Connect with us

Blockchain

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

Avatar

Published

on

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.

You Might Also Like:

comparison_chart

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.

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

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/

Blockchain

Tether (USDT) is nearing $20 billion market valuation

TL:DR Breakdown: US dollar-backed stablecoin, Tether, is nearing a market cap of $20 billion. The stablecoin market cap has been on growth for the past two months. The market capitalization of the fourth-largest digital currency, Tether (USDT), has been on the rise since the beginning of the crypto market in September. According to data provided […]

Avatar

Published

on

TL:DR Breakdown:

  • US dollar-backed stablecoin, Tether, is nearing a market cap of $20 billion.
  • The stablecoin market cap has been on growth for the past two months.

The market capitalization of the fourth-largest digital currency, Tether (USDT), has been on the rise since the beginning of the crypto market in September. According to data provided by Skew, a crypto on-chain analytics platform, the stablecoin market valuation is nearing the $20 billion mark. On this note, the US dollar-backed crypto is still leading the stablecoin market with a huge dominance rate. 

The second-largest stablecoin USD Coin (USDC), has about $2.97 valuation on Coinmarketcap.

Tether Posts More Market Cap Growth

On Coinmarketcap, the leading stablecoin has a market valuation of around $19.413 billion and a 24 hours trading volume of $89.885 billion. CoinGecko posted a market $19.398 billion and $65.629 billion 24hrs volume, while Messari posted a $19.97 billion capitalization and trading volume of $9.449 billion. Notably, USDT’s market valuation has been growing steadily since September, as Skew shared on Twitter today.

To better understand the growth, the stablecoin had a valuation of around $10.2 billion on Messari, and $9.1 billion on Coinmarketcap, back in July. Meanwhile, it’s worth noting that the company behind the digital currency, Tether inc., has been minting a significant amount of USDT in recent days. 

There has been a lot of controversy around the stablecoin. The company says each USDT issued is backed by a US dollar; however, this has been largely questioned by many people in the digital currency space. 

USDT kept dominating

Despite the controversies around USDT’s backing, the stablecoin remains the most-traded and leading currency-back cryptocurrency. The second-leading stablecoin by market capitalization, USDC, sees a valuation of $2.98 billion on Messari, $2.969 billion on CoinGecko, and $2.97 on Coinmarketcap. 

Continue Reading

Blockchain

November by the numbers: A look at crypto exchange volumes, open interest, and miner revenue


Quick Take

  • Total adjusted on-chain volume saw a strong increase of 51.5%, to a new yearly high of ~$203.8 billion in November.
  • Cryptocurrency centralized trading volumes saw a significant increase of 133.8% in November, while DEX volumes continue to decline.
  • Lending from dYdX, Compound and Aave hit a new all-time high with $7.6 billion in originated loans in November.
  • Aggregated open interest and monthly volume of Bitcoin futures and options, and Ethereum futures and options, all reached new all-time highs in November.
Avatar

Published

on




November by the numbers: A look at crypto exchange volumes, open interest, and miner revenue


















Continue Reading

Blockchain

Coinbase Faciliated MicroStrategy’s $425M Bitcoin Purchase Without Moving The Market

Avatar

Published

on

The leading US-based cryptocurrency exchange Coinbase assisted in MicroStrategy’s massive purchase of $425 million worth of BTC. The platform pledged to help other large firms diversify their portfolios with bitcoin in the future as well.

Coinbase Involved In MicroStrategy’s BTC Purchase

The NASDAQ-listed business intelligence firm made the news on two occasions earlier this year as it announced the total purchase of 38,250 bitcoins. At the time, this sizeable amount equaled about $425 million.

However, the entity that helped broker the deal remained unknown until today. The San Francisco-based crypto exchange Coinbase announced that it was “selected as the primary execution partner for MicroStrategy’s $425 million purchase of Bitcoin.”

The community speculated on how such a considerable amount didn’t move the markets as the price of BTC remained relatively still back then. Coinbase explained that this was the company’s intention in the first place:

“Using our advanced execution capabilities, leading crypto prime brokerage platform, and OTC desk, we were able to buy a significant amount of bitcoin on behalf of MicroStrategy and did so without moving the market.”

Furthermore, the exchange noted that its system takes a single large order and breaks it into many small pieces that are executed across multiple trading venues. This type of smart order routing reduces the trade’s impact on the market and assists in disguising the overall trade size.

This also helped MicroStrategy to get a better price for its BTC purchase as Coinbase’s trading team “achieved an average execution price that was less than the price at which the buying started.” The post highlighted that this strategy ultimately saved 1% (or about $4.25 million) for the NASDAQ-listed company.

More Large Companies To Come?

MicroStrategy’s purchase kicked off a wave of large companies and prominent individual investors who expressed willingness to get in bitcoin as well.

Jack Dorsey’s Square followed with a $50 million BTC allocation. More recently, the Wall Street giant Guggenheim Partners filed a document with the SEC to purchase about $500 million worth of bitcoin for one of its funds.

Coinbase asserted that more firms will look to BTC to hedge or diversify their excess cash. Consequently, the large US exchange will “look forward to helping more corporate companies and institutions looking to diversify their capital allocation strategies with crypto.”

SPECIAL OFFER (Sponsored)
Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter CRYPTOPOTATO35 code to get 35% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Source: https://cryptopotato.com/coinbase-faciliated-microstrategys-425m-bitcoin-purchase-without-moving-the-market/

Continue Reading
Blockchain18 hours ago

Greenheart Punt World Debut on DigiFinex

Blockchain3 days ago

Ripple Plans To Cash Out 33% Of Its MoneyGram Stake With A Significant Profit

Blockchain4 days ago

Latin American Bitcoin & Blockchain Conference Reveals Latest Speakers

Blockchain3 days ago

EOS Finds Support above $2.80, Resumes Upside Momentum

Blockchain3 days ago

ECB Lays out ‘Reinvention of Money’ Strategy

Blockchain3 days ago

Bitcoin Price Prediction: BTC/USD Resumes Upside Momentum, Struggles to Break Above $18,000 Price Level

Blockchain3 days ago

South Korea To Postpone Previously Planned Crypto Income Tax

Blockchain3 days ago

Litecoin Price Prediction: LTC/USD Ready to Revisit $80; Further Upside is Limited

Blockchain3 days ago

South Korea To Postpone Previously Planned Crypto Income Tax

Blockchain3 days ago

Bitcoin: Temporary Correction or No ATH This Year? The Crypto Weekly Market Update

Blockchain3 days ago

Ripple price prediction: XRP to hit $0.67 next, analyst

Blockchain3 days ago

Bitcoin: Temporary Correction or No ATH This Year? The Crypto Weekly Market Update

Blockchain3 days ago

Guggenheim Fund Files to Be Able to Invest Up to Almost $500M in Bitcoin Through GBTC

Blockchain3 days ago

Bitcoin and Crypto Worth $4 Billion Seized From PlusToken Ponzi Group

Blockchain3 days ago

Coinbase unwilling to participate in Spark’s airdrop

Blockchain3 days ago

South Korea To Postpone Previously Planned Crypto Income Tax

Blockchain3 days ago

Ethereum Strengthens Polish City’s Emergency Services

Blockchain3 days ago

Bitcoin and Crypto Worth $4 Billion Seized From PlusToken Ponzi Group

Blockchain3 days ago

Bitcoin Price Prediction: BTC/USD Back Above $17,500 Level as the King Coin Recovers

Blockchain3 days ago

South Korea To Postpone Previously Planned Crypto Income Tax

Blockchain3 days ago

Bitcoin Climbs 5%, Why $18.2K Holds The Key For More Upsides

Blockchain3 days ago

Bitcoin: Temporary Correction or No ATH This Year? The Crypto Weekly Market Update

Blockchain3 days ago

South Korea To Postpone Previously Planned Crypto Income Tax

Blockchain3 days ago

Trading 212, PayPal Crypto User Ban, BTC and ETH Tank: Editor’s Pick

Blockchain3 days ago

Guggenheim opens door to bitcoin exposure for $5 billion macro fund via Grayscale GBTC product

Blockchain3 days ago

Bitcoin: Temporary Correction or No ATH This Year? The Crypto Weekly Market Update

Blockchain3 days ago

Ripple Plans To Cash Out 33% Of Its MoneyGram Stake With A Significant Profit

Blockchain3 days ago

South Korea To Postpone Previously Planned Crypto Income Tax

Blockchain3 days ago

Guggenheim Partners may be the next big player to bet on Bitcoin

Blockchain3 days ago

South Korea To Postpone Previously Planned Crypto Income Tax

Blockchain3 days ago

Guggenheim Partners prepares to dip investment fund’s toes into Bitcoin

Blockchain3 days ago

Ripple Plans To Cash Out 33% Of Its MoneyGram Stake With A Significant Profit

Blockchain21 hours ago

Mining City: A Blueprint for Success?

Blockchain3 days ago

Bitcoin (BTC) Surges 5% Above $18,000 As Guggenheim’s Entry Sparks Excitement

Blockchain3 days ago

Bitcoin Grows By 5%, $18K Level Holds The Key For More Upsides

Blockchain3 days ago

Bitcoin: Temporary Correction or No ATH This Year? The Crypto Weekly Market Update

Blockchain3 days ago

Bitcoin and Crypto Worth $4 Billion Seized From PlusToken Ponzi Group

Blockchain3 days ago

Bitcoin: Temporary Correction or No ATH This Year? The Crypto Weekly Market Update

Blockchain3 days ago

Weekend bull trap? Traders remain cautious as Bitcoin price rebounds to $18K

Trending