U.S. Authorities attacking crypto space again, PayPal had $604M in crypto custody in 2022, Altcoins could go ‘vertical’ in next bull frenzy.

February 17, 2023

Crypto Market Update 17-02-23

Hello everyone and welcome to our weekly recap, this is a great one, we promise!  📰😎

Alright, let us all be honest here, who would feel more attraction to their counterpart if they were into Crypto? Raise your hands, come on, don’t be shy! 🙋♀️🙋♂️ Well, you’re not alone actually! 😅 On a recent Valentine’s Day survey conveyed by Binance, 83% confessed being into crypto is an attraction feature (read more), so I guess you know what to do, study crypto as much as you can 😉😂

🔴 U.S. Authorities attacking crypto space again 🙄

Yes, our dear “friends” at the SEC just settled with major exchange Kraken for $30M (read more) due to staking products possibly being offered as unregistered “securities”. This does not constitute a change in law though (fortunately 😌). This and other situations alike are creating a bit of a division between crypto firms and banks (read more), which can itself make these institutions become even more cautious or rethink their involvement. However, fear not (!), Brian Armstrong, Coinbase CEO, is happy to go to court to defend crypto (read more), more specifically staking due to the recent aforementioned situation with competitor exchange Kraken. Joining forces is better than dividing 💪

🟡PayPal had $604M in crypto custody in 2022. 🧐

To those speculating that big players don’t care about the crypto space or are not even in it, this is for you, customers at PayPal, yes the PayPal we know, held over $600M in their platform (read more). Most of it was in the form of Bitcoin $BTC and Ether $ETH. The platform allowed customers to hold crypto assets in October 2020, so the figure of hundreds of millions of dollars in value is a remarkable milestone in just two years. 🤯 Assuming that those who use the platform are mostly millennials, it is not surprising the fact mentioned before because millennials view Bitcoin as a safe haven (read more), according to a recent survey from Bankless Times (https://www.banklesstimes.com/). 💼

🟢“Altcoins could go ‘vertical’ in next bull frenzy” 💥🔥📈

BitMEX Founder Arthur Hayes said it in a blog post (read more). He was more specifically referring to “shitcoins”, no, we’re not being impolite, it’s a term which refers to a cryptocurrency with little to no value, purpose or utility, but just recently we saw memecoins also firing up several percentages in the last few days, the case being $FLOKI which is up 135% in just two days. In other news, Brazil’s oldest bank will allow residents to pay taxes using crypto (read more), looks like “older people” do have a future vision for this space. 😅 Also proof of futuristic visions is the new initiative directly from the Middle East, Abu Dhabi is backing Web3 startups with up to $2 Billion dollars (read more). Got any plane tickets ? 😉 🚀

Well, this was definitely a very positive week, lots of upwards price action and some great news from around the world 🤩 see you next week have a great weekend! 😎


Great job on learning something new today 🎉