Crypto News Today: Bitcoin's Rally Toward $30K, PayPal's Stablecoin Fakes, and More – Yahoo Finance


In the ever-evolving world of cryptocurrencies, today brought a mix of intriguing developments that are sure to capture the attention of both crypto enthusiasts and traditional finance professionals. From Bitcoin's resurgence on the back of weak Chinese economic data to the buzz around PayPal's stablecoin, here's a comprehensive roundup of the day's most significant crypto news.
Bitcoin's price saw a 3% uptick, climbing to just shy of $30,000 in response to a plunge in global long-dated government bond yields. This fall in yields was triggered by China's far weaker than anticipated trade numbers for July. The U.S. 10-year Treasury yield tumbled below the 4% mark. These macroeconomic shifts have seemingly buoyed the crypto market, with other notable cryptocurrencies like Solana (SOL), Toncoin (TON), and Chainlink (LINK) registering gains of over 4% at the time of writing.
Read More: Bitcoin Rises 3% to Challenge $30K After Weak China Data Sends Yields Plunging
With PayPal's recent stablecoin announcement, scammers are attempting to capitalize on the hype by releasing counterfeit PYUSD tokens on various blockchains. This serves as a cautionary tale for investors to exercise due diligence and verify the authenticity of tokens before making any transactions.
Read More: Fake PayPal USD Tokens Pop up on Several Blockchains
Prominent figures in the crypto space, Ark Invest CEO Cathie Wood and Galaxy Digital CEO Mike Novogratz, have expressed optimism regarding the approval of a spot bitcoin ETF by the SEC. With several applications pending, the crypto community eagerly awaits a positive decision, which could further legitimize and boost the adoption of cryptocurrencies
Read More: Cathie Wood and Mike Novogratz Are Both Bullish on Spot Bitcoin ETF Approvals
According to "contacts" from inside BlackRock and Invesco spot Bitcoin ETF approval a matter of "when, not if" likely in "four to six months" — Galaxy CEO Mike Novogratz on earnings call this morning
— Eric Balchunas (@EricBalchunas) August 8, 2023
Huobi, a leading cryptocurrency exchange, received substantial deposits from a crypto whale, including $200 million USDT and 5,000 ether (ETH). These transactions come amidst a backdrop of continued outflows from the exchange.
Read More: Huobi Receives $200M USDT, $9M Ether From Whale
Reddit's community tokens, Moons (MOON) and Bricks (BRICK), experienced significant price surges following their listing on Kraken. These coins, which serve as rewards within specific Reddit communities, have garnered increased attention and value with their introduction to a major crypto exchange.
Read More: Reddit Community Tokens Moons and Bricks Soar 50% on Kraken Listing
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— Kraken Pro (@krakenpro) August 7, 2023
Today's crypto news underscores the sector's dynamic nature, blending innovation, market reactions and the occasional pitfalls. As bitcoin reclaims the $30K mark and major players like PayPal delve deeper into the crypto realm, the intersection of traditional finance and digital currencies becomes ever more pronounced.
Hedge funds have been caught off-guard by the market's rally, losing over $175 million this year, per S3.
PayPal, Coinbase and Block have been highlighted in this Investment Ideas article.
Major global financial and consumer platforms are expected to issue co-branded stablecoins resulting in significant growth for these cryptocurrencies, the report said.
(Bloomberg) — Coinbase Global Inc. is offering to buy back some of its outstanding junk bonds as the world’s largest cryptocurrency trades at $29,560, near its highest value of the year.Most Read from BloombergUS Bank Shares Drop as Moody’s Cuts Ratings, Warns on RisksWall Street WhatsApp, Texting Fines Exceed $2.5 BillionMusk Says He May Need Surgery, Will Get MRI on Back and NeckThe Global South Breaks Away From the US-Led World OrderBillionaire Desmarais Family Quietly Reshapes a Financial E
Technical analysis suggests low Bitcoin volatility could herald a new bull market. In reality, crypto traders may need some excitement.
Following such a strong market rally, it's natural to question whether or not the momentum can continue.
(Bloomberg) — Bitcoin may be closer to bursting out of a period of unusually low volatility if chart patterns and the token’s history are any guide.Most Read from BloombergEveryone Wants to Work at UPS After Teamsters DealFirst American City to Tame Inflation Owes Its Success to Affordable HousingWeWork Tumbles After Raising ‘Substantial Doubt’ About FutureTycoon Who Gave Away $750 Million Sees Profit in Loans to PoorTesla CFO Kirkhorn Exits With $590 Million FortuneSome gauges of how much the
Coinbase Global launched on Wednesday a platform for developers to build crypto applications, the exchange’s latest bid to boost revenue outside its core trading business. Dubbed Base, the initiative is a blockchain and in some ways is akin to iOS or Android on mobile phones. It would provide a platform for investors to send money, trade on decentralized exchanges, borrow and lend cryptocurrencies, and create nonfungible tokens.
Here’s some confirmation that crypto isn’t entirely toxic: In the hours after internet payments pioneer PayPal announced a stablecoin on Ethereum, the company’s stock rallied 2%. Of course, as ever in the world of crypto, it’s not all sunshine and roses: After the surprise PYUSD stablecoin announcement, a bevy of imposter tokens like “pepeyieldunibotsatoshidoge” (aka PYUSD) have launched on Ethereum, various layer 2s and BNB Smart Chain looking to capitalize on post-announcement ignorance and buzz. This is an excerpt from The Node newsletter, a daily roundup of the most pivotal crypto news on CoinDesk and beyond.
US Markets CBOE Volatility Index Increases Ahead Of Inflation Data Lyft, Disney And 3 Stocks To Watch Heading Into Wednesday Investor Sentiment Declines After Moody's Downgrades Credit Ratings Of Banks Crypto Shiba Inu Jumps 7% As Shibarium Launch Nears — SHIB Worth $55M Burned In A Single Day Elon Musk's Lawyer Seeks Dismissal of 'Abusive' Dogecoin Lawsuit, Says 'Enough Is Enough' PEPE Coin Spikes 8% — Can $1 PEPE Make You A Meme Coin Millionaire Today? Bitcoin, Ethereum, Dogecoin Rise Amid Spo
Palantir was a big AI winner and then August started. Palantir stock fell 11% to $15.25 on Wednesday, its biggest drop since November 2022. Worse still, the stock has fallen for six straight days and is 22% during its losing streak, the worst six-day stretch since May 2022.
Plug Power (PLUG) delivered earnings and revenue surprises of -25% and 9.61%, respectively, for the quarter ended June 2023. Do the numbers hold clues to what lies ahead for the stock?
The S&P 500 has notched some very respectable returns this year, but there’s reason to believe it is only the beginning of a sustained multiyear rally. At least, that is the opinion of ‘Shark Tank’ star Kevin O’Leary, who believes that while various sectors of the US economy will be dealing with a series of difficulties, the S&P 500 is poised to ride the momentum of increased government expenditure in the upcoming years. O’Leary anticipates that the CHIPS and Science Act along with the Inflation
July CPI is a key factor in the Federal Reserve's decision on whether to hike interest rates next month.
It's always good for an investor to check in on the Buffett Indicator.
Boston Beer Company's cofounder spent about $140 on two shares of Procter & Gamble more than six decades ago. They're worth $20,000 today.
BEIJING (Reuters) -A growing number of Chinese graduates are abandoning the bright lights of the country's mega-cities, with state media reporting almost half are returning to their hometowns within six months of graduation amid a sagging job market. Feeling the pinch of rising housing costs and a slowing economy, the jobless graduates are forfeiting cities that have traditionally provided a stepping stone to middle-class wealth. China's youth jobless rate jumped to a record 21.3% in June as offers during the traditional job-hunting season proved limited as the economy struggled and regulatory clamp-downs left the property, tech and education sectors bruised.
Fortuna (FSM) delivered earnings and revenue surprises of -80% and 2.82%, respectively, for the quarter ended June 2023. Do the numbers hold clues to what lies ahead for the stock?
The average U.S. 30-year mortgage rate jumped to a nine-month peak on Wednesday and hit the second-highest rate since 2001, as interest rates reacted sharply to a downgrading of U.S. government debt. The average 30-year mortgage rate shot up to 7.09% for the week ending Aug. 4, a 16 basis point increase from the previous week's 6.93% rate, according to a weekly report released by the Mortgage Bankers Association. Potential borrowers adjusted promptly to the surging cost of borrowing: the mortgage applications index – a measure of total mortgage application volume – fell 3.1% to a six-month low of 194.5.
Pan American Silver (PAAS) delivered earnings and revenue surprises of -50% and 1.26%, respectively, for the quarter ended June 2023. Do the numbers hold clues to what lies ahead for the stock?


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