We close the week by telling you what was said on crypto Twitter, touching on the rise of Dogecoin, the Coinbase IPO, and the fall of Bitcoin.
It’s been an eventful week. And, if the IPO of the main cryptocurrency exchange in the United States, Coinbase, were not enough. We also saw a disproportionate increase in the value of altcoins such as Dogecoin, Ethereum Classic, and Bitcoin Cash. As well as, the collapse of the crypto market overnight last night. Therefore, today we tell you what was discussed on crypto Twitter this week.
Dogecoin to the moon
At the beginning of the week, many of us believed that the main news would be the IPO of Coinbase, the largest cryptocurrency exchange in the United States. However, as usual, the crypto market had other plans, with the surprise increase in the price of Dogecoin. Cryptocurrency went in a matter of days from the $0.06 it was on April 11 to the $0.33 it is currently at.
“If you had invested $1,000 in any of these assets on January 1, 2021, you would have all this money by April 16:
Tesla: $1,012
GameStop: $9,060
Bitcoin: $2,150
Dogecoin: $50,500″
Thanks to this, during 2021 Dogecoin has managed to become the most profitable financial asset in the world. Outperforming other products such as Bitcoin, gold, Tesla shares, and even GameStop shares despite the boost received thanks to Reddit. With this, a person who had invested $1,000 at the beginning of the year in Dogecoin would today have a fortune of more than $50,000. What Zack Guzmán highlighted through his Twitter account.
Coinbase excites crypto Twitter
The arrival of cryptocurrencies in the world of traditional finance is a development that the crypto world has been waiting for for a long time. And now, finally, a crypto asset company has managed to be launched on the stock market. After April 14, Coinbase, the largest exchange in the United States, finally managed to start trading on the New York Stock Exchange.
“Cryptocurrency price increases in preparation for Coinbase IPO.”
The markets reacted naturally to this news, increasing the price of all the main cryptocurrencies in the world. Including a new all-time high price in the Bitcoin market. Given what is expected to be a facilitation process in the acquisition of cryptocurrencies by users, and therefore a boost for their adoption in the medium and long term. Exactly what the Investing.com account reflected on Twitter.
Red Sunday at the market
However, the joy of the Coinbase effect was short-lived, as during the early hours of this Sunday all the main cryptocurrencies went into the red. Led by a 14% drop in the price of Bitcoin that soon spread to the rest of the market. And that was exacerbated by the sale of leveraged positions below $50,000. Which is part of what was discussed on crypto Twitter.
“Bitcoin has fallen to levels not seen since last week.”
However, despite how hard the blow was for many investors, as Anthony Pompliano recalls on Twitter, this fall has not been really serious. On the contrary, shortly after the collapse in its price, the price of Bitcoin and other crypto assets began to recover. So we can expect a return to its usual dynamics in the short term.
PayPal’s PYUSD is now available on Venmo
Digital payments giant PayPal recently announced that its stablecoin, PYUSD, is now available to Venmo users.
PayPal’s digital stablecoin, PYUSD, is now available to users of its payment service, Venmo. At first, the launch includes select users of the platform, but soon it will be available to everyone.
The information was released by the company in a publication in the middle of this week. As such, it is a matter of time before all Venmo users fully enjoy the recently launched stablecoin.
An important aspect noted by the company is that transfers of this asset between PayPal and Venmo will be fast and free. Meanwhile, the only charge would correspond to blockchain fees. It should not be lost sight that this stablecoin is an ERC-20 token, that is, from the Ethereum network.
PayPal’s PYUSD Coin Seeking Momentum
Although PayPal’s stablecoin, PYUSD, was aggressively advertised, it has not had the best performance since its launch. Currently, the token ranks 19th in market capitalization within the stablecoin sector. In the broad crypto market, it is ranked 386th.
Its capitalization is just 44.3 million dollars. In this particular sector, it faces giants such as Tether’s USDT, which has 83.1 billion in capitalization. This magnitude places it in first place within the stablecoin area and third in the general ranking, only surpassed by Bitcoin and Ether.
Either way, one of the strongest issues facing PayPal currency is transactions. Keep in mind that Ethereum gas fees are typically high, which hits small transactions like those on Venmo particularly hard. Consequently, as Etherscan shows, moving PYUSD this September 22nd is around $2 per transaction.
Another interesting fact that the network shows is that the total number of transactions in PayPal’s stable currency, PYUSD, barely amounts to 3,607. Hence, the company is desperately looking for a way to stimulate the usability of its token. Until now, the number of holders of the coin is 755.
Other platforms where you can buy the token
It is important to keep in mind that the PayPal token is available on a significant number of centralized exchanges (CEX). These include Coinbase, Crypto.com, Bitstamp, Kraken, MetaMask, Ledger, Phantom, Bitpay, and others. Despite this, adoption appears to be frozen.
One should not underestimate the fact that the digital currency market is not in a bullish moment, but in a moment of pessimism. This could be more than enough of a factor for investors to not want to approach the stablecoin. Another aspect that adds to the apathy is that other currencies have a very attractive performance for holders.
One point in favor of PayPal’s PYUSD coin is that it recently received approval from the New York State Department of Financial Services. The latter was a result of the token’s first transparency report. This reflected the cash support, as well as the reverse repurchase agreements of Treasury bonds as a reserve.
