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In An Interview With CNBC PayPal CEO Schulman Is Optimistic About Bitcoin As A Mean Of Payment

Mark Brennan
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In An Interview With CNBC PayPal CEO Schulman Is Optimistic About Bitcoin As A Mean Of Payment

You can watch PayPal CEO Dan Schulman interview with CNBC here:

 PayPal and Bitcoin (BTC) are now increasingly mentioned in one sentence. The large payment processor is busy conquering a place in crypto industry.

The company’s CEO, Dan Schulman, sees a lot of value in Bitcoin as a currency. He envisions a scenario where BTC eventually becomes more of a means of payment than a tool of savings.

PayPal and Bitcoin

PayPal recently started offering bitcoin to customers in America. A significant difference with most other providers is that you cannot withdraw or send BTC. The bitcoin always remains in possession of PayPal. You cannot withdraw it from the platform.

The company has to buy bitcoin to facilitate these services: “PayPal bought 70% of fresh Bitcoin.” With a bit of bad luck, the BTC that PayPal buys will never end up directly in another market. That will only happen if the company ever decided to allow withdrawals. But it doesn’t seem like it for now.

If you want to profit from any bitcoin price increases, you can get started with PayPal. However, if you want to have control over your BTC and decide who you transfer it, and how you store it, you better stay away from the payment processor.

Future

Schulman sees bitcoin as a means of payment and therefore as a currency: 

“I think there are more and more things that make bitcoin widely accepted. Ultimately bitcoin will become more stable and probably also worth more.”

PayPal has 28 million partners that can pay with bitcoin next year. But here also applies: the paid BTC are not sent to the retailers. They just get their money from PayPal in a local currency.

 

 

Why Ripple Price Explodes To Over 100% In Seven Days

Albert Brown
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Why Ripple Price Explodes To Over 100% In Seven Days

Ripple has been able to gain a lot with its native cryptocurrency XRP in the last few days. The XRP price has not only risen by about 100% in the previous seven days but has also touched a fresh record high in daily trading volume. Thus, XRP overtakes Tether again and makes to third place by market capitalization.

XRP on the rise

The XRP price has not moved for a long time. In the meantime, not only the Bitcoin price has exploded, but also many Defi tokens.

The recent XRP price increase could mark a turnaround for Ripple’s native cryptocurrency. A possible reason for the substantial growth is the upcoming Spark Token Airdrop, supported by the Broker eToro. 

Also Ripple announced in its latest quarterly report that the company has launched a so-called “Buy-Back program” and is buying back XRP on the public market. This approach is also known in the traditional market and usually makes prices jump.

Nevertheless, caution is currently required. After such a sharp increase in a short period, a correction becomes more and more likely. Also, you should follow the Bitcoin Price. Because in the end, BTC can end the Altcoin Party. Possible correction could occur promptly.

This is how some analysts see it and draw attention to a possible correction. Well-known trader Michaël van de Poppe believes that XRP is likely to undergo a significant correction. 

But We can expect the XRP to reach the upper limit relatively soon and reverses this level of $ 0.50 as support. At the time of writing XRP price is around 0.67 $ and if we can turn  around ($0.50) as support, that would indicate that we will have a upward continuation and more upward price movement.

Ripple still holds over 55% of all XRP and regularly sells it to market, thus investing in new Startups. The company will continue to launch its XRP holdings on the market for decades to come, thus creating additional sales pressure.

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KuCoin Exchange Reactivates Deposits And Withdrawals For All Tokens

Mark Brennan
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KuCoin Exchange Reactivates Deposits And Withdrawals For All Tokens

After the hack of over $ 200 million worth of cryptocurrency in September, KuCoin is now ready to operate normally. The exchange announces that withdrawals and deposits are operational for all tokens.

KuCoin experienced a turbulent month in September. A hack resulted in the theft of $ 200 million. According to Chainalysis. Bitcoin, Ethereum, Tether, and other ERC-20 tokens disappeared from the exchange.

The recovery was complicated for the crypto exchange. Since October, the reopening has remained partial. But KuCoin can operate normally again. In a blog post, the company specifies that deposit and withdrawal services are operational for all tokens.

Restricted daily withdrawals for specific tokens
According to Kucoin restrictions may still apply to withdrawals of certain tokens.

“Due to ongoing legal proceedings for some tokens, daily withdrawal limits will be put in place for some tokens,”

 

The cryptocurrency exchange can still consider itself happy. Thanks to the collaboration of different players in the crypto-sphere, the exchange could limit the damage and even recover a large part of the tokens taken by the hackers.

In early October, its CEO announced that they have recovered $ 64 million in assets from suspicious addresses. And then with time Kucoin was able to recover $ 204 million.

$ 204 million in assets recovered, and KuCoin believed it had uncovered the identity of the hackers. The crypto-exchange claimed last month to hold substantial evidence concerning them.

“After a thorough investigation, we found the suspects in Security Incident 9.26 #KuCoin with substantial evidence at hand. Law enforcement and police are officially involved in taking action,”

While the record-breaking 2020 hack now appears to be a thing of the past, the skies are not entirely cloudless for the company. But the exchange faces legal wrangling in both the United States and Singapore.

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Ethereum 2.0 Is Launching On 1st Dec 2020. Analyst sets Ethereum Price target of $ 800

Albert Brown
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Ethereum 2.0 Is Launching On 1st Dec 2020. Analyst sets Ethereum Price target of $ 800

Ethereum 2.0, the major update to Ethereum (ETH), can be launched depends on whether enough people are pinning their ETH in the deposit contract. For a long time, it seemed that the required deposit amount would not be achieved on time, but now it is looking a lot better.

Ethereum 2.0 marks the transition from the proof-of-work (PoW) protocol to proof-of-stake (PoS). This means that ETH holders can hold their Ethereum in the network and thus help with the processing of transactions. As a result, they gain rewards in the form of new ETH.

The update is a vast operation. Developers have long been trying to get the underlying code perfect. Subsequently, many test nets were launched to ensure that the new network’s launch go well. However, there is one factor that is still causing some headaches.

For a successful launch, 16,384 validators must lock up at least 32 ETH. And that seven days before the scheduled launch date of December 1. This amounts to 524,288 ETH in total. The number of deposits lagged for a long time, making a launch on December 1 increasingly unlikely. Yet, there now seems to be a little more hope. As 55.5% of the required ETH has already been securely deposited.

 

Ethereum Continues Its Price Action.

Meanwhile, the Ethereum price is also doing well. In the past seven days, the $ 500 resistance was broken, and ETH could eventually appreciate well over 30%. According to many analysts, the next target is above $ 620 and then there is no resistance at all till $ 800.

With resistance on higher timeframes – a real challenge was to break and hold above USD 570. The next target from there was be $ 618 daily / weekly. Ethereum needed to maintain crazy momentum to achieve that without first relapsing. Then We move to $ 800 straight.

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Bitcoin Detailed 1W 1D 4H Chart Analysis

Albert Brown
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Let go through a detailed analysis of Bitcoin

Bitcoin week chart

bitcoin analysis 1w

Bitcoin price has also flown past the $ 17,000 mark. There seems to be no resistance at all, and everything currently indicates that the currency will soon reach a New All-Time High. All indicators are in bull mode.

Let’s go over some timeframes to see how much longer we have to wait before the $ 20,000 mark is broken.

Bitcoin day chart

bitcoin analysis 1d
Bitcoin has again ignored a bear div in the past week. We have seen this happening regularly on the higher time frames lately. There is some small bear div on the RSI of this chart, but this divergence will not play out either.

We see that the BTC price dropped slightly yesterday, but the bulls quickly bought this back. This can be identified by the long wick at the underside of the candle.

The EMAs look great in front of the bulls, and the RSI and LBR test the EMA and signal line. Both are in bullish territory, showing quite a bit of bullish momentum.

Bitcoin 4 hour chart

bitcoin 4 hour analysis
On the 4-hour chart, the bear div has played, and there has been a decline of approximately 6%, which was immediately repurchased by the bulls on the rising trend line. You could say that we are in a rising wedge, although patterns are also often ignored at the moment.

The EMAS is also bullish on the 4-hour chart, and the ema and lbr both manage to stay above the midline with the ema above them. This is still serving as resistance, but it looks like trying to cross the bullish line in the coming hours. Both also have a trend line that indicated breaking the divergence, but that seems to be converging with a possible bullish crossover on the ema.

The MACD is in bullish territory but has a bearish cross. The decline appears to be weakening, so there may be a test of the bearish crossover in the coming hours.

Conclusion
Our analyst can’t help but be bullish. There doesn’t seem to be a significant retrace either. If the price falls, we will find support around $ 17,219, wick to $ 16.5- $ 16.8k. When we start to see a candle close on the high time frame above $ 19,418, it is time for a new ATH.

Defi platform Pickle Finance hacked, $ 20 million DAI stolen

Mark Brennan
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Defi platform Pickle Finance hacked, $ 20 million DAI stolen

A decentralized finance (Defi) project  has been robbed. This time it is Pickle Finance, a relatively new yield farming platform similar to Yearn Finance.

Pickle has now confirmed that as many as $ 19,759,355 DAI have been stolen from the platform.

This DAI was stolen from the CDAI jar of the forum. Vaults are called jars (pots) on Pickle, and the DAI vault is connected to Compound. The specific features of the hack are yet unknown at the time of writing. Pickle reports that the hacker used a very complicated method. 

With some well-known figures from the Defi world, the platform team has been exploring the hack using reverse engineering.

Cryptographer ‘Orbxball’ gave his vision of what happened yesterday.

THERE ARE 8 FLAWS UTILIZED IN THIS EXPLOIT. YET, THERE’S ONE THING WORTH POINTING OUT. THIS EXPLOIT ONLY HAPPENS WHEN THESE 8 FLAWS OCCUR AT THE SAME TIME. SO EITHER 1 OF 8 WAS FIXED OR DIDN’T EVEN EXIST, THERE WOULDN’T BE THIS EXPLOIT.

 

He reports that eight errors in the project were used in the hack and that this was only possible because all eight errors co-occurred. Even if only one of these mistakes had been repaired, the hack would have been impossible. The previous series of these attacks were mainly carried out using so-called flash loans. 

But this is not the case this time. The attack would be more like the recent hack of Defi platform belonging to Acropolis, from which $2 million DAI was recently stolen. It was reported that Pickle had applied a new strategy to the cDAI jar one day before the incident.

The pickle token has suffered a tremendous blow. The pickle price went down last night from about $22.80 to a low of $ 8.70, a drop of over 60% in a few hours. 

Asset Manager Says Bitcoin Is Less Volatile Than Many Shares

Mark Brennan
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Asset Manager Says Bitcoin Is Less Volatile Than Many Shares

Because of its volatility, Bitcoin name has been destroyed by some asset managers in traditional finance.

But on the other hand, VanEck said that the story is not as simple as it was previously assumed. Indeed, the well-known asset manager recently indicated that the number one cryptocurrency at present is less volatile than many other shares on the S&P 500.

The company compared the cryptocurrency to the S&P 500 and found that Bitcoin was less volatile than 115 shares in 100 days analysis. In the past year, Bitcoin was even a better less volatile than 151 shares in the index. The organization said the following in a blog post that was shared Friday:

“Although Bitcoin remains volatile, it may surprise researchers and investors as to which other important assets are more volatile than Bitcoin.”

The company continued explaining why the King’s currency is known for its volatility:

“A large part of the volatility of recent years can be attributed to sensitivity due to a small overall market size, regulatory constraints, and generally limited penetration into regular equity and capital markets.”

The company added that an American Bitcoin ETF which is an investment product following the currency’s value does not yet exist. Still, if it does, it may have similar volatility characteristics as many shares in well-known indices and ETFs.

Two Possible Scenarios When Bitcoin Is Very Close To New All-Time Highs

Albert Brown
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Two Possible Scenarios When Bitcoin Is Very Close To New All-Time Highs

Bitcoin price is approaching its all-time high (ATH); volatility is increasing. What are the possible scenarios for BTC?

Bitcoin price is in an increasingly steep uptrend and is very close to its historical records.

There are two possible cases here in term of Bitcoin Price.

Specialists think that now is the time to buy Bitcoin.

The, Bitcoin’s price has reached a technical price range $ 17,000 / $ 20,000, in a crypto market where BTC’s dominance is still large. Trading volume remains significant, and the growth momentum is expediting.

Analyst believe the market has reached a risky area, volatility will rise, and the market may consolidate very soon, which would be beneficial for an underlying uptrend.

Bitcoin is clearly on a strong push to its all-time highs of $ 19,600.

There are two possible market cases: the first is an immediate bullish technical breakout, without pause, i.e., maintaining the current momentum above $ 20K.

The second is a deep correction, logical profit-taking after two months of sharp growth before the price increase resumes. Analyst watch out for any bearish divergence that appears to be reigning. Currently, they are not. Be careful because the first tangible mid-term support is at $ 13,900.

Chainlink Likely To See Higher Momentum As Bulls May Reach 18$

Albert Brown
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Chainlink Likely To See Higher Momentum As Bulls May Reach 18$

Chainlink has seen a strong push higher over the past few days, with continued gains as Bitcoin and Ethereum have seen in past days.

This market-wide uptrend has proven to be very beneficial for altcoins, and many have seen tremendous gains over the past few hours as bulls seek to trigger a full-blown 2017-style uptrend.

Since Bitcoin is showing signs of strength, buying aggressively with every dip, there is a strong likelihood that further gains are inevitable.

This could bolster Chainlink, responding quite positively to the recent momentum seen across the market.

Traders also note that crypto may be on the verge of significant further gains due to its recent break above a critical trading range. 

Bitcoin has created some serious uptrend for the aggregated crypto market, with many altcoins showing huge profits as bulls take full control of the market. This has helped immensely many coins like Chainlink.

Chainlink May Head to 18$

Link saw some massive momentum as the bulls push it above the critical resistance level that has long been slowing its rally.

Chainlink movement largely depends on Ethereum and the rest of the market. Any significant downturn is expected to have an incredibly strong impact on altcoins, which have been soaring lately.

Traders note that a channel breakout indicates further gains are imminent in the near term.

Currently, Chainlink is trading at $ 14.81. This represents a slight decline from recent highs of nearly $ 15.75 on Binance, set just a day ago.

Overnight, the entire market faced an intense sell-off that sent it down to $ 13.78.

Buying pressure here has been significant and has allowed Chainlink to post a “V” recovery. Analysts See Serious Link Growth if such dips are bought so aggressively.

One analyst now notes that Chainlink may be poised to see further gains in the near term due to its recent break above its crucial trading channel.

LINK now retesting broken upper channel, face-melting wave 3 to the likely upside trend here, if it reaches its target during its next higher wave, it could rise to $ 18.00 in the coming days and weeks.

Pantera Capital, a crypto hedge fund, submits an application for a massive $ 134 million raise.

Mark Brennan
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Pantera Capital, a crypto hedge fund, submits an application for a massive $ 134 million raise.

On Friday, Bitcoin hedge fund giant, Pantera Capital, filed with the SEC for an equity offering of up to $ 134 million. It is one of the most significant efforts to raise capital in the company’s seven-year history. Pantera was founded in 2013 as America’s very first Bitcoin hedge fund.

According to reports, a relatively meager $ 13 million was raised first, followed by $ 25 million. However, in 2018 the fund focused its efforts on raising more massive amounts.

These attempts headed to the formation of a third investment fund called Venture Fund III. From 2018 – 2020, this new fundraised $ 164 million, with most of it going into the horrible crypto year 2019.

Pantera’s filing with the SEC indicates they have big plans. Now that it also looks like crypto is poised to enter another raging bull market. Pantera’s latest investments and executive comments can provide hints about their upcoming strategy. However, it is unknown if this new increase will lead to a new fund or expand the scope of Venture Fund III.

Dan Morehead, the Pantera CEO, said in an interview that he believes the growth of decentralized finance has the potential to surpass Bitcoin’s growth. And the company is making a new gamble targeting emerging vertical finance. Pantera also appears to be targeting the expanding crypto-asset derivatives market. This is evident from their recent investment in derivatives platform Globe.

But the interest in Defi and derivatives doesn’t require Bitcoin bulls to feel despised. Earlier, he had indicated a very ambitious price target for the largest cryptocurrency. He once asked for a Bitcoin price of $ 350,000.

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