Chart of the Day
What a difference a year makes. In March 2020, the aggregated Bitcoin exchange reserve stood at around 3 million BTC. Today, that number has declined by 700,000 — a manifestation that appears to have resulted from greater adoption and use cases of Bitcoin. Institutional interest and listed company purchases have absorbed a significant amount of the declining exchange balance. The burgeoning DeFi sector, too, has witnessed a defining trend of staking Bitcoin in DeFi protocols.
Talk of the Town
Cash Card, Credit or Crypto? Payments giant PayPal has rolled out a much-anticipated crypto payment service that allows U.S. consumers to checkout using their crypto holdings. The move, which marks the first step towards incorporating digital assets in everyday commerce, has sent the price of Bitcoin up to challenge the $60k resistance after weeks of stagnation. PayPal users outside the U.S will be able to enjoy the perks of shopping with crypto in the coming months.