CryptoNews of the Week

- PayPal’s Venmo mobile payment app now allows users to buy, store and sell Bitcoin, Ethereum, Litecoin and Bitcoin Cash. The minimum investment in cryptocurrency is just $1. In addition, you can now share the purchased cryptocurrency with friends through the Venmo social feed.
Thus, PayPal continues to expand the functionality associated with digital assets. As a reminder, more recently, this payment giant has allowed users to buy cryptocurrency through its main platform and use their crypto wallets to pay for purchases in online stores around the world.

- Popular cryptocurrency analyst Willy Woo said that Bitcoin’s drawdown on April 18 below $51,000 was triggered by massive power outages in China. Due to the fact that most of the miners were temporarily out of order, the hash rate of the asset began to decline. According to Woo, the situation should stabilize soon, which will lead to further increases in the value of bitcoin.
“This is a power outage in Xinjiang province. It is one of the largest regions in China where the mining power of bitcoin is concentrated. According to the BTC Cambridge Energy Consumption Index, Xinjiang accounts for about 25% of the coin’s total hashrate. It becomes clear straight away that the entire cryptocurrency market has dropped significantly precisely because of the Chinese incident,” Woo said.
According to the expert, if his theory is confirmed, then the situation with the hash rate of the asset should stabilize quickly. When the main network starts processing the same number of transactions, the value of the coin will start to rise again.

- An unknown attacker allegedly stole phone numbers and credit card details of Domino’s Pizza India customers and put them up for sale for 10 bitcoins (about $550,000 at the time of writing). In parallel, the hacker demanded 50 BTC ($2.75 million) from Domino’s to prevent the information from getting publicly available.
Representatives of the management company confirmed the hack but denied the leak. “In accordance with our policy, we do not store financial information or credit card information of our customers, so such information has not been compromised,” said Domino’s Pizza.

- Candidate for the post of New York City Treasurer Reshma Patel presented an urban development plan based on investments in blockchain businesses and cryptocurrencies.
According to her plan, this should play an important role in the restoration of the city. “My intention to run for office is due to my concerns about the financial health of New York, especially in the aftermath of the COVID-19 pandemic. It is clear that cryptocurrencies have a future in finance and a future in financial planning in New York,” Patel said. Among other things, she plans to invest in funds focused on blockchain, create a working group to explore options for direct investment in technology, and also transfer part of the city’s pension fund reserves to digital assets.

- The world-famous American magazine TIME followed the path of Tesla, and in addition to investing in bitcoin, it also began to accept cryptocurrency for subscription payments. To this end, TIME has started to cooperate with the crypto payment platform Crypto.com, offering an additional reward of 10% for those who pay for the service in native Crypto.com CRO tokens.
The service is currently available in the US and Canada, but a global expansion is planned in the coming months. TIME’s rapid digital transformation is the result of our commitment to new technologies and working closely with innovative companies like Crypto.com to bring our vision to life, said TIME CTO Bharat Krish.

- Bitcoin trend remains bullish. This is the conclusion reached by analysts of the Santiment resource, who analyzed the frequency of tweets with the phrase “buy the dip” and “bought the dip”. With the bitcoin price dipping below $51,000 on April 18, the number of low buy posts hit a weekly record of 2,108 tweets. This allowed Santiment analysts to conclude that this correction is nothing more than a “bump in the road.”
This is not the first time Santiment has used Twitter stats to gauge the market. For example, earlier the analysts used the mention of Binance coin (BNB) to determine the peak price of this cryptocurrency.

- Cryptocurrencies like bitcoin need to be considered as alternative investments. This was stated by the deputy governor of the People’s Bank of China (PBOC) Li Bo. “Bitcoin and stablecoins are encrypted assets. It is an investment asset, an alternative investment, not a currency. They should play an important role in the future,” explained Li Bo. However, he stressed the associated regulatory uncertainty. According to the official, “current practices” in the form of banning the operation of bitcoin exchanges and holding ICOs will remain in force until the development of new regulation is completed, which should become similar to the regulation of the banking system.

- Former hedge fund manager and host of CNBC’s Mad Money Jim Cramer called himself a “renegade” and announced the sale of his assets in the first cryptocurrency. “I know people will be mad at me, but I paid off my mortgage with bitcoin yesterday,” Kramer said on TV. The host did not elaborate on how many coins he sold. But, he said, it was half of his digital gold reserves.
Twitter users likened Kramer’s move to Laszlo Hanyecz’s famous 10,000 BTC purchase of pizza in May 2010.

- The Swiss giant AXA was the first of the insurance companies of this country to start accepting bitcoin for payment. To accept digital payments, the company entered into a partnership agreement with the cryptocurrency broker Bitcoin Suisse. AXA customers will be able to pay with bitcoin for all of the company’s products, with the exception of life insurance. This is due to legal restrictions.
AXA has not ruled out that in the future its products can be purchased using other cryptocurrencies, but for now the company will test working with digital assets using BTC only.

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