PayPal brings Bitcoin and crypto to a new dimension

Posted on October 21, 2020 at 3:18 pmUpdated on October 22, 2020 at 4:14 pm

The 346 million customers of the PayPal group will be able to pay for their purchases and services in Bitcoin and cryptos from next year. They will be able to do so in the 26 million companies in the PayPal network, the group said. This decision is confirmed after years of rumors. For PayPal, Bitcoin is not just a store of value and an investment. It also has the potential to be a payment instrument. This democratization of its use is very good news for Bitcoin, up 1% Thursday to $ 12,950.00 and the crypto market. The latter rose by 4%. Ether and Bitcoin Cash rose 5% and Litecoin rose 4.3%.

Jump in price and volume

107,000 bitcoins, or $ 1.36 billion, were transferred to the platforms for sale, benefiting from the price increases published on Twitter’s Philip Gradwell of Chainalysis. However, these sales were easily absorbed by strong demand. Hedge funds that were betting on falling prices bought back some of their short positions, helping to accelerate the rise. Bitcoin can hope for a surge of more than $ 17,000.00 last quarter, interrupted by the usual air pockets.

PayPal brings Bitcoin and crypto to a new dimension
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