Replies to post #19519 on Bitcoin (BTCUSD)

[Investors3]

PayPal's Crypto Payments Are Coming to the UK This Year
After seeing larger than expected demand from US crypto users, PayPal has set a timeline for UK expansion.
By Will Gottsegen
1 min read
Feb 11, 2021

https://decrypt.co/57478/paypal-crypto-uk?&utm_medium=referral&utm_campaign=feed&utm_source=coinbase

The digital payments company PayPal will introduce its suite of cryptocurrency services to UK customers in a few months.

Jonathan Auerbach, an executive at the company, shared the update during its investor day. "We plan to expand our crypto offering geographically to the UK in a number of months," said Auerbach. CoinDesk was first to report the news.

PayPal launched its "buy, sell, hold" crypto offering in the US late last year, which allows users to handle a variety of digital assets on-platform. Crucially, crypto purchased through PayPal can only be spent through the app, meaning funds can't be transferred out to other wallets.

The company has been plotting to expand crypto services to non-US countries, but today marks the first concrete sign of a near-term timeline.

PayPal's stock price has soared over the past year, bolstered in part by retail demand for its crypto products. In Q4 alone, the company netted 16 million new active accounts.

[Investors3]

Over $1 Billion In Stablecoins Are Sidelined Waiting To Push Bitcoin To $100K
by Tony Spilotro 2 days ago in BTC Reading Time: 3min read

https://www.newsbtc.com/analysis/btc/over-1-billion-in-stablecoins-are-sidelined-waiting-to-push-bitcoin-to-100k/

Bitcoin is trading only a couple thousand dollars below $50,000, but according to one crypto analyst, there’s over $1 billion in stablecoins waiting on the sidelines to push the leading cryptocurrency by market cap to a price of $100,000 per coin, within the next thirty to sixty days.

Here’s why all this capital sitting on the sides could soon be used to drive prices even higher.

Analyst: Bitcoin Could Reach $100,000 Within 30 to 60 Days
Bitcoin has been an unstoppable uptrend since Black Thursday, almost a year ago to the date.

Since last March when the pandemic struck, the cryptocurrency has blossomed into a star within the finance space, providing returns wildly beyond expectations during a time when profits are slim and money is being debased at a haste.

A flood of institutional capital has pushed the price of Bitcoin during the one year from under $4,000 to $48,000, but within two months, that price could double, according to crypto trader Joseph Canfield. Canfield claims the catalyst for such a massively bullish move in such a short amount of time, is some $1 billion in sidelined stablecoins.

How Stablecoins Have Been Shown To Increase Crypto Prices

Stablecoins such as Tether, USD Coin, Paxos, and many others, are tied 1-to-1 to the dollar, hence the “stable” categorization. As the supply of stablecoins rises, so do the prices of Bitcoin, Ethereum, and the rest of the altcoin market.

The correlation between Tethers being minted and Bitcoin price increase have been documented for years, but they have thus far not produced such results – until now.

Stablecoins have been used recently to place large orders for BTC on Coinbase Pro. Analysts say its like “rocket fuel” for the first ever cryptocurrency during an uptrend.

During recent days, stablecoin activity spiked before the news of Telsa’s Bitcoin buy made rounds. The theory is that the uptick in activity was spot BTC buying on the company’s behalf.

Tesla bought $1.5 billion worth of Bitcoin to add to company reserves and diversify their cash holdings, and it caused the largest daily green candle on record to follow. But since then, resistance has kept the cryptocurrency from clearing $50,000.

Another $1 billion in sidelined stablecoins, could prompt the break of $50,000, which would be yet another major psychological hurdle now in the rear view.

If this can happen, Canfield’s theory that Bitcoin could run to $100,000 within two months, isn’t at all that far fetched. And if it takes only two months to reach $100,000 from here, how high does this cycle go?

[Investors3]

‘Sustained institutional buying’ will hold Bitcoin above $50K: CrossTower
February 22 2021 - 07:31PM
Cointelegraph

New research from CrossTower argues institutional buyers will hold BTC prices above $50,000.

https://ih.advfn.com/stock-market/COIN/BTCUSD/crypto-news/84401778/sustained-institutional-buying-will-hold-bitco

SAM BOURGI
2 HOURS AGO
‘Sustained institutional buying’ will hold Bitcoin above $50K: CrossTower
New research from CrossTower argues institutional buyers will hold BTC prices above $50,000.

In a report shared with Cointelegraph, institutional crypto trading platform CrossTower asserts that large investors will not let Bitcoin (BTC) fall back below $50,000.

According to the report, addresses holding over 1,000 BTC rose to record highs in January on the heels of sizable retracements — evidencing strong dip-buying from whales despite the relatively high price of Bitcoin.

Combined with positive business developments in the industry, such as Mastercard’s decision to integrate certain cryptocurrencies and BNY Mellon’s newly launched custody services, CrossTower believes the outlook remains bullish for the digital asset markets. The firm also described the growth of corporate Bitcoin treasuries, such as Tesla’s $1.5 billion BTC acquisition, as strengthening the bullish case.

“We believe the record amounts of addresses holding 1,000+ BTC in recent weeks is proof of rising institutional interest and likely reflects the many headlines in January and February of institutional investors becoming active in Bitcoin,” Martin Gaspar, research analyst at CrossTower, told Cointelegraph.

He continued:

"In our view, many institutional investors are entering with a buy-and-hold mentality given their understanding of Bitcoin as digital gold. The on-chain data suggests that these investors, traditionally seen as smart money, saw the January price weakness as an opportunity to acquire BTC or enter the space, which supports our bullish view of BTC."

CrossTower also noted a sharp decline in the sum of Bitcoin held on centralized exchanges amid record stablecoin holdings and volume, describing the trend as providing further bullish momentum to the markets. Analyzing data from CryptoQuant, CrossTower found stablecoin volumes on crypto exchanges totaled $7.4 billion as of February — up nearly 159% from December 2020.

BTC price briefly fell below $50,000 on Monday but has since regained its footing above $53,000. Despite the sudden correction, Bitcoin has appreciated by more than 12% over the past week. Year-to-date, the BTC price is up almost 85%, according to CoinMarketCap data.