PayPal to Allow Cryptocurrency Buying, Selling and Shopping on its Network
Bitcoin has surged today on the heels of Paypal (PYPL) announcing that they will offer its 346M user base the chance to buy, hold and sell crypto. The company also signaled its plans to significantly increase crypto's utility by making it available as a funding source beginning in early 2021 for purchases at its 26 million merchants worldwide.
Undoubtedly, the announcement is bullish for mainstream crypto adoption and it's no surprise that a few of us are already celebrating (exhibit A; exhibit B).
But with the announcement, comes some fair complaints...
It turns out PayPal's new service will not allow Bitcoin or other cryptocurrencies to be withdrawn or deposited. Once you buy the coins, they stay in your account until you sell. Essentially, users will not be allowed to send their crypto around.
CoinDesk attempts to explain PayPal's motives behind this pivotal decision and why the company may just be "playing it safe" for now.
Other Key Points: Initially, the service will support Bitcoin (BTC), Bitcoin cash (BCH), Ether (ETH) and Litecoin (LTC)
PayPal is refusing to hand over customers’ keys
There’s a $10,000 weekly buying cap and a $50,000 limit per 12-month period
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Bitcoin Pushes Past $13,000
It appears Bitcoin is on another run. Today BTC is already up ~9%, notching in weekly and monthly gains of ~14% and ~24%, respectively. For those about to rush over to a price chart in excitement, prepare to see a figure we haven't seen in quite some time: $13,000.
Following the crypto crash of 2018, Bitcoin has only reached these levels twice – in June and July of 2019 – but could not overcome that resistance at the time to continue on its bullish trend.
Perhaps your sentiment echo's our very own; We've seen bull runs in the past, sure. But this one feels different.
Nevertheless, Bitcoin’s price increase on top of today's PayPal news is likely going to attract a whole lot of demand.
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Filecoin Hits Another Obstacle
Filecoin's (FIL) mainnet launched on Thursday of last week. The day finally came, and at first, the wait seemed well worth it.
FIL jumped to as high as $114 in the hours after it was listed. That’s about 100 times higher than what early VCs and accredited investors were able to buy three years ago.
Soon after that, well, sh*t hit the fan.
In less than 48 hours after Filecoin's launch, news broke that the platform’s miners went on strike due to insufficient rewards and harsh penalties. Although the CEO of Protocol Labs, the network’s parent company, attempted to debunk the accusations, the overarching issue remains. Get the full scoop here.
FIL is currently trading near $27 per token.
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The 5 Best Gold Stocks to Buy Today
Since last year, gold is up 51%. And according to multi-millionaire Doug Casey, this will be the greatest gold bull market in history.
It’s time to get positioned now - and he details the 5 best gold plays. |
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Still No Bitcoin ETF in the US: What's Happening?
This article is a deep dive into how an ETF could be approved, what alternatives there are, and what the deal is with the Bermuda ETF.
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Analyzing the Fallout from the BitMEX Lawsuits
Regular readers will remember our coverage of the lawsuit between the CFTC and DOJ against the BitMEX executive team. [Recap Here]
Today, we are highlighting an article from Coin Metrics looking at the impact of these filings on BitMEX and the broader cryptocurrency ecosystem.
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Another Crypto Exchange in Hot Water
Last week, OKEx, one of the industry’s largest crypto-fiat exchanges, suspended all cryptocurrency withdrawals, saying one of the exchange’s keyholders has “been out of touch” with the exchange because he is “currently cooperating with a public security bureau in investigations.”
OKEx is among China's two largest cryptocurrency exchanges, claiming to process half as much as the world's largest exchange, Binance.
Over the weekend, OKEx provided some information, but has been primarily obscure. Today though, OKEx announced that it will resume the peer-to-peer (P2P) fiat-to-crypto trading tunnel for Chinese yuan, Vietnamese dong, and Indian rupee.
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IMF publishes a report on central bank digital currencies (CBDCs)
As China begins testing a CBDC with its citizens, the U.S. central bank and others are still mulling over the idea...
The IMF published a detailed report on CBDCs and held a press conference for central bankers, featuring Federal Reserve Chairman Jerome Powell, on Oct. 19.
The gist:
The IMF clearly acknowledges the world's accelerating interest in CBDCs. They're aware of the potential benefits, but remain concerned that digital currencies are not a solution for every financial crisis, as they could obstruct individual nations from conducting sovereign monetary actions.
The contrarian:
Real Vision CEO, Raoul Pal, took these matters into his own hands and broke down the recent tidal wave of interest in CBDCs. Touting Bitcoin as the unkillable “cockroach of finance,” Raoul sees CBDCs as the killer of stablecoins and the start of a new era in the world of monetary and fiscal policy.
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Other Articles You May Enjoy |
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Transparency at Coinbase
Circles launches: UBI on the blockchain
Building the last hedge fund — introducing Numerai Signals
Another one: Mode Global Holdings has announced it will place 10% of its cash reserves into bitcoin
Breitling watches on the blockchain
When Bitcoin Moon?
🎥WATCH: Fed Chair Jerome Powell speaks live to the International Monetary Fund
Ethereum now transacts two times more value than Bitcoin daily
Bitcoin gets two major improvements in historic code update
Ethereum-based fashion and music marketplace Zora raises $2 million in seed round |
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