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Bitcoin Daily: Bank Of America Among Investors In Paxos’ $300M Fund Raise; Bitcoin Due To Rally Back To $60,000, Analyst Says

Paxos, which provides blockchain infrastructure, has raised $300 million in a Series D funding round backed by Bank of America, crypto exchange FTX, Founders Fund and Coinbase Ventures, CoinDesk reported.

The round was led by Oak HC/FT. Additionally, it included PayPal Ventures and Mithril Capital, according to CoinDesk. Paxos has now raised $540 million over several funding rounds.

Paxos’ technology makes use of blockchain technology to help achieve same-day stock trade settlement, CoinDesk reported.

In other news, Bitcoin’s price is more likely to get back to $60,000 rather than going down below its current support level of $30,000 to a $20,000 target, according to analyst Mike McGlone, senior commodity strategist at Bloomberg Intelligence, Cointelegraph reported.

McGlone, in his latest Bitcoin analysis, compared Bitcoin’s price action with the “too cold” period of the 2018-2019 session, according to Cointelegraph.

In 2018, the BTC/USD exchange rate entered a long consolidation period in which it was at $4,000 after a crash of over 80 percent, Cointelegraph reported. Then a run-up in 2019 unexpectedly shot the price up as high as $14,000 at times.

McGlone has been known for bullish Bitcoin calls, according to Cointelegraph. He said the popular cryptocurrency could post a similarly surprising rally while aiming for $60,000.

Bitcoin’s price was $39,915.62 as of 7 p.m. Thursday (July 29).

Meanwhile, the European Investment Fund (EIF), which is responsible for small business financing, has invested $30 million in Fabric Ventures, a Luxembourg-based fund investing in digital assets and tokenization funds, Cointelegraph reported.

“The thing to note here is that there’s a recognition at European Commission level, that this area is one of geopolitical significance for the EU bloc,” said Richard Muirhead, managing partner of Fabric Ventures, per Cointelegraph. “On the one hand, you have the ‘wild west’ approach of North America, and, arguably, on the other is the surveillance state of the Chinese Communist Party.”

Fabric Ventures has pledged to invest in several software tokens, decentralized networks and applications under the “open web” and “open finance” categories, Cointelegraph reported.

Lastly, tokenized cat nonfungible tokens (NFTs) from actress Mila Kunis sold out in 35 minutes, Cointelegraph reported.

Stoner Cats was the project’s name, according to Cointelegraph. It sold out as gas prices soared. The Stoner Cats project had a cap of 10,420 NFTs at a price of 0.35 Ether each. The price was around $804.

The project’s website said there would be around 3,000 new NFTs released over the course of the season, Cointelegraph reported.

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