friday will be a win for everyone in this video. Look for an email from us! We’d love to get in touch and send you a gift to thank you.”

Just for reminder, in October, BitPay introduced USDC and GUSD stablecoin settlements. BitPay customers are now able to receive settlement in Gemini Dollar (GUSD) and USD Coin (USDC), USD-pegged cryptocurrency stablecoins, without relying on costly, time-consuming wire transfers.

This month, Paxos Standard Stablecoin won a spot at BitPay on its way towards broader usage. Thanks to a newly established partnership with crypto startup Paxos, payments firm BitPay will allow its merchants to use PAX in settling transactions.

We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language, all capital letters or appear to be spam. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Coinspeaker Ltd.