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Peter Thiel-backed Bullish has raised its IPO target to $990 million. It is aiming for a $4.8 billion NYSE debut amid surging crypto investor demand. Bullish Expands IPO Size and Pricing as Investor Interest Grows Bullish, the digital-asset exchange and owner of CoinDesk, has increased the size of its initial public offering (IPO) to $990
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The post Coinbase Inks Strategic Partnership With PayPal to Enable Mainstream Adoption of PYUSD Stablecoin appeared first on Coinpedia Fintech News
PayPal Holdings Inc. (NASDAQ: PYPL) and Coinbase Global Inc. (NASDAQ: COIN) announced a strategic partnership on Thursday, April 24. The two companies will work closely to enhance the global mainstream adoption of the PayPal USD (PYUSD) stablecoin.
PayPal and Coinbase have been working together to enable investors to seamlessly purchase and trade crypto assets.
“We are excited to drive new, exciting, and innovative use cases together with Coinbase and the entire cryptocurrency community, putting PYUSD at the center and driving further utility and adoption for digital currencies among developers, customers, and other users,” Alex Chriss, President and CEO at PayPal, noted.
The PYUSD Stablecoin, on the Solana and Ethereum networks, has grown to a market cap of about $860 million and a 24-hour average trading volume of about $20 million. PayPal has leveraged its vast customer base, amounting to more than 430 million consumer and merchant accounts, to strengthen the market outlook for the PYUSD stablecoin.
Through the strategic partnership, Coinbase users can now buy, sell, and trade PYUSD with no platform fees. Additionally, Coinbase users can now seamlessly redeem PYUSD 1:1 for U.S. dollars directly on the crypto exchange.
Most importantly, the two companies agreed to work together to explore new use cases for PYUSD in the Decentralized Financial (DeFi) ecosystem.
“We’re excited to be partnering with PayPal. Their more than 430 million consumer and merchant accounts offer an unprecedented opportunity to increase stablecoin adoption globally,” Brian Armstrong, CEO at Coinbase, noted.
Consequently, the PYUSD is well positioned to compete with other stablecoins, led by Ripple’s RLUSD, among others.
The post Coinbase Inks Strategic Partnership With PayPal to Enable Mainstream Adoption of PYUSD Stablecoin appeared first on Coinpedia Fintech News
The PayPal USD (PYUSD) stablecoin is fast approaching the $1 billion market cap milestone. The strategic partnership will enable Coinbase users to access PYUSD without platform fees. PayPal Holdings Inc. (NASDAQ: PYPL) and Coinbase Global Inc. (NASDAQ: COIN) announced a strategic partnership on Thursday, April 24. The two companies will work closely to enhance the …
Solana (SOL) price is at risk of losing the battle for dominance to Ethereum after the latter recorded a 380% surge in exchange netflows, suggesting that traders may be rotating capital from SOL to ETH. This capital rotation might have a negative impact on Solana and potentially trigger a massive crash.
Solana price is at the risk of trending downwards as on-chain data hints that retail traders may be shifting their attention from other altcoins to Ethereum, as the largest altcoin defends the support zone between $1,750 and $1800. This resilience has sparked a 380% surge in ETH exchange netflows in the last 30 days, per IntoTheBlock data, which is an indication that market interest is notably high.
Besides the surge in exchange netflows, large transaction volumes have also spiked by 133%, hinting that whales are also actively trading ETH as the sentiment around this altcoin changes to “mostly bullish.”
Data from Artemis also supports a bearish Solana price prediction and the thesis that the SOL price is losing its competitive edge over Ethereum after the latter ranked with the highest netflows in the last month. During the same period, Solana did not even rank among the top 20 coins in terms of network netflows.
With the on-chain data favouring Ethereum, the Solana price may be on the verge of a massive crash and could soon lose its critical support level. Such a dip could shift the trend in the SOL/ETH ratio that has been on an uptrend for months after Ethereum underperformed against SOL.
Despite the on-chain data favouring Ethereum and hinting that the price of Solana may crash soon, analysts have shared different views on the future performance. One analyst on X noted that if SOL fails to sustain the support zone between $140 and $145, it may fall to around $115, at which point holders will register losses. Meanwhile, popular analyst Ali Charts stated that the squeezing Bollinger bands on the four-hour chart hint at a parabolic rally for SOL.
The one-day chart appears to support the bearish thesis around SOL value today as the AO histogram bars turn negative, an indication that the bullish momentum is growing weak. If these bars cross below the zero line, it will confirm that a bearish momentum is at play, which may push the SOL price to $138, and if this level also fails, a crash to $100 may be imminent.
The RSI line is tipping south, albeit remaining above 50, an indication that the selling pressure is increasing, and this may push Solana lower if there is inadequate buying pressure. To invalidate the bearish thesis, buyers need to step in to absorb the sold coins and push SOL past $178, as this will spark an uptrend past $195 to $200.
Considering the ongoing capital rotation from other altcoins to Ethereum, the Solana price is at risk of a downtrend and could drop lower and possibly retest levels below $120. The declining RSI and red AO bars further confirm that SOL is at risk of a crash happening in the near term.
The post Is Solana (SOL) Price Crash Brewing? Ethereum 30D Inflows Spike 380% appeared first on CoinGape.
U.S.-based spot Bitcoin ETF products have recently outparred gold, with the flagship coin enjoying a bullish sentiment, whereas the traditional asset is mainly waning. Recent price metrics reveal that BTC topped the $96K mark, up nearly 2% over the week. Whereas, gold’s price lost nearly 2% over the last 5 days, at $3,247.40 per ounce.
BTC ETF products have quietly recorded robust inflows in sync with this bullish price action, reaching nearly $2 billion in the past 7 days. Simultaneously, the see-saw dynamic between both assets further implied that a bullish Bitcoin market looms right over the horizon.
According to the latest statistics by SosoValue, U.S. Bitcoin ETF products saw inflows worth $1.81 billion this week. Data suggests that the exchange-traded products recorded consecutive weekly inflows for the second time this Q2.
Last week (ending April 25), U.S. BTC ETF products recorded a staggering $3.06 billion in inflows, marking the first week of consecutive inflows since March end. Now, with nearly $2 billion worth of inflows as of the week ending May 2, institutional demand for the flagship crypto appears to be on a notable rise.
As of reporting time, these U.S.-based BTC ETF products held $113.15 billion worth of assets. On the other hand, it’s also worth pointing out that gold has been outperforming Bitcoin since the beginning of this year, although a paradigm shift in risk assets’ market sentiment has emerged as contrary.
According to Fidelity’s Global Macro Director Jurrien Timmer’s X post, the see-saw dynamic between Bitcoin & Gold suggests that the crypto is about to outweigh the traditional asset. The Sharpe Ratio for BTC is at 0.40, whereas gold’s is at 1.33.
For context, the Sharpe Ratio measures the risk-adjusted returns of an asset. The higher the ratio, the better the return per risk unit. However, the negative correlation between the two assets suggests that BTC’s ratio highlights an underperforming movement. Trimmer stresses, “So perhaps we are due for a baton-pass from gold to bitcoin.”
Besides, CoinGape reported that crypto critic Peter Schiff still predicts a Gold rally is possible, primarily driven by U.S. macroeconomic policies. Broader market participants continue to extensively eye Bitcoin ETF products relatively more than Gold, speculating over potential investment opportunities amid dynamic stats.
The post Move Over Gold: Bitcoin ETF Just Took the Lead as Proffered Hedge appeared first on CoinGape.