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Circle CEO Claims to Buy BTC on PayPal before Crypto Services Launch

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Circle CEO Jeremy Allaire claimed to have purchased $100 in BTC on the payment app. PayPal is yet to comment on Allaire’s claim.

The CEO of Circle Internet Financial Limited Jeremy Allaire claimed to buy Bitcoin (BTC) worth $100 on PayPal Holdings Plc (NASDAQ: PYPL) in a tweet. Notably, PayPal said in an official announcement that its crypto payment services would begin globally in early 2021.

Circle CEO Claims to Buy BTC on PayPal

On the 21st of October, PayPal Holdings announced its integration into the cryptocurrency market. The payment giant said the new crypto services would allow users to pay its 26 million merchants with certain digital assets. Upon a successful transaction, PayPal would pay merchants in their local fiat currencies.

At the time of the announcement, PayPal said the service supports only four cryptocurrencies. The PayPal supported cryptos are Bitcoin (BTC), Litecoin (LTC), Bitcoin Cash (BCH), and Ethereum (ETH).

Also, the new services will allow all PayPal users to buy digital assets on the PayPal app.

According to PayPal’s president and CEO Daniel Schulman, the company hopes to encourage the use of digital currencies globally with the new initiative. Since PayPal announced the new service in partnership with Paxos Trust Company, there have been significant increases in the crypto space. The payment company has already secured a BitLicense from the New York State Department of Financial Services (NYDFS).

In contrast to PayPal’s announcement of the service rollout in 2021, Allaire said in a tweet that he purchased Bitcoin on PayPal. He also posted a screenshot of the claimed transaction. Apart from the tweet and screenshot posted on the 28th of October, the CEO did not provide further details on the transactions. He did not add information on how he gained access to the service ahead of its official rollout, nor did he say if the tweet was a form of advertisement.

As stated by a PayPal correspondence, the company had shared a link to its original release. The link can be used to join a waitlist of interested users ahead of the official rollout.

Speaking to Cointelegraph, the correspondence added:

“At launch we said ‘the service will be available to PayPal account holders in the US in the coming weeks,’ meaning that users in the US would have access over time, starting from Oct 21.”

Several cryptocurrencies surged in reaction to PayPal’s announcement to launch its new crypto services. On the day of the announcement, the price of Bitcoin jumped 8% to hit $13,000.

PayPal Explores Crypto Space

Two days after PayPal announced its new crypto service, unnamed sources revealed that the company is also looking to acquire crypto custodian BitGo. In a Bloomberg report, the sources also said that the two companies could conclude the deal in the coming weeks.

The anonymous sources, however, added that the companies may also not reach an agreement, and PayPal may decide to acquire its other targets.

At the time of the Bloomberg report, there was no financial information regarding the acquisition.

Currently, PayPal is at a premarket trading price of $199.93. The price is a 1.08% loss over its last close of $195.04. PayPal has pulled in gains in the past year as it climbed nearly 86% in the past year. Also, PayPal increased by 80.31% in its year-to-date record. In addition to recent increases, the company jumped over 1% over the past month.

However, PayPal is down 0.53% in the last three months and nearly 4% in the last five days.

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How smart crypto traders caught a 48% price pump

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Disparities in information access and data analytics tech are what give institutional players an edge over regular retail investors in the digital asset space.

The core idea behind Markets Pro, Cointelegraph’s crypto intelligence platform powered by data analytics firm The TIE, is to equalize the information asymmetries that permeate cryptocurrency markets.

Markets Pro bridges the gap with two world-class functionalities: the quant-style VORTECS™ score, and breaking NewsQuake™ alerts.

The former is an algorithmic comparison of several key market metrics around each coin to years of historical data, which assesses whether at any moment the outlook for this asset is bullish, bearish, or neutral given the historical record of price action.

NewsQuakes™ are automated notifications driven by an AI routine that monitors thousands of information sources to deliver potentially market-moving news to members, often within seconds.

Neither of these is a predictive tool. What both the VORTECS™ score and NewsQuakes™ are designed to do is to notify traders that something has just happened that, in the past, reliably moved asset prices. That’s why a good Markets Pro chart is the one that shows events happening in the right order and in the right time: First comes the indicator, and then price action follows.

In the last couple of days, we have observed a number of exemplary scenarios illustrating classic Markets Pro reads on the market.

RUNE: VORTECS™ shoots up, price follows shortly

June 13 did not start off as a particularly great day for those who were invested in THORChain (RUNE) and looking to make some gains. The coin has been on its way down, falling from above $9.00 a couple of days ago to just above $7.00.

However, the coin’s VORTECS™ score has been steady in the green (bullish) zone, sometimes even venturing into dark green (confidently bullish).

While most traders only saw what was on the surface — a coin’s weak performance — Markets Pro members have had access to a wider view. Even if the price trend did not look promising at all, the market conditions remained historically favorable for RUNE, suggesting a dip potentially worth buying.

Shortly before noon, RUNE’s VORTECS™ line tipped over 80, foreshadowing a rally that began to unfold six hours later. When the price went up, it went up sharply: from $7.00 to the peak of $10.34 twenty-six hours later.

It might also seem from the chart that fuel for the rally came from a NewsQuake™ detected a couple of hours before the pump. While the announcement of a RUNE giveaway by an investment company Qi Capital has definitely added to the momentum, it is unlikely that it had actually triggered the massive pump: As a sequence of strong VORTECS™ scores pointed out, RUNE’s breakout was propped up by an overall healthy outlook in the first place.

KNC: Polygon partnership news shakes up the market

Big announcements that promise more liquidity for the DeFi sector are usually a boon for the coins involved. When Kyber protocol’s team announced the deployment of their first liquidity mining program on Polygon and Ethereum, worth $30M in rewards, the market rewarded the KNC token with a pump from $1.78 to $2.06 (a 16% increase) within 8 hours.

However, the effect of the news began to recede almost as quickly as it kicked in, so only those quick to react were allowed to feast at the profit table. A safe way to secure a spot was through receiving a NewsQuake™ (red circle in the graph) notifying users of the collaboration. Alerts were sent to Markets Pro several minutes after the deal was publicly unveiled, but before the price of KNC had begun ascending.

These classic patterns are replicated day in, day out on Cointelegraph Markets Pro, where the top-performing strategy the team has been monitoring since Jan 3 2021 (Buy at 80, Sell after 24 hours) has now delivered a staggering 3,694% return in live-testing. Full details of the methodology used are available here.

Cointelegraph is a publisher of financial information, not an investment adviser. We do not provide personalized or individualized investment advice. Cryptocurrencies are volatile investments and carry significant risk including the risk of permanent and total loss. Past performance is not indicative of future results. Figures and charts are correct at the time of writing or as otherwise specified. Live-tested strategies are not recommendations. Consult your financial advisor before making financial decisions. Full terms and conditions.



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How Market is Shaping Up

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With the 2024 halving still about 1198 days, the stakes seem higher, perhaps because of the volatility of the trading market in 2021.

No sooner will a person start talking about the crypto world before the Bitcoin halving is mentioned. It is a major event with a significant impact on cryptocurrencies generally – and has been from the onset. The idea, factored into the design of the crypto asset by Satoshi Nakamoto, helps manage the inflation of the asset.

Unlike Ethereum, only about twenty-one million BTCs can be mined based on the design algorithm. Interestingly, estimates suggest that 98% of this will have been mined by 2030. Thus, after every 210,000 blocks, the reduction in the number of new Bitcoins that can be mined per block is triggered. Consequently, the amount of rewards earned by miners is reduced.

So far, the halvings have been greeted with significant media attention. This is particularly true of the months that lead up to the halving. From a price of $2.55 before its first halving in November 2012, BTC rose to about $1037 a year after. A similar trend continued after the second halving in July 2016, with BTC rising to $2525 exactly a year after.

Despite the coronavirus pandemic, the third halving happened in May 2020 with the price of BTC at $8600 and six months later, the price was over $15,420. By and large, the market has run exactly as some have predicted with prices falling just before the reductions and then rising to new heights after the halving is completed.

Bitcoin Enthusiasts Remain Excited about Halving

The reduction in the Bitcoin supply has always been greeted with excitement and speculation. The last halving was watched online by 7000 people on Bitcoin Magazine’s live stream. This was even as CoinMetrics co-founder Nic Carter, Messari CEO Ryan Selkis and Kraken content producer Pete Rizzo, celebrated the halving.

With the 2024 halving still about 1198 days and 5 hours away at the time of writing according to CoinMarketCap, the stakes seem higher, perhaps because of the volatility of the trading market in 2021, but the excitement is no lesser.

Against the current trend, many experts remain optimistic that it will an uptrend. Analyst PlanB expects the price of BTC to soar to $288,000. Senior commodity strategist at Bloomberg Intelligence, Mike McGlone, also predicts the market will correct for a bullish trend. Billionaire Tim Draper has also stuck to his guns about the direction the market is headed.

It’s safe to say that the jury is still out on whether this upcoming halving. The question in the mouth of many Bitcoin investors and speculators is: “Will it follow the type of growth in previous halving?”

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An experienced writer and Fintech enthusiast, passionate about helping people take charge of, scale and secure their finances. Has ample experience creating content across a host of niche. When not writing, he spends his time reading, researching or teaching.



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Hawkish Fed comments push Bitcoin price and stocks lower again

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Bitcoin (BTC) and the wider financial markets faced a new wave of selling on June 18 following comments from James Bullard, the president of the United States Federal Reserve Bank of St. Louis, indicating that he expects the first interest rate increase to happen in late 2022. 

Bullard’s comments were even more hawkish than Wednesday’s comments from Fed Chair Jerome Powell, who indicated that the rate hikes would come in 2023. Powell’s comments triggered a sell-off across financial markets as the U.S. dollar gained strength.

U.S. dollar currency index. 4-hour chart. Source: TradingView

Data from Cointelegraph Markets Pro and TradingView shows that as the dollar was strengthening, Bitcoin bulls were overwhelmed by sellers, triggering a decline to a daily low at $35,129.

BTC/USDT 4-hour chart. Source: TradingView

The uniform sell-off across a variety of assets including stocks, gold and cryptocurrencies has further eaten away at the narrative that Bitcoin is an uncorrelated asset, as data shows that BTC’s correlation with both gold and stocks has continued to increase throughout 2021.

Traditional markets close the week down

Friday’s close in traditional markets marked one of the worst weeks for the Dow since October after the index saw five straight sessions of losses for a total decline of 3% this week.

The S&P 500 and NASDAQ were also hard hit on Friday, closing the day down 1.31% and 0.92% respectively, while the 10-year treasury note fell by 4.04% in response to the strengthening dollar.

As for the cause behind the recent hawkish stance from the Fed, Bullard pointed to a higher than expected level of inflation as the economy reopens following the Covid-19 lockdowns.

Bullard said:

“We’re expecting a good year, a good reopening. But this is a bigger year than we were expecting, more inflation than we were expecting. I think it’s natural that we’ve tilted a little bit more hawkish here to contain inflationary pressures.”

Bullard suggested that in the future, inflation is  “running at 3% this year and 2.5% in 2022 before drifting back down to the Fed’s 2% target.”

Altcoins price crumble

Altcoins saw their prices decline alongside Bitcoin on Friday as traders once again fled to the safety of stablecoins as market volatility picked up.

Daily cryptocurrency market performance. Source: Coin360

Ether (ETH) saw its price slide more than 13% to reach a low at $2,137 and Amp (AMP) fell 33% from its all-time high of $0.1211 that was established on June 16.

Related: Bulls hesitate to buy the dip after Bitcoin price falls close to $35K

Of the top 200 coins, the two best performances of the day were ZKSwap (ZKS) with a 14% gain Gnosis (GNO) which rallied by 7.4%.

The overall cryptocurrency market cap now stands at $1.486 trillion and Bitcoin’s dominance rate is 44.8%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.