Until now, most of crypto’s big innovations have been for crypto-natives. PayPal’s stablecoin is different, says Austin Campbell, the former head of Portfolio Management at Paxos. Source
PayPal’s Stablecoin Is a Watershed Moment for Finance
Day: August 9, 2023
Elon Musk’s Lawyer Files Second Motion To Dismiss Dogecoin Class Action Lawsuit
In a continued legal battle over a class action lawsuit alleging Dogecoin insider trading, attorney Alex Shapiro, representing Tesla CEO Elon Musk, has once again requested the dismissal of the case. This motion marks the second attempt by Musk’s legal team to put an end to the ongoing litigation, and as the legal battle escalates, drawing attention to the intricate interplay between cryptocurrency, high-profile figures, and legal accountability. Strategic Move Amid Escalating Battle The decision to file a second motion for dismissal underscores the determination of Elon Musk’s legal team…
Bank of England Wants Digital Pound Advisers as It Moves to CBDC Design Phase
The bank along with the Treasury – the government’s finance arm, which has been helping with the country’s CBDC work – wants academics and researchers to express their interest in joining the group. A CBDC is digital money issued by a central bank. The Academic Advisory Group is meant to bring together experts across finance, economics, business and more. Source
Congresswoman Maxine Waters Says She’s ‘Deeply Concerned’ About PayPal’s New Stablecoin
The top Democrat on the House Financial Service Committee criticized PayPal’s plans in a statement on Wednesday. Source
Bitcoin risks 15% dip by October, but $100K is due in 2026 — Analysis
Bitcoin (BTC) can easily end up below $25,000 next month, says one longtime market observer. In a new BTC price outlook, Timothy Peterson, founder and investment manager at Cane Island Alternative Advisors, put the odds of a dip to local lows at 50/50. BTC price may see “last big dip” in September While Bitcoin bulls continue their breakout attempts above $30,000, various popular traders and analysts have their sights on lower levels. Peterson, well known for his technical insights, now believes that typical August and September performance may yield a…
Bitcoin Longs Could Precipitate Plunge To $28,000, Chart Urges Caution
After a week of moving sideways, the Bitcoin price is finally experiencing some action; bulls are pushing for the most immediate critical resistance. The increasing uncertainty in the macroeconomic landscape supports the spike in price action, but optimist operators might have been too fast at jumping to their positions. As of this writing, Bitcoin trades at $29,700 with sideways movement in the last 24 hours and a 2% profit over the past week. Other cryptocurrencies in the top 10 are experiencing similar price action, but Solana stands out with a…
It Wants to Earn Interest on Your Deposits
These changing conditions would make a stablecoin vastly more appealing for PayPal, for two straightforward reasons. First, as Da Ponte implied, the extended services enabled by a stablecoin may encourage users to hold a larger amount of money in the form of PYUSD, and to hold it longer. In theory, that could happen if there are simply more ways to use PYUSD than a conventional PayPal balance — for instance, for crypto trading on decentralized-finance platforms. Those larger overall collateral balances would produce more interest for PayPal on the back…
This Bitcoin Chart Pattern Looks Like Bart Simpson and May Predict a Bull Run
So, $30,000, $31,500, and $32,000 all hold historical significance for BTC, — more specifically, the range between $29,000 and $32,000 is literally where the bulls and bears have traditionally collided. Give or take a few hundred dollars on either side, this is almost exactly the range bitcoin has been trading in for over a month. Source
As Curve Averts DeFi Death Spiral, Fiasco Exposes Serious Risks
“I don’t necessarily think it’s a sign of unethical behavior, but it does open up risks — exactly as you’ve seen occur — and the risks are not too hard to predict,” remarked Powell. “If you have a $100 million loan, and you have that on leverage, and it’s against your token, there’s a chance your token could drop in price and you’ll need to liquidate it to cover yourself.” Source
The Right Way to (Passively) Invest in Crypto
Additionally, in the crypto sector, it is essential to establish qualitative inclusion criteria. Unlike in the stock world, where companies are thoroughly examined by regulators, banks and auditors before being listed on an exchange, crypto projects and tokens are subject to limited due diligence, resulting in unforeseen debacles such as Terra/Luna and FTX. Rigorous analysis can help avoid such situations. Source