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Bitcoin Breaks To New 2020 High on PayPal News: This Was The Weekly Crypto Market Update

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This week was particularly interesting in the cryptocurrency markets. Bitcoin’s price charted a new 2020 high, surging to as much as $13,217 on Binance. The entire market cap surged and gained almost $40 billion throughout the past seven days.

The catalyst for this major move was PayPal. The world’s largest online payment processor announced that it would allow its customers to buy, sell, and store cryptocurrencies as soon as the next few weeks for US-based users. The rest of the world would have to wait for the first half of 2021.

To anyone wondering, PayPal has millions of merchants in its network, and the CEO of the company said that they would work actively into incorporating digital currencies in their system. Moreover, it’s also interesting to see how banks and regulators will react to the news. Almost every bank accepts PayPal transfers, but almost none of them accept Bitcoin transfers.

Almost immediately after that, reports started circling, indicating that PayPal is in talks with BitGo, a leading Bitcoin custodian, over a potential acquisition deal.

In general, the shift towards online payment processing and digital currencies becomes even more apparent in 2020. Whether it’s because of the global pandemic or for other reasons is something that remains to be determined, but here’s an overall outlook of the performance of major companies and banks.

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Elsewhere, the billionaire investor Paul Tudor Jones III doubled-down on his Bitcoin bet, saying that he likes the cryptocurrency even more following the latest rally and that it’s the best “inflation trade.”

It’s also worth noting that regulators continue their increasing involvement in the field. This week, a Bitcoin mixer was fined $60 million by FinCEN.

It surely was an intensive week, and it’s very interesting to follow the market as we are about to enter the last two months of 2020.

Market Data

Market Cap: $392B | 24H Vol: 95B | BTC Dominance: 60.9%

BTC: $12,878 (+13.69%) | ETH: $408.80 (+11.12%) | XRP: $0.252(+5.81%)

PayPal to Enable Bitcoin and Crypto Purchasing and Selling. The world’s largest online payment processing company, PayPal, has announced that it will allow its users to buy, sell, and store cryptocurrencies. The US-based customers will be able to do so in the coming weeks, while the rest of the world would have to wait until the first half of 2021.

I Like Bitcoin, Even More, It’s The Best Inflation Trade: Billionaire Investor Paul Tudor Jones. Billionaire investor Paul Tudor Jones II has become an even bigger fan of Bitcoin. He said that he likes it even more following the most recent price action and that it is the “best inflation trade.”

Bitcoin Could Register Second Highest Monthly Close in History: Peter Brandt. Bitcoin might be in for the highest monthly close in its relatively short history, according to popular analyst Peter Brandt. That is, of course, if it manages to upkeep its momentum until the end of October.

HODLers: Most Crypto Investors Hold Majority In Bitcoin Over Altcoins, Survey Finds. According to a recent survey, the majority of cryptocurrency investors hold most of their portfolio in Bitcoin. This comes somewhat expectedly, given the latest developments on the market and BTC being able to chart a new 2020 high.

The Biggest Concern of Bitcoin Investors Until The End Of 2020: Will Trump Get Reelected (Survey). In a survey conducted by CryptoPotato, investors revealed that their biggest concern related to the price of Bitcoin in 2020 is the upcoming US 2020 Presidential Election and whether or not Donald Trump will get reelected.

Bitcoin Mixer Penalized by FinCEN With $60 Million in Fines. The United States Financial Crimes Enforcement Network has managed to strike another blow to privacy enthusiasts. The watchdog fined a Bitcoin mixer with as much as $60 million in civil penalties.

Charts

This week we have a chart analysis of Bitcoin, Ethereum, Ripple, Litecoin, and Bitcoin Cash – click here for the full price analysis.

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source: https://cryptopotato.com/bitcoin-breaks-to-new-2020-high-on-paypal-news-this-was-the-weekly-crypto-market-update/

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US DoJ extradites alleged AirBit Club Ponzi operator from Panama

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United States Department of Justice (DoJ) and the Southern District of New York (SDNY) extradited a member of an alleged AirBit Club ponzi scheme for “internationally coordinated fraud and money laundering ring” and being allegedly involved in defrauding individuals “through investments in AirBit Club.”

In a release published on Monday, 30 November DoJ identified one Gutemberg Dos Santos, a citizen of Brazil and the United States as one of six operators of AirBit Club. Dos Santos, who was arrested on 18 August 2020, in Panama City faced trial before the SDNY and now remains in US custody. Acting United States Attorney Audrey Strauss spoke on the matter and said:

As alleged, Gutemberg Dos Santos played a key role in an international investment scam that promised extraordinary rates of return on phantom investments in cryptocurrencies, defrauding victims of tens of millions of dollars. 

DoJ alleged Dos Santos and another five operators hosted lavish events aimed at convincing victims to purchase AirBit Club memberships that promised guaranteed returns. According to the DoJ, after a victim invested, a Promoter provided them with access to an online AirBit Club portal to view the purported returns on memberships. The DoJ also alleged that while victims saw “profits” accumulate on their Online Portal, those representations were false: 

No Bitcoin mining or trading on behalf of Victims in fact took place. Instead, Rodriguez, DOS SANTOS [and others]  enriched themselves, and spent Victim money on cars, jewelry, and luxury homes, and financed more extravagant expos to recruit more victims. 

The AirBit Club’s still-active website indicated some of the aforementioned events with the most recent taking place in Sao Paulo, Brazil, last year. In addition, among the six indicted was Scott Hughes, a California attorney who, the DoJ alleged, helped to “remove negative information about AirBit Club and Vizinova from the internet.” 

Source: https://eng.ambcrypto.com/us-doj-extradites-alleged-airbit-club-ponzi-operator-from-panama

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Further Declines in Bitcoin Price Possible Though Grayscale is Crucial, Notes JPM Analyst

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Although Bitcoin has recovered from its vigorous price losses during the Thanksgiving massacre, analysts from JPMorgan Chase & Co believe that further declines may still occur.

The strategists pointed out that Grayscale, through its Bitcoin Trust, will play a significant role in future BTC price developments.

Is Bitcoin To Head Further South?

The primary cryptocurrency reached a new yearly high of $19,500 last week; thus, it came less than 3% away from the 2017 all-time high of $20,000. As the community began speculating on how long it will take to surpass that level, the trend reversed viciously.

Bitcoin headed south and lost over $3,000 of value in hours. Nevertheless, the cryptocurrency has recovered most of its losses and trades north of $18,000.

A JPM analysis, led by Nikolaos Panigirtzoglou, recently said that the Thanksgiving price drops had cleared the “previous froth in momentum traders’ positioning.” However, the strategists hinted that Bitcoin could still go lower.

“Momentum traders such as commodity trading advisors and other quantitative funds likely played a big role in the slide by unwinding long Bitcoin futures positions. Momentum traders have room to further propagate” the Bitcoin decline, noted the analysts cited by Bloomberg.

Apart from broaching “momentum traders,” the strategists also discussed various other reasons behind the price developments. Those included the rumors of new regulations proposed by the Trump administration and profit-taking.

Grayscale Is Key

The JPM strategists also highlighted the significant role of Grayscale and its Grayscale Bitcoin Trust on the market. The cryptocurrency manager is the most preferred company for institutional investors to receive exposure to Bitcoin (and other digital assets) without worrying about storing the funds.

This has been exemplified through 2020 as Grayscale has reported back-to-back recording-breaking quarterly results. The assets under management (AUM) have exploded in the past 12 months to over $10 billion. Somewhat expectedly, the Grayscale Bitcoin Trust has the most substantial share.

The analysts asserted that if there’s a decline in the interest towards GBTC, this could damage the narrative that Bitcoin has become a favorite among institutional investors:

“A failure by the Grayscale Bitcoin Trust to receive additional inflows over the coming weeks would also cast doubt to the idea that institutional investors such as family offices have embarked on a trend of embracing Bitcoin as digital gold replacing traditional gold as a long-term investment.”

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Source: https://cryptopotato.com/further-declines-in-bitcoin-price-possible-though-grayscale-is-crucial-notes-jpm-analyst/

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Biden announces nomination of Janet Yellen to lead Treasury Department

President-elect Joe Biden and his transition team have announced Janet Yellen as the official Secretary of Treasury nominee.

The post Biden announces nomination of Janet Yellen to lead Treasury Department appeared first on The Block.

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Biden announces nomination of Janet Yellen to lead Treasury Department


















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