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PayPal Holdings
Inc. (NASDAQ:PYPL) reported a first-quarter 2021 earnings beat on May 5, CEO Dan Schulman said in a conference call that cryptocurrency had contributed to the company’s strong growth.
Cryptocurrency increased user engagement within the PayPal app, with over half of its users are now logging in daily to check the fluctuating prices of their crypto investments, the CEO said.
Schulman also discussed the company’s plans to roll out a next-general digital wallet in the third quarter. On the day of PayPal s earnings print,
Bitcoin (CRYPTO: BTC) was trading beween around $53,00 and $57,000.
Bitcoin subsequently lost 50% of its value between May 10 and May 19, and traders and investors are watching how companies that have adopted Bitcoin and other cryptocurrencies into their business models will hold up during wild fluctuations.
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DraftKings Inc (NASDAQ:DKNG) slammed into resistance Tuesday morning after reversing a months-long downtrend.
Bullish sentiment has waned in the online sports betting sector and DraftKings lost 46% of its value before making a bullish break upwards on May 14. Early on Tuesday, it was reported Cathie Wood-led
Ark Fintech Innovation ETF (NYSE:ARKF) purchased 130,400 shares of DraftKings for approximately $6.24 million. DraftKings’ stock opened 2.68% higher on Tuesday following the news but retraced slightly amid overall market weakness.
The DraftKings Chart: On Monday DraftKings managed to regain the eight-day exponential moving average (EMA) but rejected, and wicked off, the 21-day EMA. On Tuesday’s move higher the stock then rejected, and wicked off, resistance at $50.17 and remained below the 21-day EMA.