Paypal Exceeds $300 million of Daily Crypto Volume

PayPal has recently set a record daily volume of more than $300 million in crypto resources as clients were so disposed towards exchanging digital currencies. Previously, the one-day record in the volume was recorded on January 11 at $239.52 million, and this was the day when Bitcoin lost around $10 in its cost.

The itBit Trading Volumes Cross $50 Million

The recent data by itBit reveals that investors are looking towards buying the Bitcoin when it reaches the bottom. These volumes can compel the competitors to offer similar services. itBit, the currency exchange that provides liquidity to Paypal, has been trading above $50 million in volume as per the statistics.

Also, in April, Deutsche Bank predicted to its clients that Crypto volume of Payments Giant might even reach $20 billion by the end of this year. This is also a PayPal-controlled platform that has been newly introduced for crypto exchange.

More About Payments Giant

Payments Giant is a crypto exchange platform that lets you trade for as low as $1. It has over 3.5 million users, and is expected to reach its peak in crypto volumes.

It, however, charges a minute fee for every exchange you do. Also, it does not allow you to transfer your currency to other platforms. Yet, its owners claim to introduce this feature in some time soon.

Apple Is About to Plunge Into The Crypto Pool With ‘Alternative Payments’ Providers

Apple recently listed a job posting for a “Business Development Manager — Alternative Payments.” The job listing was posted on May 26, 2021, as spotted by CoinDesk.

The job description required a candidate to “Lead the partnership program with key players in the Alternative Payments ecosystem, covering the complete process of partner identification, business case development and socialization, partnership negotiation, contract signing and execution, go to market launch and continued partnership value growth.”

The description did not point out any specific products or deals that Apple would be indulging in, but it did highlight some alternative payment methods that Apple is interested in. More than five years of experience required in Digital wallets, BNPL (Buy Now Pay Later), fast payments, and cryptocurrency do show what Apple is looking forward to.

However, this job posting does not mean that Apple is about to launch its own cryptocurrency anytime soon, like Facebook Diem. Although Apple’s CEO Tim Cook publicly discussed the vision of a world with no physical cash and digital payments only, he shunned down the idea of private groups launching their own currencies.

In 2019, an Apple Pay Executive stated that Apple sees a ‘long-term potential’ in cryptocurrency. Still, it isn’t currently focused on that. Nevertheless, Apple taking an interest in crypto is evident with the new job posting, and it would back up the entire crypto concept.

Although not for the launch of its own currency, the new position in Apple might lead to new features that allow crypto as a payment method on the App Store or a Digital Wallet app that would allow iPhone users to save their digital currencies. It might also launch Apps that will enable users to buy or sell cryptocurrencies. Whatever it may be, Apple is clearly marking its way into the crypto market.

Bitcoin Prices Drop As Holland Asks For A Crypto Ban

After a ban call by a Dutch official, Bitcoin has dropped down its value by 6.10%.

BTC is trading at $35,050, which is $2,200 down from its previous value.

After knocking out Bitcoin through a crypto ban, Holland is also urging other states to do the same. A Dutch official recently urged the Netherlands to ban Bitcoin by publishing an essay titled “The Netherlands must ban Bitcoin.”

The Dutch Bureau for Economic Affairs and Climate Policy Director Peter Hasekamp also stroke an attack on Bitcoin. He said that Bitcoin holds “no intrinsic value and is only valuable because others may accept it.” He stated that Fiat currency is more valuable than digital currency. The latter has no means of payment, store of value, or unit of account.

On the contrary, El-Salvador lately accepted Bitcoin as a legal currency, shooting its price by $7000. However, Holland has undoubtedly won the second round of the Bitcoin battle.

Bitcoin has been going down the trend line the entire month, with no significant upscale in its price. Even with El-Salvador supporting it, its value could not cross the set mark.

On the 10th of June, the prices rose to $35,780; however, it has been falling since then. As long as its value remains below the trend mark, it is in danger of returning past week’s gains.

Indeed, this isn’t the first time an official has asked for a Bitcoin ban, and it would happen again too. What matters is how the market reacts when the U.S gets up in a couple of hours.

If Bitcoin manages to clear the trend line resistance above, it will again be crossing $40,000 soon.

Why Is Cryptocurrency Ethereum Shooting Up?

Ethereum, the second-largest cryptocurrency based on both market value and daily trading volume, has shown tremendous progress over the last year, and it continues to upsurge. Predictors even claim that it might cross Bitcoin in the near future.

Bitcoin has been on a downfall the entire May after China’s strict laws against the crypto market and Tesla Chief Elon Musk’s stance against Bitcoin. This has brought Ethereum into the spotlight as it is the only biggest rival to Bitcoin.

As of June 6th, Bitcoin only rose by 0.48%, while Ethereum shot up by 13.54% last week. In the previous year, Ethereum was traded for around US$231 million in daily spot exchanges. Also, it grew over 900%, when Bitcoin only upsurged by 275%.

There are several reasons why Ethereum has been in the limelight.

1. Investors are looking for new opportunities

In the global pandemic, Bitcoin shot up at a lightning pace when investors withdrew their money from stock exchanges for several companies. They invested in the crypto market when lockdown situations put many industries’ fate into uncertainty. Thus, Bitcoin being the most popular in the crypto market, matured way earlier in its prices and values.

Now, investors are looking for the next best currency, I.e., Ethereum, that they would reap in the future. They are not interested in the already stabilized currency that is experiencing a downfall recently.

2. Acceptance by the Tech Giants

Cryptocurrency has now been accepted by famous companies like Tesla and Square, which have invested millions into it. Therefore, new investors have invaded the crypto market in search of good opportunities. This has lead to a significant benefit to Ethereum’s value too.

3. Ethereum’s better designed than Bitcoin

Ethereum was created looking at Bitcoin’s flaws. Therefore, it is more adaptive to work with everything, from social media networks to entire corporations. Additionally, more applications can work with Ethereum than Bitcoin.

Also, it consumes much less electricity and allows lower transaction costs. It also enables its investors to earn profits from its transactions.

4. Ethereum is less expensive than Bitcoin

For investment, people are moving towards something cheaper but promising too. Bitcoin has been on a downfall the entire May and is the most expensive of all. Therefore, Ethereum has now won the glare being the second-largest cryptocurrency in the market.

Ethereum might out surge Bitcoin one day as its market trend has been promising. Being cheaper, and better designed than the Bitcoin, it wouldn’t be an issue for Ethereum to do so.