Buying Bitcoin with Paypal Made Possible by Coinbase
With its recent partnership with Paypal, Coinbase customers in the United States can now conveniently buy BTC (bitcoin) and other cryptocurrencies using their Paypal accounts.
In a blog, Coinbase stated that the new service can make purchasing cryptos simple, easy, and fast. A simple guide on how to purchase digital assets using Paypal was also included in the blog.
Coinbase costumes are allowed to purchase up to $25,000 worth of cryptocurrencies in a day. It offers a wide variety of cryptocurrencies for its customers which include BTC (bitcoin), ETH (ethereum), and LTC (litecoin). Currently, it does not offer DOGE (dogecoin) due to a lack of confidence in the potential of the altcoin.
Users should also take note of the 4% fees charged by Paypal for fees. But a spokesperson of Eddie Lo, Coinbase project manager stated that “fees cover the costs of payment processing”.
As further stated in the blog, Coinbase is committed to expanding the new feature for its customers to more countries. Withdrawal option through Paypal is now available in the US, Canada, EU, and the UK.
The end of 2020 marks the entry of institutional investors into the crypto market. Paypal for one joined the bandwagon in October 2020 after allowing its customers to store cryptocurrencies in their wallets. Its trading services went live for its customers in the U.S. earlier than scheduled in November 2020. As a result of the adoption, 20% of its users reportedly traded digital currencies using the Paypal app.
ETH Records Newest All-Time High
ETH (ethereum) has recorded another all-time high today after its price soar to $2,779. The altcoin has been on an upward trend despite BTC (bitcoin) price fluctuations. On April 23, BTC (bitcoin) drastically dropped below $50K which resulted in a market crash. ETH (ethereum) price slightly fell to $2,441 as a result of the correction. On April 27, its price jumped to $2,681 and continued on an upward trend.
In recent data by Crypto.co, ETH (ethereum) has now a total market cap of $321,882,546,682 with its current price at $2,769. ETH (ethereum) has now surpassed Paypal’s market cap of approximately $314 billion.
ETH (ethereum) is the second most dominant cryptocurrency in the crypto market. But it has recently outperformed BTC (bitcoin) in the past few weeks. According to predictions, ETH (ethereum) price is expected to hit $5,000 before the end of 2021.
The parabolic rise in the price of ETH (ethereum) has been attributed to adoption by institutional investors and the looming upgrade of the Ethereum network.
Turkish Authorities Arrest Thodex CEO Siblings
Another update on the Thodex crypto exchange scam. Turkish authorities have imprisoned six siblings of the missing Thodex CEO.
A total of 83 people were arrested in the fraud case filed against the crypto exchange and its CEO, Faruk Fatih Özer.
The Turkish authorities have already coordinated with Interpol which issued a red notice for Özer.
Güven Özer and Serap Özer, two of Özer’s arrested siblings were believed to have played a major role in the operations of Thodex as determined by their crypto holdings. According to reports, Güven Özer holds almost 22 million Turkish liras ($2.7 million) crypto holdings with BtcTurk and Paribu, two local major exchanges in the country. He worked as an active executive with no official role in Thodex.
Serap Özer, another sibling on the other hand has over 120 million liras ($14.6 million) worth of crypto transactions between 2018 and 2021 with a leading crypto exchange. But she denied the allegation and claimed that the account wasn’t hers. Allegedly, she was in charge of the financial activities at Thodex.
According to Demiroren News Agency, Özer fled from the country to Albania on April 20. In earlier reports, Thodex CEO was accused of a $2B fraud but according to Interior Minister Soylu, the company’s portfolio totaled $108 million.
Thodex was the first cryptocurrency exchange in the country that has halted its operations and accused of fraud. Shortly after, Vebitcoin, also shut down its operations. Both exchanges and executives are now facing charges of fraud.
Stricter Regulations to Hit Bitcoin Miners in China
Bitcoin miners in China will have to take another hit with the looming implementation of stricter regulations by authorities. The recent move was reportedly due to growing concerns about carbon footprint as a result of mining.
China has the biggest number of miners in the world contributing to 65% of the BTC global hash rate.
On April 27, Beijing sent an emergency notice to conduct checks on data centers involved in cryptocurrency mining operations which resulted in panic. But according to PengPai, Chinese state media, the emergency notice was just part of a routinary work by the Beijing Municipal Bureau of Economy and Information Technology. The media agency further stated it is part of the government’s initiative to have a clearer picture of the energy consumption from the mining operations of Beijing-based data centers.
In the past, bitcoin miners have accused the Chinese authorities of harassment. According to claims, the government actions have an ultimate aim to eliminate cryptocurrencies in the country which are a threat to China’s digital yuan.
But Chinese authorities are now singing another tune. With environmental impact as the main reason behind its actions, it will definitely gain massive support from most of its people.
Analysts have stated that the drop in the bitcoin hash rate has attributed to the price crash of the cryptocurrency. With China’s current stance, how will this significantly affect miners and the crypto market?