Bitcoin Rises Above $29.1K; Paypal Steady The Ship
By Laxmikant Khanvilkar
Leading virtual digital assets (VDA) are brimming with hopes and their prices tugged higher on a crypto friendly move by PayPal. The global online payment solution provider is entering the cryptocurrency market with its own U.S. dollar-pegged stablecoin, PayPal USD (PYUSD), the company announced on Monday. PYUSD will be issued by New York-based crypto financial-services firm Paxos Trust.
The optimism around VDAs helped leading protocols to reverse previous few sessions of discomfort and uncertainty.
Bitcoin (BTC), the largest cryptocurrency by market capitalization, though continues to stuck in narrow range with prices barely making unusual daily move of just a per cent, has managed reclaim $29,100 mark.
Most recently, the BTC was trading near $29,195.16, up 0.67% over the past 24 hours.
BTC is trapped in the range of $29,000 to $29,500 level in the past two weeks while staying immune to outside events that would normally impact prices and weigh on risky assets.
Ether, the second largest crypto in market value, too, scripted a partial recovery. It was recently changing hands at $1,832.41, a gain of 0.30%. This is the first day of gains since this smart contact bore the brunt from the liquidation pressure of other altcoins in an aftermath of Curve exploit.
Technical analysts suggest that BTC prices are evenly poised with both bulls and bears trying to rein in control. Amid prevailing volatility, they believe, BTC can rush to the $30,400 range this week before a potential drop down to the $27,300 and $26,300 levels.
Other cryptos have maintained their downward spiral led by popular meme coin Doge, XRP while ADA, SOL and MATIC, the tokens of smart contracts platforms, Cardano, Solana and Polygon, were struggling to gain momentum.
The global crypto market cap, increased 0.15% to $1.16 tn, over the last 24-hours. Similarly, the total crypto market volume increased 59.19% to $32.95 bn. The total volume in DeFi is currently $2.85 bn and all stablecoins $30.89 bn, representing 8.64% and 93.74% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance rose 0.16% to 48.82%.
IC15 index, the barometer of top fifteen tokens, edged up 0.11% to 38,339.
Meanwhile, Solana-based decentralized exchange Cypher lost close to $1 million in crypto due to an exploit or security incident. On the other hand, Aptos blockchain’s native token APT has slid ahead of this week’s unlock of more than 2% of the circulating supply. Data from TokenUnlocks shows that more than 4.5 million APT tokens, worth about $30 million, will be unlocked on Friday.
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