Our monthly feature. Our experts analyzed the state of the market and told about what will happen to bitcoin in the coming month

Bitcoin (BTC) is trading at $34.4k on Tuesday, October 31. And its price has increased by about 28% over the past month. In the first days of October, the rate of the first cryptocurrency was at $27 thousand. And on October 16, the price briefly reached $30 thousand. And in the morning of October 24, bitcoin sharply added 18% in price, reaching $35 thousand for the first time this year.

We are unlikely to see an altcoin season this year

Our experts count November and December as months. Within the framework of which the cryptocurrency market capitalization can grow to at least $1.6 trillion. And ideally – to $1.8 trillion. Historically, the fourth quarter is successful for the cryptocurrency market, and so far October confirms this pattern.

The lack of fresh liquidity given the tight monetary policy (MPC) is certainly affecting the market. But however, demand for current crypto-oriented ETFs, even before spot bitcoin ETFs are approved, could be the reason for capitalization gains. And growth in the most capitalized assets. Expect BTC prices to rise to the $38k level in November, followed by a move into the $40k-$45k zone by the end of this year.

We are unlikely to see an “altcoin season” this year. And we expect market capitalization growth in November-December primarily due to assets from the top-10. The current macroeconomic situation is not suitable for risk-on strategies. And what we can see from the falling US stock market and the rise in gold. As a consequence, mid-cap crypto assets dependent on venture capital, aggressive investments are still experiencing a significant lack of funds. And they are unlikely to show a multiple price growth in the next month or two, our experts believe.

There should be strong new stimulus in the market this year

Now the situation on the cryptocurrency market is influenced by several factors. This is, first of all, investors’ expectations of approval for the launch of bitcoin ETFs. First, that the current spiral of bitcoin growth was triggered by rumors that the U.S. regulator approved a bitcoin ETF from BlackRock. And while the rumors were quickly denied. But the growth continued – reflecting the general positive mood of crypto investors about the prospects of such an approval. Everyone agrees that it will happen soon.

Secondly, bitcoin is affected by the tense geopolitical environment. And which has also triggered a rise in gold prices. Bitcoin is traditionally seen as “digital gold”. And so partly the capital was directed to diversify investment portfolios and in BTC . In addition, market participants expect bitcoin to rise in the run-up to the halving, which will take place in the spring of 2024.

However, there are also a number of negative factors that are restraining market growth. First of all, it is the expectation of stricter regulation of cryptocurrency exchanges and stablecoin issuers in the United States – one of the largest markets for cryptocurrencies. Therefore, we can expect moderate bitcoin growth in November. But a powerful growth spiral or bull cycle should not be expected yet. For this to happen, new powerful incentives must appear, which will be the catalyst for a new rally. Such a stimulus could be the approval of the launch of ETFs. Or either some signal regarding inflation risks in the U.S. from the U.S. Federal Reserve (Fed). For example, a new stock market stimulus package.

Bitcoin price has overcome a number of key resistances what we expect in November

Since Bitcoin belongs to the class of risky assets. And the crypto market is influenced by the dynamics of the dollar and U.S. macro statistics. Among the key events for November, we can highlight the meeting of the U.S. Federal Reserve and the speech of its chairman Jerome Powell at a press conference on November 1. On November 3, data on the labor market in the U.S. will be of interest. On November 14, the inflation report will be released. Data on consumer prices are extremely important. And as investors are interested in the regulator’s future actions on rates in December due to high inflation.

The recent rally of the BTC/USD pair to $35k was triggered by expectations of bitcoin-ETF approval. And it was supported by inflows into crypto funds and increased open interest in bitcoin futures on the Chicago Mercantile Exchange (CME). The court also ordered the SEC to review Grayscale’s application for a spot bitcoin-ETF. Therefore, any published news or rumors (confirmed and unconfirmed) on the ETF will have a strong impact on the market.

During the last rally, the bitcoin price overcame a number of key resistances, testing the $35k level. After updating the high, the price has been in a sideways trend for six days. According to experts’ calculations, the downward correction is expected from November 9 to November 21.
Until November 9, buyers have time to move to the area of $36 th. If the price closes below $32.7 th before November 9, it may herald the beginning of correction. The target level for correction is $31.7 th.

Investors should be alerted by the lack of price growth after the Fed meeting on November 1 and Powell’s speech. And again, the less the price falls during the correction. The stronger will be the growth after November 21.

Our weekly feature. Our experts analyzed the market situation and told how it may change in the coming week for Bitcoin and the market as a whole.

On Sunday, October 29, bitcoin ( $BTC ) is trading at $34.2k. And its price has increased by 14.5% since the end of the previous week. Our experts have analyzed the situation on the market and assessed the prospects of bitcoin rate movement for the next seven days.

Last week’s analysis and highlights:

• Bitcoin price rose to $35,280 amid optimism around bitcoin-ETF approval.
• The SEC has been officially mandated to review Grayscale’s application to launch a spot bitcoin-ETF.
• SEC Commissioner Hester Pearce stated that the spot bitcoin-ETF should have been approved 5 years ago.
• The DXY dollar index hit a one-month low but was able to recoup all of its losses.
• After the rally, the price entered a consolidation between $33k and $35k.

Bitcoin has been trading in a range of $32,400 to $35,280 this week. On Monday, the price rose to $34,741. And on Tuesday, it reached a high of $35,280. This was followed by a correction to $33,390 on Friday.

On October 23, bitcoin rose 10.26% to $33,069. The rise was driven by several factors. First, the DXY dollar index hit a one-month low on the back of falling US government bond yields. Second, a U.S. court upheld the SEC’s review of Grayscale’s application to launch a spot bitcoin ETF. Thirdly, the rally was supported by technical factors – liquidation of short positions worth $161 mln and breakthrough of important resistance levels.

On October 24, the price of bitcoin rose 2.58% to a high of $35,280. Among the growth factors is the decision of the U.S. court obliging the SEC to reconsider Grayscale’s application. As well as news that BlackRock has assigned a ticker to a bitcoin-ETF pending approval. In addition, support came from a weakening dollar. However, by the evening, the dollar index reversed upward, stopping the bitcoin price growth.

On October 25, the price growth slowed to 1.69%, to the level of $34,496. Amid expectations of bitcoin-ETF approval, investors ignored the strengthening of the dollar and the decline in stock indices. Investors’ attention was drawn to the upcoming halving. Bitcoin’s share of the crypto market rose to 51.4%.

On October 26, the price of bitcoin fell by 1% to $34,151. The market was pressured by the strengthening of the dollar and the fall of technology stocks in the United States. The Nasdaq index fell by 2% and the S&P 500 fell by 1.2%. US 10-year bond yields fell to 4.88%. Fears of recession in the US have increased.

On October 27, the BTC/USDt pair fell by 0.76% to $33,892. During the U.S. session, the price declined to $33,390 amid falling stock indices. Since the end of July, the S&P500 index has fallen 10.2% to 4137. This week, US Q3 GDP data beat expectations, showing the economy accelerating at the fastest pace since mid-2021. Despite US Q3 GDP and expectations of a rate hike in December, fears of a recession in the country remain. Inflation continues to worry the Federal Reserve (Fed).

The U.S. Personal Consumption Expenditures (PCE) index showed that consumer price expenditures rose at the fastest monthly pace since May. But the annual PCE fell slightly in September, renewing concerns about high interest rates.

What’s in store for us next week with Bitcoin

We have a busy week ahead of us. The focus of economic data will be on employment numbers, including the ADP private sector employment report on Wednesday. And jobless claims on Thursday. And non-farm payrolls on Friday.

The market expects current monetary policy to remain in place. And despite the strong economy and tight labor market as inflation slows. But remains above the target level. In addition, the ISM Services report on business activity index in the US and China is expected. Geopolitical events also remain key drivers for traditional assets. Investors will continue to analyze the results of corporate reports.

The BTC/USDt pair is trading above $34k. According to the volume analysis, buying has noticeably decreased since Friday. This is understandable, because the price is in a sideways trend for a long time without continuing the rally. And when the price stands for a long time, the two-day flat starts to get on investors’ nerves. At this time short-term speculators, working on the downside, start to get involved.

By cyclic analysis there are no changes. The growth phase should last until November 9. Conditions are still favorable for growth.

An alarm bell for buyers may be the absence of upward movement after the speech of J. Powell on Wednesday after the FOMC meeting. According to the latest data from CME Group, rates will remain in the range of 5.25-5.50 with a 99.9% probability on Nov. 1 and an 80% probability on Dec. 13.

BitRiver forecasts that the decline phase may last from November 9 to November 21. Closing the day below $32,700 is likely to be a precursor to the beginning of the correction phase. For the correction, $31,700 should be selected as a support target level. Conclusions of our experts: We are waiting for the rate decision, Powell’s speech and the US labor market report.

The Bitcoin price rose sharply, having updated the annual maximum. Our experts named the factors influencing the growth of the cryptocurrency’s price and its future goals

On October 24, the Bitcoin exchange rate rose sharply to 35 thousand. And reaching a level that was last recorded in May 2022. A few hours before the growth began, it became known that two major companies – BlackRock and Grayscale. Have come close to approving applications for their own exchange-traded funds (ETFs) for bitcoin. The launch of such ETFs is considered in the crypto community as a catalyst for a new bull cycle in the market.

The price movement came after details of BlackRock’s bitcoin ETF called iShares Bitcoin Trust appeared on a list. Which is maintained by the Depository Trust and Clearing Corporation (DTCC).

Various exchange traded funds (ETFs), including gold, have trillions of dollars in assets under management. In the crypto community, it is commonly believed that even a small percentage of this capital can potentially impact the global crypto market. Several management companies are now awaiting approval of their own bitcoin ETFs from the U.S. Securities and Exchange Commission (SEC).

If their ETFs are approved, the demand for cryptocurrency will increase: buying shares of the funds implies the delivery of bitcoin as an underlying asset. That is, its direct purchase in the market, affecting the exchange rate. Under the management of BlackRock alone are assets totaling about $9 trillion. According to the assessment of the analytical company Chainalusis, it is North America is the largest cryptocurrency market. And its annual turnover is approximately $1.2 trillion. This amount exceeds 24% of the global annual volume of transactions in cryptocurrency.

Growth Factors

Shortly before the rise, it also became known that the court issued an order. Which requires the SEC to review Grayscale’s application to convert its Grayscale Bitcoin Trust (GBTC) into a full-fledged spot bitcoin-ETF. Grayscale has been seeking this since 2021, when it first sued the regulator. And challenging its past denials of its application. The amount of assets in its trust exceeds $19 billion.

The growth of the last few days is a consequence of the realization of a complex of factors, our experts believe. On the one hand, a significant buying position was formed in the range of $26-28 th. And that is clearly seen by the growth of open interest in recent weeks.

The change of trend to bullish has taken place ?

Another important factor that added impetus to the growth of bitcoin rate. It was the exit from the narrow trading range, formed since the summer, our experts explain. This led to the liquidation of a significant volume of short positions.

During the day, a sharp rise in the rate of bitcoin and other cryptocurrencies provoked a mass forced closing of traders’ marginal positions. And who were unable to add collateral to their orders. More than 70% of them were in “short”, that is, betting on the fall of the market. According to the Coinglass service, which tracks the wallets of major crypto exchanges, positions totaling $400 million were forcibly liquidated from October 23 to October 24.

What will happen next with the BTC price

Judging by the current momentum towards $35 thousand, the price movement is in an active phase. And it is unlikely that the market will start fixing positions in the near future. The realization of the main factor (ETF approval) is still far away, and market participants will continue to form long positions in anticipation of this event.

From the point of view of technical analysis, there was a “void” after the level of $31.5 th. And we quickly covered this distance after the breakdown at the expense of traders. Who took short positions (in particular, those who traded a potential “Head and Shoulders” in the daily range).

“Head and Shoulders” is one of the most famous technical analysis figures indicating a trend reversal. It appears on the chart when a new price peak is drawn after an uptrend, but already below the maximum price. The maximum price peak is seen as a “head”, and the surrounding lower peaks are seen as “shoulders”. When the price crosses the so-called neck line, it often means a change of trend.

Further big players will continue to provoke liquidation of short positions even for those traders who trade with low leverage. The next target our experts call fixing of the price at the level of $36 thousand. In this regard, our experts continue to expect reaching the level of $40 th. by the end of this year.

Our weekly feature on Bitcoin. Our experts analyzed the market situation and told how it may change this week

On Sunday, October 22, bitcoin (BTC) is trading at $29.9 thousand, its price has increased by 11.5% since the end of the previous week. Our experts have analyzed the situation on the market and assessed the prospects of bitcoin exchange rate movement for the next seven days.

Key events of the past week:

• Bitcoin price surge of 5% to $28,500 on Oct. 16 amid false rumors of bitcoin ETF approval in the US.
• Comments from the head of the U.S. Federal Reserve on October 19 about a cautious approach to raising rates, which is positive for cryptocurrencies.
• New price rise on October 20 to the $30k mark on comments from the head of the SEC about reviewing applications for bitcoin ETFs.
• Bitcoin price up 10% for the week to $30,207

This week, bitcoin’s momentum was primarily driven by news and statements from US regulators regarding the prospects of launching a bitcoin ETF.

On Monday, October 16, the bitcoin rate rose sharply by 5% from the level of $27,000 to $28,500. The reason was the spread of false information that the U.S. Securities and Exchange Commission (SEC) allegedly approved the bitcoin ETF from BlackRock. Although the news turned out to be fake, the price tested the psychological level of $30 thousand and showed the potential for growth of 20-30% after the actual launch of the product.

On Tuesday and Wednesday, October 17-18, the price consolidated in the range of $28,000 – $28500, waiting for signals from regulators.

On October 19, a speech by U.S. Federal Reserve Chairman Jerome Powell supported the price growth to $28,700. His comments about a cautious approach to further rate hikes strengthened bitcoin as a risk hedging tool.

On Friday, October 20, bitcoin rose 3.33% to $29,669. The growth started from the Asian session and accelerated at the beginning of the European session. The BTC/USDt pair was rising to $30207. The first time buyers tested the $30k level .It was on October 16 on fake news about the approval of BlackRock’s application to open a spot bitcoin-ETF. Despite the denial of the rumors. They allowed investors to see the potential for bitcoin to strengthen once the ETF was officially approved.

Companies that have filed are expecting SEC filings to be approved within 3-6 months. And that fits the timeline for the upcoming halving in April 2024.

Gary Gansler, Chairman of the U.S. Securities and Exchange Commission (SEC), gave an interview to Bloomberg. And in which he talked about the current status of applications for the spot bitcoin-ETF. He emphasized that the SEC staff uses a time-tested process to review exchange products. And respond to inquiries by providing feedback to potential applicants.

The growth of quotations was limited due to the fall of stock indices in the United States. They were under pressure after the speech of FRB Cleveland President Loretta Mester. She said that the U.S. economic management bodies assess the current conditions as favorable for raising the interest rate. However, the final decision will depend on the dynamics of incoming macro data and changes in risks. An important factor is that the target range for the rate is already on hold. And that may limit the scope for further increases.

What will happen this week

At the moment, the BTC/USDt pair is trading at $29,815. Based on technical analysis, it is worth giving a favorable situation for further growth above the $30 thousand mark. According to BitRiver estimates, the “bull market” will last until November 9. Although a return to the level of $28,500 within the framework of a local correction, which is considered a normal situation, is not excluded.

It is quite obvious that the acceleration of price growth will strengthen the positions of buyers and encourage waiting investors to open long positions. At the same time, the movement near the level of $30 th. should not create obstacles. From October 26 it is possible to start conquering new levels. Until the end of the year, buyers still have a lot of work to do to renew the historical high after the halving.

Next week, data from the U.S. will include the first estimates of third-quarter gross domestic product (GDP) growth, expected on Thursday. In addition, consumer inflation data is expected on Friday. Including core personal consumption expenditures (PCE). This data will be important ahead of the Federal Open Market Committee (FOMC) meeting on November 1.

Federal Reserve (Fed) Chairman Jerome Powell and other central bank officials have suggested. That interest rates will remain unchanged in the short term. And may have peaked if inflation does not rise. Powell is scheduled to speak on Wednesday, October 25.

Our weekly feature on Bitcoin. Our experts analyzed the market situation and told how it may change this week

Key points for the Bitcoin price this week:

• Continued regulatory pressure on crypto exchanges
• Negative market reaction to rising inflation in the U.S. and strengthening of the dollar
• Reduced risk appetite amid escalating conflict in the Middle East.
• The technical picture is generally on the side of the bulls, despite the weekly decline.
• Expectations of the current growth wave ending soon and the start of correction.

Bitcoin has shown volatile dynamics this week, reacting to various factors, both positive and negative.

On Monday, October 9, the price fell by 1.17% to $27,590. The main impact on the market was the growth of geopolitical risks on the background of the conflict between Israel and Hamas. And that led to the withdrawal of investors from risky assets, including bitcoin. In addition, since the beginning of the Asian session there was an increased demand for the dollar as a protective asset.

On Tuesday, October 10, bitcoin continued its decline by 0.72% to $27,390. It was negatively impacted by news from the crypto industry itself. It increased the pressure from regulators around the world on major cryptocurrency exchanges. Due to the increase in regulatory risks, buyer activity dropped noticeably, which caused bitcoin to fall.

On October 11, bitcoin continued to decline against the U.S. dollar – the price fell by 1.88% to $26,875. At the U.S. session, quotes were falling to $26,538. The crypto market continued to ignore the growth of stock indices and the weakening of the dollar on the forex, reacting to the negativity within the industry.

On Thursday, October 12, it continued its smooth decline by another 0.43% to $26,759. Low liquidity persisted in the market, with pressure now being exerted by the strengthening dollar. And the decline in the S&P 500 index and investors’ withdrawal from risky assets.

On Friday, October 13, the price rose slightly – by 0.38% to $26,862. In the morning there was growth on the positive from stock indices. But then, however, due to the deteriorating situation in the Middle East and Israel’s preparation for ground operation in the Gaza Strip, investors again began to get rid of risky assets.

This Week :

The BTC/USDt pair corrected by 50% to rise $24,901 to $28,580. BitRiver estimates that the advantage remains on the side of buyers, according to technical analysis. But given the continued pressure from geopolitical risks, the strengthening dollar, the decline in the S&P 500. And the ongoing crackdown on crypto exchanges by the U.S. Securities and Exchange Commission (SEC). And buyers are scared because of fears of a return to $26,600.

Our experts believe that the growth phase will last until November 9, so we continue to wait for the price to recover to the psychological level of $30 thousand.

Our experts analyzed the state of the market and told us what will happen to the Bitcoin exchange rate in the coming month

October is going to be an interesting period for Bitcoin, which will largely determine further developments in the entire market.

The BTC market continues to stabilize after several events that affected its price in recent months. Bitcoin’s price has reached a one-year low. And at the same time falling by 13% from the July high, which was $31.5 thousand. The fall is due to the accumulation of funds by institutional investors. And that led to a decrease in the supply of BTC on exchanges. Now only 5.83% of the total amount of BTC is in the wallets of crypto exchanges.

Historical analysis shows that a decrease in bitcoin supply on exchanges is often associated with an increase in its price. However, despite this, the opposite trend was observed in September.

Grayscale has won a lawsuit against the US Securities and Exchange Commission (SEC) over the conversion of Grayscale Bitcoin Trust (GBTC) into a spot bitcoin-ETF. This has led to large purchases of BTC by institutional investors. And most of whom are storing assets in cold wallets to increase the safety of their funds. This has also contributed to a reduction in the supply of BTC on exchanges.

The bearish mood in the bitcoin market led to a decrease in trading activity. And the daily trading volume reached a low. However, if the market sentiment changes to bullish, the price of bitcoin, and with it the rest of the cryptocurrencies, will start to rise.

Data from In/Out of Money Around Price (IOMAP) shows that if bitcoin overcomes the resistance at $28.5 thousand, it could stimulate the price to rise to $28.5 thousand. If trading volumes increase significantly, bitcoin’s next rally could exceed this level.

However, if the price drops below $25k, the forecast may be canceled and bearish sentiment may increase.

Hopes for an upward price movement are high

Historically, October is one of the strongest months for VTS. And in 69% of cases the first cryptocurrency grew. The situation in altcoins is a bit different. Many alternative coins have “rewritten the bottom” and continue to trade with about 90% discount. If bitcoin manages to consolidate above the zone outlined above, altcoins could return to early July levels. If Bitcoin manages to consolidate above the zone.

And which has been outlined above, altcoins could return to early July levels. Some coins could go higher. But such a prospect is better to assess individually for each project.

The last few months with a shortage of fresh liquidity. As well as fundamental factors that can return interest in digital assets, the positioning of participants on BTC does not change. And large players continue to “hold” (hold in anticipation of growth), while small players continue to lose money on derivatives inside the price range.

This directly affects the lack of strong price movements. And so far, it is very difficult to say for sure what exactly will be the trigger for a surge in volatility. However, our experts note that such a long sideways (“flat”) formation on BTC will definitely lead to a price explosion in the future.

NFT Coca-Cola contains works by emerging artists and works of world art. In particular, Edvard Munch’s “The Scream” and Johannes Vermeer’s “Girl with a Pearl Earring”

Coca-Cola has issued a series of non-fungible tokens (NFTs) called Masterpiece on Coinbase’s new Base network.

Base is a so-called Level 2 (L2) blockchain, with Coinbase’s cryptocurrency exchange team behind its development. After several months of work in test mode, the network was fully launched on August 9. The launch was timed to coincide with the Onchain Summer program. The program includes a hackathon for developers and several blockchain-related initiatives in art, music and games. One of them was the NFT collection from Coca-Cola.

Coca-Cola tokens contain works by little-known artists as well as works of world art, including Edvard Munch’s “The Scream” and Johannes Vermeer’s “Girl with a Pearl Earring.”

So far, eight different NFTs are available, ranging in price from 0.0011 ETH ($2) to 0.014 ETH ($25.8). The NFT collection is based on the corporation’s recent advertising campaign. And which is partially created with the help of artificial intelligence.

Our experts note that in August it became known that former U.S. President Donald Trump invested up to $500 thousand in cryptocurrency. The funds of the former President of the United States are stored on Ethereum-wallet. As the media believe, he may be associated with a number of past projects of Trump. And in particular, with the collection of NFT which he began to sell after he left the post of head of state.

Weekly feature: Our experts analyzed the market situation and told how it may change in the short term for Bitcoin

Bitcoin has been trading in a narrow range for 28 days now, and there is a risk of a breakout down to $27,500.

In the week from August 6 to August 13, bitcoin demonstrated boring sideways dynamics. And in doing so, stuck in a narrow corridor between $28,700 and $30,400. It feels like Bitcoin is stuck in a traffic jam on the crypto highway and can’t get out of it.

Also investors are clearly bored and yawning as they stare at their monitor screens. Even inflation data in the U.S. could not cause strong price fluctuations. Quotes only slightly swung back and forth and returned back to the range.

Apparently, market participants are indecisive about the prospects of the Fed’s monetary policy. Until there is clarity about the September meeting and spot Bitcoin-ETFs, the price is likely to sleep.

The technical price pattern is not bad for price to consolidate above $30,400. But the lack of volatility in the market during the release of consumer and manufacturing inflation data begs the question.

In the week from August 14 through August 20 the trend line passes through $27,500. This level is the key support, below which it is impossible to fall. Its violation will cause the market to close long positions on the futures market and open the way to $25,300 for sellers. Our experts consider it ideal to stay above $27,800 until September and start a new rally in anticipation of a halving in 2024.

Bitcoin is actually benefiting from this, though. It is better to let it gather strength in a sideways trend. Before breaking into unpredictability with sharp ups and downs. Besides, the longer the consolidation lasts, the more powerful the subsequent spurt.

Conclusions:

Bitcoin is stuck in a narrow price corridor waiting for clarity on the Fed. The sideways dynamics is likely to persist. New catalysts are needed for an exit.

PayPal has launched its own dollar stablecoin. We tell you why it is necessary and what it means for the cryptosphere. As well as what prospects the new instrument has on the global financial market

After two years of development and portability, PayPal has launched its own dollar-stablecoin. And actually became one of the first major payment companies that were able to bring their crypto product to the mass market.

The stablecoin from the payment service was named PayPal USD and the stock ticker PYUSD. Its issuer is Paxos and it will be fully backed by dollar deposits, short-term treasuries and similar financial instruments. Its exchange rate is pegged to the U.S. dollar exchange rate. And the company will initially gradually make it available to PayPal customers in the US.

Stablecoin from PayPal will be exchangeable for dollars or other cryptocurrencies available in PayPal wallets. The company will set an exchange rate that includes the service’s commission on each conversion. PayPal USD will also be able to be used to pay for purchases through a wallet in Venmo, a popular payment app from PayPal. In addition, it will be possible to transfer the token to compatible third-party wallets that are not part of the PayPal network. At an early stage, PayPal expects that PYUSD will be used mainly in the cryptocurrency and Web3 sectors, for example, to exchange for other crypto-assets or for payments in blockchain games. Even then, steiblcoin will gradually gain traction in areas such as money transfers and micropayments.

Stablecoin from PayPal has every chance to join the list of the most popular stablecoins in the future.

PayPal itself has a developed infrastructure and is represented in many countries. It greatly facilitates cross-border payments and speeds them up.

PayPal is actively used by freelancers and developers with international customers. Our experts believe that PYUSD will be a convenient way for them to get paid. It is also interesting that PayPal by the readiness of its infrastructure bypasses many central banks that are just trying to develop digital national currencies (CBDC). In other words, we are witnessing the emergence of a corporate currency that has a chance to become a significant player in the currency market, displacing central banks.

PayPal is one of the global payment giants, so we would like to believe that the future of PYUSD is very bright. At least due to the support of 430 million users of the platform.

Pay Pal and cryptocurrencies

PayPal has been supporting transactions with cryptocurrencies for some time now. And allows users to store such of them as Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH) and Litecoin (LTC). In its earnings report for the first quarter of this year, the company said it stores about $1 billion worth of cryptocurrencies for its customers.

Since last year, users have been able to transfer cryptocurrency from PayPal accounts to third-party wallets. The company also invests in blockchain startups. And that includes recently leading a $52 million investment round for Magic. Which provides infrastructure for integrating digital wallets into online services and enterprise projects.

PayPal co-founder Peter Thiel’s Founders Fund venture capital fund began investing in Bitcoin back in early 2014. Shortly before the collapse of the crypto market in the spring of 2022, the fund sold almost all cryptocurrency assets, earning about $1.8 billion.

In 2021, it first became known that PayPal began looking for developers to create its own dollar-stablecoin. Despite regulatory scrutiny, problems over the BUSD issue, Paxos remained PayPal’s launch partner for the steblecoin. The company said the partnership was a milestone for the entire industry.

“PYUSD is a first-of-its-kind currency that represents the next stage in the evolution of the U.S. dollar on blockchain,” Paxos said.

And calling PayPal USD “the world’s most secure dollar-backed digital asset.” On the day of the announcement of the stablecoin, the U.S. House of Representatives issued a press release. And where it says that with proper regulation, stablecoins “could become the basis for a 21st century payment system in the United States.”

The PYUSD stablecoin is not yet available on cryptocurrency exchanges. And to purchase it, you must be verified on PayPal’s website.

The Bitcoin market is in a long period of quiet. Our experts have analyzed this situation and made conclusions.

The cryptocurrency market is experiencing one of the least volatile periods in its history. And this raises doubts that noticeable jumps in the price of Bitcoin at all will take place in the future. This is what Glassnode analysts wrote in their weekly market report.

Bitcoin’s realized volatility in various month-to-year intervals has declined significantly this year, reaching multi-year lows. Volatility in the year-to-date range is at levels not seen since December 2016. According to the company’s metrics, this is the fourth such period.

The first time there was such a prolonged lull was during the bear market period in late 2015 and early 2016. The bear market of early 2018 was also accompanied by a lack of significant price swings. And in November of that year, it experienced a 50% collapse. However, this was followed by an upswing in April 2019, when Bitcoin’s price rose from $4k to $14k in three months. A prolonged consolidation also took place after March 2020, when the world adapted to the COVID-19 epidemic. Then there was a brief period of stability at the end of 2022.

Bitcoin volatility chart by Glassnode

The price range separating the seven-day high and low price is only 3.6%. In the history of the market, less than 5% of trading days have ever had a narrower weekly trading range. The 30-day price range is even narrower. Periods of consolidation and narrowing of a price range of this magnitude are extremely rare for Bitcoin.

Weekly lows and highs for the bitcoin price. Source: Glassnode

At the same time, Glassnode notes that the number of long-term Bitcoin holders has reached an all-time high, accounting for about 15.6 million BTC (75% of coins in circulation).

What’s next for the Bitcoin price, our experts’ opinions

In general, the technical picture on the daily charts “looks positive for the “bulls”. According to our experts’ estimates, the beginning of fall will be the starting point for a new growth phase. However, now the cyclic analysis points to the advantage of “bears”. And that in conditions of low volatility constrains the market.

Last week, the BTC/USDt pair declined on the background of strong statistics on US GDP. And which gives the Fed grounds for further tightening of monetary policy in the fight against inflation. This raises concerns for investors trading risky assets.

For now, uncertainty and regulatory risks remain amid tough statements from the head of the SEC. Low trading volumes increase the probability of BTC’s decline to the levels of $27,700 – $27,900. But in case of passing the $31,800 mark, the “bulls” will be able to regain the leading position.