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Bitcoin up as market digests PayPal stablecoin launch

Bitcoin edged up this morning in Asia after U.S. multinational payment giant PayPal launched a U.S. dollar-pegged stablecoin on Monday. Ether was still treading water, however, as all other top 10 non-stablecoin cryptocurrencies traded flat to lower. Bitcoin edged up 0.28% in the last 24 hours to US$29,133.55 as of 07:30 a.m. in Hong Kong but remained down 0.25% for the week, according to CoinMarketCap data. Ether dipped 0.13% to US$1,824.53, and lost 1.72% over the past seven days. Paypal ramped up its efforts in the Web3 space by launching the PayPal USD (PYUSD) stablecoin on Monday. The Ethereum-based token is issued by Paxos Trust Company.

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