As always, hello and welcome to today's edition of Overbit News. One of the most recurring storylines we've focused on for the past few months is adoption from major companies and institutions, many of which have continued to expand their Bitcoin exposure since their first foray.
Today, we have yet another example of a Fortune-500 company doubling down on its cryptocurrency efforts and working on expanding them. On Monday, 8 March, it was reported that PayPal had announced plans to acquire Curv, a custodial-based cryptocurrency start-up based out of Tel Aviv.
Though it may seem like a relic of old-time, PayPal was one of the most cutting-edge payment processors when it first launched, founded by some of Silicon Valley's most iconic investors like Peter Thiel and Elon Musk. Though their goals never came to fruition, the founders like Thiel and Musk initially set out to form their own internet-native currency similar to Bitcoin.
Nevertheless, PayPal continues to be a staple in the world of digital finance. With 286 million users, PayPal would be in the top 25 for banks in the entire United States. On top of that, they boast almost 7 million merchants who utilize PayPal in their checkout service.
It was reported back in October that PayPal was partnering with Paxos in an effort to bring cryptocurrency services to their customers, allowing users to buy, sell and make transactions with merchants through some of the major cryptocurrencies like Bitcoin and Ethereum, to name a few. However, a chief complaint was the lack of custodial options in PayPal's offering, with many cryptocurrency enthusiasts echoing the "not your keys, not your coins" sentiment.
This latest move by PayPal to acquire Curv, however, seems to indicate that PayPal is fully intent on expanding their cryptocurrency services to a full-blown cryptocurrency offering, with the option to buy, sell and exchange from a non-custodial wallet. Though timelines are vague at this point, it certainly seems we have yet another significant company rapidly expanding its cryptocurrency business.
Heading into our next major headline is the recent US Dollar price action and the associated stimulus package. The U.S. is expected to approve President Biden’s $1.9 trillion stimulus package this week, after being narrowly approved by the Senate, it should comfortably pass through the House of Representatives for approval.
Reactions to the stimulus are mixed, as the USD fell against major fiat currencies to start off the week, while Asian stocks and US stock futures initially chartered modest gains. The dollar quickly regained its ground though, driving Asian equities and Bitcoin lower, as the 10-year bond yield remained elevated near its 12-month highs.
Movement on stimulus is expected to put upward pressure on yields and cap progress for risk assets. As we take a macro look, we see most asset classes hovering at significant support or resistance. Wise investors would tread lightly as developments on stimulus packages and from the Federal Reserve and other central banks emerge.
No matter where in the market cycle we're in, Overbit.com is here to provide you with the most up to date News in the Global Cryptocurrencies Market, and we welcome you to visit Overbit.com for all your trading needs.