Global payment giant PayPal holds a significant part of its financial liabilities in cryptocurrencies like Bitcoin (BTC) offered to its customers. As of Dec. 31, PayPal held a total of $604 million in various cryptocurrencies including Bitcoin, Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH), according to the annual report filed with the United States Securities and Exchange Commission (SEC) on Feb. 10. Bitcoin has the largest share in PayPal’s crypto assets, accounting for $291 million in the firm’s asset breakdown, while $250 million is held in ETH. The remaining $63 million includes Litecoin and Bitcoin Cash combined. The amount …

Bitcoin (BTC) fell to bearish target zones on Feb. 10 as bulls failed to hold important support above $22,000. Crypto wipeout mounts as BTC price loses $22,000 Data from Cointelegraph Markets Pro and TradingView showed BTC/USD dropping to $21,633 on Bitstamp. The pair reacted badly to regulatory fears from the United States, but had already faced days of bearish sentiment, with traders expecting a retest of $21,000 or even lower. At the time of writing, Bitcoin traded at around $21,800, down around 7% in February so far. “Bear market back or are we just having a slight correction?” Cointelegraph contributor …

The collapse of FTX and related developments did more to pull up or push down the price of Bitcoin (BTC) throughout Q4, compared to macroeconomic events such as rate hikes, according to research. In a “State of Bitcoin Q4 2022” report published on Feb. 10, Messari research analysts Sami Kassab and Chris Collar found that the collapse of the exchange resulted in a 25% decrease in the price of Bitcoin. How did #Bitcoin fare in Q4 22' in the wake of unfavorable macro and crypto environments? +FTX collapse caused a 25% swing, affecting centralized entities/exchange balance +Annual performance down 64% …

Bitcoin (BTC) mining firm CleanSpark is planning to continue its strategy of scooping up distressed mining company assets this year. The Bitcoin miner released its fiscal Q1 earnings presentation on Feb. 9, where the company said it remained optimistic about the coming year and continued growth. Chief Financial Officer, Gary Vecchiarelli, said CleanSpark has seen “explosive growth” in the last 12 months and feels very comfortable with its plans. He added that growth in terms of mergers and acquisitions would continue into 2023. “With respect to our strategy regarding M&A, we have been one of the most active miners to …

In this week’s episode of Market Talks, Cointelegraph welcomes Average Joe’s Crypto, a research analyst and writer. He authors his own blog, which focuses on all things crypto, Web3 and decentralized finance (DeFi). Without wasting any time, we jump straight into why artificial intelligence (AI) tokens have been going parabolic recently. Why have tokens that use artificial intelligence in some way been having their moment in the sun, and is this a trend that will continue into the future or is it just a passing fad? There have recently been a number of memecoins that have been moving upw, too. …

Bitcoin (BTC) stayed lower at the Feb. 9 Wall Street open as a sweep of local lows increased bets of a more serious comedown. Trader: "Something feels off" about BTC strength Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it traded around $22,700 on Bitstamp. The pair had dipped to $22,378 earlier in the day, this marking its lowest levels since Jan. 25 and a reinforcement of $22,400 as an important zone to watch. “We tapped the swing low at $22,500 followed by a bounce. I would look for the bears to escalate the drop once we lose …

Finland-based peer-to-peer (P2P) cryptocurrency platform LocalBitcoins is shutting down operations after serving its customers for more than 10 years. LocalBitcoins officially announced termination of services on Feb. 9, citing tough market conditions of the ongoing cryptocurrency winter. “Regardless of our efforts to overcome challenges during the ongoing very cold crypto-winter, we have regretfully concluded that LocalBitcoins can no longer provide its Bitcoin trading service,” the firm said. LocalBitcoins encouraged all customers to withdraw their crypto assets from the platform, asking to proceed with withdrawing Bitcoin (BTC) from the LocalBitcoins wallet. According to the announcement, users will be able to withdraw …

Bitcoin (BTC), Ether (ETH) and even nascent altcoins are a solid “buy,” a previously risk-off investor says. In a blog post released Feb. 8, industry stalwart Arthur Hayes announced a U-turn on his current crypto investment plans. Hayes changes tune on "risky assets" Current macroeconomic conditions stemming from the United States Federal Reserve previously made Arthur Hayes keen to avoid what he calls “risky assets.” As inflation slows and the Fed’s rate hikes with them, multiple new storms are brewing in the U.S., and the Fed, as well as Congress and the Treasury, will all steer the economy as they …

The cryptocurrency miner Argo continues to undergo a series of company changes in light of its major acquisition and newly filed lawsuit. Peter Wall, the CEO of Argo Blockchain, announced his resignation from his executive position at the company on Feb. 9. According to the announcement, Wall will remain an advisor to Argo throughout the next three months in support of the transition out of the position. He also commented that he was “pleased” to have spearheaded the recent Galaxy Digital acquisition deal. In the same announcement, the company also revealed the resignation of Argo board member Sarah Gow. This …

Michael Demissie, the head of digital assets at Bank of New York Mellon (BNY Mellon) is adamant that the cryptocurrency market fall in 2022 won’t waver institutional interest in digital assets. At a conference run by Afore Consulting on Feb. 8, Demissie said the digital asset industry is “here to stay” as institutional investors have held a strong interest in crypto. "What we see is clients are absolutely interested in digital assets, broadly,” he said, according to a Feb. 8 report from Reuters. Demissie backed up his thoughts by referencing a survey conducted by BNY Mellon in October, 2022, which …

Crypto exchange FTX’s collapse and overall crypto market turmoil were not key factors in the decision to merge crypto mining firm Hut 8 with US Bitcoin Corp., according to Hut 8 CEO Jamie Leverton. On Feb. 8, Leverton said that the merger was mainly about providing diversified revenue and helping scale the combined businesses, stating: “I think this deal would have happened regardless. The ability for us to bring these businesses together we think is so incredibly complementary.” The all-stock merger was announced on Feb. 7 with the combined company, now called Hut 8 Corp or “New Hut,” to be …

Max Levchin, the CEO of buy-now-pay-later company Affirm, has confirmed that they will be shutting down their “Affirm Crypto Program” amid dampening consumer spending and a changing macroeconomic environment. The CEO released a letter to shareholders on Feb. 8 alongside a 19% staff cut. He cited uncertain macroeconomic conditions and the need to offset some liabilities on the firm’s balance sheet as the two main reasons behind the decision: “In a period of increased economic uncertainty, we are doubling down on our core businesses, delaying projects with less certain revenue timelines, and aligning our operating expenses with revenue. Concurrent with …