PayPal Rolls Out ‘Checkout with Crypto’ for U.S. Customers

31 March 2021 | Updated: 31 March 2021

PayPal and Visa have revealed plans to encourage the use of cryptocurrency on their platform, thereby demonstrating to traditional financial institutions how to handle the infamous volatility that comes with this asset group.

PayPal announced that it has a new cryptocurrency utilization service, Checkout with Crypto, which allows customers to make purchases from millions of online merchant selections with a select few cryptocurrencies on their PayPal accounts. This announcement comes a few months after the company’s decision to allow US customers to buy, hold, and sell cryptocurrencies on their PayPal account free of charge.

Meanwhile, Visa announced earlier this week that it would launch cryptocurrency settlements on its network by using a dollar-backed stablecoin. The payments solution giant noted that this move was a show of its ability to work with crypto-native fintech companies.

PayPal’s Checkout with Crypto would bolster its revenue potentials simply by holding cryptocurrency for customers in its vault. With its decision to handle currency conversion only at the point of purchase, PayPal conveniently avoids the responsibility of the fluctuation of value in the underlying currency.

Some financial experts have asserted that in the wake of PayPal’s new system, several banks and card networks are now under pressure to develop a similar strategy to retain their customers.

Checkout with Crypto Currently Support Only Four Cryptocurrencies

The payments solution company noted that it will roll out its new service in the United States alone, with the US dollar as the default transaction currency, which can get converted to other currencies at standard PayPal conversion rates. The company added that the new feature will be automatically added at checkout points for all PayPal merchants.

That said, Checkout with Crypto currently supports purchases in Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC) and will charge customers zero fees for cryptocurrency checkouts.

 

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The Canadian Economy Grew Bigger in January

31 March 2021 | Updated: 31 March 2021

January was a good month for the Canadian economy. Despite tightening public health restrictions in Ontario and Quebec, the recovery has strengthened, reflecting the growing resilience of the economy to the pandemic. With Statistics Canada forecasting continued growth in February, the first quarter of 2021 will be very good for Canada.

Overall GDP rose 0.7% in January, better than Statistics Canada’s forecast a month ago and despite the stringent containment measures in place during this period. Retail sales declined again as in-store shopping continued to be restricted across most of the country and accommodation and catering services remained exceptionally weak.

The industrial sector as a whole continued to show strengths, with manufacturing, construction, and mining, and oil and gas production collectively increased by 1.9% compared to December last year. And this despite the downturn in the automotive industry, where production fell 3.2% due to ongoing production disruptions caused by a global semiconductor shortage.

At the same time, COVID-19 remains a risk of reverse development, at least in the short term. Variants of the virus are increasing the number of cases across the country, and provinces are again forced to tighten restrictions. British Columbia, for example, has already imposed restrictions on indoor activities.
Coronavirus Third Wave Threatens Growth
A third wave of the virus again threatens to slow the economic recovery. BC. a three-week lockout with a “circuit breaker” has already been introduced, and an alarm sounds in Ontario. However, another downturn in economic activity looks less likely given that the economy was able to (relatively confidently) grow during the second wave.

Meanwhile, vaccine spread is also increasing, with Canada now expecting to receive about 44 million doses of the vaccine by the end of June – enough to cover the more vulnerable age groups (over 60) with two shots, and others over 16 with one.

Faster distribution of vaccines will greatly reduce the burden of the pandemic on the economy. The pace of deployment has accelerated in recent weeks but must continue to ensure a safer opening of the economy in the spring and summer. Supply chain problems or hesitation over vaccines could further hamper economic recovery.

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FTSE 100 (UKX) Continues Its Sideways Trend,Resumes Downtrend

31 March 2021 | Updated: 1 April 2021

Resistance Level: 7500, 7600, 7700
Support Level: 7300, 7200, 7100

FTSE 100 (UKX) Long-term Trend: Ranging
FTSE 100 is in a sideways trend. The index has been trading below the resistance at level 6800. Since January 6, the resistance level has not been broken. On January 6, the bulls broke the resistance but the bullish momentum could not be sustained. The index was resisted and it fell to level 6400. The index has been fluctuating between levels 6500 and 6800.

UKX – Daily Chart

Daily Chart Indicators Reading:
The 21-day SMA and 50-day SMA are sloping horizontally indicating the sideways trend. Presently, the index is at level 51 of the Relative Strength Index. It indicates that there is a balance between supply and demand.

FTSE 100 (UKX) Medium-term Trend: Ranging
On the 4 Hour Chart, FTSE 100 is in choppy price action. The index is retesting level 6800 to break above it. The Upward move is impossible because of the selling pressure above level 6800. Today, the index is falling after retesting level 6780.

UKX – 4 Hour Chart

4-hour Chart Indicators Reading
UKX is above the 80% range of the daily stochastic. The stochastic bands are sloping below 80% indicating that the market is in a bearish momentum. The 21-day and 50-day SMAs are sloping horizontally indicating the sideways trend.

General Outlook for FTSE 100 (UKX)
FTSE 100 (UKX) is in a range-bound move. UKX has been trading below the resistance for the past three months. The bulls are unable to break the resistance at level 6800. In the meantime, UKX is fluctuating between levels 6400 and 6800.

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Vechain (VET) Price Analysis: Vechain Is in a Sideways Trend, Faces Rejection at $0.095

31 March 2021 | Updated: 31 March 2021

Key Highlights
Vechain price rallies to level $0.09 and resumes sideways move
The altcoin has a target price of $0.11

Vechain (VET) Current Statistics
The current price: $0.08638
Market Capitalization: $7,491,123,024
Trading Volume: $7,491,123,024
Major supply zones: $0.10, $0.11, $0.12
Major demand zones: $0.07, $0.06, $0.05

Vechain (VET) Price Analysis March 31, 2021
Vechain has been in a smooth uptrend since February. The uptrend has been interrupted on March 21 as the altcoin resumed a sideways move. The bulls were resisted at the high of $0.095 as price declined to $0.076 low. The uptrend will resume if the bulls break the resistance at $0.095. On March 23 uptrend; a retraced candle body tested the 78.6% Fibonacci retracement level. This retracement indicates. VET is likely to rise to level 1.272 Fibonacci extension and reverse. That is the high of level $0.11.

VET/USD – Daily Chart

Vechain (VET) Technical Indicators Reading
VET is at level 61 of the Relative Strength Index Period 14. It indicates that the altcoin is in the uptrend zone and above the centerline 50. The 21-day SMA and the 50-day SMA are sloping upward indicating the uptrend. VET is above the 25% range of the daily stochastic. It indicates that the market is in a bullish momentum.

VET/USD – 4 Hour Chart

Conclusion
On the 4- Hour chart, Vechain is in a sideways trend below the resistance at $0.095. Each time price retested the resistance zone, the altcoin will fall to the low of $0.08. On March 27, a retraced candle body tested the 61.8% Fibonacci retracement level. The retracement indicates that the altcoin will rally to level 1.618 Fibonacci extension or the high of $0. 10.

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US100 Turned To The Upside!

31 March 2021 | Updated: 31 March 2021

US100 (Nasdaq 100) trades at 13,118 level and it seems determined to resume its growth if it jumps above the former highs. The downside seems limited after its failure to confirm a broader corrective phase.

The index rallies after the US released the ADP-Non Farm Employment Change. The economic indicator was reported at 517K higher versus 176K in the previous reading period and under 552K expected.

Nasdaq 100 Technical Analysis!

                                                Nasdaq 100 – Source: tradingview.com

US100 grows aggressively after escaping from the minor descending pitchfork’s body. The price failed to reach the major descending pitchfork’s body, so now it could approach and reach the upper meridian line (UML).

It has developed a symmetrical triangle in the short term, so an upside target could validate further growth. A valid breakout above the R1 (13,235) and through 13,356 high could bring a long opportunity.

Conclusion!

The aggressive breakout above the descending pitchfork’s upper median line (uml) and through the pivot point 12,931 followed by an upside breakout from the current chart pattern may bring a bullish opportunity.

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USDCAD retests bearish structure

31 March 2021 | Updated: 31 March 2021

Key Resistance: 1.2600
Key Support: 1.2480 – 1.2360

The USDCAD rallied 2.30% the last 2 weeks mainly due to some USD strength and Crude weakness.

This week buyers kept trying to break the previous week´s highs until Yesterday they where able to just to see sellers smash price down from the 1.2640

This gave us our setup when the rejection happened whilst looking at one week worth of bearish divergence.

On the daily, this rejection is a retest of the January 2021 base that eventually broke. Everything points at a bearish continuation, more so with oil trying to breakout of the 62 level.

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Gold bounces from massive support

31 March 2021 | Updated: 31 March 2021

Key Support: 1684
Key Resistance: 1725 – 1750

Gold dipped this week from the weekly pivot to retest the 1680 level again. As discussed earlier this week this level is a massive support on the daily/weekly and very likely where big money is going to be stepping in.

On the lower times frames (1H) we saw price reject this level whilst printing a big bullish divergence. For our entry we waited for the base`s highs to break and we are targeting the previous week´s lows / weekly pivot.

Gold is currently up 1.1%

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S&P 500 Dwindles Ahead of 4000 Key Barrier Level Amid Growth in US Treasury Yields

31 March 2021 | Updated: 31 March 2021

S&P 500 Price Analysis – March 31

The S&P 500 index rose to weekly highs of 3,983.4 on Monday, but the upside bias has dwindled ahead of the 4000 key barriers in the current session. The US 10-year Treasury yield stays firm around the highest since January 2020. Dollar and US yields will continue to rise due to strong economic results.

Key Levels
Resistance Levels: 4100, 4050, 4000
Support Levels: 3950, 3900, 3840
S&P 500 Long term Trend: Ranging
As seen on the daily, the uptrend may be expected to falter and stay beneath the 4000 levels, while the market is trading above the daily MA 5 and 13, consolidating further into the following session, which will be followed by re-attempting the resistance level at 4000.

The technical indicators are currently endorsing the ranging outlook as the RSI is heading toward its midline reading at 50 while the price turned lower after retracement from the weekly high at 3,983.4 marks. The moving averages 5 and 13 maintain their position and may move slightly horizontally in the medium-term outlook.
S&P 500 Short term Trend: Ranging
In the short-term, the S&P 500 index has been at the upside channel after it penetrated above the consolidation area of 3,950 levels at the close of the prior week. As the price jumped above the 3,950 barriers, the expectation is a retest of the record peak at the 3,991 levels before retreating.

However, an increased consolidation at the top and dwindling 4 hours Relative Strength Index warn of further weakness which would bring bears fully in play on a firm break of 3,950 pivots. The anticipated scenario is positioned beneath 3,900 levels with targets at 3,840 and 3,800 levels extension.

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Ripple vs. SEC: XRP Holders Receive Court Approval to Intervene

31 March 2021 | Updated: 31 March 2021

Ripple (XRP) has gotten a breather in its ongoing legal battle with the US Securities and Exchange Commission (SEC), following the decision by District Judge Analisa Torres to allow XRP holders to intervene in the case.

According to recent reports, about 6,000 XRP holders petitioned to participate in the ongoing court case between Ripple Labs and the SEC. John Deaton of Deaton Law Firm LLC, and an XRP investor, filed a motion asserting that the ongoing lawsuit would affect holders/investors and not just the company behind the cryptocurrency.

The US court in New York authorized Deaton’s decision to file a motion to intervene. The court order reads that the motion must get filed on or before April 19. The court order added that after the submission the Commission has until May 3 to issue a counter-response.

Interestingly, the court approval to Deaton’s motion comes after the SEC filed an amended complaint, which noted that it would be “logic-bound to allow all investors and interested members of the public with differing viewpoints to intervene in the underlying actions.” The SEC added that the approval would “create an avalanche of claims and near-certainty of undue delay, complexity, and confusion.”

Key XRP Levels to Watch — March 31
Following a sharp rebound from the $0.4500 support level last week, Ripple appears to have fallen into range-bound momentum over the past few days. The seventh-largest cryptocurrency is currently consolidating between the $0.5800 and $0.5400 price points and faces a real risk of falling below the lower end of the pivot zone.

XRPUSD – 4-Hour Chart

That said, we could see a mild price climb to the $0.5600 resistance over the coming hours, followed by a slide to the $0.5400 support or lower.

Meanwhile, our resistance levels are at $0.5600, $0.5700, and $0.5800, and our support levels are at $0.5400, $0.5250, and $0.5100.

Total Market Capitalization: $1.84 trillion

Ripple Market Capitalization: $25 billion

Ripple Dominance: 1.36%

 

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How Long The US Oil Drop Could Be?

31 March 2021 | Updated: 31 March 2021

US Oil (WTI) dropped in the short term after reaching a resistance area. Actually, a temporary decline was somehow expected after the amazing rally started in November 2020.

Everyone’s wondering if the corrective phase will continue after the short-term rebound from 57.28, or the US Oil price will resume its major, long-term, uptrend.

Personally, I believe that the price action will bring confirmation soon.

US Oil Daily Chart!

WTI oil was rejected by the 66.58 – 65.62 resistance area. The false breakout and the retest have signaled a potential decline. Now is traded above the 23.6% retracement level and beyond the pivot point (58.98).

The price could challenge the 23.6% retracement level and the pivot point again before deciding what it will do in the upcoming period.

Today, the US is to release the Crude Oil Inventories data which will definitely have a big impact on the oil price.

Crude Oil Inventories Could Be Decisive!

The indicator could drop from 1.9M to -1.3M in the last week. Dropping in the negative territory could help the price to increase again.

Still, the increase could be only temporary, that’s why we need strong confirmation from the technical analysis.

The bias remains bullish even if the corrective phase will continue. Now is very important to identify where the decline, retreat ends to be able to go long again on the US oil price and catch the major uptrend.

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