

Following the announcement of PayPal USD, Bitcoin briefly increases before losing momentum
The price of Bitcoin (BTC) reached a high of $30,030.97 over the previous seven days. Due to the launch of PayPal's own US dollar-backed stablecoin, named PayPal USD, the largest fintech company's flagship cryptocurrency, Bitcoin (BTC), managed to briefly cross the $30,000 barrier. PayPal is the world's oldest and most significant cryptocurrency. A few people opposed the decision, most notably US Representative Maxine Waters, who voiced her opposition to it in light of the absence of a comprehensive national structure to supervise digital assets. Eventually, BTC prices fell once more, giving the market a gloomy picture. With a market cap of $1.17 trillion, there was no evidence of a bullish trend. Even though the general market sentiment is still neutral, it is possible that the market will continue to trade sideways unless a significant pro-crypto development takes place. Readers should be aware that the entire cryptocurrency market and coin prices are very erratic before continuing. There are no surefire ways to predict how cryptocurrencies will act in the future. The goal of this post is to assist investors in staying informed about the current market conditions, the most significant recent events, as well as some noteworthy upcoming developments. Before making any decisions, investors are encouraged to conduct their own research. Crypto Prices Over The Past Week The total value of the cryptocurrency market was $1.16 trillion as of last Monday, August 7. BTC's price was approximately $29,120, and ETH's price was approximately $1,840. The market cap managed to increase to $1.17 trillion a week later. Check Out Top Crypto Prices Today DeFi's overall volume is $2.33 billion, or 10.13 percent of the 24-hour volume for the entire market. Stablecoins currently account for $21.43 billion in total volume, or 93.26 percent of the total 24-hour market volume. The overall market fear and greed index, according to CoinMarketCap, was 50 out of 100, or Neutral. At the time of writing, BTC has a 48.74 percent market share. Bitcoin reached a high of $30,030.97 on August 9 and a low of $28,746.26 on August 7 over the course of the last seven days. On the other side, Ethereum experienced a high of $1,868.56 on August 9 and a low of $1,806.36 on August 7. Crypto Events To Note As the first significant fintech business to integrate digital currencies into its payment and transfer systems, PayPal made history last week. The result was the launch of PayPal USD, a stablecoin tied to the US dollar. Democratic Party representative Maxine Waters expressed serious concerns about the decision, particularly in light of the lack of a comprehensive federal framework for regulating digital assets. Waters expressed her worries in a statement, pointing to PayPal's impressive scale and wide-ranging impact. She emphasised the need for federal oversight and legislative restrictions on PayPal's stablecoin operations. According to Waters, the two goals of this oversight are to protect consumer interests and reduce any potential concerns about the stability of the economy. Additionally, before issuing, holding, or engaging in transactions involving dollar tokens intended to facilitate payments, such as stablecoins, State banks that are participants in the US Federal Reserve system should get a formal supervisory nonobjection from the Fed, the central bank stated in a fresh supervisory letter. In order to supplement its current supervisory process and strengthen the oversight of tech-driven activities, the Fed also announced it is developing a new supervisory programme to monitor the activities of the banks it regulates that are related to cryptocurrencies, blockchain technology, and tech-driven nonbank partnerships. On a more upbeat note, the Russian central bank has revealed that it plans to start a consumer trial of its virtual currency, the digital rouble, on August 15. Following a lengthy testing phase in association with financial institutions, this development. The measure fits with Moscow's strategic goal of expanding the use of its digital currency in international transactions. Russia has been actively involved in the development of a central bank digital currency (CBDC), which includes digital tokens issued by the central bank, much like many other countries. This project, which has been ongoing for a while, aims to update the nation's financial system and prevent the effect of cryptocurrencies like Bitcoin.
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