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Bitcoin supply shortage is due to overwhelming PayPal support

Bitcoin supply shortage is due to the overwhelming support coming from PayPal. The news comes from an investment firm’s Chief. Pantera Capitals CEO Dan Morehead believes that PayPal is to blame for BTC’s supply crunch. Bitcoin supply shortage is due to overwhelming PayPal support Bitcoin supply shortage is due to the overwhelming support coming from […]

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  • Bitcoin supply shortage is due to the overwhelming support coming from PayPal.
  • The news comes from an investment firm’s Chief.
  • Pantera Capitals CEO Dan Morehead believes that PayPal is to blame for BTC’s supply crunch.

Bitcoin supply shortage is due to overwhelming PayPal support

Bitcoin supply shortage is due to the overwhelming support coming from PayPal. The news comes from an investment firm’s Chief.

Pantera Capitals CEO Dan Morehead believes that PayPal is to blame for BTC’s supply crunch. PayPal allowed users to buy Bitcoin, and this leads to there being a lack of Bitcoins.

In a blog post, Mr. Morehead said that PayPal’s customers were buying 70% of what was available of BTC. He explained how, before PayPal integrated with Paxos, the companies exchange itBit had a manageable trading volume.

As soon as PayPal announced that it allowed its users to buy BTC, the demand went off the chart.

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Pantera Capital

The 70% volume change indicated in the graph occurred in four weeks since PayPal made its announcements.

The rate that people are buying the cryptocurrency is alarming because, before PayPal, people bought the digital coin via the Square Cash App. The Square Cash App is acquiring about 40% of the cryptocurrency for its customers.

Mr. Morhead explained that 100% of the people on the open market are buying the digital coin. The consequences of the increase in demand mean the cryptocurrency comes at a higher price for everyone.

Buying crypto has been made a lot simpler via Robinhood, Cash App, and PayPal. PayPal has allowed its customers to buy Bitcoin Cash, Ethereum, and Litecoin.

PayPal’s crypto services were extended to everyone in the US by the 12th of November. Thanks to the support of companies, Bitcoin has expanded to 100 million users in 12 years.

PayPal is a considerable force because it has 300 million frequent users.

Blockchain

XRP Explodes 50% to Head the Altseason While Bitcoin Price Rests (Market Watch)

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While Bitcoin struggles beneath $18,500, most altcoins have been exploding in value. Ripple has led the charge with massive double-digit gains to new highs. Ultimately, BTC’s dominance has shrunk in the past few days by 8%.

Smells Like An Altseason

The alternative coin market has been exploding lately. The situation has only intensified in the past 24 hours, and Ripple is once again stealing the show.

XRP has gained another 50% of value since yesterday and even neared $0,80 before retracing slightly to $0.70. On a weekly scale, XRP has skyrocketed by 135% and returned to the top three spot in terms of market cap. This is XRP’s highest price tag since mid-2018.

Ethereum also reached new yearly highs of $620 (on Binance). Although ETH has retraced slightly, the second-largest digital asset still hovers above $600.

Bitcoin Cash has also gained a double-digit percentage – 17%. As a result, BCH has jumped to $345.

Cardano (9%), Binance Coin (8%), Chainlink (4%), Polkadot (4%), and Litecoin (2%) are also in the green.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

Stellar has followed Ripple’s performance and has added 50% of value. XLM is almost 100% up in the past week and trades north of $0.16.

Horizen (40%), Verge (35%), Orchid (32%), Status (27%), Nano (26%), Bitcoin Gold (25%), TRON (22%), Dogecoin (21%), and NEM (20%) are just a few other coins with double-digit price increases.

In total, the cryptocurrency market cap has surged to $560 billion. Just a few days ago, the metric had dipped beneath $500 billion.

Cryptocurrency Market Cap. Source: CoinMarketCap
Cryptocurrency Market Cap. Source: CoinMarketCap

Bitcoin’s Dominance Falls

The primary cryptocurrency has also been on a roll lately, resulting in the latest yearly high of about $19,000 marked on Saturday. However, the asset has stalled since then and even dipped to $17,400 a day later.

Bitcoin reclaimed the $18,000 price level and even attempted another leg up towards $18,800, but it was stopped. The retracement that drove BTC beneath $18,500 means that it is slightly in the red on a 24-hour scale.

Consequently, the altcoins have managed to reduce Bitcoin’s dominance over the market. The metric comparing BTC’s market cap with all alternative coins has fallen to 60.5%, whereas it peaked at 68% last week.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView
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Cryptocurrency charts by TradingView.

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Source: https://cryptopotato.com/xrp-explodes-50-to-head-the-altseason-while-bitcoin-price-rests-market-watch/

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HKEX Plans to Launch a New Settlement Acceleration Platform

The new smart contract-based solution will improve the efficiency and transparency of stock connect.

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The Hong Kong Exchanges and Clearing Limited (HKEX) introduced a new settlement acceleration platform for its Stock Connect programme to make the post-trade processes efficient for global investors accessing the Mainland China market.

Dubbed ‘HKEX Synapse’, the new platform will be based on DAML smart contracts. The exchange plans to make the post-trade workflows of Stock Connect more efficient and streamlined. The increased capacity and better connectivity will manage the growing volume.

HKEX has partnered with The Depository Trust & Clearing Corporation (DTCC) to link HKEX Synapse to DTCC’s Institutional Trade Processing (ITP) services. The smart contract-based solution will facilitate institutional investors to handle their post-trade operations in a better way at Northbound Stock Connect across different time zones.

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Commenting on the latest announcement, Charles Li, Chief Executive of HKEX, said: “Synapse is our latest Stock Connect innovation and will be of major benefit to global investors when they trade through Northbound Stock Connect. Embracing new technology to further develop our markets is a cornerstone of our strategy and we are delighted to work together with DTCC and Digital Asset on this exciting new enhancement to our landmark mutual access programme with Mainland China.”

Northbound Stock Connect

According to HKEX, the interest of institutional investors in Northbound Stock Connect has grown significantly after the inclusion of China’s A-shares in major global indices. The average daily turnover in the first three quarters of 2020 at Stock Connect increased more than 100% to RMB 90 billion, compared to the same period in 2019. “By deploying DAML smart contracts, HKEX Synapse will be able to simultaneously create settlement instructions and provide status updates to all parties along the settlement chain, facilitating concurrent processing and greatly improving transparency for market participants. HKEX Synapse is an optional platform and is expected to begin testing in 2021 with a group of pilot users, ahead of production deployment targeted for Q1 2022,” the official press release states.

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Japan’s SBI Holdings is launching a Bitcoin lending service

SBI Holdings has announced the launching of a crypto lending service, beginning with Bitcoin. The service will be available on the digital currency trading platform, SBI VC Trade. SBI Holdings, the leading financial services company in Japan, announced on Tuesday that it launched a cryptocurrency lending service. Starting with Bitcoin (BTC), the service will be […]

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  • SBI Holdings has announced the launching of a crypto lending service, beginning with Bitcoin.
  • The service will be available on the digital currency trading platform, SBI VC Trade.

SBI Holdings, the leading financial services company in Japan, announced on Tuesday that it launched a cryptocurrency lending service. Starting with Bitcoin (BTC), the service will be rolled out later to include other popularly-traded digital currencies, including Ether (ETH) and Ripple (XRP). The Japanese financial services giant mentioned in the announcement that the crypto lending service will also feature optimal trading opportunities. 

SBI Holdings debuts Bitcoin lending service

According to the announcement today, lending service is made available on SBI Holdings digital currency trading subsidiary, SBI VC Trade. As the service debuted with Bitcoin, the customers can lend out their Bitcoin to the crypto company, which would attract interest for them after the stated lending duration expires. The works are similar to other digital currency lending platforms. SBI Holdings accepts a minimum of 0.1 BTC and 5 BTC as maximum lending quantity.

For a lending period of 84 days, customers will earn 1.0 percent (tax included) annually of the deposited coins annually. As noted earlier, SBI Holdings intends to expand the services to include Ether and Ripple, as well as the types of lending periods, per the announcement. The development is coming after recent reports that a crypto lending platform, Cred, filed for bankruptcy, with many sources citing mismanagement of funds as a cause.

Reliability is a factor

“One of the risks of cryptocurrency lending service is the risk of bankruptcy of the lender,” the SBI Holdings’ translated page reads. “All of our customers’ lending destinations for our cryptocurrency lending service are SBI Group companies that boast high reliability, so you can use it with confidence.” 

The company further revealed its intentions to introduce more market-suited trading opportunities.

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