Crypto Industry News:
American financial technology company PayPal has launched a new stablecoin called PayPal USD (PYUSD).
Pegged to the US dollar, the stable coin will be issued by Paxos Trust Co. and fully backed by deposits in US dollars, short-term government securities and similar cash equivalents. It is built on the Ethereum platform and "made for digital and Web3 payments," and the company says it will soon be available to customers in the United States.
PYUSD will always be convertible to US dollars, can be exchanged for other cryptocurrencies on PayPal, and can be transferred between PayPal and Venmo accounts. The company says it will soon be available as a payment method for various purchases.
PayPal's stablecoin launch could accelerate its efforts to become a cryptocurrency payments giant, an initiative the company launched in 2020 to enable cryptocurrency payments on its platform.
PayPal boasts over 350 million active users and already allows users in the US and UK to buy, sell and hold Bitcoin, Ethereum, Bitcoin Cash and Litecoin, as well as enabling payments in these assets.
Technical Market Outlook:
The BTC/USD pair has made the new local low at the level of $28,881 as the corrective cycle continues. In a case of a another breakout lower, the next target is located at $28,446 (this level will work as the technical support and the line in the sand for bulls). The intraday technical resistance is seen at the level of $29,623, just below the 100 MA. The weak and negative momentum, together with an increasing bearish pressure supports the short-term bearish outlook for BTC, but for now the market is consolidating around the 50 MA as it awaits the fundamental trigger to increase volatility. The trading conditions are still choppy and full of false breakouts as the bulls and bears fight for the control of the market.
Weekly Pivot Points:
WR3 - $29,401
WR2 - $29,222
WR1 - $29,126
Weekly Pivot - $29,043
WS1 - $28,948
WS2 - $28,864
WS3 - $28,685
Trading Outlook:
The bulls broken above the gamechanging level located at $25,442, so now the mid-term outlook for BTC is bullish. The last pull-back has reached the 38% Fibonacci retracement and the market is ready to continue the up move. The next target for bulls is seen at the level of $32,350. As long as the level of 19,572 is not clearly violated, there is a chance for a long-term up trend to continue.