PDAXScope: BTC, Guggenheim DCP, PayPal, SHIB

Bitcoin Emerges as Key ‘Liquidity Barometer,’ Correlating with Global Money Supply Trends (CryptoPotato)

A research paper commissioned by Lyn Alden Investment Strategy underscores the correlation of BTC movement with global money supply, recognizing a 0.94 coefficient with global liquidity. Working with data collected from May 2013 to July 2024, the paper asserts that the correlation is influenced by its own volatility, which may affect short-term correlations but evens out over a longer time period.

CryptoPotato quotes the paper’s declaration that BTC is “a valuable macroeconomic barometer for investors and traders.”

Guggenheim Tokenizes First Digital Commercial Paper on Ethereum (Decrypt)

The first Digital Commercial Paper (DCP) is now tokenized on the Ethereum blockchain, courtesy of Guggenheim Treasury Securities. Commercial paper is a short-term debt security sold by corporations to raise funds. It differs from bonds and loans in that it is unsecured and is not collateral-backed. Decrypt reports Amp.Fi Digital as the issuer on behalf of Guggenheim, in the amount of US$20M.

PayPal to Allow Businesses Buy and Sell Crypto (CNET)

While PayPal already offers crypto functionality to consumers, it is only now poised to offer the same flexibility to businesses. CNET reports that this move is likely correlated with the growing market acceptance of crypto in the US thanks to the SEC’s approval of bitcoin ETFs earlier this year.

PayPal’s press release on the service has its senior VP of blockchain, Jose Fernandez da Ponte, declaring: "Business owners have increasingly expressed a desire for the same cryptocurrency capabilities available to consumers." Businesses in New York State are not covered by the new service, however.

SHIB rallies and eyes crypto’s top 15 club (CryptoPotato)

SHIB value as of September 26 rallied to US$9.7B, close to its previous high back in July 2024. CryptoPotato notes that the rally aligns with similar upswings across other memecoins, such as DOGE, PEPE, WIF, and BONK. They point to the advancement of Shibarium to over 7 million processed blocks as a driving factor, along with the 640% rise in SHIB daily burn rate. As of reporting, over 410 trillion tokens have been burned to promote scarcity, with 583.5 trillion still in circulation.