#CryptoCorner: #Bitcoin Down 10% YTD, Amount of Transactions Down, PayPal (NasdaqGS: $PYPL) Lists #Blockchain Position
#CryptoCorner: #Bitcoin
Down 10% YTD, Amount of Transactions Down, PayPal (NasdaqGS: $PYPL) Lists #Blockchain
Position
Point Roberts, WA, Delta BC April 1, 2020
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and blockchain investing news brings you today’s edition of the Crypto Corner podcast
and commentary on what’s driving the cryptocurrency market .
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Stocks discussed: (NasdaqGS:PYPL)
Bitcoin (BTC), which is trading for $6,250 at press
time according to data from CoinMarketCap, finished the first quarter of
2020 down 10 percent year-to-date. Common wisdom indicates that this downturn
was inflicted by the outbreak of COVID-19, which also ravaged countless
traditional markets. However, as a report from Cointelegraph notes, the recovery of Bitcoin
and crypto has been more impressive than in other markets:
Bitcoin has advanced 75% in the two weeks since hitting
its quarterly low — in a volatile period, that recovery at one point reached
90% as markets peaked at over $7,000 on some exchanges.
As such, Bitcoin now looks increasingly resilient as an
investment option versus traditional markets, which are still trailing much
more as a result of coronavirus.
Despite Bitcoin’s
relative recoverability, analyst Mati Greenspan in a report for Bitcoin Market Journal observes that the
amount of transactions has declined considerably. Notably, he points out that
through March, transactions “dropped by about 100,000” per day. Greenspan
mentions, however, that the decrease in transactions has not been confined to
the crypto space:
Of course, it doesn’t take too much of a stretch of the
imagination to place this drastic reduction in usage of internet money to the
current lockdowns and geographical quarantines in place over the last few
weeks. After all, even Visa is now reporting that spending levels are way down
this month, and that includes online spending as well.
Cointelegraph reports that payments giant
PayPal (NasdaqGS:PYPL) had posted a job listing on
March 23 for Anti-Money-Laundering (AML) and Blockchain Strategy director for
their Global Financial Crimes (GFC) division in New York. The report states
that the person in the position “will be in charge of evaluating blockchain's
use cases for the prevention of financial crimes, such as money laundering and
terrorist financing, to supervise the entire AML process.” The position is no
longer listed on the PayPal Jobs webpage, which may indicate that it has
been filled.
Sam Mowers,
Investorideas
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