Google Play integrates Bitcoin payments as BTC marches to new all-time high

Bitcoin price climbed over 90%, recovering from July lows. An increase in institutional investment and bullish outlook triggered Bitcoin's rally to a new all-time high.

Bakkt partners with Google offers crypto payment facility to millions

Leading digital asset company Bakkt has announced a partnership with Google. The technology giant plans to expand payments on Google pay to meet the ever-evolving needs of users. 

Bakkt is a digital asset exchange that powers the purchase, sale, transfer and spending of digital assets. Partnership with Bakkt brings a suite of digital currency payment options to millions of users on Google. 

The goal of the project, as quoted in the announcement, is:

to extend the reach and usability of digital assets to meet rapidly evolving consumer demand and preferences.

Google's cryptocurrency payments integration for users is taking place alongside the Bitcoin price rally. 

BTC price has posted 90% gains since July. The asset rallied over 16% in the past week. 

Bitcoin reserves on derivatives exchanges have dropped. At the same time, perpetual funding rates (spread between price of BTC in the perpetual contract market and spot exchanges) are not overbought. 

The perpetual funding rate is an indicator that examines whether a market is in a state of euphoria (associated with speculation), or spot exchanges are driving the asset's price rally. Since the rate is not as overbought as when BTC price hit $57,000 last time around, it implies that the ongoing rally is primarily driven by demand on spot exchanges. 

Bitcoin perpetual swaps funding rate.

As Bitcoin price inches closer to its all-time high, institutional investors are keen on increasing their portfolio's exposure to BTC. JP Morgan CEO Jamie Dimon stands by his earlier take on Bitcoin. 

Dimon states, 

I personally think that bitcoin is worthless. Our clients are adults. They disagree. That's what makes markets. So, if they want to have access to buy yourself bitcoin, we can't custody it, but we can give them legitimate, as clean as possible, access.

As BTC price continues to rise, experts have examined the possibility of a correction due to retail traders' "overly bullish" outlook. The asset's explosive on-chain activity and rising social dominance show signs of a pullback in the short term, according to analysts at Santiment, a crypto data intelligence firm. 

FXStreet analysts have evaluated the Bitcoin price trend and predicted that BTC is primed to hit a new all-time high despite volatility.