Global payment providers back cryptocurrencies<\/strong><\/h2>\r\n\r\n\r\n\r\nIt was a bright start to the week for the cryptocurrency markets with Visa, one of the largest payment providers in the world,\u00a0announcing<\/a>\u00a0that it was allowing users to settle transactions with the digital stablecoin USDC, a key step towards mainstream adoption of cryptocurrency.<\/p>\r\n\r\n\r\n\r\nUSDC is a cryptocurrency that\u2019s value is pegged directly to the US Dollar. Traditionally, Visa transactions using cryptocurrencies would have required a transfer into fiat currency. However, with this new step, Visa will simply settle transactions using digital coins, with the transactions taking place on the Ethereum network.<\/p>\r\n\r\n\r\n\r\n
The move from the payment provider illustrates the growing demand to use cryptocurrencies for everyday purchases and the faith that the financial industry is beginning to have in digital assets. As the cryptocurrency market grows in popularity, consumers want that ease of access, and companies such as Visa are beginning to adapt.<\/p>\r\n\r\n\r\n\r\n
The announcement appeared to bolster the cryptocurrency markets through the rest of the week, with Ethereum showing one of the largest increases due to its involvement in the new Visa payments. By Friday, Ethereum was once again testing the $2000 level.<\/p>\r\n\r\n\r\n\r\n
PayPal could not let Visa take all of the glory this week though and was hot on Visa\u2019s heels with their\u00a0announcement of \u2018Checkout with Crypto\u2019<\/a>\u00a0on Tuesday. U.S. consumers will be granted the ability to use their cryptocurrencies to pay at millions of online retailers via PayPal. Customers will be able to use either Bitcoin, Ether, Bitcoin Cash, or Litecoin to pay for purchases, with the option being available during checkout. The new scheme will roll out next month and adds further validation from a company that offered the ability to buy, sell and hold cryptocurrencies in October last year. Consumers should be warned however that purchasing cryptocurrencies with PayPal means their cryptocurrencies can only be spent within PayPal\u2019s walled garden. PayPal doesn\u2019t allow customers to access their private keys or transfer their cryptocurrency outside of PayPal, therefore serious crypto users are best advised to spend their money elsewhere.<\/p>\r\n\r\n\r\n\r\n\r\n![\"Paypal](\"https:\/\/xcoins.com\/wp-content\/uploads\/2022\/03\/Paypal-BTC-1-1024x536.jpg\")
\r\nPayPal offers US customers the opportunity to \u201ccheck out using crypto\u201d but customers are still not allowed to transfer their crypto out of Paypal\u2019s walled garden.<\/em><\/figcaption>\r\n<\/figure>\r\n<\/div>\r\n\r\n\r\n\r\nAnother investment bank succumbs to Bitcoin\u2019s potential<\/strong><\/h2>\r\n\r\n\r\n\r\nGoldman Sachs<\/a>\u00a0was the latest investment bank to complete a U-turn on their stance towards the cryptocurrency market this week, joining the likes of Morgan Stanley and JPMorgan who have already made the move. Within the next three months, Goldman Sachs\u2019 private wealth management clients that hold a minimum of $25 million, will be given the opportunity to invest in Bitcoin and other digital currencies. Many investors view Bitcoin as a hedge against inflation and are actively looking to enter the market.<\/p>\r\n\r\n\r\n\r\n\r\n![\"Goldman](\"https:\/\/xcoins.com\/wp-content\/uploads\/2022\/03\/Goldman-1024x682.jpg\")
\r\nGoldman Sachs announces a move to offer cryptocurrency investments for its private wealth management clients.<\/em><\/figcaption>\r\n<\/figure>\r\n<\/div>\r\n\r\n\r\n\r\nChipotle Madness<\/strong><\/h2>\r\n\r\n\r\n\r\nIt may have been 1st\u00a0April last week, but for others, it was National Burrito day. To celebrate,\u00a0Chipotle launched a competition<\/a>\u00a0where they gave away $100,000 worth of Bitcoin to fans or a burrito as a consolation prize.<\/p>\r\n\r\n\r\n\r\nAlthough just a bit of fun, this was one of the largest competition giveaways involving cryptocurrency to date.<\/p>\r\n\r\n\r\n\r\n
\r\n![\"Chipotle](\"https:\/\/xcoins.com\/wp-content\/uploads\/2021\/04\/Chipotle-1024x728.jpg\")
\r\nChipotle offers competition to win up to $100,000 in Bitcoin.<\/em><\/figcaption>\r\n<\/figure>\r\n<\/div>\r\n\r\n\r\n\r\nAave and Polygon working to bypass high Ethereum fees<\/strong><\/h2>\r\n\r\n\r\n\r\nThere has been a huge influx of investors flooding into the Decentralised Finance (DeFi) sector since the \u2018DeFi summer\u2019 of 2020. However, as DeFi runs on the Ethereum network, the increased popularity of DeFi and cryptocurrency, in general, comes as a double-edged sword. On the one hand, Ethereum and DeFi coins are increasing in price, however, as many DeFi protocols are based on the Ethereum network, transaction costs, often referred to as gas fees, have increased considerably.<\/p>\r\n\r\n\r\n\r\n
To combat this effect and to make DeFi more readily available to those that can\u2019t afford the higher gas fees,\u00a0Aave<\/a>, a DeFi protocol targeting both retail and institutional investors, announced that it would be working on a solution. Combining resources with Polygon, a company focused on scaling blockchain transactions, the team is looking to develop a sidechain to relieve some of the congestion and lower transaction costs.<\/p>\r\n\r\n\r\n\r\nThe sidechain would allow coins from the main Ethereum network to be processed via a separate blockchain and transferred back across if necessary.<\/p>\r\n\r\n\r\n\r\n![\"A](\"https:\/\/xcoins.com\/wp-content\/uploads\/2021\/04\/defi-fb-1024x536.jpg\")
\r\nDeFi protocols, Aave and Polygon, work together to solve high Ethereum gas fees.<\/em><\/figcaption>\r\n<\/figure>\r\n\r\n\r\n\r\nNFT enthusiasm cooling<\/strong><\/h2>\r\n\r\n\r\n\r\nAccording to Bloomberg, after the sale of a $69 million piece of digital artwork, potentially the peak of non-fungible token (NFT) mania, the enthusiasm for the marketplace has slowed its pace.\u00a0Figures gathered from Christie\u2019s auction house<\/a>, which facilitated the sale of the $69 million piece, saw the average value of sales retreat from $19 million to $3 million.<\/p>\r\n\r\n\r\n\r\nAlthough retreating, NFTs have certainly secured their position within the cryptocurrency industry and the current pullback is more likely to be a healthy correction rather than the beginning of the end for the technology.<\/p>\r\n\r\n\r\n\r\n
As it has only been a week since the first\u00a0digital house was sold for $500,000<\/a>, we think there is plenty of appetite left.<\/p>\r\n\r\n\r\n\r\nManufacturing Boost<\/strong><\/h2>\r\n\r\n\r\n\r\nIn the wider economy, it was a promising week for manufacturing figures\u00a0coming out of the US<\/a>\u00a0and\u00a0the Eurozone<\/a>. The US ISM\u2019s monthly manufacturing survey posted a 64.7% reading, which is the highest reading since December 1983, whilst Europe\u2019s manufacturing figures jumped from 62.5 to 57.9.<\/p>\r\n\r\n\r\n\r\nAlthough positive for the sector, with this increased demand, manufacturers are facing issues regarding labor and logistics, which in turn is adding to the risk of inflation. With the Fed persistent on rising inflation to 2% this may well continue into the near future.<\/p>\r\n\r\n\r\n\r\n
With vaccinations and the reopening of sectors within the economy,\u00a0March employment figures were also up<\/a>, with the US expecting an additional 635,000 jobs, with some economists predicting a real figure closer to 1,000,000. As a result, the expectation is for unemployment to fall to 6% from a February figure of 6.2%.\u00a0<\/p>\r\n\r\n\r\n\r\nBiden bolsters markets<\/strong><\/h2>\r\n\r\n\r\n\r\nPresident Biden took to the stage on Wednesday last week, to talk through\u00a0a $2.3tn infrastructure bill<\/a>, focusing on transportation, affordable housing, and improved broadband. Since his announcement, many of the global markets climbed higher, including the S&P 500 which passed the historical 4,000 mark for the first time. The Dow Jones and the Nasdaq also secured new all-time highs.<\/p>\r\n\r\n\r\n\r\nWith the juggling of economic data, coupled with the Biden announcement on Wednesday, 10-year\u00a0treasury yields withdrew below 1.7%<\/a>\u00a0but continued to climb overall as the threat of inflation continues.<\/p>\r\n\r\n\r\n\r\n\r\n\r\nOPEC+ turning on the taps<\/strong><\/h2>\r\n\r\n\r\n\r\nOPEC+ agreed on Thursday<\/a>\u00a0to gradually increase production during the months of May through to July this year, increasing production by 441,000 barrels per day in July. Viewed as a risky move by some, it is believed the increased production should help to avoid a severe spike in oil prices as economies reopen and demand increases throughout the remainder of the year.<\/p>\r\n\r\n\r\n\r\nBig-ticket reports to watch out for this week:<\/strong><\/h2>\r\n\r\n\r\n\r\nMonday \u2013 US ISM Non-Manufacturing Index figures<\/p>\r\n\r\n\r\n\r\n
Tuesday \u2013 Australian Central Bank Interest Rate Decision<\/p>\r\n\r\n\r\n\r\n
Wednesday \u2013 US Goods and Services Trade Balance figures for the month of April<\/p>\r\n\r\n\r\n\r\n
Thursday \u2013 US Initial Jobless Claims<\/p>\r\n\r\n\r\n\r\n
Friday \u2013 China CPI YoY and Canadian Unemployment figures\u00a0<\/p>\r\n\r\n\r\n\r\n
To stay up to date on all things crypto, like Xcoins on\u00a0<\/em>Facebook<\/em><\/a>, follow us on\u00a0<\/em>Twitter<\/em><\/a>\u00a0and\u00a0<\/em>LinkedIn<\/em><\/a>\u00a0and enter your email address at the bottom of the page to subscribe.<\/em><\/p>\r\n","protected":false},"excerpt":{"rendered":"The first quarter came to a close last week and what a quarter it has been for the cryptocurrency space! […]<\/p>\n","protected":false},"author":17,"featured_media":2062,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[739],"tags":[],"class_list":["post-3105","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news-2"],"yoast_head":"\n
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USDC is a cryptocurrency that\u2019s value is pegged directly to the US Dollar. Traditionally, Visa transactions using cryptocurrencies would have required a transfer into fiat currency. However, with this new step, Visa will simply settle transactions using digital coins, with the transactions taking place on the Ethereum network.<\/p>\r\n\r\n\r\n\r\n
The move from the payment provider illustrates the growing demand to use cryptocurrencies for everyday purchases and the faith that the financial industry is beginning to have in digital assets. As the cryptocurrency market grows in popularity, consumers want that ease of access, and companies such as Visa are beginning to adapt.<\/p>\r\n\r\n\r\n\r\n
The announcement appeared to bolster the cryptocurrency markets through the rest of the week, with Ethereum showing one of the largest increases due to its involvement in the new Visa payments. By Friday, Ethereum was once again testing the $2000 level.<\/p>\r\n\r\n\r\n\r\n
PayPal could not let Visa take all of the glory this week though and was hot on Visa\u2019s heels with their\u00a0announcement of \u2018Checkout with Crypto\u2019<\/a>\u00a0on Tuesday. U.S. consumers will be granted the ability to use their cryptocurrencies to pay at millions of online retailers via PayPal. Customers will be able to use either Bitcoin, Ether, Bitcoin Cash, or Litecoin to pay for purchases, with the option being available during checkout. The new scheme will roll out next month and adds further validation from a company that offered the ability to buy, sell and hold cryptocurrencies in October last year. Consumers should be warned however that purchasing cryptocurrencies with PayPal means their cryptocurrencies can only be spent within PayPal\u2019s walled garden. PayPal doesn\u2019t allow customers to access their private keys or transfer their cryptocurrency outside of PayPal, therefore serious crypto users are best advised to spend their money elsewhere.<\/p>\r\n\r\n\r\n\r\n Goldman Sachs<\/a>\u00a0was the latest investment bank to complete a U-turn on their stance towards the cryptocurrency market this week, joining the likes of Morgan Stanley and JPMorgan who have already made the move. Within the next three months, Goldman Sachs\u2019 private wealth management clients that hold a minimum of $25 million, will be given the opportunity to invest in Bitcoin and other digital currencies. Many investors view Bitcoin as a hedge against inflation and are actively looking to enter the market.<\/p>\r\n\r\n\r\n\r\n It may have been 1st\u00a0April last week, but for others, it was National Burrito day. To celebrate,\u00a0Chipotle launched a competition<\/a>\u00a0where they gave away $100,000 worth of Bitcoin to fans or a burrito as a consolation prize.<\/p>\r\n\r\n\r\n\r\n Although just a bit of fun, this was one of the largest competition giveaways involving cryptocurrency to date.<\/p>\r\n\r\n\r\n\r\n There has been a huge influx of investors flooding into the Decentralised Finance (DeFi) sector since the \u2018DeFi summer\u2019 of 2020. However, as DeFi runs on the Ethereum network, the increased popularity of DeFi and cryptocurrency, in general, comes as a double-edged sword. On the one hand, Ethereum and DeFi coins are increasing in price, however, as many DeFi protocols are based on the Ethereum network, transaction costs, often referred to as gas fees, have increased considerably.<\/p>\r\n\r\n\r\n\r\n To combat this effect and to make DeFi more readily available to those that can\u2019t afford the higher gas fees,\u00a0Aave<\/a>, a DeFi protocol targeting both retail and institutional investors, announced that it would be working on a solution. Combining resources with Polygon, a company focused on scaling blockchain transactions, the team is looking to develop a sidechain to relieve some of the congestion and lower transaction costs.<\/p>\r\n\r\n\r\n\r\n The sidechain would allow coins from the main Ethereum network to be processed via a separate blockchain and transferred back across if necessary.<\/p>\r\n\r\n\r\n\r\n According to Bloomberg, after the sale of a $69 million piece of digital artwork, potentially the peak of non-fungible token (NFT) mania, the enthusiasm for the marketplace has slowed its pace.\u00a0Figures gathered from Christie\u2019s auction house<\/a>, which facilitated the sale of the $69 million piece, saw the average value of sales retreat from $19 million to $3 million.<\/p>\r\n\r\n\r\n\r\n Although retreating, NFTs have certainly secured their position within the cryptocurrency industry and the current pullback is more likely to be a healthy correction rather than the beginning of the end for the technology.<\/p>\r\n\r\n\r\n\r\n As it has only been a week since the first\u00a0digital house was sold for $500,000<\/a>, we think there is plenty of appetite left.<\/p>\r\n\r\n\r\n\r\n In the wider economy, it was a promising week for manufacturing figures\u00a0coming out of the US<\/a>\u00a0and\u00a0the Eurozone<\/a>. The US ISM\u2019s monthly manufacturing survey posted a 64.7% reading, which is the highest reading since December 1983, whilst Europe\u2019s manufacturing figures jumped from 62.5 to 57.9.<\/p>\r\n\r\n\r\n\r\n Although positive for the sector, with this increased demand, manufacturers are facing issues regarding labor and logistics, which in turn is adding to the risk of inflation. With the Fed persistent on rising inflation to 2% this may well continue into the near future.<\/p>\r\n\r\n\r\n\r\n With vaccinations and the reopening of sectors within the economy,\u00a0March employment figures were also up<\/a>, with the US expecting an additional 635,000 jobs, with some economists predicting a real figure closer to 1,000,000. As a result, the expectation is for unemployment to fall to 6% from a February figure of 6.2%.\u00a0<\/p>\r\n\r\n\r\n\r\n President Biden took to the stage on Wednesday last week, to talk through\u00a0a $2.3tn infrastructure bill<\/a>, focusing on transportation, affordable housing, and improved broadband. Since his announcement, many of the global markets climbed higher, including the S&P 500 which passed the historical 4,000 mark for the first time. The Dow Jones and the Nasdaq also secured new all-time highs.<\/p>\r\n\r\n\r\n\r\n With the juggling of economic data, coupled with the Biden announcement on Wednesday, 10-year\u00a0treasury yields withdrew below 1.7%<\/a>\u00a0but continued to climb overall as the threat of inflation continues.<\/p>\r\n\r\n\r\n\r\n\r\n\r\n OPEC+ agreed on Thursday<\/a>\u00a0to gradually increase production during the months of May through to July this year, increasing production by 441,000 barrels per day in July. Viewed as a risky move by some, it is believed the increased production should help to avoid a severe spike in oil prices as economies reopen and demand increases throughout the remainder of the year.<\/p>\r\n\r\n\r\n\r\n Monday \u2013 US ISM Non-Manufacturing Index figures<\/p>\r\n\r\n\r\n\r\n Tuesday \u2013 Australian Central Bank Interest Rate Decision<\/p>\r\n\r\n\r\n\r\n Wednesday \u2013 US Goods and Services Trade Balance figures for the month of April<\/p>\r\n\r\n\r\n\r\n Thursday \u2013 US Initial Jobless Claims<\/p>\r\n\r\n\r\n\r\n Friday \u2013 China CPI YoY and Canadian Unemployment figures\u00a0<\/p>\r\n\r\n\r\n\r\n The first quarter came to a close last week and what a quarter it has been for the cryptocurrency space! […]<\/p>\n","protected":false},"author":17,"featured_media":2062,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[739],"tags":[],"class_list":["post-3105","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news-2"],"yoast_head":"\n\r\nAnother investment bank succumbs to Bitcoin\u2019s potential<\/strong><\/h2>\r\n\r\n\r\n\r\n
\r\nChipotle Madness<\/strong><\/h2>\r\n\r\n\r\n\r\n
\r\nAave and Polygon working to bypass high Ethereum fees<\/strong><\/h2>\r\n\r\n\r\n\r\n
\r\nNFT enthusiasm cooling<\/strong><\/h2>\r\n\r\n\r\n\r\n
Manufacturing Boost<\/strong><\/h2>\r\n\r\n\r\n\r\n
Biden bolsters markets<\/strong><\/h2>\r\n\r\n\r\n\r\n
OPEC+ turning on the taps<\/strong><\/h2>\r\n\r\n\r\n\r\n
Big-ticket reports to watch out for this week:<\/strong><\/h2>\r\n\r\n\r\n\r\n
To stay up to date on all things crypto, like Xcoins on\u00a0<\/em>Facebook<\/em><\/a>, follow us on\u00a0<\/em>Twitter<\/em><\/a>\u00a0and\u00a0<\/em>LinkedIn<\/em><\/a>\u00a0and enter your email address at the bottom of the page to subscribe.<\/em><\/p>\r\n","protected":false},"excerpt":{"rendered":"