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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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Bithumb Temporarily Shuts Down Some Offices As Korea Faces Another Possible COVID-19 Outbreak

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South Korea’s largest cryptocurrency exchange Bithumb announced today that it is shutting down its offline offices as Korea struggles with a renewed coronavirus outbreak.

Bithumb Suspending Offline Support

Since the start of November, the country has been recording increased daily cases of COVID-19, with the number tripling in the last nine days. This has raised fears that South Korea has entered a third wave of the pandemic.

As authorities are taking measures to strengthen social distancing to curtail the spread of the virus, Bithumb said in its announcement that it intends to suspend its Seoul offline support service temporarily.

Bithumb noted that the Gangnam center office shutdown will begin on Tuesday, Nov 24, and will remain closed until further notice.

“We ask for your understanding of any inconvenience in using the service, and we will inform you of the normalization time of offline Gangnam Center operation through a separate notice,” the exchange said.

Bithumb Raided

In September, Bithumb was the headline across the crypto space. The exchange’s head office was reportedly raided three times as local authorities searched and confiscated company documents. In one of the raids, they seized dozens of shares in Bithumb Holdings belonging to Bithumb Korea Director Kim Byung-Gun.

The police accused Bithumb of fraud related to the $25.2million BXA token presale conducted by the company. Before the presale, Bithumb promised to list the token for trading after the event but failed to do so, causing investors to suffer massive losses.

Two weeks after the raids, authorities summoned Bithumb’s Chairman Lee Junh-hoon for questioning.

Bithumb For Sale?

Following the raid and probe, another report claimed that the exchange was up for sale with a price tag ranging from $430 million to $604 million. The report revealed that foreign financial investors and domestic private equity funds had shown interest.

However, Bithumb has remained quiet about the sale as well as the police investigation.

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Source: https://cryptopotato.com/bithumb-temporarily-shuts-down-some-office-as-korea-face-another-possible-covid-19-outbreak/

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IDEX Announces Multi-Chain Solution and Expands to Polkadot and Binance Smart Chain

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The popular decentralized cryptocurrency exchange (DEX), IDEX, has announced a multi-chain solution that is intended to expand its entire infrastructure to additional blockchains, namely, Polkadot and Binance Smart Chain.

IDEX Expands to Binance Smart Chain and Polkadot

In a press release shared with CryptoPotato, IDEX has revealed its multi-chain solution. Called Multiverse, it’s intended to expand the DEX’s infrastructure, including its layer-2 scaling and staking solutions to additional blockchains.

Its first implementation is going to be deployed on Polkadot’s layer 0 and Binance Smart Chain’s layer 1. This will enable the trade of digital assets on each of the platforms. In addition, IDEX token holders will also benefit from staking options starting from November 23rd.

It’s important to note that Polkadot will be used as layer 0. This means that IDEX will use a parachain of Polkadot in order to tap into its ecosystem. An example of this is Moonbeam. Speaking on the matter was IDEX co-founder and CEO Alex Wearn, who said:

In the past year, we’ve seen several new smart contract platforms emerge, each with a unique set of capabilities and assets. As these platforms grow, we’ll see increased demand for trading these assets and a need for non-custodial trading solutions that support these networks.

Attempts of Further Growth

It goes without saying that both Binance Smart Chain and Polkadot have gained serious popularity, offering an alternative to Ethereum’s network, which was troubled with congestion and high fees as the DeFi boom was at its peak.

IDEX hopes to bring its technology to emerging smart contract platforms. Through its Multiverse, the decentralized exchange aims to become a one-stop app for trading crypto assets on a range of different blockchains through a unified and secure platform.

All of its infrastructure, including its layer-2 system, will be further deployed on each layer-1 network. Independent assets will be issued on every new chain to support IDEX’s new layer2 economic model.

With this in mind, the first multi-chain IDEX tokens that are designated for Binance Smart Chain and Polkadot are IDXB and IDXP, respectively.

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Source: https://cryptopotato.com/idex-announces-multi-chain-solution-and-expands-to-polkadot-and-binance-smart-chain/

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Yearn Finance absorbs Pickle to boost DeFi rewards

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Decentralized finance protocol Yearn has announced a partnership with Pickle Finance to bolster yield farming incentives, and compensate victims of the recent Pickle exploit that resulted in the loss of almost $20 million in Dai.

According to an announcement from Yearn founder Andre Cronje, the move is designed to reduce duplicate work, increase specialization, and leverage shared expertise. Pickle Finance vaults, or ‘Pickle Jars’ as they’re known, are cloned versions of Yearn’s v1 yVaults so the code is similar.

Pickle Finance incentivizes farmers to sell stablecoins that are trading above their peg and buy ones that are below it, to keep them closely aligned with the dollar upon which they’re based.

Cronje said the first step would be to merge Pickle Jars and Yearn’s v2 Vaults and merge both protocol’s total value locked, or TVL. He stated that further integration is planned.

The end goal is to bolster returns for yield farmers with Pickle strategies earning increased performance fees under the new Yearn fee structure. Yearn Finance, which recently formalized an operations budget, plans to onboard Pickle developers and strategy creators to design new strategies and fee structures for the new vaults.

Pickle will introduce reward Gauges, with tokens distributed to those who stake Yearn vault tokens. These tokens can now be time locked in escrow and will be called DILL which can also be used to participate in Pickle governance and boost rewards received from Yearn Vault gauges.

Some in the community questioned whether there should have been a governance vote on the decision but Yearn team member ‘@tracheopteryx’ explained this would not be necessary.

He stated that creating new Yearn Vaults, such as the newly merged Pickle Jars, are completely permissionless so no voting is required. Additionally the new Gauges emit Pickle tokens, not Yearn’s, and rewards are in DILL, not YFI.

Pickle Finance was recently hacked in a Dai vault flash loan exploit which resulted in the loss of almost $20 million. Its native token PICKLE collapsed 50% on November 21 from $23 to $11. Following the news of the merger with Yearn, it spiked to almost $30 but has since dumped back to around $16 at the time of press.

A new token called CORNICHON will be created to track losses stemming from this attack. Tokens will be minted against a snapshot of balances at the time of the attack, and distributed to victims proportionally, the announcement added.

Additionally, a claim was recently filed with DeFi insurance protocol Cover to offer as much as $340,000 in compensation if approved by majority vote.

Source: https://cointelegraph.com/news/yearn-finance-absorbs-pickle-to-boost-defi-rewards

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