Chart of the Day
For the Long Haul. Traders are holding onto their Bitcoin now more than ever since the first price rally initiated in November 2020. The share of bitcoins that were purchased during the initial stages of the unexpected, drawn-out bull market has aged from the 1-week to the 6-month mark. In particular, the number of matured coins that have sat untouched in wallets within the 3-month to 6-month range continues to balloon; this is a strong indication of holders’ plans to HODL onto the orange coin for the long term (more than 155 days).
Talk of the Town
You Reap What You Sow. Payments behemoth PayPal took the plunge into unfamiliar territory in December 2020, and it looks like its bet on crypto has taken off. Recording a 31% year-on-year growth and a first quarter revenue of $6.03 billion, PayPal’s per share earnings have exceeded analyst predictions by 20%. CEO Dan Schulman attributed the unexpected Q1 growth to increased transactions in this pandemic-ridden climate and the embrace of new payment options with digital assets. He expects 50% of PayPal’s customers to use crypto in the future.