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Hi Everyone,
Oh, wow!!! After months of toying with the various options and our curiosity, PayPal has finally decided to go full crypto. ... |
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Yeah, that's right. As part of this announcement, 26 million merchants around the world who already accept payments through PayPal on their website will now effectively be accepting bitcoin, bitcoin cash, litecoin and ether.
There's no doubt in my mind that this bit of news is almost solely responsible for today's extended gains. Here we can see the approximate time of the announcement circle in purple. |
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One important detail that some have pointed out is that while PayPal users will be able to buy and sell cryptocurrencies using the platform, they will not be able to transfer these digital assets to other users or to digital currency wallets.
The online money transfer company outlined these matters in an FAQ section.
While some are criticizing this aspect of the PayPal news, it is important to keep in mind that as the old meme goes, this high-visibility development is good for Bitcoin. |
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Coin of the galaxy
The dynamic in the crypto market is remarkably different than it was yesterday. Whereas yesterday bitcoin was rising despite the rest of the markets reading blood red, today we can see that several of the top altcoins are actually outperforming bitcoin's phenomenal 7% gain.
Thinking about the overall market however, the consolidation that we mentioned yesterday is still happening though. A quick glance at the Bitcoin Dominance Index that we cited yesterday shows that it is still growing. At the time of this writing, 62% of all the value in crypto is held in Bitcoin, representing a gain of 3.5% over the last week.
Also, social data from LunarCRUSH undeniably confirms that bitcoin is once again in the spotlight, and this graph was made several hours before the PayPal announcement. The blue line on this graph shows Bitcoin taking the number one spot on LC's benchmark Galaxy Score Index. |
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Further, with all the excitement lately, the news cycles, as well as market prices, seem to have been diverging between the traditional markets and the digital asset space.
For stocks and bonds, complete focus is now on the U.S. elections and the implications for fiscal stimulus, none of which seems to be permeating into the progress of the digital web. |
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Overwhelming support
Further supporting the rise of the crypto market is the decline of the U.S. dollar, something we've been watching closely, even while all the markets were quiet these last few weeks.
Well, at any rate, they're not quiet any more. Direction has resumed, and even though a major support level is still below, it's clear that at least for now, the direction is down.
Here we can see the U.S. Dollar Index from the start of the year, including the massive drop and quick recovery from the coronavirus and subsequent descent.
The level of 92 seems to be of importance here, but those last three candlesticks on the right, representing the last three trading days, do look rather ominous. Those of you willing to zoom in on the chart will see a rather rapid decline. |
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Oh, one last thing that I wanted to say ... something I haven't said since being a child growing up in the LA burbs: Go Dodgers!!
Have a wonderful day. |
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Mati Greenspan Analysis, Advisory, Money Management |
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