Share this article
Crypto News Today: Bitcoin's Rally Toward $30K, PayPal's Stablecoin Fakes, and More
As Bitcoin retakes $30K and major players like PayPal delve into the crypto realm, the intersection of traditional finance and crypto becomes more pronounced.
Updated Aug 8, 2023, 9:36 p.m. Published Aug 8, 2023, 9:28 p.m.
Make us preferred on Google
In the ever-evolving world of cryptocurrencies, today brought a mix of intriguing developments that are sure to capture the attention of both crypto enthusiasts and traditional finance professionals. From Bitcoin's resurgence on the back of weak Chinese economic data to the buzz around PayPal's stablecoin, here's a comprehensive roundup of the day's most significant crypto news.
Bitcoin Climbs to the $30K Mark As Global Yields Decline
Bitcoin's price saw a 3% uptick, climbing to just shy of $30,000 in response to a plunge in global long-dated government bond yields. This fall in yields was triggered by China's far weaker than anticipated trade numbers for July. The U.S. 10-year Treasury yield tumbled below the 4% mark. These macroeconomic shifts have seemingly buoyed the crypto market, with other notable cryptocurrencies like Solana , , and Chainlink registering gains of over 4% at the time of writing.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Read More: Bitcoin Rises 3% to Challenge $30K After Weak China Data Sends Yields Plunging
Beware of Fake PayPal USD Tokens
With PayPal's recent stablecoin announcement, scammers are attempting to capitalize on the hype by releasing counterfeit PYUSD tokens on various blockchains. This serves as a cautionary tale for investors to exercise due diligence and verify the authenticity of tokens before making any transactions.
Read More: Fake PayPal USD Tokens Pop up on Several Blockchains
Spot Bitcoin ETFs: A Glimmer of Hope
Prominent figures in the crypto space, Ark Invest CEO Cathie Wood and Galaxy Digital CEO Mike Novogratz, have expressed optimism regarding the approval of a spot bitcoin ETF by the SEC. With several applications pending, the crypto community eagerly awaits a positive decision, which could further legitimize and boost the adoption of cryptocurrencies
Read More: Cathie Wood and Mike Novogratz Are Both Bullish on Spot Bitcoin ETF Approvals
Huobi Sees Influx from a Crypto Whale
Huobi, a leading cryptocurrency exchange, received substantial deposits from a crypto whale, including $200 million USDT and 5,000 ether . These transactions come amidst a backdrop of continued outflows from the exchange.
Read More: Huobi Receives $200M USDT, $9M Ether From Whale
Reddit's Community Tokens Gain Traction on Kraken
Reddit's community tokens, Moons (MOON) and Bricks (BRICK), experienced significant price surges following their listing on Kraken. These coins, which serve as rewards within specific Reddit communities, have garnered increased attention and value with their introduction to a major crypto exchange.
Read More: Reddit Community Tokens Moons and Bricks Soar 50% on Kraken Listing
📣 New tokens available on spot and futures*:
— Kraken Pro (@krakenpro) August 7, 2023
🌕 $MOON @CCMOD_ and 🧱 $BRICK
✔️ Deposits and withdrawals enabled
✔️ Trading is live
*geographic restrictions apply
Learn more 👉 https://t.co/YXpsmzpIJ4 pic.twitter.com/iJaaa3yrvV
Today's crypto news underscores the sector's dynamic nature, blending innovation, market reactions and the occasional pitfalls. As bitcoin reclaims the $30K mark and major players like PayPal delve deeper into the crypto realm, the intersection of traditional finance and digital currencies becomes ever more pronounced.
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
Gold in 'extreme greed' sentiment as it adds entire bitcoin market cap in one day
Bullion ripped past $5,500 and sentiment gauges hit “extreme greed,” while bitcoin stayed pinned below $90K — a split that’s getting harder to ignore.
What to know:
- Gold’s surge above $5,500 an ounce has taken on the feel of a crowded trade, with its notional value jumping about $1.6 trillion in a single day.
- Sentiment gauges such as JM Bullion’s Gold Fear & Greed Index are signaling extreme bullishness in precious metals, even as similar crypto indicators remain stuck in fear.
- Bitcoin is lagging despite the “hard assets” narrative, trading like a high-beta risk asset while investors seeking a store of value are favoring physical gold and silver over digital tokens.
Top Stories
