WHAT’S BREWING IN CRYPTO NEWS?
Are you in search of the best crypto casino? You’ve found it right here at Cafe Casino, where knowing all there is to know about the world of cryptocurrency is our jam.
To make sure you can stay up-to-date as well, we’re delivering key news stories for you to digest with your morning coffee. It’s the exhilarating world of crypto, one byte at a time.
Let’s see what’s brewing.
This Week: Uptober is Boosting Bitcoin Up, Up, Up With Gains
October 17, 2024
October has arrived with a fresh wave of optimism as Bitcoin’s price shoots up, up, up, and that’s no coin-incidence. It’s called “Uptober,” and it’s the month when Bitcoin historically booms.
After a few sluggish months, Uptober is living up to its name as Bitcoin storms past the $66,000 mark[1] . The rally is gaining momentum and rushing toward the next milestone, with traders eyeing $70,000 as the next big target. Once Bitcoin hits $70,000, some analysts predict it could smash through its previous all-time high of nearly $74,000 and potentially rocket toward $80,000 or beyond. Historically, seven out of the last 11 Octobers have seen positive gains.
But why October, specifically? What’s so special about this month?
For over a decade, October has been Bitcoin’s golden month of gains – it’s a real thing! In 2013, Bitcoin skyrocketed by 61%. It boosted just shy of 50% in 2017, and in 2021, it rocked the market with a nearly 40% jump.
The timing aligns with various annual market trends. Institutional buy-ins ramp up as companies look to strengthen their portfolios before the year ends, and investors begin positioning themselves for the big moves that come with Q4 strategies.
Adding more fuel to the fire this year is the Federal Reserve’s recent decision to lower interest rates. Lower rates make borrowing cheaper, which encourages investors to borrow more and put that money into higher-risk, higher-reward assets like Bitcoin ETFs.
Mark your calendars, because this Uptober could be one for the books.
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This Week: PayPal Now Lets U.S. Businesses Buy, Sell, and Hold Cryptocurrency
October 10, 2024
PayPal just hit the headlines with a big shift that could level up millions of U.S. businesses. As of late September, the online payment giant is now letting U.S. business account holders buy, hold, and sell crypto currencies – an update that’s been a long time coming.
Up until now, crypto transactions were reserved for personal accounts like on PayPal and Venmo. But by bringing crypto into the fold for business accounts, it’s much easier for companies to take advantage of the speed, lower transaction fees, and global reach of digital currency. This could be a big win if you want to accept Bitcoin or just want a faster, cheaper way to handle transactions.
And it doesn’t stop there. PayPal is letting businesses transfer crypto to external wallets, which adds more flexibility and security. Companies can also pay their vendors or suppliers using cryptocurrency. This could streamline cross-border payments by cutting out hefty exchange rate fees and long wait times, something that’s always been a headache with international transactions.
Now, it’s important to note that this isn’t PayPal’s first rodeo in the crypto world. They’ve been playing in the crypto space for a while.
They launched crypto services for personal accounts back in 2021. More recently, they rolled out their own U.S. dollar-backed stablecoin called PayPal USD (PYUSD) in 2023, which has since expanded to the Solana blockchain to cut down on transaction fees. That’s great news if you’re eyeing crypto for smaller purchases or everyday business expenses.
The bottom line is that PayPal’s update could be a smooth entry point for businesses looking to adopt crypto and enjoy smoother transactions with fewer fees – it’s a home run!
This Week: SEC for the win – You can now trade BlackRock’s iShares Bitcoin Trust
September 30, 2024
The U.S. just scored a major crypto win this week when the SEC (Securities and Exchange Commission) gave the green light to options trading for BlackRock’s iShares Bitcoin Trust (IBIT), meaning Nasdaq can now list these Bitcoin options.
What does this actually mean? Options trading is like having a “backup plan” for your Bitcoin. You get the option to buy or sell Bitcoin at a set price by a specific date, but the beauty of it is that you don’t have to own the actual Bitcoin. This setup helps investors navigate Bitcoin’s price changes. You get more ways to participate in the market while staying safely within a legit and regulated space.
So, let’s say you think Bitcoin’s price will drop. In this case, you’d buy a “put” option. This lets you sell at today’s price even if the market crashes tomorrow. On the flip side, if you expect Bitcoin to skyrocket, a “call” option lets you buy at a set price down the road. It’s essentially a safety net.
That’s all fine and dandy for big-time or experienced investors, but what about us regular folks? Thanks to these new options, it’s easier to get involved in Bitcoin without diving into unfamiliar and potentially unregulated markets. Plus, more big players joining in means Bitcoin will likely be more stable and secure.
The SEC’s approval is just the beginning though – there are still some hoops to jump through with the CFTC (Commodity Futures Trading Commission). Once fully approved, this opens up new doors for investors, making Bitcoin investment more accessible, regulated, and less risky.
Have crypto questions? Check out our Crypto Casino FAQ.
This Week: Solana-powered DRiP Bags $8M in Seed Funding
September 19, 2024
Solana-based NFT drop platform DRiP has bagged $8 million in seed funding, poised to revolutionize the creator economy. With NFX, Coinbase Ventures, and Progression leading the charge, DRiP is launching a slick mobile app to roll out more creative tools for artists.
So, what’s the deal with DRiP?
Let’s put it this way. What if you could send your favorite content creators a tip, even if it’s just a few cents, while barely paying any fees? With DRiP, you can.
DRiP is built on Solana, a blockchain known for handling tons of transactions at super-low costs. That means you can send micro-tips for barely any fees, and giant tech companies are no longer taking a hefty cut of the profits. Creators keep most of what they earn while serving up digital art, music, and videos directly to their fans as NFTs. Then, what’s really cool about DRiP is that creators can even auction off premium content like special artwork, rare videos, or limited-edition music.
DRiP’s ambitious mission is to knock the web2 gatekeepers, like YouTube and Instagram, off their thrones. They’ve already sent 170 million digital collectibles to over 2 million wallets, and this is just the beginning. Plus, with their upcoming mobile app, fans can enjoy and interact with their favorite content faster and easier than ever since the app has a built-in wallet that keeps everything in one place.
Vibhu Norby, DRiP’s co-founder, wants to make sure creators stay in the driver’s seat. He believes they should have more control over their earnings and be able to reward fans with exclusive digital goodies they can trade or sell.
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