It is stated that although #PayPal has not made a statement for now, the company will offer #crypto trading directly.
The leading cryptocurrency, #Bitcoin, surged yesterday evening and seems to be continuing its upward movement. Thus, Bitcoin (#BTC) has also emerged from the $ 9,300-9,400 channel, where it has been moving horizontally for a long time. This price move has enabled Bitcoin to rise above $ 9,600, which it has not been able to break for a long time, and rise to $ 9,662.
Although it is not clear whether the upward trend will continue for now, Bitcoin's break in the price range that it has been stuck in for a long time has caused the market to breathe a bit.
Well, perhaps the most important question to ask at this point is: Why did Bitcoin increase?
Crypto Step from PayPal
According to the latest information, PayPal is working on providing a service for 325 million users to buy, sell and trade cryptocurrencies. Currently, withdrawals can be made from some cryptocurrency exchanges with PayPal. However, if PayPal offers a service in the mentioned direction, users will be able to receive crypto money directly with PayPal.
PayPal and #Venmo will allow cryptocurrency purchases and sales , according to anonymous sources . In addition , assets can be stored with a crypto wallet to be presented. Anonymous sources stated that they expect PayPal to work with multiple exchanges for the liquidity source.
On the other hand, a different person who made explanations about the subject and did not want his name to be disclosed stated that he expects this service to meet the user in the next three months or less.
Bitcoin Price
Bitcoin price was moving in the $ 9,450 band yesterday as it has been for a long time. The price, which increased after the PayPal news, managed to go above $ 9,500 and stay there. Afterwards, Bitcoin , which continued its positive movement by rising above $ 9,600, made the investors feel comfortable with the upward deterioration of such consolidation.
It was stated that BTC, which was traded at $ 9,597 at the time of writing, may be difficult to exceed the $ 9,400 level. Coiner-Yadox, one of the popular analysts of the market , stated that Bitcoin may have difficulty in exceeding the $ 9,400 level with the effect of a sales wall in Binance .
However, PayPal's news seems to outweigh the sales wall.