In brief
- Bitcoin's year beating run continues thanks to PayPal support.
- Crypto across the board was also up on the news.
- Netflix and Google shares are down after poor quarterly earnings and an anti-trust lawsuit is filed against the search giant.
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It was another blockbuster day for Bitcoin. Driven by the announcement PayPal would allow users to buy and hold Bitcoin on its app and website, BTC pushed past $13,000 for the first time this year.
Overall, Bitcoin is now up nearly 9% in the last week and over 13% in the last month, having experienced a slow but steady uptrend since early September.
“This is a huge moment for crypto. With PayPal’s announcement, roughly half of its 346 million users will suddenly have direct exposure to Bitcoin,” says a spokesperson from AAX, the world’s first digital asset exchange powered by the London Stock Exchange.
Looking further afield, Bitcoin has gained 275% since its crash in March. But investors don’t appear to be as bullish as they have been in previous price gains. The Crypto Fear and Greed Index, indicates traders are currently in a "neutral to slightly bullish mood" with a score well below the hype levels registered even earlier this same year.
Perhaps news that Wirex, the London-based crypto-native payments platform has signed up more than 10,000 people to its multi-currency Mastercard in less than 24 hours will pep sentiment.
The company, which is the first crypto-native partner for Mastercard, began signing up new customers for the card’s EEA rollout. It will begin distribution of the multi-currency debit card in the UK starting in November, with the remaining European markets in early 2021. The company said demand for the new platform is surpassing expectations.
The same can’t be said if you’ve been HODLing Crypto.com’s CRO token. While yesterday was a boon for the crypto market at large - up 3.95% - CRO dropped 6.8%, thanks to its controversial decision to slash rewards for CRO holders. That news has seen the price drop 30% in the past week. Ouch.
Tech giants Netflix and Google feel the burn
Over in the land of stocks and shares, the Nasdaq, S&P 500 and Dow futures markets all closed down as stimulus talks dragged on for another day without much progress.
The mood was even gloomier as Netflix, the darling of the COVID-19 world posted disappointing numbers in the last quarter. The markets responded ruthlessly sending the price crashing by 7% on Wednesday.
Alphabet’s share price was also on a downturn after the Department of Justice filed an antitrust case against Google earlier in the week.
While the details and extent of the case won’t come to fruition until after the US election, the Department of Justice is mirroring the claims it made against Microsoft in the 1990s when it successfully forced the tech giant to split up its core business - although it was later overturned on appeal.
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