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Cryptocurrency Market News: PayPal rumors are still lurking around Bitcoin and other cryptocurrencies

Here is what you need to know on Wednesday, July 1, 2020

BTC/USD is close to $9,300 after losing its daily uptrend. Bulls are fighting to stay above the daily 12-ENA at $9,266.

ETH/USD is again outperforming Bitcoin and others gaining almost 3% today and climbing above both the 12-EMA and the 26-EMA on the daily chart.

XRP/USD is still struggling to stay above $0.17 and above a descending trendline formed on May 11.

Haven Protocol has experienced a massive 40% price increase over the last 24 hours climbing to rank 143rd by market capitalization. Pundi X, which has announced some news with PayPal, has also seen a significant price surge of 26%. Other big gainers include Kusama, IoT Chain and SNX. 

Chart of the day: XVG/USD daily chart

XVGUSD

Market

PayPal has recently started hiring crypto and blockchain specialists, further fueling the rumors that the company is looking to support in some way the use of cryptocurrencies. No one truly knows what PayPal intentions are, but it’s clear they are looking into the blockchain technology significantly. 

Pundi X seems to have jumped into action already and it’s allowing merchants to sell cryptocurrency via PayPal already. 

To be able to support a leading online payment provider in our XPOS devices can give people more confidence in using them, and can move usage of blockchain technology closer to the mainstream — Zac Cheah, Co-founder of Pundi X

Industry

Samsung is launching a new application that will report lost and stolen crypto. It is basically a tracking application that can track suspected cryptocurrency hacks and report them. Samsung is working in conjunction with Uppsala, a software firm to launch the product.

The European Innovation Council (EIC) has just rewarded six different blockchain projects with approximately $5.6 million to promote the development of blockchain. EIC stated: 

It is worth pointing out that one of the requirements of the Prize was to submit solutions developed in Open Source. This will enable more innovators to benefit from the advanced technological solutions developed by the prize winners and the other participants in the Prize.

Quote of the day

The bigger thing with bitcoin is not bitcoin itself, but what does that decentralized technology really do? — Ashton Kutcher

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