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PYPL Stock Up 2.54%, PayPal CEO Schulman Predicts $200M Crypto Volume in Months

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Having adopted the largest digital asset, Bitcoin, PayPal can expect PYPL stock to rally alongside the ongoing crypto bull market.

PayPal Holdings Inc (NASDAQ: PYPL) stock continued with its meteoric rise on Thursday after closing the day trading at $274, up 2.54%. PayPal stock added over 144.97% last year, thanks to the increased adoption of digital payments around the world. Besides, the payment giant announced plans to incorporate the crypto industry led by Bitcoin in its platform.

PayPal currently supports cryptocurrency payment and also account funding with Bitcoin. The company’s CEO Dan Schulman has predicted the platform’s volume will reach $200 million in months, much faster than Coinbase achieved. According to Schulman, the financial system will undergo more changes over the next five years compared to the progress that has been made in the previous 30 years.

“We are moving into the era of digital currencies, and those digital currencies hold tremendous promise, whether these are cryptocurrencies or central bank digital currencies. I believe digital currencies can increase the utility of payments and make the financial system more inclusive and less expensive,” said he.

PayPal (PYPL) Stock and the Cryptocurrency Industry

With the company’s adoption of the largest digital asset, Bitcoin, PayPal stock is poised to rally alongside the ongoing crypto bull market. Moreover, 49 Wall Street analysts have given PayPal stock an average of a Buy rating. According to market data provided by MarketWatch, PYPL stocks are now up approximately 14.27%, 13.56%, and 2.71% in the past three months, one month, and five days respectively through Thursday.

With a market capitalization of approximately $313.77 billion, the company is merely a quarter of Bitcoin’s market capitalization despite the latter being around a decade old. As more institutional investors proliferate the crypto market, Bitcoin market price remains undervalued at current prices. Furthermore, JPMorgan has a price target on Bitcoin of more than $130k in the long term.

Although PayPal will not hold Bitcoin on its balance sheet, the company will be exposed to crypto volatility and exponential growth. Through using Bitcoin and other digital assets as account funding, the company’s future remains pegged to cryptocurrency growth. “PayPal really wants to use cryptocurrency as a funding source for everyday transactions. The endgame, though, is a more noble vision of this inclusive economy, and things will be done much differently than today,” he noted during a recent interview with Forbes.

In order to protect millions of customers and merchants from cryptocurrency’s volatility, the company anticipates incorporating stablecoins to counter digital assets’ unpredictable volatility.

As of 2021, the company operates in over 202 markets and has over 377 million active, registered accounts. With over 30 million merchants poised to accept crypto payments, the company anticipates the volume to further spike in the coming months.

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Price analysis 5/5: BTC, ETH, BNB, DOGE, XRP, ADA, DOT, LTC, BCH, UNI

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Bitcoin is trying to stage a comeback in order to catch up with the spectacular price action seen in Ethereum and other altcoins.



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Bitcoin back above $57K as ‘hundreds’ of US banks prepare to HODL for clients

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Bitcoin (BTC) staged a characteristic comeback on May 5 as a day of losses turned around in a flash.

BTC/USD 1-hour candle chart (Bitstamp). Source: Tradingview

BTC price nears $58,000

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD passing $57,000 again during Wednesday trading, with daily gains knocking on 5%.

The move marks Bitcoin’s second such “comeback” in a week. While the bearish trend reset, analysts were keen to see how much fuel Bitcoin had accumulated after dipping to near $53,000 overnight.

For Philip Swift, co-founder of trading suite Decentrader, fundamental indicators still pointed to a continuation of the longer-term bull market.

“I continue to think that Bitcoin will not crash and is more likely to range before breaking out to the upside,” part of a series of tweets read on the day.

“Many other indicators suggest $BTC has much more upside and the cycle is not over.”

Swift specifically noted that one tool, the Pi Cycle Top indicator, had “nailed” Bitcoin’s most recent all-time high of $64,500 in April. As Cointelegraph reported, Pi has become increasingly popular for those tracking BTC price trends over successive years.

At the time of writing, BTC/USD circled $57,200, ruminating after reaching local highs of $57,400.

No plain sailing for altcoin bagholders

Hodlers thus received a welcome response from the largest cryptocurrency, which had spent much of the week being humiliated at the hands of a surging altcoin market.

Among the astonishing movers were tokens such as Dogecoin (DOGE) and Ethereum Classic (ETC), the latter having laid dormant for much of the past three years since the end of the previous broad “alt season.”

Words of caution, veiled or not, were nonetheless not in short supply, as Bitcoin proponents warned about the fickle nature of such parabolic altcoin moves.

Acting in Bitcoin’s favor meanwhile was news that it would be supported by “hundreds” of banks in the United States in 2021, along with investment giant Grayscale becoming a sponsor of NFL team the New York Giants. 

“What we’re doing is making it simple for everyday Americans and corporations to be able to buy bitcoin through their existing bank relationship,” said Patrick Sells, head of bank solutions at crypto custody firm NYDIG, which is behind the scheme, revealing the scale of the rollout to CNBC.