PayPal announces crypto checkout service for its users and right after the announcement, Bitcoin rallied during the early London Session as we read more in today’s Bitcoin news.
The payment giant PayPal announces the crypto checkout service after it started offering BTC custodian and trading services last year that will not allow US customers to use their crypto holdings to pay the merchants across the world. The service also extended to users that hold ETH, BCH, and Litecoin as the CEO of PayPal Dan Schulman said:
“This is the first time you can seamlessly use cryptocurrencies in the same way as a credit card or a debit card inside your PayPal wallet.”
The offerings made the company of the biggest mainstream financial giants foray into the digital currency sector while many analysts noted that it will lead to a crypto price boom with the first signs emerging across the BTC and the altcoin market. BTC surged more than 2.5 percent to $59,300 right after PayPal made the news while Ethereum climbed more than 1.25% to $1844. Bitcoin Cash surged by 2.36% and Litecoin by 1.97%.
Paypal announce a move to accept cryptocurrency as a means of payment globally. Millions of merchants. Billions of people. 🏦📲🌐 #Bitcoin #Crypto https://t.co/tiKmqu7Aht
— Alex Saunders 🇦🇺👨🔬 (@AlexSaundersAU) March 30, 2021
The BTC price was already going higher in a renewed appetite for safe-haven assets on Wall Street. The investors watched for another fallout from Archegos Capital Management’s unwinding of more than $30 billion of stocks in the past few sessions. The fund’s losses prompted banks that brokered their trades to liquidate positions with Nomura Holdings and Credit Suisse admitting they risked and faced losses.
Bitcoin increased on the news but no evidence could ever correlate these two events. In the meantime, the investor’s anticipation of a stock market turmoil raised more appetite for the dollar which is their biggest bet against economic uncertainty. With PayPal having its back, BTC hopes to extend its price rally beyond the resistance level of $60K. Shu Zhu, the CEO of Three Arrow Capital said:
“Next key levels are $72,000-100,000 on Bitcoin.”
As we reported recently, One of the oldest institutions in the United States Bank of New York Mellon or shortly, BNY Mellon values BTC compared to gold and claimed that the cryptocurrency became a widely accepted asset, choosing to get ahead in innovation. Now, BNY Mellon published a valuation on BTC comparing the gold characteristics to the cryptocurrency while trying to determine its value.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com
Discussion about this post