Day: October 21, 2020

Bitcoin Nears Bullish Breakout, But Volume Has Yet To Come

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Bitcoin has very few resistance levels left to clear before a new bull run is on, and the leading cryptocurrency by market cap returns to price discovery mode in search of its next all-time high. And while that break out into a bull market draws nearer with each passing day, so far, there’s no volume to support the bullish breach through resistance that crypto investors are hopeful for. Here’s what to look out for when Bitcoin does finally break out with volume. Bitcoin Reclaims August 2020 Peak, Sets New Yearly…

Analysts Expect Ethereum to “Teleport” Higher as Bitcoin Rockets Towards $13k

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Ethereum’s price action has been incredibly lackluster compared to that seen by Bitcoin and the rest of the crypto market. While BTC pushes up towards fresh yearly highs of $13,000, the rest of the crypto market has remained fairly stagnant. In particular, ETH has only seen tempered gains and remains well below its 2020 highs of $490 set at the peak of the DeFi hype cycle. It is important to note that Ethereum is now gaining some stability above $380, but its lack of momentum compared to that seen by…

Blockchain Bites: PayPal’s Play, Mode’s Bitcoin Buy, CoinDesk’s Most Influential Needs Your Vote

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PayPal merchants will soon accept crypto payments as part of a major push into the “virtual currency marketplace.” The Bahamian central bank unveiled the world’s first CBDC. Kik and the SEC are nearing an end to a yearlong court battle over its $100 million initial coin offering (ICO). Here’s everything people are talking about in crypto today. Top shelf PayPal’s playPayPal will be offering trading and transaction of bitcoin, bitcoin cash, ether and litecoin in the next few weeks to its 346 million customers and 26 million merchants through a partnership with Paxos Trust Company,…

Bitcoin Could Soon Post First Weekly Close Above $12,000 Since 2018

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Bitcoin is currently in the throes of a strong uptrend that has allowed it to recapture all of the gains that were lost following its decline from $12,400 seen in late-August. The cryptocurrency set fresh yearly highs today when it rallied up to $12,500 – a level that is now acting as resistance. Whether or not it continues pushing higher in the near-term will likely depend largely on whether or not bulls can continue expanding upon the momentum that has been built over the past few days. Unlike previous rallies…

PayPal Adds Bitcoin: Most Bullish News of the Year?

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PayPal will offer its U.S. customers the option of buying and selling crypto, with support for payments to its 26 million-strong merchant network coming next year. In this late-breaking Breakdown episode, NLW explores: The specifics of the news Why the scale, precedent and normalization are hugely bullish What some skeptics are saying Why it’s significant PayPal is focused on the coming central bank digital currency era Original

USDC Is Coming to Solana Blockchain in Potential Boost for Non-Ethereum DeFi

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The Coinbase- and Circle-backed CENTRE Consortium announced support for its USDC stablecoin on the Solana blockchain Wednesday, marking the dollar-backed asset’s fourth blockchain integration, after Ethereum, Algorand and Stellar, announced barely a week ago.  Compared to Ethereum’s approximate rate of 15 transactions per second (TPS), Solana offers over 50,000 TPS, which Circle CEO Jeremy Allaire told CoinDesk helps USDC function “at scale and in a highly performant condition.”  USDC was launched with the goal to create technical and regulatory standards supervised by governments and regulators for a dollar-pegged money format…

Protests Show Bitcoin Adoption Is Accelerating in Nigeria

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As protests sweep across the country, with multiple regions placed under curfew, Nigerians are using social media and bitcoin in their fight against police corruption.  Nigerians called for the disbandment of the special anti-robbery squad (SARS) in 2017, and the government supposedly complied. But after reports of SARS officers allegedly killing a young boy in southern Nigeria surfaced on Oct. 3 of this year, protests erupted again. The police unit stands accused of illegal killings, extortion and torture of innocent civilians: many of its victims over the years were young…

Bitcoin soars to $12.9K as PayPal proves crypto is ready for everyone

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Bitcoin (BTC) hit highs of $12,865 during trading on Oct. 21 as news that PayPal would support cryptocurrency continued to boost markets. Cryptocurrency daily market overview. Source: Coin360 BTC price closes in on 2019 highs Data from Cointelegraph Markets, Coin360 and TradingView confirmed Bitcoin’s best day in over a year as 24-hour gains topped 7%. At press time, hours after rising to $12,400, BTC/USD crossed $12,500 to only see resistance at just below $13,000. BTC/USD 1-hour price chart. Source: TradingView As Cointelegraph reported, PayPal plans to support Bitcoin and three…

PayPal Partners with Paxos to Enable Crypto Services

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In the future, PayPal plans to work with global central banks to further tap on digital assets’ capabilities. American payment company PayPal Holdings Inc (NASDAQ: PYPL) has partnered with Paxos Trust Company to provide crypto services. Notably, PayPal has also been granted a conditional Bitlicense by the New York State Department of Financial Services (NYDFS). The move by the giant payment processing company to enter the crypto market is viewed as a huge disruption in the entire financial market. Hereby, PayPal will allow its users to purchase, sell, and hold…

Bitcoin Spikes to $12,850, Burning Over $75 Million in Futures Contracts

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Bitcoin is exploding higher on the back of two extremely positive fundamental events: PayPal adding support for cryptocurrency and the U.S. confirming an imminent fiscal stimulus package. BTC currently trades for $12,800, far above the lows seen just a week ago at $11,200. Source: BTCUSD from TradingView.com The price of Bitcoin plunged last week as a result of news that OKEx had frozen withdrawals. The cryptocurrency is now returning higher as the market has shaken off that news event and has instead focused on the bullish ones. Related Reading: Here’s…