Bitcoin
PayPal Forays into Crypto Market as Bitcoin Price Explodes Past $12,400
Cole Petersen | Oct 21, 2020 | 18:00
- Bitcoin is now trading at the highest price seen in well over a year, with bulls aiming for $13,000 as its strong uptrend gains momentum
- Today, news regarding PayPal’s foray into the crypto market provided the benchmark cryptocurrency with a serious boost
- Its price surged all the way up to highs of nearly $12,500 before meeting some resistance, but it does appear to be poised for further gains
- This recent uptrend has come about in the absence of any immense bullishness in the stock market, with BTC incurring independent momentum
- Where it trends next will likely depend on how long it can stay above $12,000
After struggling to gain momentum throughout the past few weeks, Bitcoin has now entered a firm bull trend as its price rockets up towards fresh yearly highs.
The cryptocurrency is currently trading at the highest price seen since earlier this year, with bulls appearing to be in firm control of its short-term trend.
This trend is now leading BTC up towards $13,000 – a level that has not been breached since the June of 2019 rally that sent the crypto towards $14,000.
This time is different than before, as the benchmark cryptocurrency is being driven by immense underlying strength.
PayPal’s decision to provide its users with access to buying, selling, and storing cryptocurrency is one catalyst behind today’s move.
Bitcoin Rockets Towards $13,000 as Buying Pressure Mounts
At the time of writing, Bitcoin is trading up just under 4% at its current price of $12,380. This marks a massive surge from its recent lows of $10,200 set just a few weeks ago.
The cryptocurrency is facing some resistance at $12,500, it seems, as sellers are aggressively offloading their holdings each time its price reaches this level.
This rally will likely persist in the near-term if bulls continue holding BTC above $12,000.
PayPal Sparks a New Sense of FOMO Amongst Investors
The latest leg higher came about following reports of PayPal entering the crypto market, allowing users to buy, sell, and store Bitcoin and other digital assets like Ethereum.
As Reuters reported earlier today:
“PayPal joins the cryptocurrency market, allowing customers to buy, sell and hold virtual coins including bitcoin using the company’s online wallets.”
This is the latest major name in FinTech to involve itself with the nascent market, as Square recently made headlines with its decision to purchase $50 million worth of Bitcoin to be held on its balance sheets as a reserve asset.
Featured image from Unsplash. Pricing data for BTCUSD from TradingView.
