PayPal Holds Nearly $1 Billion Worth of Cryptocurrency on Balance Sheet by End of Q1 2023, According to SEC Filing
PayPal, the online payments giant, held almost $1 billion worth of cryptocurrency on its balance sheet by the end of Q1 2023, according to a filing with the SEC. The filing showed that PayPal held $943 million worth of customers' Bitcoin, Ethereum, Bitcoin Cash, and Litecoin on its balance sheet as of that time. PayPal allows customers to buy, sell, receive, send, and hold cryptocurrencies, and use the proceeds from their sales to purchase goods and services at checkout. The company also fully protects customers from unauthorized crypto purchases or sales, and from unauthorized crypto transfers up to $50,000 lifetime.
Ethereum Price Consolidates Above $1,820, Faces Resistance at $1,875
The price of Ethereum has seen a slight increase from $1,840 against the US Dollar, but is still facing strong resistance at the $1,875 level and the 100 hourly SMA. Despite consolidating losses above the $1,820 support zone, the price is still trading below $1,875 and the 100-hourly Simple Moving Average.
Bitcoin's Price Recovers as Blockchain Congestion Eases, but Inflation Remains a Concern for Crypto Traders
Bitcoin and Ethereum prices have rebounded as congestion on the bitcoin blockchain has eased, with both cryptocurrencies showing signs of growth. Bitcoin is currently trading at $27,741, up 0.3%, while ether is trading at $1,853, up 0.2%.
High Gas Fees on Ethereum Network: Concerns for Long-Term Viability
Ethereum, the second-largest cryptocurrency in the world, is facing a major issue with soaring gas fees, which are payments made to miners for processing transactions. These fees have been steadily increasing over the past few months, reaching record highs recently, causing concern among traders and investors about the long-term viability of the Ethereum network.
NFT Trading Volumes Surge in Q1 2023 on Ethereum, Thanks to Blur's Native Token Airdrop
NFT trading on Ethereum saw a significant surge in Q1 2023 compared to the previous quarter, largely due to the airdrop farming frenzy for Blur's native token. Data from Nansen shows that NFT trading volume more than doubled in Q1 2023, with a modest increase in the number of unique wallets trading NFTs. However, NFT activity for this spring shows a slightly more bearish picture, with a 30% decline in trading volumes across various marketplaces in April and the lowest number of sales and users reported in the first week of May. Despite this, trading volumes in USD terms remain high due to Ethereum's bullish start to the year.
Aave Deploys on Ethereum Layer-2 Scaling Platform Metis, Bringing DeFi Features and Products to the Ecosystem
Decentralized liquidity protocol Aave has deployed on Ethereum layer-2 scaling platform Metis, offering DeFi features and products to its ecosystem. Aave's community voted in favor of deploying on zero-knowledge proof EVM zkSync, allowing the protocol to access performance improvements from the scaling infrastructure. Aave has deployed V3 of its protocol on Optimistic rollup scaling protocol Metis, benefiting users across both protocols. Aave's Isolation mode increases the pool of collateral assets, while Gas Optimization reduces transaction fees. Aave has over $5.5 billion in total value locked in the protocol and has been deployed on various Ethereum layer-2 protocols.
Ethereum Price Just Signaled “Sell” And It’s Vulnerable to More Losses
The price of Ethereum has started a fresh decline and is trading below $1,900 and the 100-hourly Simple Moving Average. There is a major bearish trend line forming with resistance near $1,900, and if there is a clear move below $1,840, the pair could continue to move down. Immediate resistance is near the $1,890 level, and the next major resistance seems to be forming near the trend line and $1,900. The main resistance is near $1,915 or the 76.4% Fib retracement level of the recent decline from the $1,936 high to the $1,843 low. If Ethereum fails to clear the $1,900 resistance, it could continue to move down, with initial support on the downside near the $1,840 level or the recent low. The next major support is near the $1,800 zone, below which ether price might drop toward the $1,740 support zone. (newsbtc)
Number of Ethereum Addresses Holding over 1 ETH Reaches One-Month High: Glassnode
According to Glassnode, the number of addresses holding at least 1 Ethereum has reached a new one-month high of 1,750,726.
Crypto Evening Briefing: Bitcoin Miners Reap Profits As Mining Difficulty Hits 3-Month Low
Bitcoin miners have received a boost in profits after the scheduled difficulty level adjustment resulted in a positive balance, which is the first time since February that the difficulty has decreased.
Ethereum Staking Deposits Outpace Withdrawals by $189M in ETH
Following Ethereum's historic Shanghai upgrade, some key takeaways have emerged regarding staking. The upgrade allowed Ethereum stakers to withdraw their funds from the mainnet, and Kraken U.S. staking customers have been mostly removed from the system due to regulatory action taken against the exchange. Coinbase is the largest entity still waiting to withdraw staked funds, with over 55,000 ETH primed to exit. The net amount of Ethereum being staked is positive, indicating that more addresses are depositing their Ethereum than withdrawing. This suggests that people are bullish on staking with Ethereum and scooping up extra ETH-denominated yield. Liquid staking leaders, including Lido Finance, have also been boosted by the upgrade, with Lido's staked ETH commanding 79% of the total market of entities measured.
