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PayPal Forays into Crypto Market as Bitcoin Price Explodes Past $12,400

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  • 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.





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El Salvador to airdrop $30 in Bitcoin to every adult citizen

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The president of El Salvador  has announced the government will airdrop $30 worth of Bitcon (BTC) to every adult citizen of the country.

The announcement was welcomed by Bitcoiners, with influencers speculating El Salvador’s government wil need to purchase the required BTC it intends to distribute adding more than $100 million in buying pressure on markets.

Quickly googled estimates of the adult population of El Salvador varied, with onchain analyst Willy Woo tweeting that Bitcoin’s global user base will grow by 2.5% thanks to the influx of 4.5 million Salvadorians.

Others placed the Salvadoran adult population as high as 6.5 million (which is actually the total population), with Yahoo Finance anchor Zack Guzman using the figure for some rough back of the envelope calculations suggesting that $195 million worth of Bitcoin will be airdropped across the country.

Exact figures are hard to find but Statista shows that in 2019 the population aged 15 and above was 4.72M.

However, crypto Twitter’s euphoria may be be slightly premature, as local publication Prensa Latina notes El Salvador’s citizens will only receive the free Bitcoin after downloading the government-issued cryptocurrency wallet application.

The news was announced during a June 25 press conference, with President Bukele stating the government’s “wallet app will even work anywhere with a cell connection, and you won’t have to have a cell plan for the app.”

President Bukele also stated that the country’s much-celebrated Bitcoin law recognizing BTC as legal currency nationwide will come into effect on September 7.

Related: Opposition poses constitutional challenge to El Salvador’s Bitcoin law

El Salvador’s Bitcoin law was passed roughly two weeks ago. While the move has been praised by the global crypto community, the legislation has faced opposition from a minority political party and the World Bank.