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Bitcoin Sets its Eyes on $62k as Paypal Increases Crypto Adoption

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  • Paypal’s U.S customers will soon have an opportunity of checking out using their crypto holdings
  • This increases crypto adoption by allowing users to pay for goods and services at over 29 million merchants
  • The news could propel Bitcoin to $62k if $58k is maintained as support during the monthly close

News coming in from Reuters indicates that Paypal will soon allow its U.S customers to pay for goods and services through their crypto holdings. According to Reuters, the official announcement by Paypal will be made later today.

Furthermore, once implemented in the coming months, U.S customers will be able to convert their crypto holdings to fiat to pay for goods and services at Paypal’s over 29 million online merchants globally. In particular, the conversion from crypto to fiat will involve Bitcoin, Ethereum, Bitcoin Cash and Litecoin.

The move by Paypal increases crypto adoption as summarized by the President and CEO, Dan Schulman.

This is the first time you can seamlessly use cryptocurrencies in the same way as a credit card or a debit card inside your PayPal wallet.

Bitcoin Could Be Gunning for $62k Thanks to the Paypal News

At the time of writing, Bitcoin is trading at $59,200 after a knee-jerk reaction to the news of Paypal soon allowing U.S customers to convert crypto into fiat for payments of goods and services to over 29 million merchants.

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Before the announcement, Bitcoin was consolidating at the $58k price area which is crucial support as the month of March comes to a close. This price level is also key in BTC retesting and eclipsing the $60k price ceiling.

In a recent analysis of Bitcoin, the team at Crypterium research highlighted the $58k support zone as pivotal towards BTC moving towards the $62k price area. The team also warned that the failure of Bitcoin to recapture $58k will ultimately lead to a drop towards $40k as explained below.

The key level is the $57,000 — $58,000 range. If the price manages to gain a foothold in this range or higher, then the chart expects a new round of growth up to $62,000. But if the price does not gain a foothold, then with a high probability we can see a reversal and the formation of a “head and shoulders” pattern. This could result in a drop of up to $40,000.

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Bitcoin Forecast and Analysis October 25 — 29, 2021

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Bitcoin BTC/USD ends the trading week at 63433, continues to move within the growth and bullish channel. However, while above the local maximum, the quotes are in no hurry to go further up. Moving averages indicate a bullish trend. Prices went up from the area between the signal lines, which indicates pressure from the buyers of the asset and the potential continued growth of the asset’s quotes. At the moment, we should expect an attempt to develop a correction and a test of the support area near the level of 53665. Where can we again expect a rebound and a continuation of the rise in the Bitcoin rate with a potential target above the level of 76505.

Bitcoin Forecast and Analysis October 25 — 29, 2021

An additional signal in favor of the growth of BTC/USD quotes in the current trading week October 25 — 29, 2021 will be a rebound from the lower border of the bullish channel. The second signal will be a rebound from the support line on the relative strength index (RSI). Now the values ​​of the RSI indicator are testing resistance, so it is too early to expect the cryptocurrency to grow directly from the current levels. Cancellation of the Bitcoin growth option will be a fall and a breakdown of the 47055 area. This will indicate a breakdown of the support area and a continued fall in BTC/USD quotes with a potential target below the level of 36605. Confirmation of the development of the bullish movement will be the breakdown of the resistance area and closing of quotes above the level of 67055.

Bitcoin Forecast and Analysis October 25 — 29, 2021

Bitcoin Forecast and Analysis October 25 — 29, 2021 suggests an attempt to support area near the level of 53665. Then, the cryptocurrency will continue to rise to the area above the level of 76505. An additional signal in favor of the growth of the Bitcoin rate in the current trading week will be a test of the trend line on the relative strength index (RSI). Cancellation of the option to raise Bitcoin cryptocurrency quotes will be a fall and a breakdown of the 47055 area. In this case, we should expect a continued decline with a target at 36605.

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China Banning Bitcoin Is a Big Mistake, Says Dan Held

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  • Bitcoin OG, Dan Held, tweeted, “China banning Bitcoin may be the biggest geopolitical mistake of the century.”
  • His tweet sparked interesting conversations on the Twitter space, showing that people have varied opinions on the matter.

Dan Held, one of the OG supporters of the major digital asset, Bitcoin (BTC), initiated an interesting topic on Twitter yesterday. He says that China’s decision in banning BTC might be the ‘biggest geopolitical mistake of the century.’

China surprised the crypto space when it suddenly decided to ban BTC in the country. As this ensues, more crypto platforms are exiting the country and continuing their business elsewhere.

Of course, this decision created a massive butterfly effect in the market. There was some period this year that the market saw a drastic change from China’s move.

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With that said, as Dan Held said, China’s decision may be a big mistake, indeed.

The Twitter crypto space, moreover, had different opinions on the matter. One account, @CurrencyWar1, said that “China’s CBDC will be the no. 1 digital currency in 2 years.” Another one, @theswampgirlUSA, said that “They [China] want the Chinese digital yuan to be a global reserve currency, not $BTC. Their #cbdc will incorporate #AI and social credit tracking so they can know everything about everyone.”

On the other hand, some are being speculative on the matter. For example, @Nuno_CFerreia said, “China is currently the number 2 holder of BTC… it doesn’t look like they banned it, they just want us to think they did.. the question is, why?”

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Meanwhile, some took this as a positive thing. @jdubya said,

For China, yes. But it was the next positive step in the evolution of Bitcoin. It was not meant for one country to control so much of the mining resources. Better world distribution means a stronger network.

In any case, we will see if Dan Held’s opinion is true in the coming months or perhaps years. For now, the public is yet to see how China banning BTC will affect the country and the entire market.

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At the time of writing, BTC’s price increased by 0.56% in the last 7 days and trade at around $61,000, according to CoinMarketCap.

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Binance Moves 36,306 BTC Worth Staggering $2,214,339,246, Pays Just $3.47 in Transaction Fees

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Global crypto exchange Binance just shuffled a 10-figure sum of Bitcoin between wallets as BTC clings to the $60,000 level.

Crypto data tracker BitInfoCharts spotted a massive transaction to the tune of 36,306  BTC – worth over $2.21 billion at the time of writing.

The transaction was first broadcast to the Bitcoin network on October 23rd at 4:41 AM GMT+8. The crypto was sent in a batch that includes a request to send 35,236 BTC ($2.15 billion) and 1,069 BTC ($65 million) along with two other transactions involving less than one BTC.

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Source: Blockhain.com

One wallet received 20,000 BTC, worth more than $1.2 billion, less than nine minutes later at 4:49 AM GMT+8. Around the same time, another wallet collected 16,306 BTC ($993.39 million).

The Binance wallet that sent the 35,236 BTC was the 24th richest Bitcoin wallet in existence prior to the transaction.

All in all, Binance paid just 0.00005694 BTC in fees, worth $3.47.

Crypto exchanges occasionally move large batches of digital assets around for security purposes.

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All of the sending and receiving wallets were identified by BitInfoCharts as the exchange’s cold wallets. Cold wallets are physical hardware wallets that can keep digital assets completely offline. They are generally considered more secure than hot wallets, which are software-based and connected to the internet.

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