After undergoing a sharp correction towards the $50,000 region, Bitcoin is trading at $56,805. Moreover, quick recovery suggests support of around $53,000. Fundamental news, such as Venmo’s support for cryptocurrencies and WeWork’s statement to accept and hold crypto on its balance sheet, could boost Bitcoin price in the short term. Meanwhile, the second-largest cryptocurrency, Ethereum, is trading close to $2,321.
Let’s review some interesting crypto news for today.
Dogecoin Hit $50 Billion Market Cap Following Integration With Newegg as Payment Method
Newegg announced the acceptance of Dogecoin as a payment method for its online shopping website. Moreover, Newegg is one of the leading e-retailers, which offers the latest consumer electronics, smart homes, gaming products, and more. Earlier, this tech-focused website was accepting Bitcoin as a crypto mode of payment. However, the recent surge in Dogecoin forced Newegg’s team to integrate this payment option. In addition, this would help customers to pay and shop with Dogecoin directly through their digital wallets at the time of checkout. Dogecoin also hit a historical milestone by surpassing its market cap to over $50 billion. However, DOGE price has since dropped, reducing the market cap to just under $40 billion. At the time of publication, Dogecoin was trading close to $0.302712, which is roughly over 326% in the last 7 days. Before that, it has recorded a new all-time high of $0.41888.
Paypal’s Venmo Introduced Cryptocurrency Support for 70 Million Users
Venmo announced the introduction of cryptocurrency buy, sell, and hold options for its customers. Moreover, Venmo is one of the most popular digital payment services with an over 70 million user base. As per the press release, this crypto feature is integrated through PayPal’s partnership with blockchain infrastructure firm Paxos. With this integration, users can start investing with just one dollar through their Venmo app directly. Initially, users can invest in Bitcoin, Ether, Litecoin, and Bitcoin Cash. Users can also share their crypto journey with friends through Venmo’s social feed. Users can also utilize their Venmo balance and linked bank account or debit card to purchase cryptocurrency.
Dafi Protocol | Xend Finance Partnership to Enhance Staking Model With dTokens
Dafi Protocol partnered with Xend Finance to integrate dTokens within their staking model. Xend Finance is a DeFi project that offers a platform and tools for a decentralized financial credit union. With this partnership, Xend Finance would integrate Dafi Protocol’s synthetic dTokens into its staking model. This would help Xend Finance to utilize Dafi’s reward network for reducing hyperinflation to maintain the token’s value. Besides this, the dXend token will design a sustainable staking model to reward the long-term users.
Deutsche Telekom Enters Into DeFi Space With Celo Token Investment
Deutsche Telekom partnered with blockchain payments platform Celo to accumulate the Celo digital token. Celo empowers users to send and receive money in the form of its tokens through mobile phones. Moreover, Celo has a euro stablecoin to facilitate its users’ payments and transfers. As per the press release, Deutsche Telekom stated that the DeFi space has exploded in this pandemic situation. In addition, lots of big investors are investing in cryptocurrencies, such as Tesla, MicroStrategy, and more. Hence with this investment, the European telecommunications company will boost the crypto space.
Ubisoft Joins Tezos Nomadic Labs as Corporate Baker to Enhance Gaming Industry
In the last bit of crypto news for today, we have gaming giant Ubisoft, who revealed that they have become a validator node on the Tezos ecosystem. Ubisoft is a leading creator, publisher, and distributor of memorable gaming services. Tezos is an open-source platform for assets and applications, which mitigates the key barriers of blockchain adoption. Moreover, its ecosystem consists of one of the largest research and development centers named Nomadic Labs. This integration helps Ubisoft to enhance the gaming industry while utilizing novel blockchain technology. Additionally, this would also contribute to the development and expansion of the Tezos corporate baker ecosystem.
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