In Q1 2023, PayPal’s cryptocurrency holdings increased by 56% to almost $1B, with the majority being made up of BTC and ETH. Due to the risks involved with cryptocurrencies, the company views its crypto assets as a “safeguarding liability”. The specific cryptocurrencies still being held are the same. PayPal manages customer cryptocurrency holdings, but only through third-party holding firms. The breakdown of cryptocurrency assets for Q1 2023 shows that Bitcoin accounts for $499 million, Ether for $362 million, and Bitcoin Cash and Litecoin for $82 million. In the first quarter, PayPal’s profitability increased with non-GAAP earnings per share of $0.70 and $1.17. News Sorce

As long as bearish sentiments are present in the market, BTC’s price may drop below $25,000, according to CryptoQuant analyst Baro Virtual. His analysis of BTC’s Coin Days Destroyed (CDD) on a 21-day moving average served as the foundation for his conclusion. When investors decide to sell their holdings, local distribution occurs, which results in a slight increase or decrease in price. Abramchart, a CryptoQuant analyst, discovered a new support zone at 25619, which corresponds to the typical price paid by wallets for Bitcoin over the previous three to six months. Relative Strength Index (RSI) and Chaikin Money Flow (CMF), two momentum indicators for the coin, were also below their 50-neutral levels. This implies that there is greater selling pressure than buying pressure and that price declines frequently follow. News Sorce

In his budget request for 2024, President Joe Biden has suggested changing the tax treatment for so-called “wash sales” of digital assets, which would do away with tax deductions on losses incurred from quickly selling and buying the same or similar crypto investment again. Biden is willing to reduce unnecessary spending, but he rejects many of the GOP’s suggestions. The White House has also been involved in crypto policy, and last year it published a number of reports on digital assets. News Sorce