CBX Weekly Newsletter // 28 Oct 2020
- Bitcoin Sits Above $13K
- Singapore’s Largest Bank DBS is Launching Cryptocurrency Trading and Custody
- PayPal to Offer Crypto Payments Starting in 2021
Bitcoin Sits Above $13K
Bitcoin’s (BTC) price continues to rise even as coronavirus-induced instability rocks the stock markets.
That marks a fresh 16-month high for the cryptocurrency, which is now up 25% for the month and 87% on a year-to-date basis.
Further, the total number of bitcoins held on exchanges slipped to a two-year low of 2,478,799 BTC, according to data source Glassnode.
So the bullish mood continues for bitcoin, even though the global stock markets suffered losses and Wall Street’s benchmark equity index, the S&P 500, fell nearly by 2% on coronavirus concerns Monday.
The decline in exchange deposits suggests investors are unperturbed by the risk aversion in traditional markets and see low odds of bitcoin suffering an equity market-induced sell-off.
Investors typically move coins from their wallets to exchanges to liquidate holdings when expecting a price slide, and take direct custody of their assets when the cryptocurrency is expected to rally.
Singapore’s Largest Bank DBS is Launching Cryptocurrency Trading and Custody
DBS, Singapore’s largest retail and commercial bank, seems to be entering the cryptocurrency space with three new offerings.
According to information seen by Cointelegraph, DBS is launching cryptocurrency trading and custody as well as a platform for conducting security token offerings. A description of the offering and its components appeared briefly on DBS’ website before being removed minutes later.
The DBS Digital Exchange — will support five major cryptocurrencies including Bitcoin (BTC), Ether (ETH), XRP, Bitcoin Cash (BCH) and Ethereum Classic (ETC).
Supported fiat currencies include the United States dollar, the Singapore dollar, the Hong Kong dollar and the Japanese yen.
“DBS’ plans for a digital exchange are still [a] work in [progress], and have not received regulatory approvals. Until such time as approvals are in place, no further announcements will be made.”
PayPal to Offer Crypto Payments Starting in 2021
PayPal has entered the cryptocurrency market, announcing that its customers will be able to buy and sell Bitcoin and other virtual currencies using their PayPal accounts.
Those virtual coins could then be used to buy things from the 26 million sellers which accept PayPal, it said.
PayPal plans to roll out buying options in the US over the next few weeks, with the full rollout due early next year.
PayPal said it was aiming “to increase consumer understanding and adoption of cryptocurrency”.
But it is not PayPal’s first venture into the area.
The firm was once a partner in Facebook’s digital currency Libra, but became the first to pull out of the alliance, just a few months after it was announced.
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