Bitcoin, Ethereum Technical Analysis: BTC Nears 1-Week High, as Paypal Launches USD Stablecoin

Bitcoin rebounded on Tuesday, following the news that Paypal was launching a USD stablecoin on the ethereum blockchain. The company hopes the move will bridge the gap between fiat and cryptocurrencies for all of its stakeholders. Ethereum was marginally higher today.

Timeline of Bitcoin, Ethereum,

Binance's Proof-of-Reserve (PoR) shows that the crypto-exchange sold its USDC stablecoin reserves to buy about 100,000 BTC and 550,000 ETH. The equivalent of about $3.5 billion in the two major crypto assets was executed during the period from 12 March to 1 May 2023.

In a pivotal moment of foresight back in 2013, Davinci Jeremie's YouTube plea for viewers to invest a mere $1 in Bitcoin (BTC) seemed modest. With 1 BTC priced at around $111 then, the call may have appeared inconspicuous.

The number of addresses holding at least one Bitcoin (BTC) has reached a new all-time high of 1,013,414 amid growing expectations of a price increase for the leading cryptocurrency.

BTC/USD Large Stops Below 27991: Sally Ho's Technical Analysis – 9 August 2023 Bitcoin (BTC/USD) awaited fresh technical guidance early in the Asian session as the pair remained unable to sustain moves above the 29500 area and continues to battle with areas of technical resistance. The inability to revisit last month's multi-month high around the 31862 area has resulted in bearish momentum and has seen the pair orbit the 28960 area, representing the 23.6% retracement of the appreciating range from 19568.52 to 31862.21.

According to Bank of America analyst Michael Hartnett, the US government debt is predicted to rise to $50 trillion by 2033. This is the astonishing and ridiculous state our financial system has got into, and the vast majority of US citizens will probably just shrug their shoulders and carry on.

The US Securities and Exchange Commission (SEC) is nearing a critical crossroads concerning ARK's application for a spot Bitcoin Exchange Traded Fund (ETF). With the August 13 deadline on the horizon, the financial world watches closely for the SEC's decisive verdict.

Valkyrie has applied to the US Securities and Exchange Commission (SEC) to add ETH futures contracts to its Valkyrie Bitcoin Strategy ETF (BTF). Valkyrie Makes A Move To Stay Ahead Of The Crowd Valkyrie's application represents a move to stay ahead of the crowd.

With anticipation growing surrounding the likely approval of a full-fledged spot Bitcoin (BTC) Exchange Traded Fund (ETF) in the United States, Ark Invest CEO Cathie Wood has shared her opinion on the probable pattern in which the Securities and Exchange Commission (SEC) will give its approval.

As uncertainty lingers in the market, profit-taking activity has increased. This resulted in a surge in weekly outflows from digital asset investment products last week, with Bitcoin being the "primary focus.

Ethereum, the second-largest cryptocurrency by market capitalization, has made significant strides towards its vision of becoming “ultra sound money” over the past two years since implementing “The Merge.” The network's transition from a proof-of-work to a proof-of-stake system via the Beacon Chain has led to the burning of over 3.