Leak Reveals Millions Of PayPal And Robinhood Bitcoin Buyers May Soon Want To Make A Surprising Switch Amid Bitcoin Price Mania

Bitcoin has exploded this year, with long-awaited institutional adoption being bolstered by retail investors pouring cash into all manner of cryptocurrencies (some looking like better bets than others).

The bitcoin price has soared as millions of potential bitcoin buyers get access to bitcoin markets via the likes of PayPal, Robinhood, Square’s Cash App and Revolut.

Now, as PayPal and Robinhood continue to prevent bitcoin bought on their platforms from being moved elsewhere, a leaked blog post has revealed London-based banking app Revolut is gearing up to allow some of its users to transfer their bitcoin holdings off its app.

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In a blog post that was deleted shortly after being published on Thursday—but not before being spotted by eagle-eyed AltFi reporters—Revolut announced that its top-tier paying users will next week get beta access to transfer their bitcoin off its platform.


“We’re launching next Thursday, unfortunately the blog went up a little too soon,” says a Revolut spokesperson, speaking over email. The blog post, uploaded “due to a scheduling error,” sported a URL that includes “bitcoin withdrawals have landed” but now directs to a 404 error page.

“We’re starting with bitcoin, but we’ll be adding more tokens and upgrades in the near future,” the post read. Revolut users, including in the U.S. where the banking app was launched in March 2020, can currently buy and sell 22 different cryptocurrencies, including bitcoin, ethereum, litecoin, and Ripple’s XRP.

Meanwhile, it was reported Revolut employees were told of the pending update ahead of the leaked blog post’s publication—with management thanking bitcoin “for making all our dreams come true.”

“Huge Revolut milestone to announce,” Revolut staff were told in a company-wide communication, according to the Financial Times. “Our public beta for crypto withdrawals has now soft launched for all eligible users.”

Meanwhile, restrictions on PayPal and Robinhood accounts preventing them from moving their bitcoin off the platforms have continued to grate on bitcoin and cryptocurrency devotees—many of whom espouse the cryptographic mantra: “not your keys, not your coins,” warning that if you let a bank hold your cryptocurrency for you it’s vulnerable to loss or theft.

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“Buying bitcoin on Robinhood is not owning bitcoin. Buying bitcoin through PayPal is not owning bitcoin,” NFL pro footballer and staunch bitcoin advocate Russell Okung said via Twitter this week.

PayPal’s support of bitcoin and a handful of other cryptocurrencies, announced in October 2020, kickstarted the current bitcoin price bull run and sent bitcoin soaring well past its previous all-time high of around $20,000 per bitcoin set in late 2017.

However, PayPal immediately attracted criticism for failing to allow users to transfer the cryptocurrencies they bought off the platform.

Square, led by bitcoin believer Jack Dorsey, enabled bitcoin withdrawals via its Cash App in 2019 while investing app Robinhood has said it plans to do so in the future.


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Ethereum Is Suddenly Rocketing But Dogecoin Is Still The Crypto Price King

Ethereum, the second-largest cryptocurrency after bitcoin, has shot higher this week, adding a staggering 25% to its already huge recent gains.

The ethereum price, now within touching distance of $3,000 per ether, has been boosted by the European Investment Bank’s (EIB) debut digital bond sale, issued on the ethereum blockchain, and praise from Wall Street giant and bitcoin convert JPMorgan JPM .

However, even as ethereum investors and developers celebrate the soaring ether price, “joke” cryptocurrency dogecoin is rocketing further and faster—adding almost 50% to its price over the last week.

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Dogecoin, based on the Shiba Inu doge meme and a favorite of Tesla TSLA billionaire Elon Musk, has soared by almost 5,000% since its price exploded in January.


The dogecoin price has so far held its ground, defying critics who have warned its price is likely to come crashing down as quickly as it has risen. And cryptocurrency traders hoping dogecoin will hit $1—up from around 38 cents—continue to pile in.

Elon Musk, a long-time supporter of dogecoin who was voted its CEO in a 2019 Twitter poll, has helped buoy the dogecoin price, regularly tweeting dogecoin memes and jokes, most recently cueing up his hotly-anticipated appearance on Saturday Night Live next week by posting: “The Dogefather.”

Dogecoin has shot into the cryptocurrency top ten in recent months and looks set to break back into the top five with its total market value currently just under $50 billion. Bitcoin, for comparison, now has a market capitalization of just over $1 trillion.

Ethereum, in many ways the cryptocurrency antithesis to dogecoin, is meanwhile up more than three-fold from the beginning of the year as it emerges as “the backbone of the crypto-native economy.”

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This week, the EIB, the European Union’s lending arm, used ethereum to issue digital bonds, worth over $100 million, for the first time—leading to claims from cryptocurrency and blockchain advocates the financial market is poised to adopt crypto technology.

“Over time I expect a complete rewiring of centralized capital markets to leverage decentralized financial blockchain markets,” Seamus Donoghue, vice president of strategic alliances at digital asset infrastructure provider Metaco, said in emailed comments. “The rails for a new decentralized capital market are being built on ethereum.”

Elsewhere, ethereum investors cheered a report from JPMorgan this week that predicted ethereum will continue to outperform bitcoin—something ethereum has done by a factor of two over the last 12 months.

“Bitcoin is more of a crypto commodity than currency and competes with gold as a store of value, whereas ethereum is the backbone of the crypto-native economy,” wrote JPMorgan analysts led by Joshua Younger.

“To the extent owning a share of this potential activity is more valuable … ethereum should outperform bitcoin over the long run.”


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The Bear Case for Bitcoin Is Ethereum, Says CryptoCobain

Prominent trader and analyst CryptoCobain is sharing his thoughts on the potential threat Ethereum (ETH) poses to Bitcoin (BTC).

In a conversation with Three Arrows Capital CEO Su Zhu and crypto researcher Hasu, the pseudonymous trader explains how Ethereum could disrupt Bitcoin’s upward momentum.

CryptoCobain suggests that if Ethereum can overtake Bitcoin’s market cap for an extended period of time, it could jeopardize the success of the leading crypto asset as long-term BTC owners trade their holdings to ETH.


“I think a lot of the people that are holding Bitcoin now are in the never sell camp. And worst-case scenario they’ll go, ‘We should also allocate to Ethereum,’ and take another 1% allocation out of their treasury.

On a longer timeframe, I do think the bear case for Bitcoin is Ethereum.”

In CryptoCobain’s opinion, Ethereum will inevitably flip Bitcoin’s market cap temporarily, but will only threaten Bitcoin if it is able to sustain that growth.

“If you have a flippening that sustains or Ethereum largely gains on Bitcoin, I think that becomes troubling. A temporary flip is no problem for Bitcoin/USD…

I think the flippening is now inevitable, but I think it will be incredibly temporary. I think you will have a massive blow-off top. I think the ETH blow-off top will be either slightly before or slightly after the Bitcoin blow-off top.”

The crypto influencer in part believes the flippening will occur because Bitcoin’s addressable market cap as a gold substitute is around $10 trillion, while Ethereum’s addressable market cap is “everything.”

CrytpoCobain likens Ethereum to the early stages of the internet when users thought it would exist alongside things like radio and television, but in the end it swallowed up those mediums almost entirely.

“The total addressable market of things for Ethereum is just gigantic. So even if Bitcoin gets the store of value as digital gold narrative, the market cap of gold is still lower than the total addressable market of everything. Like, of all money.

When the internet launched and people got the internet wrong thinking it was an additional channel… rather than realizing the internet is just a new medium for all channels… The macro vision for Ethereum is that for all of money, whereas the macro vision for Bitcoin is now a digital gold, or store of value.”


CryptoCobain adds that institutions will increasingly swoop in to buy Ethereum, as it gains traction as a legitimate asset alongside Bitcoin.

“I do think you’ll see a bunch of institutional adoption of Ethereum soon. I read a report… and it was just all about Etheruem and saying it’s like a first-class peer of Bitcoin in their eyes now.

I do think there’s going to be a bit of a move, [and we’re] going to see some cold wallets moving and making allocations to Ethereum.”

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DeFi adoption on the Binance Smart Chain reaches new highs

Decentralized finance (DeFi) has taken a well-deserved break from the spotlight over the past couple of months after being one of the hottest sectors at the start of 2021, but recent growth on several top platforms may hint at another DeFi run in the near future. 

While projects that operate on the Ethereum (ETH) network continue to deal with wild fluctuations in gas fees and transaction times, several that operate on the Binance Smart Chain (BSC) have seen an uptick in protocol activity and token value over the past week.

XVS/USDT vs. CAKE/USDT vs. LINA/USDT 4-hour chart. Source: TradingView

Three projects on the BSC that have seen increases in trading volume, price and activity within their DeFi protocols are Venus (XVS), PancakeSwap (CAKE) and Linear Finance (LINA).


The Venus protocol is an algorithmic money market and synthetic stablecoin protocol that provides a lending and borrowing solution for DeFi on the BSC.

Recent bullishness for the project began to increase around April 20 when it was revealed that a proposal was submitted to add Dogecoin (DOGE) to the Venus money market.

Following an initial price surge and pullback, momentum and price activity for the project saw another surge on April 29 following the announcement of the Venus Reward Token (VRT) and Venus nonfungible token (NFT) airdrops.

The announcement of the airdrops combined with the listing of XVS on the Crypto.com exchange helped spark a 70% rally in the price of Venus from a low of $72 on April 29 to a new all-time high at $124 on April 30.

XVS/USDT 4-hour chart. Source: TradingView

At the time of writing, the total value locked (TVL) in Venus is nearing $10 billion.


PancakeSwap is a BSC-based automated market maker (AMM) similar to Uniswap (UNI) that allows users to exchange tokens and earn a portion of fees through yield farming.

Data from TradingView shows that the price of CAKE rallied 102% over the past week, going from a low of $21.90 on April 23 to a new record high at $44.28 on April 30 as token holders engage with the low fee, high yield protocol.

CAKE/USDT 4-hour chart. Source: TradingView

Price action for CAKE has seen a steady rise over the past week following the launch of V2 farms on April 23 and the successful completion of token migration on April 24.

Since the migration and launch of the new liquidity pools, the TVL on PancakeSwap has spiked to $9.873 billion making the protocol the second-ranked DeFi protocol by TVL.

Total value locked on PancakeSwap. Source: Defistation

According to data from Cointelegraph Markets Pro, market conditions for CAKE have been favorable for some time. 

The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

VORTECS™ Score (green) vs. CAKE price. Source: Cointelegraph Markets Pro

As seen in the chart above, the VORTECS™ Score for CAKE began to pick up on April 24 and reached a high of 7 around 14 hours before the price increased 62% over the next five days.


Linear Finance (LINA) is a decentralized delta-one asset protocol that enables the creation of synthetic asset tokens to represent traditional assets like commodities, forex, market indices and other thematic sectors which can then be traded on the Linear exchange.

Data from TradingView shows that the price of LINA has climbed 70% over the past week, rising from a low of $0.069 on April 23 to an intraday high of $0.1164 on April 30 with $196 million in 24-hour trading volume.

LINA/USDT 4-hour chart. Source: TradingView

The recent momentum for the project began to build ahead of the April 27 ask-me-anything session with the Moonbeam Network, which calls itself the “easiest on-ramp to Polkadot” thanks to Ethereum-compatible smart contracts on a Polkadot parachain.

Cross-chain interoperability has been one of the major themes of the 2021 bull market, so the prospect of being able to operate LINA on the Polkadot network as well as the BSC and the Ethereum network may have helped to spark a new round of interest in the protocol.

As the pool of retail and institutional investors participating in the cryptocurrency ecosystem continues to grow, DeFi protocols on BSC are well-positioned to see significant gains thanks to low fees and high yield opportunities.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.