Bitcoin
Bitcoin (BTC) made marginal gains on Tuesday, following the announcement of Paypal’s USD stablecoin on the ethereum blockchain. CEO Dan Schulman emphasized Paypal’s commitment to responsible innovation and compliance, stating that they are well-positioned to contribute to the growth of digital payments.
- BTC/USD reached a peak of $29,402.65, its highest point since last Wednesday.
- The 10-day moving average is on the verge of crossing over the 25-day moving average.
Ethereum
Ethereum (ETH) also experienced a slight rise in price after the Paypal news. However, it continues to trade below the resistance level of $1,850.
- ETH/USD reached an intraday high of $1,836.06.
- The 14-day relative strength index (RSI) broke out of its ceiling at 43.00.
- The next resistance zone is near the 50.00 mark, and if reached, ETH may surpass $1,900.
Hot Take
Bitcoin and Ethereum both saw positive movement following the Paypal announcement. Bitcoin reached its highest point in a week, while Ethereum broke through its RSI ceiling. These developments indicate potential upward momentum for both cryptocurrencies in the near future.
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