Hassan Maishera
TL;DR
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PayPal announced the launch of its PYUSD stablecoin a few hours ago, expanding its presence in the crypto space.
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Bitcoin continues to trade below the $30k level despite the recent market events.
Bitcoin Stays Above $29,200
Bitcoin, the world’s number one cryptocurrency by market cap, has maintained its price above the $29k level. BTC added less than 1% to its value over the last 24 hours and is now trading just above $29,200 per coin.
The world’s leading cryptocurrency failed to make significant price movement despite PayPal announcing the launch of its stablecoin yesterday.
The payment giant announced on Monday that its stablecoin, PYUSD, will soon be available to its users in the United States. PYUSD is an ERC-20 coin and can be used to make purchases. PayPal said the stablecoin can also be converted to and from selected cryptocurrencies.
PayPal, one of the leading payments platforms in the world, expanding its presence in the crypto space was not enough to push Bitcoin’s price to the $30k level.
Investors are looking ahead to Core Inflation Rate (YoY) reading in the United States later this week. The reading will give investors an indication of the Federal Reserve’s short-term monetary policy.
The total cryptocurrency market cap currently stands at $1.16 trillion, up by less than 1% in the last 24 hours.
