May 6 Daily report: PayPal says its crypto efforts are producing ‘really great results’, Telcoin (TEL) gains 300%, Dogecoin traders are rotating profits into large-cap altcoins, Bitcoin miners’ revenue rebounds to $60M per day and Other Ethereum coin has pumped 130% in the last week

PayPal says its crypto efforts are producing ‘really great results’ on the earnings call

PayPal’s CEO believes crypto assets are forging a more equitable and inclusive financial system. The firm’s shares rose by more than 5% on Wednesday, April 5 in response to the earnings update, after PayPal revealed its per-share earnings had outperformed expectations by more than 20%, coming in at $1.22 each adjusted. PayPal’s $6.03 billion in revenue also exceeded predictions by 2%. PayPal says its crypto efforts are producing ‘really great results’ on the earnings call.

2. Telcoin (TEL) gains 300% after layer-2 migration to the Polygon network

The price of Telcoin has surged more than 4,100% since Feb. 1, rallying from a low of $0.00066 to a new all-time high at $0.0286 on May 5 as the altcoin saw a record $110 million in 24-hour trading volume. The lower fee environment of the Polygon network and the attractive yield opportunities for liquidity providers on QuickSwap likely led to the surge in trading volume for TEL.

3. Analysts suggest Dogecoin traders are rotating profits into large-cap altcoins

Experts say DOGE traders rotating profits into Robinhood-listed altcoins could be behind the rally in LTC, BCH and ETC. Ethereum Classic (ETC) has been one of the biggest beneficiaries of the shift in funds, which helped the Ethereum fork blast to a new record high of $100 on May 5. In the same period, Bitcoin Cash (BCH) and Bitcoin SV (BSV) have seen gains in the 25%–30% range.

4. Bitcoin miners’ revenue rebounds to $60M per day — Is the bull run about to resume?

Miners are returning to Bitcoin as difficulty drops and revenues reach all-time highs. Bitcoin (BTC) miners collected $60 million on a thirty-day average time frame as of May 5, showing the first signs of recovery after last month’s severe revenue drop that followed mass miner outages in China’s energy-rich provinces. 

5. Other Ethereum coin has pumped 130% in the last week

Ethereum Classic has almost matched Dogecoin’s massive pump in the last seven days. Retail hype is also building on ETC especially as the token is available to buy on the popular trading app Robinhood. Online search volume for Ethereum Classic is on the high, according to data from Google Trends.

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