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Bitcoin breaks above $12.3K after PayPal says Venmo will become a BTC wallet

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Bitcoin (BTC) gained almost 5% on Oct. 21 as bullish price action combined with fresh corporate adoption news to boost gains.

Cryptocurrency market daily performance overview from Coin360

PayPal takes BTC price to $12,400

Data from Cointelegraph Markets and Coin360 showed a strong 24 hours for bulls on Wednesday, with BTC/USD topping out at $12,400.

At press time, $12,300 formed the focal point, around an hour after Reuters reported that payment giant PayPal plans to support Bitcoin and other cryptocurrencies via its wallet and Venmo app from 2021.

BTC/USD 1-day price chart. Source: Coin360

The announcement added to an already buoyant BTC trading environment, with $12,000 resistance evaporating overnight on Tuesday.

Weekly gains stand at 8.5% for Bitcoin, which is increasingly diverging from other macro assets, which put in lackluster performance over the same period.

Earlier, Cointelegraph published a list of factors which one analyst believes all support the bull case for Bitcoin going forward.

PayPal should also support altcoins Ether (ETH), Litecoin (LTC) and Bitcoin Cash (BCH). Following the news, ETH/USD increased by a modest 2.2% to $378, while BCH/USD put in 4.5% gains to hit $456.



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More Americans have heard of Dogecoin than Ethereum: Survey

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In just over five years since it launched, Ethereum introduced the world to smart contracts, decentralized finance, yield farming and non-fungible tokens, and has long stood just behind Bitcoin as the second-largest blockchain project by market capitalization.

Dogecoin (DOGE) is a meme cryptocurrency which has provided no innovation, has no real raison d’etre, and is only popular because it became the plaything of a famous multi-billionaire during the past 12 months.

So naturally, as one might expect, the average citizen is already more familiar with Dogecoin than they are with Ethereum. That’s according to the results of a survey conducted by Harris Poll, in conjunction with CouponCabin, which asked over 2,000 adults in the United States to give their thoughts on cryptocurrencies.

According to the survey’s findings, 29% of respondents said they were familiar with Dogecoin, compared to just 21% who were familiar with Ethereum.

Of the total 2,063 respondents, 89% said they had already at least heard of cryptocurrency. Bitcoin was already known to a majority (71%) of respondents, with Dogecoin being the second most well-known coin.

Other digital assets that Americans claimed familiarity with included the stablecoin launched by Coinbase and Circle, USD Coin (USDC), of which 21% of respondents said they had knowledge. Some 18% of respondents said they were familiar with Litecoin (LTC), and 10% said Stellar (XLM) was known to them.

When asked whether they believed cryptocurrencies would become the future of money, 31% responded positively, and 30% said they thought of crypto as “innovative.” At the same time, 23% of respondents said they regarded cryptocurrency as a get-quick-rich scheme, while 19% characterized the technology as shady or nefarious. Almost half (44%) of respondents said they’d be open to receiving cryptocurrency as part of an online cashback rewards program.