#CryptoCorner: #Bitcoin Down 10% YTD, Amount of Transactions Down, PayPal (NasdaqGS: $PYPL) Lists #Blockchain Position
Point Roberts, WA, Delta BC April 1, 2020 - Investorideas.com, a leader in crypto and blockchain investing news brings you today’s edition of the Crypto Corner podcast and commentary on what’s driving the cryptocurrency market .
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Stocks discussed: (NasdaqGS:PYPL)
Bitcoin (BTC), which is trading for $6,250 at press time according to data from CoinMarketCap, finished the first quarter of 2020 down 10 percent year-to-date. Common wisdom indicates that this downturn was inflicted by the outbreak of COVID-19, which also ravaged countless traditional markets. However, as a report from Cointelegraph notes, the recovery of Bitcoin and crypto has been more impressive than in other markets:
Bitcoin has advanced 75% in the two weeks since hitting its quarterly low — in a volatile period, that recovery at one point reached 90% as markets peaked at over $7,000 on some exchanges.
As such, Bitcoin now looks increasingly resilient as an investment option versus traditional markets, which are still trailing much more as a result of coronavirus.
Despite Bitcoin’s relative recoverability, analyst Mati Greenspan in a report for Bitcoin Market Journal observes that the amount of transactions has declined considerably. Notably, he points out that through March, transactions “dropped by about 100,000” per day. Greenspan mentions, however, that the decrease in transactions has not been confined to the crypto space:
Of course, it doesn’t take too much of a stretch of the imagination to place this drastic reduction in usage of internet money to the current lockdowns and geographical quarantines in place over the last few weeks. After all, even Visa is now reporting that spending levels are way down this month, and that includes online spending as well.
Cointelegraph reports that payments giant PayPal (NasdaqGS:PYPL) had posted a job listing on March 23 for Anti-Money-Laundering (AML) and Blockchain Strategy director for their Global Financial Crimes (GFC) division in New York. The report states that the person in the position “will be in charge of evaluating blockchain's use cases for the prevention of financial crimes, such as money laundering and terrorist financing, to supervise the entire AML process.” The position is no longer listed on the PayPal Jobs webpage, which may indicate that it has been filled.
Sam Mowers, Investorideas
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