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PayPal Launched a New App for All Digital Payments

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PayPal Launched a New App for All Digital Payments
  • PayPal has launched a new application. 
  • The app is considered as a one-stop-shop for all digital payment needs.
  • The new app includes both crypto and non-crypto use cases along with a wallet tab.

PayPal has launched a new application. To add, the app is considered as a one-stop shop for all digital payment needs of the platform’s users. 

Back in July, PayPal CEO Dan Schulman said the platform’s app was getting ready for a release in the US. As per the release on Tuesday, the new PayPal app will allow customers to access all digital financial products of the platform. 

Moreover, the new app includes both crypto and non-crypto use cases along with a wallet tab. More so, the wallet tab is to manages the digital asset payments and also high yield savings. Aside from all, PayPal also collaborated with Synchrony Bank, an online bank. Hence, this is to offer high yield savings account through the new app. 

Added to this, the virtual asset payment giant announced that users can get up to 0.4% annual percentage yield on their savings with the new app. Even more, users will also be able to withdraw their earnings from the savings account to the balance in PayPal to utilize in online shopping. 

Other features will be bill payments, cashback, and rebates, also direct deposits. In addition, the latter feature will reportedly allow users to get payments before 2 days. 

PayPal will also add even more features in the coming days. Furthermore, the announcement of a new user app comes only a few days after the firm debuted digital asset trading for customers in the UK. 

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TA: Bitcoin Lacks Momentum Above $56K, Why Rally Isn’t Over Yet

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Bitcoin is showing positive signs above $54,000 against the US Dollar. BTC could accelerate higher if there is a clear break above the $56,000 resistance zone.

  • Bitcoin remains well supported above the $54,500 level.
  • The price is now trading above $55,000 and the 100 hourly simple moving average.
  • There is a key declining channel forming with resistance near $55,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could start a fresh rally if there is a clear break above the $56,000 resistance.

Bitcoin Price Remains In Uptrend

Bitcoin price remained in a positive zone and climbed above the $55,000 resistance. BTC even broke the $56,000 resistance level and settled above the 100 hourly simple moving average.

However, the price failed to gain strength above the $56,000 zone. A high was formed near $56,500 before there was a downside correction. The price corrected lower below the $56,000 level. The price even traded below the $55,000 level and spiked below the 100 hourly SMA.

Bitcoin found support near $54,500 and a low was formed at $54,396. The price is now rising and it is trading above the $55,500 level. There was a break above the 23.6% Fib retracement level of the recent decline from the $56,500 swing high to $54,396 low.

It is now facing resistance near the $55,500 level. There is also a key declining channel forming with resistance near $55,650 on the hourly chart of the BTC/USD pair. The channel resistance is close to the 50% Fib retracement level of the recent decline from the $56,500 swing high to $54,396 low.

Source: BTCUSD on TradingView.com

The main resistance is forming near the $56,000 zone, above which the price could accelerate higher. The next major resistance sits near the $57,200 level. Any more gains could set the pace for a move towards the $58,000 level.

Dips Supported In BTC?

If bitcoin fails to clear the $56,000 resistance zone, it could correct lower. An immediate support on the downside is near the $55,000 level.

The first major support is now forming near the $54,500 level. The next major support is near the $54,000 level, below which there is a risk of a larger decline.

Technical indicators:

Hourly MACD – The MACD is slowly gaining pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.

Major Support Levels – $54,500, followed by $54,000.

Major Resistance Levels – $55,500, $55,650 and $56,000.

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Court Ruling Endangers Russia’s 17 Cryptocurrency Exchanges

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Court Ruling Endangers Russia's 17 Cryptocurrency Exchanges
  • Russia’s cryptocurrency exchange is currently in its nascent stages.
  • Roskomsvoboda maintains a list of prohibited Russian websites.
  • The district judge noted that there are no prohibitions on their transfer.

Russia’s cryptocurrency exchange is currently in its nascent stages as it assesses its regulation position on different facets of the investment class. Due to the country’s legislative environment, Bitcoin or other crypto assets not accepted as a mode of payment in Russia like in other countries. Cryptocurrency ownership is also illegal for anyone working in only specific positions in government. 

Moreover, several websites offering opportunities to trade, payout, and transfer bitcoin using different payment methods may prohibited by Russia’s telecom regulator, Roskomnadzor. A court decision that classifies their material as illegal poses a threat to online crypto marketplaces.

Decision of the Court

According to Forklog, the Kushnarenkovsky District Court in Bashkortostan, a republic of the Russian Federation, declared in September whether the material they are sharing is illegal under existing legislation. More so, the non-governmental organization Roskomsvoboda maintains a list of prohibited Russian websites, including 17 websites.

The regional CourtCourt states in its finding that in all of those cases, the networks provided free accessibility without needing registration. Every user can familiarise themselves with the contents and replicate the material in electronic form. The district judge noted that there are no prohibitions on their transfer, copying, or distribution.

 Digital Rights Council’s lawyers presently drafting complaints filed to get the Court’sCourt’s decision completely overturned. Furthermore, the government did not go down the road of outright banning cryptocurrencies but instead limited the possibilities and their use and criminal justice turnover, Darbinyan said.

This is a major decision and has affected the market significantly

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Bitcoin (BTC) Price Will Hit Six-digit Predicted by Crypto Analyst

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Bitcoin (BTC) Price Will Hit Six-digit Predicted by Crypto Analyst
  • Bitcoin (BTC) price will hit six-digit predicted by Crypto Analyst
  • BTC handled to record an intraweek high of $56,100.
  • For the first time, Bitcoin reached over $55,000 price after the flagship.

Crypto giant Bitcoin (BTC) is an amazing phenomenon in and of itself. The blockchain technology of Bitcoin allows various industries to transform from finance to healthcare. In the past week, BTC breaks the strong support line and cracks the September high of $52.9K. BTC handled to record an intraweek high of $56,100, diving deeper into the resistance level of $55,000 to $58,000.

According to cryptocurrency analyst Michaal van de Poppe, with this continuous increase of Bitcoin price, it is expected to hit the six-digit price. Currently, Bitcoin’s support level is around the $49,800 to $51,000 level, as per the crypto analyst, since may for the first time Bitcoin reached over $55,000 price after the flagship. Eventually, Bitcoin may also drop between $40,000 and $44,00 in case of any corrections.

Moreover, the crypto analyst also believes that Bitcoin will range before increasing over the current record high of $64,804. Van de Poppe mentioned, 

“So we get some sideways action, get to watch the all-time high. And then we probably assume that we’re going to get towards $260,000 or higher”.

BTC Current Market Status

Henceforth, as per CoinMarketCap, Bitcoin’s (BTC) price was waving in the range of $54,906, with the 24-hour trading volume of $36,869,563,115. At the time of writing, BTC’s price has increased 0.29% in a day. The circulating supply of Bitcoin is 18,839,650.00 BTC. In the last 7 days, Bitcoin price has increased by over 14%, and in the last 30 days, it has surged by nearly 18.92%. According to this continuous bullish trend, we expect BTC to hit a six-digit price, also it will hit a new all-time high (ATH) soon.

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Ethereum $ETH Is Maintaining a Consistent Uptrend

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ETH constant uptrend
  • Standard Chartered released a report entitled Ethereum Investor Guides that the asset could potentially reach a price of between $27k and $35k.
  • ETH’s price fell by around $900, or 25%, in a matter of hours.
  • Even though the survey item circulated for several days through cryptocurrency news sites and Ethereum-focused organizations, the document’s release date coincides with the severe flash collapse on September 7th.

Standard Chartered released a report entitled Ethereum Investor Guides in early September, just a few weeks after August’s EIP-1559, stating that the asset could potentially reach a price of between $27K and $35K. Even though the survey item circulated for several days through cryptocurrency news sites and Ethereum-focused organisations, the document’s release date coincides with the severe flash collapse on September 7th; ETH’s price fell by around $900, or 25%, in a matter of hours. 

However, it was the claim that Ethereum (ETH/USD) is set to exceed Bitcoin (BTC/USD) in the following months that piqued my curiosity (ETH to BTC ratio predicted in the paper at 0.16 with the current ratio at its lowest since August).

With the ETH/BTC trading at its lowest point in many weeks. We have already a feel about what may happen in this combination. We should wait for another daily candle to close above 0.683 (the top of last Wednesday’s red daily candle) before considering a prominent position. This level of 0.682-0.683 is comparable to 0.65 from 5 months ago.

ETH Properties

  1. That total quantity of ETH traded on exchanges is at its lowest point in years.
  2. On some days, ETH was a deflationary currency.

According to EIP-1559, many coins were destroyed than were minted, with the melting rate increasing.

  1. Settings for ETH2.0 have exceeded 7.95 million ETH. They are potentially freezing roughly 7% of the available supply until ETH 2.0 is made public. They are removing yet another piece of collection from the market.
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Anonymous Whale Transfers Six Trillion SHIB to Unknown Wallet

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Anonymous Whale Transfers Six Trillion SHIB to Unknown Wallet
  • DefiLlama said the TVL is now under $300 million.
  • Fans expect a debut on RobinHood soon.

An unidentified investor bought 6.3 trillion SHIB coins in two days. On October 1, the whale purchased a massive 6 trillion SHIB coins valued at approximately $43,838,900. The whale then bought another 116 billion coins the next day, followed by two more 159 billion coin transactions and a 1 billion coin buy all in the span of a few hours.

The whale bought 276 billion SHIB coins on Saturday, October 2. Due to the large volume, the SHIB coin price rose 5% before settling at 3%. But this isn’t the first time a whale has helped a meme currency. Shiba Inu was launched in August 2020 to capitalize on the success of Dogecoin, which drew thousands of investors. Unlike Dogecoin, Shiba Inu levelled instantly.

The total value locked (TVL) for Shiba Inu in June and July rose close to $2 billion. DefiLlama said the TVL is now under $300 million. No matter, unknown SHIB whales have bought huge parts of the asset.

The SHIB was re-transferred. The money was transferred many times before landing in an unknown wallet. The crypto community is wondering who anticipated and profited from this surge. A whale that travelled 6 trillion SHIB at dusk.

Who would be so taken by the asset? While it could be anybody in the community, imagine a well-known industry figure and a big lover of meme tokens – Elon Musk.

Debut on RobinHood Soon?

Whales’ curiosity has bolstered Shiba Inu’s market standing in recent months. SHIB was first listed on eToro, an Israeli-based worldwide social trading platform, in late June, and subsequently on CoinBase Pro and WeBull in early August, fueled by whales purchasing billions of coins. In September, SHIB joined Binance’s portfolio.

The ‘Doge-killer’ meme coin also has a large social media following, having over a million Twitter followers. Fans expect a debut on RobinHood soon that would further help the price reach new levels. SHIBA INU’s current price is $0.000026 USD, and its 24-hour trading volume is $4,122,223,187 USD, according to CoinMarketCap.

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Series Of Crypto Heist Increases Fear In Investors

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Series Of Crypto Heist Increases Fear In Investors