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BREAKING NEWS: PayPal, Venmo To Allow Users To Purchase Bitcoin & Crypto

PayPal, Venmo just announced via press released users will soon allow to purchase bitcoin and cryptocurrencies using their applications (App). This is ground breaking and good news for BTC and…

The post BREAKING NEWS: PayPal, Venmo To Allow Users To Purchase Bitcoin & Crypto appeared first on Latest Cryptocurrency Market News & Analysis – CryptoZink.

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PayPal, Venmo just announced via press released users will soon allow to purchase bitcoin and cryptocurrencies using their applications (App). This is ground breaking and good news for BTC and crypto adoption around the globe.

This is welcome news for the digital currency market. However, it comes with surprise, giving how lucrative trading bitcoin is for PayPal and Venmo’s competitor, Square’s Cash App.

CryptoZink recently reported that Cash App generated $528 in Bitcoin transactions in the first quarter of 2020 for the payment processing firm. Cash App saw a 367% increase from prior year. Square total revenue for 2019 is $1.38 billion.

When will buying bitcoin / cryptocurrencies using PayPal, Venmo become available?

Presently, PayPal users can withdraw funds from their Coinbase accounts. However, buying Bitcoin, crypto using PayPal is now in progress, according to new reports. Paypal and Coinbase have being collaborating for a while now.

Rumors are PayPal and Venmo are racing to beat each other’s launch date. According to some insiders, buying and selling crypto on the two apps could become available in the next three months, if not earlier.

A respected industry source told CoinDesk:

“My understanding is that they are going to allow buys and sells of crypto directly from PayPal and Venmo.”

He continued:

“They are going to have some sort of a built-in wallet functionality so you can store it there.”

Which cryptocurrencies can users purchase from PayPal and Venmo?

We currently have no information on which cryptocurrencies PayPal and Venmo will allow users to buy. However, traditional fiat payments processing firms venturing into digital currencies tend to start with the top 10 cryptocurrencies.

At the top of the list at time of writing, by market capitalization are: Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), Bitcoin SV (BSV), Litecoin (LTC), Binance Coin (BNB), EOS, Tezos (XTZ) and Cardano (ADA).

PayPal, Venmo, Cash App bitcoin / crypto processing competitions

Although PayPal & Venmo will command a sizable share of crypto buying, selling and trading market once launched, they face some competitions. In addition to Cash App; which is owned by Twitter CEO Jack Dorsey, they also will compete with a little known London-based company named Revolut.

Following a partnership with one of the leading cryptocurrency exchanges, Bitstamp, in February 2017, Revolut raised $500 million. The new cash flow shot the British financial technology firm to a $5.5 billion valuation.

Blockchain jobs & hiring surge

Firms seeking to hire Blockain technology experts is at all-time high. Two recent reports illustrated the needs for blockchain expertise. CryptoZink reported on January 2020 that Blockchain jobs were the most popular on Linkedin, followed by another report on May 8 that shows Jobs in Blockchain tech beat other tech jobs as the highest paid.

Furthermore, PayPal listed several Blockchain-related jobs at the beginning of 2020. 8 jobs listings seekign engineers; to be specific. Four of them for their San Jose office and the other four for the Singapore location. PayPal launched its Blockchain Research Group in January 2020.

The post BREAKING NEWS: PayPal, Venmo To Allow Users To Purchase Bitcoin & Crypto appeared first on Latest Cryptocurrency Market News & Analysis – CryptoZink.

Source: https://www.cryptozink.io/breaking-news-paypal-venmo-to-allow-users-to-buy-sell-bitcoin-crypto/

Blockchain

Why Bitcoin Price Could Start Strong Increase Above $50K

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Bitcoin price is showing a few positive signs above $48,000 against the US Dollar. BTC is likely to start a strong increase if it settles above $50,000 and the 100 SMA (H4).

  • Bitcoin remained well bid above $43,000 and $45,000 support levels.
  • The price is now approaching the $50,000 resistance and the 100 simple moving average (4-hours).
  • There is a key contracting triangle forming with resistance near $50,200 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to start a strong increase if it clears the $50,000 and $50,500 resistance levels.

Bitcoin Price is Gaining Momentum

This past week, bitcoin price corrected lower below the $48,000 support zone against the US Dollar. The BTC/USD pair even broke the $47,000 level and settled below the 100 simple moving average (4-hours).

However, the bulls were able to protect a downside break below the $46,000 area. A low was formed near $46,350 before the price started a fresh increase. It cleared the $47,000 and $48,000 resistance levels. There was also a break above the 50% Fib retracement level of the downward move from the $52,640 swing high to $46,350 low.

Bitcoin Price

Source: BTCUSD on TradingView.com

It is now approaching the $50,000 resistance and the 100 simple moving average (4-hours). There is also a key contracting triangle forming with resistance near $50,200 on the 4-hours chart of the BTC/USD pair.

The triangle resistance is close to the 61.8% Fib retracement level of the downward move from the $52,640 swing high to $46,350 low. A clear break above the triangle resistance could open the doors for a fresh increase towards the $52,000 and $53,000 resistance levels. The next major hurdle for bitcoin could be near $55,000.

Limited Downsides in BTC?

If bitcoin fails toc clear the $50,000 and $50,500 resistance levels, it could correct lower. The first key support is near the $48,800 level.

The main support is near the triangle lower trend line and $48,000. A clear break below the triangle support zone could clear the path for a move towards the $45,00 support zone in the near term.

Technical indicators

4 hours MACD – The MACD for BTC/USD is showing positive signs in the bullish zone.

4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is now well above the 50 level.

Major Support Level – $48,000

Major Resistance Level – $50,000

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Source: https://www.newsbtc.com/analysis/btc/bitcoin-price-could-start-strong-increase-50k/

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Blockchain

Kraken Daily Market Report for March 06 2021

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Overview


  • Total spot trading volume at $885.1 million, down from the 30-day average of $2.04 billion.
  • Total futures notional at $352.3 million.
  • The top five traded coins were, respectively, Bitcoin, Ethereum, Tether, Cardano, and Polkadot.
  • Strong returns from Ocean (+27%), Balancer (+17%), and Keep (+13%).

March 06, 2021 
 $885.1M traded across all markets today
 Crypto, EUR, USD, JPY, CAD, GBP, CHF, AUD 
XBT 
$48929. 
↑0.17% 
$357.9M
ETH 
$1653.5 
↑8.0% 
$248.8M
USDT 
$1.0005 
↑0.01% 
$104.0M
ADA 
$1.1311 
↓2.9% 
$83.0M
DOT 
$33.443 
↓0.7% 
$34.3M
FLOW 
$34.701 
↓0.8% 
$17.4M
LTC 
$182.90 
↑1.3% 
$15.6M
LINK 
$28.164 
↑1.0% 
$14.6M
XRP 
$0.4631 
↑1.7% 
$13.6M
USDC 
$1.0 
↓0.01% 
$12.4M
XDG 
$0.0509 
↑2.7% 
$8.74M
OCEAN 
$1.3938 
↑27% 
$6.68M
XTZ 
$3.8729 
↑2.6% 
$5.43M
ATOM 
$18.951 
↑1.3% 
$5.04M
UNI 
$28.5 
↑0.6% 
$4.91M
BCH 
$500.79 
↑0.5% 
$4.36M
XMR 
$204.72 
↓0.6% 
$4.23M
AAVE 
$388.58 
↑5.6% 
$3.43M
XLM 
$0.4021 
↓0.9% 
$3.38M
GRT 
$1.7973 
↓1.8% 
$3.14M
OMG 
$5.0654 
↑9.7% 
$2.63M
KSM 
$229.84 
↑0.7% 
$2.62M
FIL 
$40.438 
↓0.04% 
$2.58M
QTUM 
$6.3372 
↓3.9% 
$2.58M
ALGO 
$1.0552 
↓0.12% 
$2.39M
YFI 
$34015. 
↑6.3% 
$1.73M
MANA 
$0.3594 
↓4.2% 
$1.6M
DAI 
$1.0008 
↓0.03% 
$1.59M
TRX 
$0.0502 
↓0.05% 
$1.57M
EOS 
$3.7264 
↑0.7% 
$1.46M
SC 
$0.0106 
↑1.1% 
$1.39M
COMP 
$491.98 
↑3.2% 
$1.33M
BAT 
$0.6642 
↓2.5% 
$1.3M
ICX 
$1.8370 
↓2.0% 
$1.27M
CRV 
$2.0505 
↓0.29% 
$1.16M
ZEC 
$125.28 
↑3.2% 
$1.03M
KEEP 
$0.3903 
↑13% 
$924K
EWT 
$15.400 
↓3.0% 
$876K
WAVES 
$9.9996 
↑0.7% 
$874K
KNC 
$2.0564 
↓3.0% 
$869K
NANO 
$5.1355 
↓0.11% 
$856K
DASH 
$208.81 
↑1.4% 
$849K
SNX 
$21.255 
↑2.3% 
$842K
KAVA 
$3.8348 
↓0.6% 
$773K
MLN 
$41.894 
↑7.9% 
$650K
LSK 
$3.2082 
↑3.8% 
$604K
ETC 
$11.114 
↑1.2% 
$516K
BAL 
$42.655 
↑17% 
$497K
GNO 
$136.55 
↑7.6% 
$477K
OXT 
$0.4715 
↑0.4% 
$382K
PAXG 
$1717.1 
↑0.5% 
$351K
REP 
$31.072 
↑1.9% 
$301K
ANT 
$5.0315 
↓0.7% 
$250K
STORJ 
$0.6829 
↑4.3% 
$206K
TBTC 
$50639. 
↑2.3% 
$112K
REPV2 
$30.746 
↑2.5% 
$80.2K


#####################. Trading Volume by Asset. ##########################################

Trading Volume by Asset


The figures below break down the trading volume of the largest, mid-size, and smallest assets. Cryptos are in purple, fiats are in blue. For each asset, the chart contains the daily trading volume in USD, and the percentage of the total trading volume. The percentages for fiats and cryptos are treated separately, so that they both add up to 100%.

Figure 1: Largest trading assets: trading volume (measured in USD) and its percentage of the total trading volume (March 06 2021)

Figure 2: Mid-size trading assets: (measured in USD) (March 06 2021)

Figure 3: Smallest trading assets: (measured in USD) (March 06 2021)


#####################. Spread %. ##########################################

Spread %


Spread percentage is the width of the bid/ask spread divided by the bid/ask midpoint. The values are generated by taking the median spread percentage over each minute, then the average of the medians over the day.

Figure 4: Average spread % by pair (March 06 2021)



.


#########. Returns and Volume ############################################

Returns and Volume


Figure 5: Returns of the four highest volume pairs (March 06 2021)


Figure 6: Volume of the major currencies and an average line that fits the data to a sinusoidal curve to show the daily volume highs and lows (March 06 2021)



###########. Daily Returns. #################################################

Daily Returns %


Figure 7: Returns over USD and XBT. Relative volume and return size is indicated by the size of the font. (March 06 2021)



###########. Disclaimer #################################################

The values generated in this report are from public market data distributed from Kraken WebSockets api. The total volumes and returns are calculated over the reporting day using UTC time.

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Source: https://blog.kraken.com/post/8159/kraken-daily-market-report-for-march-06-2021/

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DeFi summer 2.0? ‘Gen 2’ tokens on a tear amid wider market slump

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As some brand-name decentralized finance (DeFi) tokens sputter, a crop of new projects have emerged that are catching strong bids on the back of aggressive yield farming programs, generous airdrops, and significant technical advances. 

It’s a set of outlier projects pushing forward on both price and fundamentals that has led one crypto analyst, eGirl Capital’s mewny, to brand them as DeFi’s “Gen 2.”

Mewny, who in an interview with Cointelegraph pitched eGirl Capital as “an org that takes itself as a very serious joke,” says that Gen 2 tokens have garnered attention due to their well-cultivated communities and clever token distribution models — both of which lead to a “recursive” price-and-sentiment loop. 

“I think in terms of market interest it’s more about seeking novelty and narrative at this stage in the cycle. Fundamental analysis will be more important when the market cools off and utility is the only backstop to valuations. Hot narratives tend to trend around grassroots projects that have carved out a category for themselves in the market,” they said.

While investors might be eager to ape into these fast-rising new tokens, it’s worth asking what the projects are doing, whether they’re sustainable, and if not how much farther they have to run.

Pumpamentals or fundamentals?

The Gen 2 phenomena echoes the “DeFi summer” of last year, filled with “DeFi stimulus check” airdrops, fat farming APYs, and soaring token prices — as well as a harrowing spate of hacks, heists, and rugpulls

However, mewny says that there’s a population of investors that emerged from that period continuously looking for technical progress as opposed to shooting stars. 

“There are less quick “me too” projects in defi. An investor may think that those projects never attracted much liquidity in the first place but they overestimate the wisdom of the market if that’s the case. They did and do pull liquidity, especially from participants who felt priced out or late to the first movers.This has given the floor to legitimate projects that have not stopped building despite the market’s shift in focus. ”

One such Gen 2 riser pulling liquidity is Inverse Finance. After the launch of a yield farming program for a forthcoming synthetic stablecoin protocol, the Inverse Finance DAO narrowly voted to make the INV governance token tradable. As a result, the formerly valueless token airdrop of 80 INV is now priced at over $100,000, likely the most lucrative airdrop in Defi history. 

Another Gen 2 star is Alchemix — one of eGirl Capital’s first announced investments. Alchemix’s protocol also centers on a synthetic stablecoin, alUSD, but generates the stablecoin via collateral deposited into Yearn.Finance’s yield-bearing vaults. The result is a token-based stablecoin loan that pays for itself — a new model that eGirl thinks could become a standard.

“eGirl thinks trading yield-bearing interest will be an important primitive in DeFi. Quantifying and valuing future yield unlocks a lot of usable value that can be reinvested in the market,” they said.

The wider markets appears to agree with eGirl’s thesis, as Alchemix recently announced that the protocol has eclipsed half a billion in total value locked:

Staying power?

By contrast, governance tokens for many of the top names in DeFi, such as Aave and Yearn.Finance, are in the red on a 30-day basis. But even with flagship names stalling out, DeFi’s closely-watched aggregate TVL figure is up on the month, rising over $8.4 billion to $56.8 billion per DeFi Llama — progress carried in part on the back of Gen 2 projects. 

The comparatively wrinkled, desiccated dinosaurs of DeFi may have some signs of life left in them, however. Multiple major projects have significant updates in the works, including Uniswap’s version 3, Sushiswap’s Bentobox lending platform, a liquidity mining proposal working through Aave’s governance process, and Balancer’s version 2.

These developments could mean that DeFi’s “Gen 2” phenomena is simply a temporary, intra-sector rotation, and that the “majors” are soon to roar back. It would be a predictable move in mewny’s view, who says “every defi protocol needs at least 1 bear market to prove technical soundness.”

What’s more, according to mewny some of the signs of market irrationality around both Gen 2 tokens as well as the wider DeFi space — such as triple and even quadruple-digit farming yields — may be gone sooner rather than later.

“I don’t think it’s sustainable for any project in regular market conditions. We are not in regular conditions at the moment. Speculators have propped up potentially unsustainable DeFi protocols for a while now.”

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Source: https://cointelegraph.com/news/defi-summer-2-0-gen-2-tokens-on-a-tear-amid-wider-market-slump

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