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PayPal Holdings, Inc. is a technology platform and digital payments company that enables digital and mobile payments on behalf of consumers and merchants. The Company's combined payment solutions, including its PayPal, PayPal Credit, Braintree, Venmo, Xoom, iZettle, and Hyperwallet products and services, comprise its Payments Platform. It operates a two-sided network that links its customers around the globe to facilitate the processing of payment transactions, allowing it to connect merchants and consumers. The Company allows its customers to use their account for both purchase and paying for goods, as well as to transfer and withdraw funds. It enables consumers to exchange funds with merchants using funding sources, which include bank account, PayPal account balance, PayPal Credit account, credit and debit card or other stored value products. The Company also offers consumers person-to-person (P2P) payment solutions through its PayPal Website and mobile application, Venmo and Xoom.


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Interest rate markets may have biggest impact on bitcoin in near term, this asset manager says

11:49 am ET November 27, 2021 (MarketWatch)

By Frances Yue

Major cryptocurrencies and crypto-related stocks and funds tumble, amid concern about a new COVID variant

Happy belated Thanksgiving! Welcome to Distributed Ledger, our weekly crypto newsletter, which usually reaches your inbox on Thursday. This installment is going out on Friday due to the holiday.

I'm Frances Yue, crypto reporter at MarketWatch, and I'll walk you through the latest and greatest in digital assets this week so far. Find me on Twitter at @FrancesYue_ to send feedback or chat about anything crypto.

Subscribe here if you haven't done so!

Crypto in a snap

Major cryptocurrencies slid for another week and plunged on Friday amid broad sell-offs of risky assets, after a new variant of COVID-19 was detected in South Africa.

Bitcoin fell more than 7% on Friday, with a 1.1% loss for the past seven days, according to CoinDesk data. The cryptocurrency was recently trading at $54,460 early New York time. Ether plunged more than 9% on Friday, while it logged a 2.3% gain over the past seven days. Dogecoin recorded a 9% loss over the past seven days, while Shiba Inu fell roughly 10% over the past seven days.

Crypto Metrics

Biggest Gainers        Price   % 7-day return 
Gala                   $0.68   201.5% 
The Sandbox            $6.99   64.1% 
Zcash                  $253.2  60.1% 
Basic Attention Token  $1.51   37.4% Coin        $0.68   32.3% 
                               Source: as of Nov. 26 
Biggest Decliners  Price  % 7-day return 
Nexo               $2.37  -21.2% 
ICON               $1.7   -24.5% 
loTeX              $0.15  -19.1% 
OMG Network        $7.99  -19.05% 
WAX                $0.73  -18.9% 
                          Source: as of Nov.26 

Macro uncertainties

Ben McMillan, founder and chief investment officer at crypto asset manager IDX Digital Assets, said that for the past few weeks, the firm has been "very cautious on crypto" and has been "repositioning portfolios more defensively," as major cryptocurrencies saw higher volatility.

"Bitcoin just hit all-time highs. So there's always a little bit of a pause," McMillan told MarketWatch in an interview. On Nov. 10, bitcoin notched a record high of $68,991, according to CoinDesk data. "As it tests all-time highs, you start to see market participants taking profits. That's not unexpected," according to McMillan.

Global macroeconomics uncertainty also adds to the recent selloff pressure, said McMillan. Although the narrative that bitcoin could be used as an inflation hedge has contributed to the cryptocurrency's earlier bull run, bitcoin has recently started to demonstrate some sensitivity to interest rates, according to McMillan.

"A good example is when you looked at the record high CPI numbers that came out a couple of weeks ago, what was interesting was that Bitcoin initially traded up on that news consistent with the idea of Bitcoin as an inflation hedge, but it actually sold off very quickly a few hours later as the rates market started trading up," McMillan added.

McMillan said he expects continued volatility through the year-end. "That doesn't mean that bitcoin can't hit all-time highs. It just means that we're expecting there to be more weakness ahead in the immediate term," McMillan said.

Bitcoin leaving exchanges

As of Wednesday, the amount of bitcoin held by exchanges fell to around 2.3 million, a more-than-three-year low, according to CryptoQuant.

This sign is usually interpreted as bullish in the long term. "Waning supply on exchanges typically means that market participants are moving BTC into cold storage because they see incremental upside for the foreseeable future," wrote a recent report by crypto exchange Kraken.

However, there are exceptions. Market participants may be "moving funds onto lending platforms, making a peer-to-peer sale, or tokenizing their BTC on other blockchains," according to the report.

India's potential crypto ban

According to the India parliament's bulletin dated Tuesday, the government plans to introduce a bill, which seeks to build a framework for the creation of India's official digital currency, in the parliament's "Winter Session" starting Nov. 29.

The bill also seeks to ban all private cryptocurrencies in India, but would allow "certain exceptions to promote the underlying technology of cryptocurrency and its uses," according to the bulletin.

John Kicklighter, chief strategist at research site DailyFX wrote to MarketWatch in an email that "the verbiage of the bill isn't particularly clear, but the density of long-only speculative interests will naturally read into the risks associated with any regulation."

Mikkel Morch, executive director at crypto hedge fund ARK36 wrote that "what's interesting is that the situation does underscore the fact that the adoption of cryptocurrencies around the globe has happened so fast that it has also given rise to a new set of challenges for governments and financial regulators."

Crypto companies, funds

In crypto-related company news, shares of Coinbase (COIN) went down 4% to $299.6 Friday morning. It was down 7% for the past five trading days. Michael Saylor's MicroStrategy Inc. (MSFT) dropped 4.7% to $669 Friday morning. It was down 8% over the past five days.

Mining company Riot Blockchain Inc. (RIOT) shares fell 4.4% to $35, while it gained 4.3% over the past five days. Shares of Marathon Digital Holdings Inc. (MARA) plunged 7.4% to $48.5, contributing to a 5.4% loss over the past five days. Another miner Ebang International Holdings Inc. (EBON) dived 9.8% to $1.51, with a 15.8% loss over the past five days. Inc. (OSTK) went up 1.6% to $94.3, while it was down 11.5% over the past five days.

Square Inc. (SQ)'s shares inched down 1.4% to $213.1, with a 7.3% loss for the past five days. Tesla Inc.'s (TSLA) shares went down 2.8% to $1,086, with a 1.07% loss over the past five days.

PayPal Holdings Inc. (PYPL) inched up 1.3% to $191, while it recorded a 4.8% loss over the past five days, while NVIDIA Corp. (NVDA) went down 1.62% to $321.5, with a 1.38% gain over the past five days.

Advanced Micro Devices Inc. (AMD) went down 0.53% to $157 and notched a 1.8% return over the past five days.

In the fund space, ProShares Bitcoin Strategy ETF (BITO) went down 5% to $34.7 Friday morning, while Valkyrie Bitcoin Strategy ETF (BTF) declined 5.2% to $21.4. VanEck Bitcoin Strategy ETF (XBTF) dropped 5.5% to $54.2.

Grayscale Bitcoin Trust (GBTC) went down 4.6% to $44.3, with a 4.2% loss over the past five days.

-Frances Yue

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(END) Dow Jones Newswires

November 27, 2021 11:49 ET (16:49 GMT)

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