Bitcoin’s price clocked fresh 2020 highs on Wednesday after online payments company Paypal announced support for cryptocurrencies. Original
Bitcoin Hits Fresh 2020 High
Day: October 21, 2020
The Second Day Running Sees Bitcoin is Up While Equities Fall
For the second day straight, Bitcoin is up while equities fall. Is this the beginning of a decoupling from traditional markets? @SmartContracter picked up on this trend yesterday by saying: “was very surprised to see this today, but there is nothing i would like more than to see btc break its correlation with equities.” However, he tweeted again today to say the pattern has repeated. What’s more, he added that the current market dynamic, of a clear delineation between Bitcoin and the alts, is also an infrequent occurrence. Parallels were…
Bybit Adds New Trading Pairs as Exchange Volume Grows
To promote the launch of four new trading pairs, Bybit is offering users a discount on trading fees and is running a lottery program to incentivize participation. Bybit has added support for several new trading pairs to its derivatives exchange, bringing the number of cryptocurrencies it supports to seven. Perpetual contracts for USDT with ETH, LTC, XTZ, and LINK have been added to the derivatives platform, which continues to go from strength to strength. The introduction of new markets, at a time when other derivatives exchanges are mired in trouble,…
Payments Giant Paypal Says Its Customers Can Now Buy and Sell Bitcoin
Payments giant Paypal says its customers can now buy, sell and hold bitcoin and other virtual coins with the company’s online wallets. The company also says its customers will able to use cryptocurrencies to shop at the 26 million merchants on its network starting in early 2021. A report quotes the company’s President and Chief Executive Dan Schulman saying they hope “the service will encourage global use of virtual coins and prepare its network for new digital currencies that may be developed by central banks and corporations.” “We are working…
CBDC Launch Is More Political Decision
The European Central Bank may try to put a cap on the maximum amount of the digital euro each individual can hold per time, should the project eventually go live. The German Central Bank head of payments Burkhard Balz recently stated that the decision by any country to develop and launch a central bank digital currency (CBDC) might be more of a political decision than technical. Mr. Balz made this assertion while making a Keynote Speech at the China Europe Finance Summit – A Hybrid Conference on Sino-European Capital Markets,…
Analysts Expect Major Yearn Finance (YFI) Rebound after Subsiding FUD
Yearn Finance’s governance asset, YFI, was flying north during the European session Wednesday even as the token remained under broader downside pressure. The YFI/USD exchange rate added $430, or 3.33 percent, to grow towards $13,481 as of 1143 UTC. Its gains came as a part of a market-wide uptrend, led by Bitcoin’s surprising move above $12,000, a crucial resistance level that flipped into support. Altcoins tend to tail the Bitcoin trend. YFI also rose as traders found short-term upside opportunities in its ongoing downtrend (71% drop from YTD high). Earlier…
First Mover: PayPal Rushes in and Bitcoin Breaches $12K, While USDC Gains on Tether
Bitcoin blew past $12,000 to its highest price in two months, bringing into view the prospect of a fresh 2020 high. The largest cryptocurrency was changing hands Wednesday around $12,200, within striking distance of the year’s high around $12,500. And that was even before the news emerged that electronic consumer payments giant PayPal had been granted a conditional New York state license for a partnership to buy and sell cryptocurrencies. “Coupled with a seemingly constant flow of reports of traditional funds and companies investing or allocating some of their balance sheet to Bitcoin,…
Alphabet Stock Up 1%, Google Antitrust Case Proves Challenging
To win, the U.S. Department of Justice must prove that Google gained or maintained monopoly power through abusive conduct. Alphabet Inc (NASDAQ: GOOGL) stocks jumped approximately 1.38% during Tuesday’s trading session to close the day trading at $1,551. Notably, GOOGL shares were 0.87% up during Wednesday’s premarket in regards to yesterday’s close. Investors in GOOGL stocks are in a state of dilemma as the Alphabet’s subsidiary Google faces an antitrust case with the United States government. Apparently, the case is not a walk in the park as there are hard…
Bitcoin Retests 2020 High Following PayPal News, Will BTC Roar Higher?
Rumors broke earlier this year that PayPal would be changing its tune on cryptocurrencies and would soon be supporting Bitcoin and other assets. Today, however, Reuters reports that PayPal revealed it would indeed be offering cryptocurrency payments across the 26 million merchants on its network starting in early 2021. Bitcoin Price Tries Again For $12,400, Comes Up Slightly Short Of New Yearly High Bitcoin has already been extremely bullish over the last several months, and with each passing week and day, is picking up in momentum. A string of positive…
Bitcoin breaks above $12.3K after PayPal says Venmo will become a BTC wallet
Bitcoin (BTC) gained almost 5% on Oct. 21 as bullish price action combined with fresh corporate adoption news to boost gains. Cryptocurrency market daily performance overview from Coin360 PayPal takes BTC price to $12,400 Data from Cointelegraph Markets and Coin360 showed a strong 24 hours for bulls on Wednesday, with BTC/USD topping out at $12,400. At press time, $12,300 formed the focal point, around an hour after Reuters reported that payment giant PayPal plans to support Bitcoin and other cryptocurrencies via its wallet and Venmo app from 2021. BTC/USD 1-day…