PayPal rumored to be eying acquisition of crypto custodian BitGo

Global payments firm PayPal is looking to acquire a crypto asset custody firm, with a report published by Bloomberg on Oct. 23 claiming the company is currently in talks with BitGo Inc. Anonymous sources cited in the report claimed that the two companies may reach an agreement within a matter of weeks. BitGo is a multi-signature custodian that was founded in 2013. In 2018 the company raised $15 million in a round led by Goldman Sachs and Galaxy Digital. However, the deal is believed to be far from certain, with…

Following 60% Retracement, VeChain Screams Buy as Technicals Turn Bullish

Key Takeaways VeChain has endured a nearly 60% downtrend over the past two months. Despite the massive losses incurred, multiple technical indexes suggest that the trend is about to reverse. On its way up, VET could find stiff resistance at $0.015 and $0.023. Share this article While Bitcoin has already made new yearly highs, VeChain prepares to catch up with the rest of the market. The supply chain management token is presenting several bullish signals across multiple time frames. VeChain Prepares a Comeback VeChain has gone through a significant corrective…

PayPal Rumored to Buy BitGo Days After Launching Bitcoin Services

Just two days after announcing support for top cryptocurrencies, PayPal is now rumored to acquire crypto custodian BitGo. PayPal to Buy BitGo For Undisclosed Amount According to Bloomberg, the Bitcoin custodian is just one of several crypto-centric companies the payments platform is looking to acquire.  Those familiar with the ongoing negotiations have reported that the deal is far from concluded, however.  *PAYPAL SAID TO BE IN TALKS TO BUY CRYPTO FIRMS INCLUDING BITGO — Carol Massar (@carolmassar) October 22, 2020 BitGo is one of the crypto industry’s first institutional-focused platforms,…

Bitcoin Pullback on Horizon as Key Indicator Flashes Overbought  

Key Takeaways Technical indicators are showing short-term trend exhaustion for Bitcoin. Fundamental factors around BTC continue to induce hype in bullish confidence. A short-term price correction is highly probable. Share this article Bitcoin surged to a 16-month trading high on Wednesday as the pioneer cryptocurrency finally broke across $13,000.  Bitcoin Breaches Yearly Highs, But for How Long? The top crypto then blew past the psychological $13,000 level following the news that PayPal would let users in the US buy and sell top cryptocurrencies. The managing director of eToro US, Guy…

PayPal’s crypto integration means Bitcoin could triple its user base

Bitcoin (BTC) price has again punched through the $13,000 mark after yesterday’s PayPal’s announcement sparked a powerful rally which drove the price to a new 2020 high.  Currently sitting near $13,100, Bitcoin price has rallied nearly 10% since the announcement and BTC is now close to overtaking PayPal as the 21st biggest asset by market capitalization. PayPal’s crypto announcement comes two weeks after Square, another payments giant, announced its own foray into Bitcoin by investing roughly 1% of its assets into Bitcoin. According to Lanre Jonathan Ige, a researcher at…

Not everyone in the crypto industry is thrilled about PayPal’s recent news

While many in the industry were pleased with Bitcoin’s surge past $13,200 following an announcement that PayPal intends to integrate crypto into its network, some fail to see any benefits beyond the immediate price movement. According to an Oct. 21 blog post from Satoshi Labs, the team behind the crypto hardware wallet Trezor, PayPal’s push to start selling Bitcoin (BTC), is “probably not because they want to spur healthy adoption.” Their arguments are similar to ones made by many crypto holders against storing digital assets on exchanges, i.e. “not your…

Blockstack PBC changes its name to ‘Hiro’

Blockchain software firm Blockstack PBC announced that it will be changing its name to “Hiro Systems PBC.” Muneeb Ali, co-founder and CEO of Blockstack, told Cointelegraph that the team plans to focus on a narrower set of priorities once the stacks 2.0 mainnet launches — something they believe has the potential to unlock an “immense amount of value and possibility”: “We’ll narrow our focus to building tools for developers that are building apps and smart contracts on Bitcoin. This is enabled by the fact that the ecosystem around Stacks has…

Top traders say Bitcoin log chart points to a 2017-style BTC bull run

Peter Brandt, a well-regarded veteran trader, recently emphasized the high demand from institutions as a key catalyst for Bitcoin’s strong performance. BTC/USD 1-month chart. Source: TradingView The strong high time frame technical structure of BTC, especially the weekly chart, and the strengthening fundamentals are buoying the market sentiment. In a tweet, Brandt posted the above chart and said: “Bitcoin—IF the current gains hold through end of Oct—is poised for the second-highest monthly close ever. $BTC Institutions are increasingly involved in Bitcoin ownership. Institutions mark the value of their assets monthly.” In…

For the first time since 2018 Bitcoin balances on exchanges fell below 2.5M

On October 20, 2020, the amount of Bitcoin (BTC) held at major exchanges fell below 2.5 million BTC for the first time in two years.  Source: Glassnode. Nexo co-founder Antoni Trenchev opined to Cointelegraph that this trend is driven by the world finally realizing that only Bitcoin offers sound monetary policy: “[People are] slowly are realizing what some of us have known for a while — BTC is the only sound monetary policy right now and you cannot afford to depart from the best performing asset of the decade.” He…

Bitcoin market sentiment and fundamentals still favor BTC price bulls

Bitcoin price has seen a healthy upward tick toward the $13,000 mark in the fourth quarter. At the start of the quarter, Bitcoin (BTC) was in the sub-$11,000 region, and from there, constant rises took the price to the $13,000 mark on Oct. 21 for the first time this year. The price rallied to $13,217, a record high for 2020, before falling to around the $12,750 mark. This upward price movement is certainly indicative of the bullish sentiment held by investors in the current market. Rising hash rate a bullish…