After Bitcoin price flirted with a $42,000 all-time high on Jan. 8, it stabilized in a tightening range between $39,000 to $41,500 for two days and the pennant structure on the shorter-term timeframes hinted that a breakout to $45,000 was a possibility.
This all changed quite suddenly Jan. 10 as the $39,000 support failed to hold and Bitcoin price entered a steep correction. Price action presents a story of doom, gloom and liquidations, but what it fails to mention is that the Bitcoin price crashed by 20.4% just one week ago as it tested sub $28,000 levels. It’s also important to consider that Bitcoin holds a 3.75% daily average volatility. Therefore, these large corrections should be expected.
Global payments provider PayPal has doubled its previous crypto volume record, with $242 million worth of digital assets changing hands on the platform during Jan. 11. According to crypto market data aggregator Nomics, yesterday’s trading dwarfed PayPal’s previous volume record of $129 million recorded on Jan. 6. Since Jan. 1, daily volume has increased by 950% from $22.8.
With the spike in PayPal’s volume coming amid Bitcoin’s rally into new all-time highs, the U.S.-based payments firm appears to be gathering popularity among retail traders. Nuggets News’ Alex Saunders asserted the spike in PayPal’s volume is a likely sign of increasing adoption among retail traders, tweeting: “retail has arrived.”
The crypto markets have been full of drama in recent years. In the space of a decade, Bitcoin came from nowhere to achieve a price of $20,000 in 2017 — only to suffer a painful year of sell-offs and uncertainty. But like every compelling blockbuster, the world’s biggest digital asset bounced back… and proved naysayers wrong by smashing new records and winning high-profile admirers as 2020 drew to a close.
It’s a stunning story that was made for television. Now, a respected Korean writer is set to bring the world of cryptocurrencies to life in a gripping drama that will powerfully highlight the ups and downs of digital assets — and introduce the public to Bitcoin in a whole new way. Choi Wan-kyu’s big-budget series, known as Pumping Time, will feature characters who have lost money through ICO scams, Ponzi schemes and fraudulent trading. The drama will follow their journey as they team up to take revenge on the swindlers — and as you’d expect, romance will blossom along the way.
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