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The impending 'PayPal Update' fuels conjecture about Bitcoin and altcoin pricing
The speculation around Bitcoin and altcoin pricing has been ignited by the forthcoming 'PayPal Update'
According to recent reports, Elon Musk is considering transforming X (old Twitter) into a modernized version of PayPal (NASDAQ:PYPL).
Previously, a large institution's endorsement of Bitcoin (BTC), such as PayPal's in late 2020, played a critical part in launching a bullish spike in Bitcoin prices, driving its value to about $70,000 at the time.
The X's Future
According to Fox Business News correspondent Charles Gasparino, Elon Musk is in continuous negotiations with top Wall Street CEOs about the future of X.
According to sources, Musk is considering launching an evolved payment system similar to an updated version of PayPal, with the goal of charging lower transaction fees than credit cards while also capitalizing on user data monetization.
This has led experts to speculate on the price of Bitcoin and other altcoins that Elon Musk has previously favored, such as Dogecoin (DOGE), which rose 4% in a matter of minutes following the Twitter rebranding in July, prompting assumptions that the upcoming update may cause markets to surge.
However, the decision follows a warning from an account purporting to be a Dogecoin graphic designer, who warned the crypto community about potential scam tokens falsely claiming association with X.
Elon Musk and X have never released a cryptocurrency token, and Musk responded, "And we never will."
At the same time, a report by crypto data firm Nansen indicates that the excitement surrounding PayPal's recently launched stablecoin hasn't translated into widespread adoption, with analysts from crypto data firm Nansen indicating that only a small number of people are using and retaining PYUSD within self-custody wallets. According to the on-chain insights platform, over 90% of PYUSD is stored in wallets owned by Paxos, the stablecoin's issuer.
Navigating a sluggish market
Despite past community anticipation that news of a PayPal Update from X would "change the market," that exact "market" is today beset by increased regulatory uncertainty. Many projects have continued to shut down, as Bitcoin prices have continued to fall.
This tendency has continued despite the introduction of payment giant PayPal (PYPL) into the stablecoin arena, which has failed to cause significant market movements. In recent weeks, both Bitcoin and Ethereum (ETH) have shown modest price volatility during the day and have maintained low trading volumes.
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