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

The Bitcoin Cash network will be upgraded on May 15 to include smart contracts that are “comparable to Ethereum” in terms of efficiency, and the Shanghai Cooperation Organization (SCO) aims to transition to settlements in national currencies. The upgrade will also enable “advanced on-chain applications like higher-security vaults, decentralized exchanges, and bridged sidechains,” making it more scalable and cheaper than Ethereum. The World’s Largest Regional Organization intends to abolish the use of the US dollar in bilateral payments in favor of settlements in national currencies. Syria urges the BRICS to take the lead in abandoning the dollar and discussing Yuan adoption with China. Senator Ted Cruz of the United States believes bitcoin is a safe haven against inflation and an “important check” on government expenditures. News Sorce

The price of bitcoin and the SOPR indicator have gone sideways as investors remain unsure of the market’s direction. This points to a probable distribution scenario in which short-term holders sell their coins while the market remains vulnerable to a price decrease. This view was supported by BTC’s Bollinger Bands indicator on a 24-hour chart. BTC has been trading in the middle of the upper and lower Bollinger Bands, indicating that there is no significant buying or selling pressure in the market. Furthermore, BTC’s On-balance volume has been sideways since the end of April, and long-held BTC coins have stayed dormant, contributing to the asset’s price volatility. Furthermore, BTC’s Mean Dollar Invested Age (MDIA) measure has been growing, indicating that the location of the investments is becoming less active with time. To reclaim the $30,000 price threshold, attitudes must improve and long-held coins must be traded. News Sorce

Tron has the largest user base in the cryptocurrency industry, with 20.01 million TRX tokens removed from circulation on May 5. Daily active users have surpassed 1.87 million, with daily transactions reaching 9.35 million. Tron has partnered with Footprint Analytics to boost the openness of its blockchain data, and its total valued locked (TVL) has improved as well. TRX has a market cap of $5.45 billion and is one of the most hospitable chains for stablecoin trading. TRX’s market capitalization is $6.73 billion, and the nominal value of TRX’s Open Interest (OI) in the futures market has increased by 15%. TRX circulation supply has fallen by 14.94 million due to negative funding rates. News Sorce