PayPal Holdings is reportedly in talks to acquire cryptocurrency firms including bitcoin custodian BitGo, in a move that would expand its embrace of cryptoassets.

98% of Bitcoin’s unspent transaction outputs (UTXOs) are currently in a state of profit, a level that hasn’t been seen since December 2017, when the price of bitcoin hit its all-time high close to $20,000.

Peer-to-peer cryptocurrency exchange Paxful has revealed it repelled over 220,000 attacks from web bots in two months, with the help of threat hunting and intelligence firm Group-IB.

Following a major recent update to our streaming services, we will retire our Socket.IO streamers on the October 27. This means all CryptoCompare Socket.IO API users are required to upgrade to our new WebSocket API streaming service by this date.

Top stories in the Crypto Roundup today:

• PayPal Reportedly In Talks to Buy BitGo, Other Crypto Firms
• 98% of Unspent Bitcoin Transaction Outputs Currently in a State of Profit
• Paxful Repelled 220,000 Bot Attacks in Two Months
• Attention CryptoCompare Socket.IO users!

PayPal Reportedly In Talks to Buy BitGo, Other Crypto Firms

PayPal Holdings is reportedly in talks to acquire cryptocurrency firms including bitcoin custodian BitGo, in a move that would expand its embrace of cryptoassets.

Bloomberg reports PayPal has been holding talks with BitGo, a company that helps investors securely store BTC, and could reach a deal within weeks although talks could fall apart and PayPal could opt for another company.

How much PayPal would be paying for BitGo if a deal was made isn’t clear, but the firm raised $58.5 million in 2018 at a $170 million valuation. BitGo was the first U.S. crypto firm to secure a broker-dealer approval, and one of the first companies in the space to focus on institutional investors.

The report comes after PayPal announced customers can buy, sell and hold Bitcoin, Ethereum, Bitcoin Cash, and Litecoin using its platform, and use the cryptocurrencies to shop at the 26 million merchants on its network.

98% of Unspent Bitcoin Transaction Outputs Currently in a State of Profit

98% of Bitcoin’s unspent transaction outputs (UTXOs) are currently in a state of profit, a level that hasn’t been seen since December 2017, when the price of bitcoin hit its all-time high close to $20,000.

Data shows high levels of bitcoin unspent transaction outputs in a state of profit were typical in previous BTC bull markets, which could indicate a local top is near. The last time BTC’s UTXOs were above 90% was in July 2019, when the price of BTC hit a $13,900 top before a sell-off saw it drop to $7,500 by October of that year.

An unspent transaction output, it’s worth noting, refers to bitcoin remaining after a cryptocurrency transaction was executed, similar to the change received after conducting a cash transaction at a store.

Paxful Repelled 220,000 Bot Attacks in Two Months

Peer-to-peer cryptocurrency exchange Paxful has revealed it repelled over 220,000 attacks from web bots in two months, with the help of threat hunting and intelligence firm Group-IB.

Paxful teamed up with Grou-IB to fend off the bot attacks as these have become a common vector to attack cryptocurrency companies, which remain a hot target for hackers looking to steal the cryptocurrency in their wallets. In a statement, Group-IB wrote:

“The platform has managed to fight off over 220,000 requests from web-bots in just two months, shielding its 4.5 million customers against possible attacks.”

Bot attacks work by imitating the behavior of a regular user, and are “typically aimed at stealing client’s money.”

Ethereum Adoption by the Numbers: CEX vs. DEX Deposits

There is a clear correlation between the deposits made on centralized exchanges and decentralized exchanges in March. Excitement surrounding new DeFi products was probably the catalyst for new fiat going into crypto, which would explain the uptick in CEX deposits. The result of that is what we can observe with DEX volume increasing. 

Attention CryptoCompare Socket.IO users!

Following a major recent update to our streaming services, we will retire our Socket.IO streamers on the October 27. This means all CryptoCompare Socket.IO API users are required to upgrade to our new WebSocket API streaming service by this date.

Please note that the REST API and WebSocket API will not be affected.

To continue streaming market data via WebSocket please do as follows:

1. Get a free API key or purchase one of the 3 flexible API licenses for corporate and enterprise usecases.
2. Upgrade and connect to the WebSocket API by following these simple steps.
3. In a hurry? Contact us at data@cryptocompare.com to apply for temporary IP whitelisting to ensure service continuity while you migrate.

The new streaming API service features new datasets, better documentation, secure authentication and offers real-time trade, ticker, volume, level 2 order book data, as well as OHLC candles and the CryptoCompare Aggregate Index (CCCAGG). Find out how to connect.

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