Quick weekly news:
- New data hints why Bitcoin price action has spent two months at $30K: Read more here.
- Summer Slump: Why Bitcoin and Ethereum Are Stuck in a Rut: Read more here.
- Blockchain Protocol Thorchain Loses 4K Ether in Attack: Read more here.
Other notable events include:
- Tesla's decorrelation from Big Tech may have been influenced by Bitcoin.
- PayPal increases Limits on Bitcoin Purchases to $100,000 Per Week.
Tesla's decorrelation from Big Tech
Market analysts claim, Tesla's exposure to Bitcoin (BTC), may be the reason for its dramatic decorrelation from Big Tech in recent weeks. As of Wednesday, July 14, the 20-day correlation between the company's price and the Nasdaq 100 index has decreased from 0.83 on June 17 to 0.14.
While Tesla has lost over 4% this month, the Nasdaq 100 has gained more than 2%. According to BNN Bloomberg, there is a decreased link between Tesla shares and the NYSE FANG+ index.
PayPal increases Limits on Bitcoin Purchases
PayPal announced that the amount of Bitcoin that U.S. consumers may buy via its platform has increased to $100,000 per week. Previously, purchases were limited to $ 20,000 each week. Now users can purchase crypto with no annual purchase limit.
According to the press release, these changes will allow the company's customers more choice and flexibility in purchasing cryptocurrency on the PayPal platform.
Customers in the United States (outside of Hawaii) can now buy, sell, and hold Bitcoin, Bitcoin Cash, Ethereum, or Litecoin on the platform. They may also pay for goods and services with them.
Also, be sure to check out top altcoin gainers and losers of the week ⬇️
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