Which crypto exchanges does PayPal support?
Crypto: That was the most important news this week
Further steps towards the mainstream adaptation of Bitcoin as a means of payment - and rising exchange rates across the board. This is how you could sum up this crypto week. As always, we start our weekly review with a look at ...
... the course board:
- Bitcoin (BTC): ~ $ 59,500 / + 12% compared to Friday afternoon the previous week
- Ethereum (ETH): ~ $ 2,083 / + 26%
- Binance Coin (BNB): ~ 350 dollars / + 41%
- Cardano (ADA) ~ $ 1.2 / + 1%
- Polkadot (DOT) ~ $ 38 / + 21%
- XRP: ~ $ 0.59 / + 6%
All data comes from Coinmarketcap and is as of Friday afternoon.
ETH rises above $ 2,000 and at an all-time high
In the previous week, most of the major crypto assets had declined in the range of a little under 10 percent. There was a particularly strong sale on Thursday. The capital inflows into crypto investment products - an indicator of the interest of institutional investors - also fell to the low level since October.
The weak phase now seems to have been ticked off: this week, prices were clearly up again - in some cases massively. Some of the ten largest coins by market capitalization posted double-digit percentage gains.
The Binance Coin (BNB), for example, made particular gains with an increase of 41 percent. Ethereum (ETH) and Polkadot (DOT) also rose sharply by 25 percent and 21 percent, respectively. The ETH price cracked the $ 2,000 mark on Friday for the first time since the end of February and subsequently even reached a new record high of $ 2,083.
Filecoin shoots up, theta upward movement ended for the time being
Incidentally, Filecoin (FIL) made it into the top 10, most recently it was back in 11th place among the largest cryptocurrencies. On Friday, the course paid a clear tribute to the massive increase in the week so far and fell by over 18 percent. However, the 7-day performance continues to show a plus of 90 percent. So the price has almost doubled since last Friday. We have already reported here about the strong performance of Filecoin.
On the other hand, the massive upward movement of theta, the coin of the decentralized streaming network, has ended for the time being. After a 7-day increase of over 40 percent in the previous week, it has now recorded a slight decrease of around 4 percent since last Friday.
US customers can pay with cryptocurrencies at all PayPal merchants
But enough of the market. Let's get to the news that moved the crypto community this week. Two major financial service providers have taken further steps that could support the mainstream adaptation of cryptocurrencies as a means of payment. First of all, PayPal should be mentioned. It has already been possible for US customers to buy, sell and store cryptocurrencies with the payment service.
But now the company has taken the next step: With the new “Checkout with Crypto” program, all merchants in the PayPal network will become acceptance points for cryptocurrencies for US customers. Bitcoin, Ethereum, Litecoin and Bitcoin Cash are supported. If you hold cryptocurrencies in your PayPal account, they are automatically displayed as a payment option.
After a crypto payment, the amount is converted in the background into fiat currency, in this case US dollars. However, there are no additional fees.
Visa no longer converts crypto payments to fiat currency
And there we are already on the subject. Visa has started a pilot project together with Crypto.com in which exactly this should no longer be necessary. Crypto.com is one of those companies that, in cooperation with the payment service provider, issue their own Visa cards that enable payments with crypto assets. Usually, the receivables arising from crypto purchases are converted into fiat currencies in the background.
In the new pilot project, however, this settlement now takes place directly on the Ethereum blockchain - without going through Fiat currencies. Initially, only payments with the USD Coin are affected, the rate of which is linked 1: 1 to the US dollar. The project is to be expanded to include other partners this year.
Bitpanda token: After BEST, Pantos suddenly also took off
By the way: Bitpanda also issues a Visa debit card. Of course, we asked if there were any plans to participate in this or similar projects. However, the company did not want to comment.
Regardless of this, the Bitpanda Ecosystem Token (BEST) rose above the 1.50 euro mark for the first time this week. It was only the previous week that it cracked the 1.00 euro threshold for the first time in its history. This week it even increased temporarily to 1.80 euros. However, it was no longer enough for the 2.00 euro mark. The token corrected slightly downwards again towards the end of the week. Late on Friday afternoon, the price was around 1.60 euros.
The token of the Pantos project, in which Bitpanda is also playing a leading role, was awakened from its slumber this week. After a long sideways movement since the beginning of the year, it had jumped upwards by early March. Then the course moved little again for two weeks. In the night from Thursday to Friday, it then shot up from under 0.15 euros to over 0.30 euros. On Friday afternoon it rose to just under 0.35 euros.
Coinbase IPO on April 14th
Beyond the crypto community, hardly any other IPO this year is likely to be expected with similar excitement. Measured in terms of the over-the-counter valuations circulating, it could be the largest in several years. Now the date has been set: The US crypto exchange Coinbase wants to list its shares directly on the Nasdaq technology exchange on April 14th. It has long been known that there will be no classic IPO, but rather a "direct listing".
A few days before that, on April 6, the business figures for the first quarter of 2021 are also to be published. A rather unusual step - but one which indicates that the results will be very strong. Given the crypto boom that has been going on for months, that wouldn't be surprising.
... and the craziest price movements in Altcoins
At the end of our weekly review, we will, as always, take a look at some of the craziest price movements in Altcoins. Filecoin was already mentioned above - and the BitTorrent token has also moved up. We had already reported about him here and here.
- Holo (HOT): + 123%
- Filecoin (FIL): + 117%
- Bit Torrent (BTT): + 80%
Disclaimer:This text as well as the notes and information do not constitute tax advice, investment advice or a recommendation to buy or sell securities. They are for personal information only and only reflect the opinion of the author. No recommendation is made for a specific investment strategy. The contents of derbrutkasten.com are aimed exclusively at natural persons.
Disclaimer: Bitpanda GmbH has a 3.9849% stake in Brutkasten Media GmbH.
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