August 8 BTCUSD BingX Chart Analysis and Today's Headline

Data shows that long-term holders of BTC are gradually increasing, while the short-term turnover rate continues to decline. Currently, the price is relatively stable within a range, but the overall market is in a state of stagnation. Immediate rebounds after declines are becoming the norm, which is not a good market performance. Frequent false breakouts will likely lead to even greater volatility.

PayPal Launches USD Stablecoin PYUSD, Issued by Paxos Trust

According to Bloomberg, PayPal (PYPL.O) announced the launch of a USD stablecoin for transfers and payments. PayPal USD (PYUSD) is issued by Paxos Trust Co. and is fully backed by deposits in US dollars, short-term government securities, and similar cash equivalents. It is pegged to the US dollar and will be gradually made available to PayPal customers in the United States. As an ERC-20 token issued on the Ethereum blockchain, the token can also be transferred to compatible third-party wallets outside of the PayPal network. PayPal stated that starting from September, Paxos will release monthly reports detailing the assets supporting PYUSD. Paxos will also provide third-party attestations of the reserve assets for PYUSD by accounting firms.

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