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Published On: Wed, Aug 9th, 2023

Crypto News Today: Bitcoin’s Rally Toward $30K and PayPal’s Stablecoin Fake

Bitcoin has surged to nearly $30,000 as global bond yields decline, driven by weak Chinese trade data. PayPal’s stablecoin announcement has led to the emergence of fake PYUSD tokens. Prominent figures express hope for the approval of a spot Bitcoin ETF. Huobi witnesses substantial deposits from a crypto whale. Reddit’s community tokens, Moons and Bricks, gain traction on Kraken.

Bitcoin Climbs Amid Global Yield Decline
Bitcoin price rises 3% close to $30,000 due to plunging global long-dated government bond yields, triggered by weak Chinese trade data. This shift has boosted the crypto market, including Solana, Toncoin, and Chainlink.

Fake PayPal USD Tokens Caution
Scammers exploit PayPal’s stablecoin announcement by circulating fake PYUSD tokens on multiple blockchains. Investors warned to verify token authenticity before transactions.

Optimism for Spot Bitcoin ETFs
Cathie Wood and Mike Novogratz express optimism about SEC’s potential approval of spot Bitcoin ETF. Pending applications could legitimize cryptocurrencies.

Huobi Receives Whale Deposits
Huobi receives significant deposits from a crypto whale, including $200 million USDT and 5,000 ETH, amid ongoing outflows.

Reddit’s Community Tokens Rise on Kraken
Reddit’s Moons and Bricks tokens surge in value on Kraken after listing. Tokens gain attention and value as rewards within Reddit communities.

Dynamic Crypto News Highlights Convergence
Today’s news highlights crypto’s dynamic nature, blending innovation, market reactions, and potential challenges. Bitcoin’s resurgence and PayPal’s entry amplify the intersection of traditional finance and digital currencies.

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