PayPal is hiring crypto engineers amid rumors of Bitcoin integration...
One week in review:
June 22–28 We've selected the hottest materials of the past week for you to stay up to date with the latest crypto news: | | #1. PayPal is hiring crypto engineers amid rumors of Bitcoin integration | | | There have been a lot of rumors surrounding PayPal this week. A report suggested that the online payments giant plans to allow hundreds of millions of users to buy and sell crypto directly. Job vacancies for crypto and blockchain experts have added fuel to the fire. PayPal is yet to confirm whether the reports are true — but if they are, it could be a landmark moment in Bitcoin's quest to going mainstream. | | #2. Troubled debit card issuer Wirecard files for insolvency | | | Wirecard, the troubled fintech company that recently discovered a $2.1-billion hole in its finances, has opened insolvency proceedings. The company powers many of the crypto debit cards in the market, and it's been struggling to keep up with its debt obligations. | | | Wirecard's demise is already affecting crypto card users, and a subsidiary responsible for issuing these debit cards has been suspended by the U.K. Financial Conduct Authority. This has meant customers were unable to use them. Crypto.com, one of the companies that used Wirecard's services, has stressed that its users' assets are secure — and said funds will rapidly be credited back to crypto wallets. | | #3. Bitcoin price bounce at $8,800 support shows traders keep buying the dip | | | Saturday saw BTC fall under $9,000 to lows of $8,813 — but it seems buyers have been keen to purchase these dips. Mild pullbacks are common over the weekends, as trading volume tends to thin. | | | Cointelegraph contributor Marcel Perlman said the market is in a bit of a neutral zone after Friday's $1.06 billion BTC futures and options expiry. He explained: "The options expiry did not have a meaningful impact, as most of the call options were aimed at $10,000 or higher." Other threats are on the horizon, however. There's a strengthening correlation between Bitcoin and U.S. equities — fuelling fears that BTC is vulnerable to a price pullback. | | #4. Prediction of the Week Tone Vays: Bitcoin price won't leave $6,000 to $10,000 range until 2021 | | | With Bitcoin 95% correlated to the S&P 500 right now, it isn't ideal that one analyst has warned that this stock market index could soon suffer a 400-point crash. For Tone Vays, the economic uncertainty brought on by the coronavirus is proof that we won't be seeing a BTC bull run for some time yet. | | | On the latest episode of his Trading Bitcoin YouTube series, Vays said: "Like I've been saying for months now, I have no reason to walk away from my prediction early in the year that Bitcoin is going to get stuck between $6,000 and $10,000 for the majority of this year." | | #5. FUD of the Week ISIS-affiliated news website to collect donations with Monero | | | The Islamic State of Iraq and Syria is shunning Bitcoin. A news website affiliated with the jihadist group has updated its donations page to say it no longer accepts BTC — and that financial contributions should be made in Monero instead. Monero is a privacy coin that makes it easier to obfuscate the senders and receivers of transactions. | | | There has long been speculation that ISIS has substantial war chests hidden in Bitcoin, but according to blockchain intelligence firm Chainalysis, this doesn't appear to be the case. Its research suggests that less than $10,000 was raised for terrorism through crypto. | | #6. FUD of the Week Derivatives traders may have manipulated COMP rally | | | The astronomical price performance of the Compound Governance Token (known as COMP for short) may have been orchestrated using derivatives, according to analysts. After initially changing hands for approximately $80 each on June 18, COMP quickly rallied 500% to post highs above $380 on June 21. News of a Coinbase listing may have helped to entice buyers. But since that high, COMP has shed more than a third of its value and is now trading under $250. | | Feel free to explore the most important news with Hodler's Digest by Thomas Simms:
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