Welcome to your weekly crypto news and insights roundup from coinpass.com.
Daily crypto volume on payments giant PayPal has surged to record highs above $240 million.
According to crypto market data aggregator Nomics, yesterday’s trading dwarfed PayPal’s previous volume record of $129 million recorded on Jan. 6. Since Jan. 1, daily volume has increased by 950% from $22.8. PayPal’s crypto services are accessed via Paxos’ ItBit exchange. PayPal selected ItBit to handle its crypto transactions upon launching digital asset trading services during October 2020.
PayPal is expected to offer cryptocurrency services to its 26 million merchants in the coming months, likely driving further demand for the company’s crypto services.
Read more: https://cointelegraph.com/news/bullish-or-bearish-paypal-hosts-242m-in-crypto-trading-over-24-hours
Stellar Lumens (XLM) is now the ninth-largest cryptocurrency by market capitalization
Stellar overtook Chainlink (LINK) and Binance Coin (BNB), according to data from major crypto tracking website CoinGecko. XLM also posted some major growth over the past year. According to CoinGecko data, Stellar posted year-to-date returns of over 500%.
Read more: https://cointelegraph.com/news/xlm-re-enters-top-10-coins-by-market-cap-after-surging-nearly-30
Crypto Advocates Think Joe Biden's $3 Trillion Stimulus Plan Will Bolster Bitcoin
According to various reports, U.S. President-elect Joe Biden is planning to create another $3 trillion for Covid-19 relief and infrastructure. The massive stimulus plan and the backers behind the Biden administration have made crypto proponents believe that bitcoin will prosper greatly. Ever since the news came out that Biden may create another $3 trillion to kickstart his administration’s “Build Back Better” program, cryptocurrency supporters said that the stimulus will likely bolster bitcoin.
On January 10, 2021, the Twitter account dubbed “Bitcoin Archive” wrote“bitcoin jumped +35% when the 3 trillion in stimulus was announced in July 2020. That could take BTC to $55K if it happened again. Joe Biden will announce another big stimulus Bill on Thursday.” Read more: https://news.bitcoin.com/crypto-advocates-think-joe-bidens-3-trillion-stimulus-plan-will-bolster-bitcoin/
Crypto Market Cap Hits $1 Trillion As Exchanges Are Flooded With Buy Calls.
As per on-chain data provider Santiment, the crypto market rally in the last 24-hours is on the backdrop of massive buying confidence among the crypto crowd. After some early scepticism this week, the bulls have come back strongly. The world’s largest cryptocurrency, Bitcoin is now eyeing an imminent breakout to $40,000. Looking at the BTC price movement over the last few weeks this can come possibly in the next 2-3 days itself or even today. One never messes with the Bitcoin bulls!
Read more: https://coingape.com/crypto-market-cap-hits-1-trillion-as-exchanges-flooded-with-buy-calls/