Upcoming ‘PayPal Update’ sparks speculation around Bitcoin and altcoin prices

Recent reports have indicated that Elon Musk might be considering the transformation of X (former Twitter) into a modernized iteration of PayPal. 

Previously, a major institution’s endorsement of Bitcoin (BTC), like that of PayPal in late 2020, played a pivotal role in initiating a bullish surge in Bitcoin prices, at the time propelling its value to nearly $70,000.

The future of X

According to Charles Gasparino, a correspondent at Fox Business News, Elon Musk is engaged in ongoing discussions with prominent Wall Street executives concerning the future of X. 

Sources suggest that Musk is leaning towards introducing an evolved payment system resembling an updated version of PayPal, aimed at providing minimal transaction fees compared to credit cards while also capitalizing on user data monetization.

This has led experts to speculate the price of Bitcoin and other altcoins that Elon Musk has previously favored, like Dogecoin (DOGE), which, after the Twitter rebranding in July, sent the price of the altcoin up 4% in a matter of minutes, prompting assumptions that the upcoming update may cause markets to surge.

However, the decision does come after a warning from an account that claims to be a Dogecoin graphic designer, who alerted the crypto community to potential scam tokens falsely claiming association with X.

The designer noted that neither Elon Musk nor X has ever launched a crypto token, with Musk responding, “And we never will.”

You might also like: Elon Musk says X has no plans of launching token

At the same time, a report by a crypto data firm, Nansen, indicates that the fervor surrounding PayPal’s recently introduced stablecoin hasn’t translated into substantial adoption, with analysts from crypto data firm Nansen indicating that only a small number of individuals are utilizing and retaining PYUSD within self-custody wallets. The on-chain insights platform goes on to share that some 90% of PYUSD is held in wallets controlled by Paxos, the issuer of the stablecoin.

Navigating a tepid market

Despite previous community speculation that news of a PayPal Update from X could “change the market,” that very “market” is currently riddled with increasing regulatory uncertainties. Many projects have continued to shut down, while prices of Bitcoin have continued on a downward trajectory. 

This trend remains evident even with the entry of payment giant PayPal (PYPL) into the stablecoin domain, failing to generate noteworthy market shifts. Both Bitcoin and Ethereum (ETH) have exhibited limited price movement throughout the day and have sustained low trading volumes in recent weeks. 

Upcoming 'PayPal Update' sparks speculation around Bitcoin and altcoin prices - 1
Bitcoin to USD Chart | Source: CoinMarketCap
Read more: PayPal’s stablecoin meets resistance from Democrat Waters
Follow Us on Google News

Comments

Post a Comment

Popular posts from this blog

Manta Network battles DDoS attack after TGE as new Telegram bot steals the show

Manta Network battles DDoS post-MANTA launch; 135M RPC requests flood, causing delays. Bitbot revolutionizes retail trading on Telegram with non-custodial, AI-backed solutions. BITBOT token presale unfolds across 15 stages, offering investors a structured opportunity. In a whirlwind of recent events, Manta Network faced a DDoS attack right after the successful launch of its MANTA token, causing a stir in the crypto community. Meanwhile, Bitbot, a Telegram trading bot, is making waves by empowering retail investors. Jin us as we delve into the challenges Manta Network is facing and explore Bitbot’s mission to put institutional-grade tools in the hands of individual investors. Manta Network DDoS attack Manta Network, a modular blockchain protocol renowned for its focus on zero-knowledge (ZK) application development, encountered a significant setback shortly after the launch of its governance token, $MANTA. The network experienced a Distributed Denial of Ser
Read more

DOGE price prediction as expert forecasts target above $0.10

Image
With the previous week bringing gains for the cryptocurrency market, some digital assets displayed promising signals that might indicate their future movement. Dogecoin (DOGE) is one of those. The TD Sequential has recently generated a buy signal on the 3-day chart for Dogecoin. The probability of a resurgence to $0.100 or beyond appears favorable, contingent upon the sustained stability of the $0.074 support cluster, per a post on X by crypto analyst Ali Martinez on January 14. TD sequential for Dogecoin on a 3-day price chart. Source: Ali Martinez The TD sequential is a robust tool crafted to pinpoint the precise moment of trend fatigue and subsequent price reversal. As a counter-trend instrument, it addresses the limitations observed in various technical Analysis indicators that prove profitable in trending markets but exhibit suboptimal performance in sideways or ranging markets. Another technical indicator is not so optimistic Many technical indicators should be employed t
Read more

IRS, Treasury temporarily waive business crypto reporting requirements

IRS and Treasury say businesses do not have to report cryptocurrency receipts until new regulations are issued. In a press release on Jan. 16, the Internal Revenue Service (IRS) said in a joint statement with the U.S. Treasury Department that American business es do not have to report their receipts in crypto currencies the same way they do with cash. However, the regulators noted the exception will only last “until Treasury and IRS issue regulations.” “Treasury and the IRS intend to issue proposed regulations to provide additional information and procedures for reporting the receipt of digital assets, giving the public an opportunity to comment both in writing and, if requested, at a public hearing.” The IRS The announcement does not impact the rules in place before the Infrastructure Investment and Jobs Act for reporting cash received in the course of a trade or business, the IRS said, adding that cash transactions over $10,000 received in a trade or business still must be re
Read more