Recently, PayPal announced that it would soon allow the financial-services giant to accept cryptocurrencies. It means that now users could buy, sell, and hold the Bitcoin cryptocurrency, which caused Bitcoin to spike as much as 8% on Wednesday this week. The leap pushed bitcoin to an intraday peak of $13,115.17, reaching the highest level since July 2019. Bitcoin is having a great week since it reached already high of $13,153, well above its previous 2020 record of $12,473. So far, bitcoin's highest level since July 2019.
Cryptocurrency price view on October 22 at 6.00 pm. Source: Coin360.com
Bitcoin price chart in the last 24h and its highest price of $13.150 on October 21 at 11.00 pm. Source: Coin360.com
Currently, the #1 cryptocurrency on the market capitalization is up more than 11% this week alone. Bitcoin broke the $12,000 resistance level on Tuesday, and the PayPal news added more fuel to the upswing. PayPal users can buy, hold, and sell cryptocurrencies from their accounts, starting in a few weeks. These two events opened the possibilities for more than 26 million merchants who use the platform to be able to accept cryptocurrencies as a funding source. PayPal wants to expand its features to its Venmo app and international markets within the first half of next year.
Many mainstream financial names have recently adopted the previously ignored cryptocurrency asset. Square, who took up 4,709 bitcoins for $50 million earlier in October, saying bitcoin could become "a more global currency" in the future.
The billionaire investor and bitcoin bull Michael Novogratz named PayPal's move as "the biggest news of the year in crypto." All the Bitcoin charts are going on green lights, blooming opportunities for all the traders and analysts. As a billionaire and one of the cryptocurrency advocates, tweeted on Wednesday, we also strongly believe that now "All banks will now be on a race to service crypto."
An interesting fact that just two days ago, $12,000 was the next level to break. Now everyone is expecting the $14,000 breakable range.
Despite the good news, a retake to the 2017 peak of nearly $20,000 is still a goal to hope for as achievable.