Bitcoin is currently trading around $19.5ki at the time of writing after a day of relative inactivity. The largest cryptocurrency by market cap is hovering between two key support levels of $19k and $20k as market action slows further. Altcoins, on the other hand, were largely stable and the end of the week is approaching. More on that later.
In other news, a new Paypal Terms of Service section is being criticized by users across the board for its draconian nature. The new user policy allows the company to impose fines of up to $2,500 if the user is found guilty of spreading misinformation. This unilateral measure to control and punish the flow of alleged misinformation is not taken lightly by users and they are protesting it en masse. More on that later.
Brazil is witnessing a kind of massive adoption of cryptocurrencies at the institutional level. The South American country saw the highest number of private companies and institutions declaring crypto ownership in August. The Brazilian Tax Agency (RFB) shows that these organizations are increasingly interested in owning crypto and have used USD Tether to make purchases in the crypto sector.
Bitcoin price is fixed at $19.5k
Bitcoin continues to change hands with a valuation of $19.5k, with the price generally not changing much in the last 36 hours.
The last 36 hours started with BTC rate around $19.45k. It traded sideways around this level for a while before registering a brief flash drop to $19.3k just before midnight. Fortunately for the bulls, however, the decline proved to be short-lived and the price was back above $19.4k in no time. After that, the cryptocurrency huffed and puffed, moving above $19.5k and staying there until the end of the day yesterday.
Today’s price action was once again undervalued, with the price staying within $200 of its opening value throughout the day, with volatility below 2% for the third day in a row. So Bitcoin is still stuck between the $19k and $20k support levels and shows no signs of moving closer to either of these two. The equation therefore remains the same for the digital asset. The bears should move the price below $19k and then work towards the $18k support level, while the bulls should make a move above $20k just to keep the bears at bay. Generally, in the long run, the bears have a lot of control over the market and the bulls are under pressure to perform.
Bitcoin’s total market capitalization was approximately $374 billion and its share of the crypto market was 41.23%.
Altcoins remain stable
Other cryptocurrencies remained stable at the end of the past 24 hours. Big movers were Ripple (XRP, 1.2%), Polkadot (DOT, 2.2%) and Chainlink (LINK, 1.2%). This shows that the market has been very calm and is likely to finish the week calm.
In other news…..
Paypal is criticized for new user policy that can fine users up to $2500
Major payments company Paypal has announced a new user policy that allows the company to impose large fines on users. Under the new user policy, after November 3 this year, the company will be able to fine its users up to $2,500 for spreading “misinformation.”
The updated user agreement tweak was first spotted by The Daily Wire. Understandably, Paypal users were unhappy with the new move, calling the new disinformation policy an abomination.
This development is especially ridiculous because Paypal is not even a messaging company, but is a payment company used by hundreds of millions of users around the world. One user stated that the company’s customers should leave because their subjective view of misinformation does not warrant them to illegally seize their users’ funds.
Cryptocurrencies like Bitcoin and their wallets are an alternative to overly centralized regimes like Paypal that can theoretically reduce access to your money whenever they want. When you run a private crypto wallet, no power in the world can censor your transactions and crypto property there.
At the time of writing, it has apparently become clear that Paypal has reversed this step. They said the following:
“Paypal does not penalize people for misinformation, and this language was never intended to be included in our policy. Our teams are working to correct our policy pages. We apologize for any confusion this has caused.”