PayPal has announced a significant update for its business account holders in the U.S., enabling them to buy, hold, and sell cryptocurrencies directly from their PayPal business accounts. This expansion aims to provide businesses with the same cryptocurrency capabilities that have been available to individual consumers since 2020. Business owners can now engage with digital currencies, enhancing their payment flexibility.
Additionally, PayPal business accounts can transfer supported cryptocurrencies to external blockchain addresses. However, this feature is currently not available in New York State.
This move is part of PayPal’s broader strategy to increase the utility of cryptocurrencies for its users. In previous years, PayPal introduced features such as the ability to buy, hold, and sell digital currencies for personal accounts, and even launched a U.S. dollar-backed stablecoin called PayPal USD (PYUSD). The company has been steadily expanding its crypto services, aiming to integrate digital assets into mainstream business operations and offer a wider array of financial tools to its users.
With this update, PayPal aims to meet the growing demand from business owners to incorporate cryptocurrency into their financial strategies, providing them with a seamless way to transact and manage digital assets.
This development marks a pivotal moment for PayPal’s role in the adoption of cryptocurrencies in everyday business activities, potentially paving the way for broader acceptance of digital currencies in commercial transactions.
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3 Crucial Reasons Why Bitcoin Is Ready to See a Sharp Rally After 15% Drop | BTC ‘Hodl Wave' Data
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Bitcoin has been subject to troubling price action over the past week.
At the local lows, BTC traded as low as $8,600 on some exchanges — approximately 15% shy of the highs before bouncing back above to the $9,100 support this morning.
It should come as no surprise that some have taken the recent price action as a death knell for Bitcoin’s bull trend, which began in March when the asset rallied strongly off the $3,700 lows.
Yet the bearish trend may soon come to an end. Crucial fundamental and technical factors, in fact, have shown that BTC is primed to revert back into a rally after the recent correction.
Three of these factors are as follows.
#1: Bitcoin Prints Textbook Falling Wedge Pattern
According to a prominent crypto trader, Bitcoin is printing a textbook bullish sign: a falling wedge. Falling wedges, studies suggest, have a high likelihood of breaking higher. Such patterns have also preceded strong gains in the Bitcoin market over the past few months.
#2: Tensions Between the U.S. and China Grow; Yuan Crushed
Since our last report on the situation between the U.S. and China due to the Hong Kong democracy movement, things have become worse due to fears of sanctions.
The Chinese yuan, as Twitter account “Yuan Talks” noted, is at its weakest level since September 2019 — the peak of the 2019 trade war. Bitcoin stands to benefit as it can act as a safe-haven for Chinese investors trying to mitigate the risks of a falling domestic currency.
Chris Burniske, a partner at Placeholder Capital, explained: “If China’s CNY continues to weaken against USD, then we could have a 2015 and 2016 repeat, where BTC strength coincided with yuan weakness.”
#3: Central Banks and Governments Continue to Print Trillions, Boosting Bitcoin Bull Case
Due to the outbreak of an illness, the global economy has been thrown into a recession.
Dozens of millions have become under/unemployed, while consumer confidence, spending, and other key economic metrics have fallen off their respective cliffs.
It’s a trend that has forced governments to respond by printing money, boosting Bitcoin’s intrinsic value.
Japan made this much clear recently. According to global markets tracker FXHedge, which shares news headlines related to the global economy, a new document suggests that the Japanese government is looking to implement a stimulus package worth 117.1 trillion yen — $1.1 trillion.
Although this isn’t likely to cause instant inflation — Japan has been nearly deflationary for years upon years now — analysts say this stimulus and others like it are bullish for Bitcoin.
In other trending Bitcoin News today:
Bitcoin ‘Hodl Wave’ Data Has Now Been Calling a Bull Run for 5 Months
Hodl waves show that over 60% of the supply has not moved for a year or more, something which historically has signaled price upside.
“60% of all bitcoin has not moved on the blockchain for at least 1 year. This is an indication of significant hodl’ing. The last time this happened was in early 2016, at the start of the bull run.”
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
60% of all bitcoin has not moved on the blockchain for at least 1 year. This is an indication of significant hodl’ing.
The last time this happened was in early 2016, at the start of the bull run.#bitcoin pic.twitter.com/Rh5efLHOD0
— Philip Swift (@PositiveCrypto) May 26, 2020
Goldman Sachs is hosting a client call today at 10:30 AM EST discussing inflation, gold and bitcoin. There’s a lot of conjecture floating around as to the content.
I will be on the call and will let you know what they actually say. pic.twitter.com/VJkxaPpUzB— The Wolf Of All Streets (@scottmelker) May 27, 2020
https://cointelegraph.com/news/bitcoin-hodl-wave-data-has-now-been-calling-a-bull-run-for-5-months
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Bitcoin: 3 Reasons Market Strategist Is ‘Increasingly Bullish’ | Institutional Demand For BTC Soars
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Strategist Lyn Alden said she switched from “uninterested to quite bullish on Bitcoin” in 2020.
Following the drop of BTC to sub-$3,600 in March, she remains optimistic on the top cryptocurrency.
Alden, who found Lyn Alden Investment Strategy, wrote:
“So, I’m neither a perma-bull on Bitcoin at any price, or someone that dismisses it outright. As an investor in many asset classes, these are the three main reasons I switched from uninterested to quite bullish on Bitcoin early this year, and remain so today.”
The three reasons Alden laid out are scarcity, halving, and the potential of Bitcoin to act as a backdrop to inflation.
Reason# 1: Scarcity of Bitcoin
Unlike traditional financial assets, even gold, the supply of Bitcoin is fixed.
No more than 21 million BTC can ever exist, which makes Bitcoin a deflationary currency.
Scarcity could give Bitcoin value, Alden explains in her paper.
There are no central entities that could alter the monetary policy of BTC.
If the demand for Bitcoin continues to increase and its supply remains the same, it could push the value upwards.
She explained:
“Bitcoin’s protocol limits it to 21 million coins in total, which gives it scarcity, and therefore potentially gives it value… if there is demand for it.”
Reason #2: The May 11 halving
On May 11, the Bitcoin blockchain network underwent its third block reward halving.
Approximately every four years, a halving gets activated, slowing down the production of BTC by half.
The purpose of a halving is to decrease the rate of BTC production gradually as Bitcoin approaches its maximum supply of 21 million.
A halving cuts block rewards miners receive by half, leading to a massive decline of miner revenues for a brief period.
Following every halving, Bitcoin historically saw extended price rallies.
The previous halvings occurred in 2012 and 2016.
At the time, BTC was hovering at $11 and $650 in 2012 and 2016 respectively.
Now, BTC remains above $9,000, after reaching a record high at $20,000 in December 2017.
Alden wrote:
“Bitcoin has historically performed extremely well during the 12-18 months after launch and after the first two halvings. The reduction in new supply or flow of coins, in the face of constant or growing demand for coins, unsurprisingly tends to push the price up.”
Reason #3: Backdrop of heightened levels of inflation
In May 2020, billionaire hedge fund investor Paul Tudor Jones praised Bitcoin and described it as “great speculation.”
Tudor Jones said he holds just over 1% of his net worth in Bitcoin.
He explained that the potential devaluation of cash strengthens the value proposition of BTC.
He said:
“Every day that goes by that bitcoin survives, the trust in it will go up.”
Similarly, Alden said that other hedge funds have been investing or experimenting with Bitcoin as of late.
“Smaller hedge funds have already been dabbling in Bitcoin, and Tudor Jones may be the largest investor to date to get into it. There are now firms that have services directed at getting institutional investors on board with Bitcoin, whether they be hedge funds, pensions, family offices, or RIA Firms.”
In other trending Bitcoin News today:
Institutional Demand For Bitcoin Soars As Grayscale Reveals Record-Breaking Near $1 Billion Quarter
New York-based Grayscale, which allows accredited investors to buy bitcoin and other major cryptocurrencies through its funds, recorded inflows of $905.8 million for its second quarter—nearly double the previous quarterly high of $503.7 million in the first three months of this year.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
https://cointelegraph.com/news/bitcoin-3-reasons-market-strategist-lyn-alden-is-increasingly-bullish
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BITCOIN CONFESSIONS OF A WALL STREET INSIDER | Michael Kimelman Cryptocurrency Interview
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http://trade.cryptonewsalerts.netBitcoin confessions of a Wall Street insider is an exclusive one on one interview with Cryptocurrency pioneer and Amazon #1 best selling author Michael Kimelman, an expert on disruptive innovation and personal disruption.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
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