Bitcoin and several other cryptocurrencies and tokens have resumed their growth after today's announcement that PayPal Holdings Inc customers will be able to use their cryptocurrency to pay for purchases from millions of online merchants around the world, which can significantly increase the use of digital assets in everyday trading. In a statement, the company said: Customers who have bitcoin, ether, bitcoin cash, and litecoin in PayPal digital wallets will now be able to convert their assets into fiat currencies to make purchases. The service, which PayPal has been working on since the end of last year, will be available in all 29 million retail outlets in the coming months.
It is worth noting that this is a real breakthrough, as PayPal was, in fact, the first company to provide access to the free use of cryptocurrency in the same form as credit or debit cards. Payments will go through the Checkout with Cryptosystem, which allows PayPal users to buy, sell and store cryptocurrencies.
Technically, the BTC breakout of the $58,500 range opens a straight path to the $61,600 high, where a completely different trade will begin. There, it will be possible to follow the active opposition already from the sellers, who protect this level in every possible way to prevent the continuation of the upward trend. An unsuccessful breakout of $61,600 can form a double top, which will lead to the formation of a very powerful signal to sell Bitcoin, so be careful at this level. If the bulls fail to get above the resistance of $58,500, then the pressure on the cryptocurrency will also increase, since from this range it is possible to build the lower border of the new descending channel from March 13. In this case, the bears will target support at $54,700, a breakout of which will quickly dump bitcoin to the lows of $50,200 and $44,900.
Ripple
Don't rush to bury Ripple. After the SEC filed a series of accusations against Ripple in the illegal sale of unregistered securities worth $1.3 billion under the guise of its tokens, the price of ChKZ fell to new lows. Many exchanges started delisting XRP, and it seemed that the company could already be buried. Then there was news that representatives of the US Securities and Exchange Commission and Ripple were unable to reach a pre-trial settlement, which led to an even greater drop in the XRP rate.
Today it became known that Ripple Labs Inc. plans to acquire a 40% stake in the Asian specialist in cross-border payments Tranglo. Ripple said in a statement on Tuesday that the merger will help meet the demand for the use of the XRP affiliate token in transactions. This led to a slight increase in the price of the token, but not to a reversal of the downward trend that was observed before. The announcement came about a week after Brooks Entwistle, the former executive of Goldman Sachs Group Inc. and Uber Technologies Inc., became the managing director of Ripple in Southeast Asia. In its already favored style, Ripple said it is entering new markets in the region to meet the demand for cheaper, faster, and more reliable cross-border payments using cryptocurrency. We have heard similar statements before, but since the growth of bitcoin, investor confidence in Ripple has not returned, and every jump in the price was immediately accompanied by a major sale of the token.
Tranglo is based in Malaysia and has processed over 20 million transactions totaling $4 billion since its inception, according to Ripple. As for the results of the proceedings with the US Securities and Exchange Commission, they are not yet available. Ripple is confident that they will be able to achieve a pre-trial settlement of the issue.
It makes no sense to talk about the technical nature of this trading instrument since trading in this token is suspended on many large exchanges.
The news that traders believe in the growth of bitcoin, and all of India's attempts to ban its use inside the country only whet the appetite of the younger and more advanced generation.
India
India has been making headlines on many internet resources lately with an emphasis on trying to ban cryptocurrency. However, it has not yet come to real action. It turned out the opposite: the government's less than friendly attitude towards cryptocurrency did not curb the Indian curiosity about this asset, but only increased demand. Rumors do not scare away the giants of the cryptocurrency world either. Just last week, Coinbase announced that it plans to open an office in India, and Binance has been there since 2019.
Let me remind you that India owns less than 1% of the world's cryptocurrencies, and its potential investor base is approximately 100 million people. However, the future of cryptocurrencies in India remains very uncertain after the authorities recently expressed concern about this area and, together with the Central Bank, generated rumors about the possible entry into force of a ban on cryptocurrencies and mining, including criminal liability. Recent statements from the authorities that the ban is not planned did not reassure investors, as changes in the regulatory framework do raise concerns and risks. Over time, they will disappear when a set of clear legal documents is developed. Investors hope that the Indian authorities will not prohibit the use of cryptocurrencies, given the investment potential this direction carries.
