Crypto Oct 23, 2020

Bitcoin Trades Above $13k Following PayPal’s Support for Crypto

The Bitcoin price has risen above $13,000 for the first time in 4 months, which marks the third time that the cryptocurrency has rallied above the same figure since the price record in the year 2017.

Observers note that the latest move comes in the wake of a long period of five-figure price move that has seen Bitcoin performance hovering above the $10,000 – the digital asset has sustained a high price over the past 12 weeks.

Reportedly, the latest price action is said to have been caused by an announcement made by the world-leading payments company PayPal’s concerning their move to support cryptocurrency. Apart from Bitcoin, PayPal has launched its support for Ethereum, Litecoin and Bitcoin Cash.

As reported by Cointelegraph, Mati Greenspan of Quantam Economics asserted that the lasts Bitcoin price event has been influenced entirely by PayPal’s decision to support the crypto.

According to October 21 figures, Bitcoin had risen by 10 percent in a span of 24 hours, while Ethereum’s 8 percent rise reflected alongside Litecoin’s 15 percent and 9 percent by Bitcoin Cash.

Point to note, even as ether seemed to rally alongside Bitcoin, Ethereum is reported to have been unsuccessful in sustaining its price strength relative to the dark web’s most popular cryptocurrency.

While reflecting on the latest news, head of the crypto lending service Celsius Alex Mashinsky intimated that the Bitcoin rise in value suggests a bullish sign for the virtual coin and other digital assets. According to his account, crypto prices are greatly determined by trust within the industry, and PayPal happens to be among the most reputable financial payment firms.

Certainly, if PayPal’s crypto-centric user service/user interface is managed properly, we may come to witness massive adoption as new users will scramble to join the futuristic bandwagon.

PayPal’s New Chapter

PayPal has termed its new development as a significant influencer that will create an avenue for mainstream adoption of digital assets like Bitcoin.

It can be inferred that the firm is looking to exploit the efficiency, speed and resilience of digital currencies as a disruptive technology within the global financial sector – cryptocurrencies seem to be an unstoppable force to change how people exchange money.

Importantly, PayPal milestone is marked by its long-standing exploration of the crypto potential through past partnerships that culminated in its support of Bitcoin and other virtual coins. Its 2019 investment in Cambridge Blockchain is an example.

What to Expect

PayPal claims that the new service will accord users the ability to hold and transact in cryptocurrencies via the firm’s digital wallet that has so far been used to buy goods online, request and send funds across the world.

For a start, the organization’s U.S.-based users will be able to access the crypto services within the next weeks although they will not be allowed to shop using digital currency until early next year.

Meanwhile, selected international customers will not be granted access to the crypto services until a yet-to-be-determined date in the first half of the year 2021.

A quick look at the general public perception of the latest development shows that investors have welcomes PayPal’s decision with open arms.

The company’s stock price recorded a brief rise after the announcement was made, before returning to its position at the day’s trading – notwithstanding the fact that PayPal’s stock double at onset of the U.S. COVID-19 pandemic in March.

Point to note, PayPal may not be the only notable company that is looking to try their luck with cryptocurrencies. Just recently, Square spent a whopping $50 million to purchase more than 4,700 bitcoins in what was seen as the company’s belief in a possible Bitcoin-enabled future.

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