Short Crypto update
Last week value of cryptocurrencies kept dropping
There are many popular cryptocurrencies in the world right now and on Saturday afternoon the two most popular i.e, Bitcoin and Ethereum dropped to their lowest which was about $17,749 and $897 respectively. Though both Bitcoin bounced back to $18,955 and Ethereum bounced back to $955 later that night around 8 p.m.
The whole last week was plummeting chaos in the crypto world!
Bitcoin Price Decoupling
What decoupling really means is quite amusing. Decoupling occurs when bitcoin's price diverges from equities and begins to rise when equities fall (and vice versa). The decoupling occurs when bitcoin (BTC) and equities become negatively correlated with one another. Bitcoin will reach $1 million per coin, while equities will plummet to zero. Why is this amusing you ask, well bitcoin were supposed to be uncorrelated to all the other macro assets.
PayPal cryptocurrency announcement
In April ,PayPal has announced that users will be able to send and transfer cryptocurrencies from their PayPal wallets to other users who are using PayPal as well as to other external wallets and exchanges. Though right now users can only "buy and sell" cryptocurrency on PayPal, and they cannot use it to pay for goods and services. All you have to do is click on the “crypto” button and decide which coin they wish to purchase. Simple!
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