This past week in crypto news: Bitcoin continues its bullish trend, PayPal expands its crypto offerings for businesses and important industry figures face legal consequences. Let’s dive into the past week.
Bitcoin’s Momentum Builds
Bitcoin is enjoying a three-week winning streak, with analysts targeting a price of $75,000. While September has historically been bearish for Bitcoin, this year marked one of its best Septembers since 2013, raising hopes for a bullish October. Investors are feeling the FOMO (fear of missing out) as interest in Bitcoin grows. With continued market optimism, many believe a breakout could be imminent, with targets for October set much higher.
PayPal Expands Crypto Services for Businesses
PayPal has introduced a new feature allowing U.S. merchants to buy, hold, and sell cryptocurrencies directly through their business accounts. This move is an extension of PayPal’s crypto services for consumers, which began in 2020. By offering these tools to businesses, PayPal aims to meet the rising demand for digital assets among merchants. This further highlights how companies are beginning to recognize the growing potential of crypto in everyday business transactions.
Jail Time in the Crypto World
Changpeng Zhao, founder of Binance, has been released from prison after serving a four-month sentence for failing to enforce proper Know Your Customer (KYC) checks during his tenure as CEO. Meanwhile, Caroline Ellison, former CEO of Alameda Research, has been sentenced to two years in prison for her role in the collapse of FTX. The fallout from these legal battles continues to shake the crypto world, as regulators and law enforcement crack down on misconduct within the industry.
Kamala Harris and Crypto: Uncertainty Ahead
As the U.S. presidential elections approach, crypto policies are still a hot topic. Kamala Harris, one of the two candidates, has had her rating downgraded by pro-crypto groups due to her lack of a clear stance on digital assets. While her opponent, Donald Trump, has been more vocal about supporting crypto miners and innovation, Harris remains hesitant to dive into the subject before the election. This uncertainty around her position has left the crypto community unsure of what to expect if she takes office.
This week’s crypto news saw Bitcoin maintaining its bullish momentum, PayPal expanding for businesses, and key players like Changpeng Zhao and Caroline Ellison facing legal consequences. As the U.S. elections draw near, the crypto community is closely watching candidates’ stances on digital assets. Stay tuned for next week’s updates, and make sure to catch up on last week’s crypto news if you missed it!
